Chandra, who will turn 69 years old on Saturday, becomes non-executive director with immediate effect.
In conversation with Deepsekhar Choudhury and Neha Alawadhi, Sharma speaks about his journey and the road ahead.
Sources close to the bank said non-executive and non-independent director Ajai kumar had been recommended for the interim CEO role.
Days after the disbanding of Group Executive Council set up by Tata Sons ousted chairman Cyrus Mistry, N S Rajan and Nirmalya Kumar have resigned from their respective board positions at Indian Hotels Company and Tata Chemicals.
'Cyrus was always very different. He would think before acting.'
Global steel giant ArcelorMittal on Thursday announced the appointment of Aditya Mittal as its chief executive officer (CEO). Aditya Mittal, son of steel baron Lakshmi N Mittal, is the chief financial officer (CFO) of the company, and will succeed his father in the new role.
Many lay folks cannot fathom the arcane language of the corporate governance brouhaha. I found that a mythological story connects very well, says R Gopalakrishnan.
The "additional remuneration" includes monthly pay of Rs 1 crore, rent free furnished accommodation, medical expenses for him and spouse along with use of chauffeur driven company car for personal use and coverage under personal accident insurance. He will also be entitled to commission between Rs 30-60 lakh as sitting fees for attending meetings of board and committees of the company for each financial year.
'Today, according to the law, you can't even claim legal expenses when fighting a case as a non-executive director unless you are acquitted. Given how high legal expenses are, that alone is enough to scare anyone away.'
'At the first board meeting I chaired, I sensed that corporate governance is an issue in this company.' 'I started taking steps that may have aggrieved a few.' 'This has now become a mission I intend to accomplish before I step down.'
Conversion of debt of the stressed telecom player Vodafone Idea Ltd (VIL) into equity could be an option to emerge out of the crisis, lenders led by State Bank of India (SBI) have suggested to Department of Telecommunications (DoT). DoT had called senior bank officials on Friday to discuss the stress in the telecom sector arising out of the Supreme Court order last month on the adjusted gross revenue (AGR)-related dues payable by telecom majors, including Vodafone Idea and Bharti Airtel, sources said. The top court has given a time period of 10 years to telecom service providers struggling to pay Rs 93,520 crore of AGR-related dues to clear their outstanding amount to the government.
He would not be part of the day-to-day activities of L&T in his non-executive role. He would, however, be there at important company events.
The change in ownership is expected to give a fresh lease of life to the company that has often been dragged by financial stress in its close to three-decade journey under the Khaitans, reports Ishita Ayan Dutt.
With Amit Chandra's appointment, the Tata Sons board now has nine directors.
Hamilton, the sport's only Black driver and its most successful racer, has used his platform and profile increasingly to push for equal opportunities and speak out against racial injustice.
The Reserve Bank has revoked the deposit-taking status of Dewan Housing Finance (DHFL), the first financial services firm to go for bankruptcy proceedings, and has reclassified it as a non-deposit taking housing finance company, before approving the Piramal group's bid to take over it towards the end of the resolution process. The revelation comes in the June 7 NCLT Mumbai order that has approved the Rs 35,250-crore bid for the once second largest mortage lender by Piramal Capital & Housing Finance, forcing over 65 per cent haircut on the creditors and just Re 1 to its NCD holders to whom it owes more than Rs 45,000-crore. On the 14th page of the 86-page NCLT order by HP Chaturvedi and Ravikumar Duraisamy, it says DHFL no longer is a deposit taking NBFC but a non-deposit taking one.
RBI may revise remuneration for banks.
Around 300 promoters serve their company boards for free.
Sebi splits CMD post and has directed listed companies to have at least six directors and at least one of them needs to be a woman.
The Department of Telecommunications (DoT) has initiated discussions with banks to address financial stress in the telecom sector, particularly Vodafone Idea Ltd (VIL) that urgently requires fund infusion to stay afloat. There was a meeting of DOT officials and senior bankers on Friday on the issue of Vodafone, sources said, adding that banks have been asked to look for a solution within the prudential guidelines. According to sources, senior officials from the country's biggest lenders State Bank of India and Bank of Baroda were also present among others in the meeting. More such meetings are expected to take place in the coming days, they said.
The Delhi government had earlier threatened to impose the Essential Services Maintenance Act (ESMA) to ensure smooth functioning of the Metro and appealed to the employees not to resort to strike.
International Cricket Council Chief Executive Manu Sawhney has been sent on 'leave' after his conduct came under the scanner during an internal investigation by audit firm PricewaterhouseCoopers and may resign before his term ends.
Ritesh Agarwal, founder of Oyo Hotels and Homes, seems to be making all the right moves. In a quick chat with Karan Choudhury and Neha Alawadhi, Agarwal explains the moves he has made in the past 12 months to make his operations global.
RIL, Capgemini, IndiGo among companies which have offered to pay their employees' vaccination cost.
Foreign banks set the template in consumer banking in its infancy, but have almost vacated this booming space.
To get three-year term as non-executive chairman from Feb; firm to create CEO's post; AGM to ratify Sanjiv Puri, Rajiv Tandon's appointment as directors
Seshasayee has been an independent director on the company's board since January 2011.
Unlike any other national asset, which is typically sold to the highest bidder, the profile of the bidder is the most important criterion for a licence to bank, and even for acquiring more than 5 per cent stake, explains Tamal Bandyopadhyay.
Co-founder Nilekani could take the role of non-executive chairman, becoming a bridge between the board and Murthy, reports Ayan Pramanik.
Dubai-based billionaire BR Shetty has sued Bank of Baroda (BoB) and audit firm Ernst & Young (EY) in a New York court, accusing them of ignoring fictitious and fraudulent transactions that resulted in NMC Healthcare going bankrupt. Shetty is seeking $8 billion in damages in the suit that also names the top management of NMC Healthcare, and Netherlands-based Credit Europe Bank. A top NMC Healthcare official confirmed the development to Business Standard and said despite several meetings, senior BoB officials in India did not take remedial steps for fear of getting involved in an international ponzi scheme perpetrated by then senior management officials.
The mishap occurred at the fifth unit of the thermal power station-II (210 MW x 7) when workers were in the process of resuming operations on Wednesday morning.
Vodafone in India provides 2G and 3G services
While Waryam Singh was a non-executive director at HDIL, he is listed as one of the promoters of the company and had relations, including shareholding, with several other entities controlled by the Wadhawans, the HDIL founders.
HDFC Bank is on a global search to find a successor to the founding-chief executive Aditya Puri, as he would turn 70 next year.
Khara will replace SBI Chairman Rajnish Kumar, whose three-year term comes to an end on October 7.
Associated Journals Ltd (AJL), which runs the National Herald newspaper, on Wednesday told the Delhi high court that the Enforcement Directorate's (ED) May 2020 provisional attachment order attaching its nine-storey building in Mumbai was 'non executable' as the agency has not identified which portions have been attached.
V G Siddhartha's wife has the support of the employees. But the challenges ahead of her are tough.
Godfrey Phillips, controlled by his father K K Modi, paid Rs 1.7 crore despite him not attending a single board meet
Global private equity major Blackstone today said Akhil Gupta, who founded and led its operations in India for eight years, will step into a non-executive role.
