Usually, in the western view, corporate success is attributed to efficiency, organisational structure, and scale. R Gopalakrishnan and Harish Bhat argue that philosophy, culture, and the transmission of values are more important for sustaining growth and profitability of an enterprise over a period of time.
The discord between the Samsung workers affiliated to the Samsung India Thozhilalar Sangam and the company management over wage hike has been amicably resolved with the company agreeing to increase the wages, Tamil Nadu Labour Minister C V Ganesan informed on Monday. Noting that employee welfare remained a top priority for it, Samsung India said the company 'constructively engaged' with all its workers at the Chennai plant and was delighted to announce a mutual agreement to enhance wages and benefits for the next three years.
The Pune office of Ernst & Young (EY), in news after the death of a woman CA, was functioning since 2007 without a license under the Shops Act, which stipulates employees' welfare among other conditions, an official said on Wednesday. This is a violation of norms. A notice will be issued to the firm and based on its response, further action will be initiated, the official from the Maharashtra labour department said.
Late Ratan Tata always ensured employees are taken care of along with the well-being of their families across the Tata Group companies, which shaped a number of leaders across the conglomerate, and there really was no one like him, Tata Sons chairman N Chandrasekaran said on Monday. Recollecting his association with Tata (86) who passed away last week, in a post on networking platform LinkedIn, he wrote, "Anybody who met Mr Tata came away with a story about his humanity, warmth, and dreams for India. "There really was no one like him."
'The most powerful lesson I have learned is to observe discipline, always show up and work hard enough if you have the will to win.'
Sebi on Wednesday barred Kishore Biyani and certain other promoters of Future Retail Ltd from the securities market for one year for indulging in insider trading in the shares of the company. Apart from Kishore Biyani, who was the CMD and promoter of Future Retail Ltd (FRL), others facing ban are Future Corporate Resources Pvt Ltd, Anil Biyani and FCRL Employee Welfare Trust. In addition, the regulator has imposed a fine of Rs 1 crore each on Kishore Biyani, Anil Biyani and Future Corporate Resources. Besides, they have been asked to disgorge Rs 17.78 crore for the wrongful gains made by them.
200 staffers, consisting of RBI officials and support teams, who are essential to perform critical functions, were isolated at a separate facility in a dedicated quarantined environment near all three RBI data centres.
Justice Ramana said that he took up the issues concerning the appointment of judges and infrastructure during his term and hoped that he stood up to the expectations of the legal fraternity.
Sanil Basutkar, Co-founder, HealthySure, lists the benefits of availing a group health insurance policy.
Jet Airways' cabin crew and ground staff have challenged the Jalan Kalrock consortium's resolution plan, which was approved by the National Company Law Tribunal (NCLT) in June, flagging concerns about pending salaries and retirement benefits. In their petition filed before the National Company Law Appellate Tribunal (NCLAT), the Jet Airways Cabin Crew Association and Bhartiya Kamgar Sena have submitted that dues of all workmen of the airline were not included as part of the Corporate Insolvency Resolution Process (CIRP) cost. In June, NCLT approved Jalan Kalrock Consortium's resolution plan for Jet Airways, which remains grounded for more than two years now.
New ministry will bring much-needed transparency in the functioning of the cooperatives, which so far have been riddled with allegations of political interference and mismanagement.
India Inc has weathered many a storm during Covid-19: from supply chain disruptions to demand dips, steep increase in input costs to shortage of key raw materials. As most companies navigated unprecedented challenges on multiple fronts, realisation dawned also about the criticality of employee welfare in the survival of the business. And it was the human resources (HR) department that faced the greatest test on this front.
Bankrupt Infrastructure Leasing & Financial Services (IL&FS) has sold the entire stake in the waste management arm IL&FS Environmental Infrastructure & Services (IEISL) and its subsidiaries to EverEnviro Resource Management (EverEnviro), an arm of the PE major Everstone Group, the companies said in separate statements. Though the value of the deal was not specifically disclosed, the crippled IL&FS -- which is under bankruptcy proceedings in NCLT -- said the sale will reduce its overall debt by Rs 1,200 crore, which is the combined debt of entities under the group's environment businesses. IL&FS Environmental Infrastructure & Services (IEISL) is one of the leading integrated waste management companies that is into municipal solid waste management apart from presence across various segments including construction and demolition, collection and transportation and waste to energy and currently manages over 8,400 tonnes per day solid municipal waste.
As more companies acknowledge that employees are their top asset, the role of HR will expand and become increasingly important.
There was a worry that such a policy would hamper businesses, create resentment among the male staff and perhaps also discourage companies from employing women. However, this has proved to be misplaced.
Market regulator Sebi on Wednesday proposed a new set of regulations for employee stock options, wherein certain restrictions imposed on companies for award of such allotments to staff members could be eased.
Bandhan Bank has filed a draft red herring prospectus with Sebi for an IPO of up to 119 million equity shares, with face value of Rs 10 each.
The Supreme Court has ruled that the benefit given to the staff of a company under the employees' stock option scheme cannot be considered as taxable income and the company was not obliged to deduct tax at source.
Prem Mehta, CMD, Lintas India said both parties had reached a mutual agreement and the case was now awaiting the approval of the Foreign Investment Promotion Board.
The State Bank of India SC/ST Employees Welfare Association has sought implementation of reservation while filling up major vacancies in the bank, including the posts of chairman and managing director.
The report has identified 29 instances where it appears that the loans disbursed to borrowers were in turn utilised by their group companies to repay the existing debt obligations with IL&FS Financial Services Limited.
Have companies overlooked the impact of GST on employee benefits such as health check-up facilities, mediclaim, mobile handsets, house lease, long service awards, employee welfare schemes, and so on, asks Anita Rastogi, partner-GST and indirect tax, PwC
They have also been accused of extending loans for criminal intent of falsification of repayment by a number of borrowers, including some entities associated with large corporate groups.
Besides 15 loan transactions to the Siva group of companies, the former directors also used unique methods to ensure the group did not get into the default list.
Net sales during the reported quarter rose to Rs 20,594.3 crore, up 14.4 per cent against the year-ago period.
Bandhan Financial Services, which is to start banking operations soon, has received a combined equity commitment of Rs 1,600 crore (Rs 16 billion) from International Finance Corp (IFC) and GIC, Singapore's sovereign wealth fund.
'When 15 percent of the population in the state can't afford to buy milk, this senseless wasting of thousands of litres of milk should not be tolerated.' 'Roughly between 50,000 to 75,000 litres of milk is wasted every time the movie of a popular hero releases.'
Maruti Suzuki, Asian Paints, L&T, ONGC and Infosys have gained between 1%-1.5%.
The Primary Market Advisory Committee of Sebi has suggested some changes and the market regulator had sought public comments on the recommendations.
All in kind! Gujarat's model of employee benefits, as seen in the state's family-owned businesses, retains talent with a human touch.
Metals bucked the trend and shone across the board.
A lump sum of Rs 100,000 has been offered under the VRS package.
The strategies that the gurus adopted to build their successful business empires over the past two decades could hardly be adopted by businesses that openly claim to be businesses, points out Somasekhar Sundaresan.
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Firms with low promoter holding may get to buy shares from secondary market.
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