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Gitanjali Gems Headed for Liquidation after Lenders Refuse to Extend Deadline.
MUMBAI: Gitanjali Gems, a BSE listed jewellery retailer promoted by absconding businessman Mehul Choksi, is headed for liquidation after most of its lenders decided not to extend a 180-day deadline to complete its corporate insolvency resolution process. The committee of creditors (CoC) of Gitanjali Gems rejected the proposal to extend the resolution process with 54.14% voting at a meeting held on March 28, Vijay Kumar Garg, resolution professional of the jeweller said in a stock exchange filing on Wednesday. Read More
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Limited Liability Partnership framework revamp in the works.
NEW DELHI: India is looking at a comprehensive review of the decade-old Limited Liability Partnership (LLP) framework including steep penalties for non-filing of returns. The ministry of corporate affairs will soon set up a committee to review the structure of LLPs, touted as a low compliance hybrid between companies and partnerships. The review comes following representations about a Rs 100 per day penalty for delayed filing and difficulties faced in dissolution. Read More
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The Different Layers of Corporate Social Responsibility.
“The movement on corporate social responsibility has won the battle of ideas.” This was the opening line of a 20-page supplement on CSR in The Economist in early 2005 (Crook, 2005). In today’s global business world, the word CSR is a word phrase that can hardly be eschewed by the managers, in other words, all of the world’s top multinationals employ CSR in some form and there is almost no country in which businesses haven’t been engrossed by the threat and the demand for CSR in some way or the other. There, however, subsists less lucidity on how to construe and elucidate ‘corporate social responsibility’. Aside from the gewgaw of the CSR, one of the most crucial and pivotal problems that exist is the conglomeration and the plethora of actors in the CSR world as it is not exclusive to the corporate world. CSR serves as an amphitheatre for numerous political actors and key players. Read More
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SEBI bars Siyaram Development, 8 directors from market.
SEBI has barred Siyaram Development and Construction and its eight directors for at least four years from the securities market for illegally raising funds. Besides, the regulator directed the entities to refund the money collected by the company along with 15 per cent interest. Based on a complaint by an investor regarding non-payment of maturity amount of his investment, SEBI conducted a probe to ascertain whether the firm made any public issue without complying to the provisions of SEBI and the Companies Act, 2013. Read More
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McAfee appoints Sanjay Manohar as Managing Director, India.
PUNE: Cybersecurity firm McAfee today announced the appointment of Mr Sanjay Manohar as their new managing director for India. He will be responsible for building and leading teams across different verticals to drive product revenues, increase the adoption of cloud-based products, strengthen customer relationships and to execute on McAfee’s mission to keep the world safe from all the emerging cyber threats. He will report directly to Mr Craig Nielsen, Vice President - Asia Pacific Region, McAfee. Read More
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