The Supreme Court on Thursday ordered setting up of a six-member committee headed by former apex court judge Justice A M Sapre to investigate the recent Adani group shares crash triggered by the Hindenburg Research's fraud allegations and other regulatory aspects related to stock markets.
In an interview with Business Standard, Kamath says he is surprised by the sharp correction in the stock markets and the rupee in an economy growing at seven per cent.
Asked if there was a timeline to see a turnaround at Infosys, Kamath said the country's second largest software services firm was a profitable company.
The ICICI Chairman said that a decisive mandate that has emerged from the general election results is a very positive development.
The current executive co-chairman S Gopalakrishnan will be re-designated executive vice-chairman while S D Shibulal, who was one of the seven engineers to launch the company in 1981 by pooling together $250, will continue as Chief Executive Officer (CEO).
The finance minister asked lenders to identify eligible borrowers and reach out to them and urged for quick implementation of a sustained resolution plan for the revival of every viable business.
In a major top management re-shuffle, Infosys on Saturday said it has re-appointed N R Narayana Murthy as executive chairman and additional director with immediate effect.
ICICI Securities will be the first subsidiary to be listed, followed by two insurance subsidiaries and the home finance business, he added.
Kamath projected an average annual growth of 7.5-8 per cent for the country in the next five years for the economy, saying it was only investments in infrastructure and troubles with project implementation that had to be dealt with right now.
Amid a growing number of industry leaders expressing anguish over policy paralysis, top banker Chanda Kochhar has said that people are talking more about challenges while taking the positives for granted.
India's premier software services company, Infosys Limited, has reached out to its banker, the non-executive chairman of ICICI Bank, K V Kamath, to step into the shoes of its founder N R Narayana Murthy.
Two corporate heads, Vikram Pandit and Mukesh Ambani, on Friday predicted great things about India's growth story. Particularly, the recent stress on inclusive growth.
Kamath, who succeeded N R Narayana Murthy at the Bengaluru-headquartered, Nasdaq-listed firm, nearly a month ago, said Infosys is a well-established company with processes which are clearly defined, and his role would be what is expected of an independent non executive board chairman, namely governance oversight.
Things have changed dramatically for India Inc post liberalisation in 1991. Business Standard catches up with three industry veterans on what reforms meant in the early days and what lies ahead . . .
The FIR also said chairman of New Development Bank K V Kamath, Goldman Sachs India chairman Sonjoy Chatterjee, Standard Chartered Bank CEO Zarin Daruwala, Tata Capital head Rajiv Sabharwal and Tata Capital senior advisor Homi Khusrokhan need to be investigated.
ICICI Bank Chairman K V Kamath on Thursday disagreed with the suggestion of SBI chief Pratip Chaudhuri that RBI should scrap CRR, saying it is part of the monetary policy and no issue can be made of it.
K V Kamath says he can never step into Narayana Murthy's rather large shoes, but would do his best to ensure Infosys continues to adhere to the highest standards of corporate governance.
This is the first major change of guard at India's second largest information technology services company, in the wake of the retirement of co-founder and chairman, N R Narayana Murthy, last week.
Having nurtured Infosys for the last three decades, Narayana Murthy would be succeeded by eminent banker K V Kamath as Infosys' Chairman with effect from August 21.
Asian Paints Managing Director & CEO P M Murty is the Business Standard CEO of the Year for 2009-10.
Murthy will hand over his role to K V Kamath, who has been an independent director on the Infosys board since May, 2009.
ICICI Bank chairman K V Kamath says the best part of India's growth momentum is that around 65 per cent of the economy does not need external funding.
CII president K V Kamath, Federation of Indian Chambers of Commerce and Industry president Rajeev handrasekhar and Assocham President Sajjan Jindal held discussions with Chidambaram immediately after Prime Minister Manmohan Singh had interacted with a larger industry group. The government as also the Reserve Bank of India have taken a number of steps since beginning of October to ward off the Indian banking system from the global financial contagion.
