Indian family-run business houses have in recent years seen ugly public spats between owners over control. But metals-to-ports conglomerate Essar's Ruia family seems to be an exception. Three generations of the Ruia family - founder brother Shashi and Ravi Ruia, their children and grandchildren - continue to live under one roof and jointly run the business empire.
The move comes after Neeraj Kanwar's reappointment as managing director was rejected by minority shareholders owing to his salary, which increased in spite of a fall in the company's profitability.
Industry experts are demanding a change in the inverted duty structures this Budget to boost domestic industries.
Apollo overtakes MRF to be the largest tyre maker.
Apollo Tyres' $100 million project in joint venture with Michelin would begin production from early 2006, its chairman and managing director Onkar S Kanwar on Tuesday said.
Hinting at tax reforms during the next fiscal year, Prime Minister Manmohan Singh on Saturday assured the industry of better tax administration as he unveiled plans for Rs 60,000 crore
Bajaj Auto's Rahul Bajaj, Sunil Mittal of Bharti and Oil and Natural Gas Corp's Subir Raha are among the 20 finalists announced by Ernst and Young for the E&Y Entreprenuer of the Year award.
The shareholding of Apollo Tyres Limited promoter Onkar S Kanwar will come down by 6.54 per cent to 37.33 per cent after preferential allotment of 14.90 per cent of the company's existing shares to French Tyre major Michelin Group.
Media tycoon Kalanithi Maran and his wife Kavery Kalanithi have retained the top two slots among the highly paid executives in the country.
The analysis covers BSE 200 Index's 171 companies for which data on the compensation to the boards of directors for FY14 and FY13 are available.
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