Mukesh Ambani voluntarily capped his compensation at Rs 15 crore in October 2009 amid a debate over right-sizing of CEO salaries.
In a statement, Rosen Law Firm said it is investigating potential securities claims on behalf of shareholders of Infosys resulting from allegations that the company may have issued materially misleading business information to the investing public.
Kumar Mangalam Birla will be the non-executive chairman and Balesh Sharma the new CEO of the merged entity, which will remain listed.
Nandan Nilekani said one board member had received two anonymous complaints on September 30, 2019 - one dated September 20, 2019, titled 'Disturbing unethical practices' and an undated note with the title, 'Whistleblower Complaint'.
His vision drove ITC to pursue business models that today support over 6 million livelihoods, many amongst the weakest in society.
Goenka has not even attended the last three annual general meetings of the company, yet he drew around half of the managing director's pay
US-based Schall Law Firm has said it will file a class action lawsuit against Infosys Ltd to recover losses suffered by investors in the wake of allegations of "unethical practices" at the Indian IT major. In October, Infosys had informed the stock exchanges of having received anonymous whistleblower complaints alleging certain unethical practices by the top management.
After news of KV Kamath stepping down as the non-executive chairman, Infosys is on the hunt for filling up the post.
The board of directors of Tata Steel, which met on Friday, appointed Jim Leng, chairman, Corus, as a non-executive independent director designated as deputy chairman.
Ratan Tata created India's first truly multinational business group. As he prepares to step down, the bar's been raised sky-high for his successor.
RRBs were formed under an Act to provide credit to small farmers, agricultural labourers and businesses in rural areas.
The issue also underscores the growing scrutiny by investors and voting advisory firms of the performance of board members.
The International Cricket Council, on Tuesday, appointed media professional Manu Sawhney as its new chief executive officer, replacing incumbent David Richardson, who will step down after the World Cup.
The protocol aims to "democratise" lending, reduce costs of credit, and ensure accessibility of credit to small companies and street vendors, according to Nandan Nilekani.
Of the total, the financial creditors - banks, bond holders and other financial institutions - have claimed Rs 86,892 crore.
Consultancy major Deloitte Global said that women hold about 12 per cent of board seats worldwide while only 4 per cent of them are at the helm of boards
Besides non-executive employees, over 10,000 engineers are also on an indefinite strike from Tuesday seeking absorption of officers on deputation from the department of telecommunication.
Most banks led by the State Bank, have or are going to declare DHFL account as NPA in the third quarter.
Ravi Kant, who joined the company in July 2000 as executive director (commercial vehicle business unit), was appointed as managing director on July 29, 2005.
The Ramalinga Raju family promoted Maytas Infrastructure on Thursday said its chairman and non-executive director R C Sinha has tendered his resignation.
Two more directors on Monday resigned from the board of Satyam Computer Services, taking the number to three, following differences over an abortive acquisition deal involving two firms promoted by chairman Ramalinga Raju's family.
After 42 years at Hindustan Unilever (HUL) and different roles across Unilever's global operations, Harish Munwani, 65, retired as HUL's non-executive chairman. A day before Manwani bid adieu at HUL's 85th annual general meeting on Friday, he spoke to Viveat Susan Pinto & Vishal Chhabria on what kept him going at the firm and the challenges that await HUL.
On October 24, the NSE sought clarification from the IT major on the whistleblowers' allegations and why the company had not disclosed the same to the exchanges.
Private sector lender Kotak Mahindra Bank on Wednesday said Anand Mahindra has ceased to be a promoter of the bank but will continue to be associated with the lender as a non-executive director.
