Ahead of the end of his term as the Kotak Mahindra Bank's chief executive and managing director, Uday Kotak has said he will be a "non-executive board governance member and a strategic shareholder" going ahead. In the private sector lender's annual report, the last such message from him as the MD and CEO before he relinquishes the position at the end of 2023, Kotak reminisced about the institution's journey, pointing out that Rs 10,000 invested in 1985 is worth over Rs 300 crore today. "Going forward, I see my role as a non-executive board governance member and a strategic shareholder with a long term perspective of nurturing a world class institution," Kotak said in the annual report.
In the continuing battle between the promoter family and Invesco, ZEEL said its MD and CEO Punit Goenka has informed its board about a proposal made by Invesco about the merger, under which Strategic Group would hold majority stake but he was offered to be appointed as MD and CEO of the merged entity besides offering 4 per cent stake. In a regulatory filing, ZEEL alleged that Invesco's stance in their Open Letter that they "will firmly oppose any strategic deal structure that unfairly rewards select shareholders, such as the promoter family, at the expense of ordinary shareholders" runs contrary to the very deal Invesco was proposing itself a few months ago.
Chandra, who will turn 69 years old on Saturday, becomes non-executive director with immediate effect.
Goenka, who is the elder son of Essel group promoter and Zee chairman Subhash Chandra, has been MD of the media firm since January 1, 2010.
The bank, however, did not disclose names of the candidates shortlisted for the post.
The National Stock Exchange (NSE) has got into firefighting mode to control the reputational damage caused by the Securities and Exchange Board of India's (Sebi's) order against its former managing director and chief executive officer Chitra Ramkrishna and others. According to sources, the exchange's management over the past one week has met several key stakeholders, including officials in the finance ministry and Sebi, major shareholders, and trading members, trying to distance itself from the controversy. The exchange plans to hold more meetings in the coming week to ensure that trading volumes and confidence in the bourse don't get impacted, they added.
Institutional Investor Advisory Services had recommended investors to vote 'against' the proposal, while Stakeholders Empowerment Services asked investors to vote 'for' the proposal.
The RBI has cited corporate governance and regulatory issues for not extending Kapoor's term. Further, the lender has been directed to search for a successor.
Japanese auto major Suzuki Motor Corporation (SMC) on Wednesday said its long-serving chairman Osamu Suzuki will retire and assume the role of senior advisor subject to shareholders' approval in the ordinary general meeting to be held in June this year.
With founder Subhash Chandra no longer in the driver's seat at Zee, the acid test for Punit Goenka would be to take the financial investors along with him even as he strives to weather the latest storm. The question, now, is how he will deal with the challenges of being a professional CEO rather than an owner-CEO in the aftermath of his family offloading most of its promoter stake to a clutch of financial investors. However, the silver lining is that Zee remains the most profitable of the top four broadcasters in India.
Isn't it time to review the 'fit and proper' criteria for banking licence, particularly with reference to individuals applying for it, asks Tamal Bandyopadhyay?
The meeting was amicable, a stark contrast to the meetings of earlier years that always ended with the rivals at loggerheads.
Eddings said CA has given vice-captaincy to various players over the years and will go by the selectors' recommendation when the time comes to pick a successor to Paine.
Mahindra will serve as a mentor and sounding board for the managing director on issues to be presented to the board, especially in the areas of strategic planning, risk mitigation and external interface. In addition, he will be available to provide feedback and counsel to the managing director on key issues facing the enterprise.
With this rejig, Mindtree's board will now have 12 board members from eight.
The support staff will be appointed for a period of two years beginning from the series against South Africa till the end of the 2021 T20 World Cup to be held in India.
South Africa retained Graeme Smith as captain for another year
Is the RBI unable to accept with grace that beyond 55, one can have the ability to head the compliance functions in a bank, asks Tamal Bandyopadhyay.
Zee Entertainment last week witnessed shareholder activism that saw an open call for the ouster of promoters and the incumbent management led by Punit Goenka. Besides, Dish TV also faced a similar call earlier this month. The trouble at Zee Entertainment can be gauged from the fact that this is a unique company wherein the promoters own just 3.99 per cent, but fully control the firm.
Sharma would be 60 in November 2018, and would have completed 10 years as Axis Bank's CEO the following year in June.
Six Indian women have made it to Asia's most powerful women list released by Forbes.
'Infusion of fresh capital, handsome growth in deposits and focus on recovery should bring Yes Bank back on the growth path in the next financial year,' observes Tamal Bandyopodhyay.
What's required is proper implementation of the rules and better coordination between market intermediaries such as stock exchanges and clearing members who play a key role in monitoring brokerages.
The board will have to take a decision that he cannot remain a permanent director and also have to decide to whether to amend the article of association of the exchange in this regard.
Many bankers say the move will have a serious impact on the chain of command of nationalised banks and that it would only enable the government to dish out favours to a few of their own men.
News of all that's transpired on and off the football field
Trust explores options on reinduction of ousted founder on board as firm closes ranks.
News of all that's transpired on and off the football field
Few top honchos of India Inc did very well in 2014.
