This is the largest philanthropic transfer by any individual in the country.
IT czar Azim Premji has given away almost half of his stakeholding in Wipro, India's third largest exporter of software services, to philanthropy.
The trust has been created to fund various social, not-for-profit initiatives, which are expected to scale significantly over the next few years.
The Supreme Court on Friday stayed criminal proceedings against former chairman of Wipro, Azim Premji, and his wife on their plea seeking quashing of the summons issued by a Bengaluru trial court on a "frivolous"and "mischievous" complaint filed by an NGO alleging breach of trust and corruption in merger of three firms with a Premji group firm. A bench of Justices Sanjya Kishan Kaul, Dinesh Maheshwari and Hrishikesh Roy also issued notice to an NGO, Indian Awake for Transparency and others and sought their response. Senior advocates Mukul Rohatgi, A M Singhvi appearing for Premji and others said that the complaint was "mischievous" in nature.
The Supreme Court Tuesday extended the stay on criminal proceedings against former Wipro chairman Azim Premji, his wife and others on their plea seeking quashing of summons issued by a Bengaluru court on a "frivolous" and "mischievous" complaint filed by an NGO alleging breach of trust and corruption in merger of three companies with a Premji group firm. A bench of justices S K Kaul and M M Sundresh was hearing an appeal filed by Premji challenging the Karnataka high court order of May 15 which had rejected their pleas for quashing of the January 27 summons issued by the trial court.
The voting rights with the promoter will ensure the interests of the promoter family as well as minority shareholders are protected in future, said corporate governance advocates and corporate lawyers.
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.
Markets regulator approves proposal to transfer promoter holding in excess of 75% to irrevocable independent trust.
India's cash-rich promoters are not the same as the wealthiest. For example, Mukesh Ambani is the richest Indian based on his stake in Reliance Industries, followed by Premji, the Adani family of the Adani group, and Radhakishan Damani of Avenue Supermarts.
Premji plans to transfer $1.95-billion worth of shares to a trust that will fund social initiatives.
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'Wealthy Indians don't give as much as Americans because they believe they must leave their wealth to their children.'
In one of the biggest donations by a business family in India, the family of Adani Group chairman Gautam Adani on Thursday committed to donating Rs 60,000 crore (around $7.7 billion) to various charities related to health care, education, and skill development. The commitment has been made to mark Gautam Adani's 60th birthday on Friday as well as the birth centenary year of his father Shantilal Adani. The corpus will be administered by the Adani Foundation. "At a very fundamental level, [programmes] related to all these three areas should be seen holistically and they collectively form the drivers to build an equitable and future-ready India.
Indian industry's doyen Jamsetji Tata has emerged as the biggest philanthropist globally in the last century by donating $102 billion, as per a list of top-50 givers prepared by Hurun Report and EdelGive Foundation.' Tata, the founder of what has now become a group spanning interests from salt to software, is ahead of others like Bill Gates and his now estranged wife Melinda who have donated $74.6 billion, Warren Buffet ($37.4 billion), George Soros ($34.8 billion) and John D Rockefeller ($26.8 billion), the list showed.
'To get success in business one should know how to create and attract talent and how to retain it.'
Among the many exits from the billionaire's club in 2022 are D Uday Kumar Reddy of Tanla Solutions (net worth down 66 per cent), Sushil Kanubhai Shah of Metropolis Healthcare (down 65.7 per cent), Vijay Shekhar Sharma of One97 Communications (down 66 per cent), and C K Birla (down 43.4 per cent).
Union Minister of Commerce and Textiles Piyush Goyal has stirred up a hornet's nest by taking on India Inc, specifically the Tata group, which is among the companies that lobbied against the Modi government's pro-consumer draft e-commerce policies. While Goyal's comments, made at a Confederation of Indian Industry (CII) event, were streamed live on YouTube, the industry lobbying body later edited the video and subsequently withdrew the entire speech. Goyal had said the Tata group and other Indian companies often lobbied for their interest, while ignoring national interest.
Bupa and Axa have already declared their intention to raise stakes.
Chinese e-commerce giant Alibaba has received anti-trust regulator CCI's approval for buying 4.14 per cent stake in Snapdeal.
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Donation to go to Sarojini Damodaran Foundation and Advaith Foundation
Calling the Supreme Court order 'unjust' to the tribals as well as against the interest of wildlife conservation in India scientists have demanded cancellation of SC order
After his retirement from Infosys last year, Gopalakrishnan has been active in philanthropy, science and technology
Inflow of more funds is likely to widen the reach of insurance and drive M&A activities in the sector where growth has stalled.
This makes him corporate India's biggest donor to society.
Dahiya's first internet-based venture to sell insurance failed, but he was convinced digital was the future
Mukesh Ambani remains the country's wealthiest promoter as his stake in Reliance is now worth Rs 3.25 trillion!
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The Tata Group says it is bullish on investment in India.
VG Siddhartha's story 'will be a good case study and not a deterrent to those who want to be entrepreneurs. I don't think it will scare young entrepreneurs. I think these cases will make them sensible. They will understand that they have to be very careful about certain things, otherwise, they will have to pay a heavy price.'
Far from public glare, company is investing in tech firms and providing consultancy.
Designing is another critical area for him, especially in the business of furniture.
His presence matters more than the money he brings.
Wipro has been quite aggressive among Indian IT services companies in acquisitions as a strategy to buy the capabilities in emerging technologies.
His rags-to-riches story would make a film. Meet Musthafa P C, the man behind ready-to-use breakfast foods that countless Indians trust.
Infosys, Wipro may follow suit as investors eye a piece of the large cash kitty as growth slows.
As record stock market rally continues, the value of shares directly owned by next-generation business leaders at 20 major corporate houses has soared over 18 per cent to Rs 17,000 crore.
Occasionally, a whistle-blower releases sensitive financial data.
4 MNCs among top 10 companies with dividend-earning promoters in FY15.