Special audit report conducted by the PricewaterhouseCoopers on Multi Commodity Exchange has met with another opposition. Earlier FTIL, the promoter of MCX had opposed its contents and now Venkat Chary who is FTIL's non-executive chairman has sent a notice to PwC. PwC report submitted to the FMC in last April mentioned the names of Key Management Personnel of MCX and the name of Venkat Chary was mentioned in that list. Chary was Chairman, MCX, during that period. Chary who had in past also served as Chairman of FMC objected to the PwC mentioning his name as the key management personal of MCX. He wrote to the audit firm saying that he was FMC-nominated Non-executive Independent Director and Chairman on the Board of Directors of MCX till July 13 when he resigned following revised FMC guidelines which laid down 70 years as the maximum age for Chairman/Director. Chary sighted provisions of Companies act and Section 2(51) of the Companies Act, which defines " key managerial personnel" in relation to a company include CEO or MD, whole time director, CFO, company secretary and other officer as prescribed. "As non-executive independent director and Chairman nominated/approved by the FMC, I did not fall within any of the above categories," said Chary and hence blamed PWC for not showing due diligence in your special Report to the FMC. Chary has sent a notice to PWC asking it to take immediate steps to rectify this error. Since PwC Report was placed in the public domain, "it has caused serious damages to my reputation as a practising Advocate of the Bombay High Court." Chary has asked PWC if remedial action are not taken he will report the case to the Institute of Chartered Accountants of India for professional misconduct under the Chartered Accountants Act, 1949, by showing gross negligence in the in professional duties. Chary has said, "I also intend to resort to the civil and criminal courts for damages/action against PWC." When contacted PwC spokesperson said that, "Our work has been executed to the expected professional standards and we stand by the content of our report submitted to the Forward Markets Commission". Chary is not the first to oppose PWC, FTIL it self had said the report was prepared without giving them chance to respond and have not accepted contents. Recently, Riddhi Soddhi Bullion, had sent a legal notice for mentioning its name as 'indulging in wash trades on MCX.' The leading bullion trader had claimed damages in their defamation suit.
Wipro said on Thursday that Azim Premji's son Rishad, chief strategy officer and member of the board, will take over as the executive chairman. Azim Premji, however, will continue to serve on the board as non-executive director and founder chairman.
'In the case of Aadhaar, we were able to build and enrol 1 billion in five-and-a-half years.' 'For vaccination, it can be done even faster -- in just two years.' 'When everybody is coming for vaccination, they can be offered a choice -- to create a health record and a digital ID.'
Reaches out to Kris Gopalakrishnan to mentor the company's science and technology initiatives.
The market buzz is that the GoAir promoters are hoping for a valuation that is at least a little more than double its closest rival SpiceJet.
Ratan Tata steps down as chairman of the Tata Group on his 65th birthday on Saturday, implementing his self-initiated retirement policy.
Nilekani has kept pace with technology advances, has been instrumental in digitalising the country, and is well-networked with the bureaucracy and global leaders
Infosys pointed out that it is not uncommon for plaintiffs' lawyers to issue press releases or other media communications asking potential plaintiffs to contact them in order to apply for lead plaintiff status in an existing lawsuit. In October, Infosys had informed the stock exchanges of having received anonymous whistleblower complaints alleging certain unethical practices by the top management.
Ten months after new Sebi norms set in, some senior directors still hold more board seats than allowed.
The selection gives a boost to the US engine firm, which lost out to rival manufacturer CFM International for IndiGo's 280 aircraft engine order in June.
Jignesh Shah, who is fighting legal cases in the NSEL's Rs 5,600-crore scam, has resigned as the Managing Director of Financial Technologies India, a company set up by him, and will become its Chairman-Emeritus.
Booked between 2007 and 2011, out of the total 32,700 residential units under various Jaypee Infratech (JIL) projects, at least 20,000 homes are yet to be delivered. Supreme Court documents show that, till last March, Jaypee had issued 7,997 offers of possession to homebuyers while executing only 6,530 sub-lease deeds. These deeds offer homebuyers possession rights but, unlike registration, does not guarantee absolute ownership.
The results will give an indication whether Nilekani would continue with the software plus services strategy adopted by Sikka, or tweak it to reflect his worldview of the explosion in data.
Nandan Nilekani said the co-founders have served the company "selflessly" and remain committed to the long-term success of Infosys.
Anita would be additional director in a non-executive and non-independent role.