"The government has always believed in stable policies. I am sure that this will continue in the coming budget," ICICI Bank's non-executive chairman, K V Kamath, told reporters on the sidelines of a function organised by the Institute of Chartered Accountants of India in Mumbai.
India's current economic growth would continue for at least 15-20 years and Rural India would be the new engine for a double digit growth, Chairman of the ICICI Bank Limited, K V Kamath said.
The New York branch in midtown Manhattan plans to offer a suite of banking services, including working capital, acquisition finance, trade service and treasury solutions to corporates, and savings products to qualified individuals, subject to guidelines.
This time also, Dr Singh will thank Japan for keeping silent and going along with the consensus at the Nuclear Suppliers Group meeting that relaxed its guidelines to allow India to enter the global nuclear energy trade. In recent years, Japan and India's relations have been either cordial or warm except for two years, from 1998 to 2000, after India tested its nuclear weapons
Veteran banker K V Kamath on Friday said it is "time to be brave" for the government, and it should stretch the fiscal deficit target set in the budget if need be, to push growth. He said benign interest rates of under 8 per cent and abundant liquidity are also necessary to seize what he called as a 25-year growth runway opportunity awaiting the country. The government has targeted to get the fiscal deficit at 6.8 per cent for FY22 in the Budget presented early this year.
Corporate India is not bothered about the subprime crisis. I have not seen any large business house walk away from a deal on account of lack of funding.
Responding to charges of cartelisation against the industry, newly-elected CII president K V Kamath on Thursday said corporates must ask themselves whether their actions in a demand-driven market was causing distress to others.
Enthused by government's commitment to act proactively and ensure more liquidity to promote economic growth, ICICI Bank managing director K V Kamath on Monday promised to review interest rate in the next few days.
Last week, RBI raised the CRR--amount lenders need to keep with the central bank-- by 75 basis points to suck out Rs 36,000 crore (Rs 360 billion) from the system and cool down inflation.
"ICICI Bank is aware that rumours are being repeatedly being circulated in certain centres regarding the financial strength of the bank. The bank states that these rumours are baseless and malicious," ICICI Bank CEO and Managing Director K V Kamath said on Tuesday.
The government should avoid euphoria about India's growth and success and should lace its policies with pragmatism, given the fact that the global situation is still unclear, ICICI Bank chairman K V Kamath said on Wednesday. "We should be prudent in the way we look at growth," Kamath told PTI in an interview on the phone from Tokyo, adding that the external sector is still a pressure point and exports have shown negative growth for seven months in a row.
The jury members included Ashish Dhawan, senior managing director, ChrysCapital, Keki Dadiseth, managing director, Omnicom, Kiran Mazumdar Shaw, chairman and managing director, Biocon, Kumar Mangalam Birla, chairman and managing director, Aditya Birla Group and S Ramadorai, chief executive, TCS.
While existing investments pipelines are on course, newer projects, which are at conceptual stage, may be affected; companies are concerned that high inflation (the wholesale price index is above 12.6 per cent, a 16-year high) and high interest rates would dampen consumer demand growth, Confederation of Indian Industry President K V Kamath said after a meeting of industry leaders with Finance Minister P Chidambaram.
Hinting at easing of borrowing costs for retail and corporate customers, ICICI Bank's new chief Chanda Kochhar has expressed hope that interest rates could fall to single-digit level in the coming months.
Amid a string of interest rate cuts by state-run banks since April 1, country's biggest private lender ICICI Bank today said chances of it reducing rates are less unless government bond yields come down.
Terming inflation as a key challenge, the Confederation of Indian Industry on Thursday said the government is worried, but not panicked, that rising prices may go to levels where controlling it could become difficult.
Providing an opportunity for the students to be with the country's renowned business personalities, the Hyderabad-based ISB has come up with the 'Shadow the CEO' programme, where one can bid for a person of their choice.
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