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Dear Mr/Ms,
Greetings from the Association of Independent Directors of India!
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SC quashing Reserve Bank of India circular not to dilute the insolvency laws, says govt official.
The Supreme Court's decision to quash the RBI circular on referring defaulting companies for insolvency proceedings does not in any manner dilute the Insolvency & Bankruptcy Code, said MCA Secretary Injeti Srinivas. He also said a generic instruction that if the resolution does not take place within 180 days then on the 181st day, the banks have no other option but to go to the NCLT has been declared ultra vires. Read More
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HDFC AMC, IndiGo, Jindal Steel among 212 firms still without a woman Independent Director.
More than 200 firms in India have failed to comply with a key initiative of the Securities and Exchange Board of India (SEBI) to enhance corporate governance at listed companies. Data compiled by NSEinfobase.com showed that 212 companies have not appointed a woman as Independent Director by the 1 April deadline set by the Security and Exchange Board of India, (SEBI). Read More
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Corporate Governance In Retrospect.
The early commercial voyages and enterprises commenced the governance of corporations. The East India Company and the business partnership betwixt joint stock companies are some of the instances. With time, however, the establishment of corporations became more comprehensive and elaborative. These elaborative establishments were also codified into the company law so that conceptualization of corporate governance became multi-layered. The proemial phase of corporate governance was characterized by periodic frauds and scams, for example, the South Sea Bubble and Victorian novels are filled with corporate misdemeanours and transgressions. The exordium of the limited liability company in 1856 led to a rapid escalation in incorporation. The ability to trade shares on a stock exchange encouraged the expansion of successful companies and in the extermination of failures. Read More
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How Tech Mahindra missed the growth bus after Satyam acquisition.
In 2009, before things fell apart, Satyam Computer Services was more than twice the size of Tech Mahindra. Then among India’s top five IT firms, its strength lay in the enterprise segment. Tech Mahindra, being a niche player, derived its revenues almost entirely from the telecom sector. There was almost no overlap and no synergies what so ever. An important development, however, would pitchfork Tech Mahindra into the limelight. Read More
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IL&FS crisis raises questions about rating agencies: Injeti Srinivas.
The unravelling of the debt-laden IL&FS has hurt the credibility of rating agencies, said Ministry of Corporate Affairs, Government of India, Secretary Injeti Srinivas. India Ratings & Research, ICRA, and Credit Analysis and Research Ltd gave IL&FS the highest rating of AAA when the company's subsidiary, IL&FS Transport Networks, defaulted in June, said Srinivas at the annual summit of the Confederation of Indian Industry in New Delhi. Read More
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