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).
According to lawyers familiar with the development, Premji is yet to reply to the notice. Subramanian neither responded to phone calls nor messages sent to him.
Clearly part of the grooming of Harvard-educated Rishad Premji, the group appointed the elder son of chairman Azim Premji as chief strategy officer for its flagship IT business.
Incidentally, the shareholders' approval for Shravin Mittal's appointment with an annual salary of up to Euro 250,000 (nearly Rs 1.50 crore), came on the same day (September one) when Wipro promoted chairman Azim Premji's son Rishad as chief strategy officer. Shravin would be a staff member in Bharti Airtel International (Netherlands) BV, or BAIN.
Azim Premji, chairman of Wipro, met the chief minister and formally accepted the plot offered in New Town Rajarhat, on the north-eastern fringes of this city.
Many analysts say the management structure was faulty, as the model can work at best as a stop-gap arrangement.
In April 2008, Wipro's technology business saw one of its biggest churns in the wake of the appointment of Girish Paranjpe and Suresh Vaswani as joint CEOs under an experimental management structure devised by Chairman Azim Premji.
The recovery now under way is likely to be broad-based, stretching across geographies, businesses and verticals, according to Wipro chairman Azim Premji, who is the industry doyen.
The octogenarian, who has already announced his retirement from electoral politics, is sought to be put on the pedestal by the governing party's central leaders.
The turmoil in the financial market is likely to spell good news for the Indian outsourcing companies, as the downturn will compel multinationals to seek further economies for sustenance in these tough times, Wipro Technologies founder Azim Premji has said.
Information technology czar Azim Premji foresaw on Friday emergence of a two-party system in the country, saying the recent Lok Sabha polls verdict was an indication to that effect. Addressing the Confederation of Indian Industry-organised fifth India Innovation Summit 2009 in Bangalore, he said the results of the recent Parliamentary elections suggested that Indian voter wants a two-party system.
Reliance Industries' Mukesh Ambani, IT honchos Azim Premji and S Ramadorai and Chairmen of oil PSUs will accompany Prime Minister Manmohan Singh on his maiden visit to Saudi Arabia from February 27 when the two countries will ink nine pacts.
The company plans to set up a new IT park near Kolkata and recently the company's Chairman, Azim Premji, had signed an agreement with the state government to acquire additional land.
Reacting to Azim Premji's statement that investment on events like the Commonwealth Games is a waste of money, the Minister of Sports Dr M S Gill said that the government has decided to give awards to those companies which invest in promotion of sports.
The scrip was the top gainer at the BSE benchmark Sensex during the morning session.
"We are selectively looking at acquisitions it will be a string of smaller ones," Wipro chairman Azim Premji told reporters on the sidelines of a conference.
Premji said that the country was very innovative with fundamental R&D in the solar energy space, and not just a copycat.
India ranks third among global startup ecosystems.
Among Indian IT outsourcing companies, Wipro is the first company to give a flat to 2 per cent growth expectation for the July-September 2009 (third) quarter. Joint CEOs Girish Paranjpe and Suresh Vaswani spoke to Bibhu Ranjan Mishra on the company's growth path.
An MBA from Harvard Business School, Rishad, 32, joined the company almost two years ago as a business manager in the Banking and Finance division, which was then headed by Girish Paranjpe, the present joint CEO of the company's IT business. During his stint with GE Capital, Rishad was working in the treasury. Industry analysts say that Wipro is adhering to corporate standards, by treating the chairman's son at par with other employees.
Wipro, the software to vanaspati maker, has effected key management changes to drive the company in the next phase of growth.
IT major Wipro's chief Azim Premji on Friday cautioned the industry that competition globally is hotting up and warned the sector against falling into a mind trap of 'India Advantage'.
This transaction was done by Premji's personal investment entity Zash Investments Limited. The stake was bought from ICICI Ventures, a private equity arm of ICICI Bank, sources said. Subhikha Managing Director R Subramanian was not available for comment.
The investors, which include ICICI Venture, Azim Premji and ICICI Prudential, say that they do not hold more than 38 per cent in the retail company and do not have the requisite shareholding to amend the articles. ICICI Venture, which alone holds 23 per cent stake in Subhiksha, had earlier rubbished claims made by Subramanian that the private equity company 'controls' Subhiksha by virtue of its right to appoint a majority of the directors in the company.
Billionaire businessmen Mukesh Ambani and Azim Premji will be meeting US President Barack Obama on Friday.
Reacting to media reports of a Karnataka High Court notice to him for allegedly encroaching government land, Azim Premji, chairman of Bangalore-based Wipro, said he had returned the said portion in 2007.
It is understood that the company is hiring more local people in overseas markets for front-end sales and support roles. It is having more locals as client managers in key areas like the US and Europe.
"We see that as a next emerging opportunity. We are positioning ourselves very strongly," Wipro chairman Azim Premji told reporters in Bangalore. He noted the IT sector, whose size was small 20 years ago, had grown substantially and constituted some 27 per cent of the country's exports and some 4-5 per cent of its GDP, indicating that green technologies holds similar business potential.
The deal values the stock exchange at $3.3 billion.
IT major Wipro's promoter Azim Premji is investing Rs 80 crore (Rs 800 million) to acquire a significant minority stake in a company floated by Jagdish Khattar, former managing director of Maruti Suzuki India who has recently turned entrepreneur.
India's unemployed, the report said, were mostly those with higher education degrees and the young.
India's third largest software company Wipro on Thursday said they are hopeful of some signs of recovery in the second half for the IT outsourcing services sector.
PGDIE, NITIE, Mumbai, invites students and working professionals for Lakshya, a corporate and B-school students' event.
In the financial year 2007-08, Premji received a whopping $328,556 towards his annual compensation package. This included $107,701 as salary and allowances, $127,621 towards compensation and incentives, $35,298 for housing and $41,895 towards the long-term compensation, the company told the Securities and Exchange Commission in its annual filing.
Leading industrialists met with Prime Minister Manmohan Singh (not in picture) in New Delhi on Thursday to discuss the general state of the Indian economy and other industry-related matters.
The modern heroes find themselves in the illustrious company of Bill Gates, Steve Jobs, Henry Ford, Benjamin Franklin, John D Rockefeller, Thomas Edison and Michael Dell.
Azim Premji that the company is looking at fiscal 2009 with cautious optimism, given the rapidly changing market situation which has a bearing on its immediate business dynamics. Wipro is also bullish on its India and Middle East geographies to deliver turbocharged growth riding on the investments in these markets. Girish Paranjpe said most of its clients are expected to spend more on IT in the second half of the current calendar year compared to the first one.
Wipro Chief Azim Premji has cautioned US on the shortage of IT professionals in the country and has asked the business fraternity there to take up this problem urgently.
Recently, IT czar Azim Premji bought a 10 per cent stake in Subhiksha through his personal investment arm for nearly Rs 230 crore, valuing the retailer at Rs 2,300 crore. Premji's firm purchased this stake from ICICI Venture. However, this time around, Subhiksha promoters are expected to issue fresh equity to investors and expect the valuation to be around Rs 3,800 crore, sources said.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances