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Govt submits resolution plan for IL&FS.
The government Monday submitted the debt resolution plan for crisis-hit IL&FS to the NCLAT and also suggested the name of retired Supreme Court judge Justice D K Jain to supervise the entire process. The entire resolution process would be based on the principles enunciated in the Insolvency and Bankruptcy Code. Under the plan, the government has categorised IL&FS group companies into green, amber and red based on their respective financial positions. Read More
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Governance standards improving in corporate India.
According to the proxy advisor, “Most of the top 20 companies evaluated last year have displayed an improvement in their overall score or maintained their score despite the adoption of a more stringent standard of scoring. Disclosure and transparency levels too have improved, with companies scoring as high as 87 per cent in the category,” according to the IiAS study. The top five companies with governance score of more than 70 are Hindustan Unilever, HDFC, Infosys, Marico and Wipro. Read More
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Best Practices to Strengthen the Corporate Governance Framework.
In essence, corporate governance is a set of standards or rules that enables organizations to ensure that they are rightfully serving the needs & wants of all the stakeholders that it engages with. However, it comes as a natural inclusion that they are running the organisation in a way that meets both its short and long-term goals. Good corporate governance has often underpinned sound strategic planning and risk management. Organisations embracing best governance practices continually move toward long-term sustainability. Also, Good governance almost always factors into preventing litigiousness and providing far-reaching legal protections for organisations. It would be fair to state that following the principles of good corporate governance takes a decent bit of effort. However, while corporations can expect to invest top dollar towards adopting effective corporate governance measures, taking steps toward these best practices isn’t all that expensive. Read More
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NCLT allows government to add Usha Anathasubramanian, 18 others as accused in PNB scam.
The National Company Law Tribunal on Thursday allowed a government plea to add 19 more respondents, including the sacked head of Allahabad Bank Usha Anathasubramanian, in the Rs 14,000-crore Nirav Modi and Mehul Choksi scam that hit the state-run lender PNB last year. The new names in the list of the accused that the government wants to add include former executive directors of Punjab National Bank, K Brahmaji Rao and Sanjiv Saran; general manager Nehal Ahad; and Bishubrata Mishra, who was the internal chief auditor at the Brady House branch of PNB, where the scam took place, among others. Read More
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Dr Reddy's Laboratories Ltd appoints Axis Bank ex-MD Shikha Sharma as an Independent Director.
"Shikha Sanjaya Sharma has been appointed as an additional director, categorised as independent, on the Board of Dr Reddy's Laboratories Ltd for a period of five years, effective January 31, 2019," the company said in a filing to the BSE. Sharma was the Managing Director and CEO of Axis Bank from June 2009 up to December 2018, it added. She has more than three decades of experience in the financial sector, having begun her career with ICICI BankNSE -0.61 % Ltd in 1980. During her tenure with the ICICI group, she was instrumental in setting up ICICI Securities, Dr Reddy's said.
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