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SEBI directs NSE to divest entire 37% stake in CAMS.
In a letter dated February 4, Securities and Exchange Board of India (Sebi) observed that NSE failed to obtain prior regulatory approval while buying a stake in CAMS during FY13-14 and hence the investment is in violation of the rules for market intermediary institutions (MIIs). Read More
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SEBI bans upfront fees for portfolio managers.
The Securities and Exchange Board of India (Sebi) has banned portfolio managers from charging upfront fees from clients either directly or indirectly. Portfolio Management Services or PMS products are meant for the rich with the minimum investment at Rs 50 lakh. Read More
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Gender Parity in the Boardroom Won’t Happen on Its Own.
While the business case for gender diversity in the boardroom is clear, driving greater board diversity will not happen on its own. Based on our research and experience, as well as our work with boards around the world, we believe it will take concerted efforts to address the cultural barriers that prevent many women from reaching senior leadership roles and the boardroom. Read More
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Here’s how IBC 2016 has taken corporate governance to new heights.
IBC provides a competitive, transparent market process, which identifies the person best placed to rescue the company, and selects the resolution plan. It mandates consideration of only feasible and viable resolution plans, that too, from capable and credible persons, to ensure sustained life of the company. This releases the company from the clutches of promoters and management, putting it in the hands of a credible, capable management to avoid liquidation. The IBC has rescued about 200 companies, some of which were in deep distress. Read More
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The Turnaround Management Programme is unique in Addressing the Specialist Skills required to create a Business Transformation Culture in India. In recent years, there have been increasing instances of Companies in India Under-Performing, Failing to meet their Debt-Obligations and eventually going Bankrupt. Apart from high profile examples such as Kingfisher Airlines, Bhushan Steel, IL&FS and Jet Airways, there are over 4000 companies listed as ailing in India. With the passing of the Insolvency & Bankruptcy Code in 2016, Banks and Lenders have become more involved with the operations of Defaulting Companies. The Challenge, however, is the lack of Experienced Management who can help to transform these Companies. This is creating a demand for a set of Highly-Skilled Turnaround Experts who can help Banks and Lenders Revive Non-Performing Assets. Our Partners at X-PM, a Company Specializing in Interim Business Transformation Solutions is seeking to bridge the skill gap by bringing this Pioneering Programme from the University of Leiden in the Netherlands to India. Read More
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Boardroom battle to control CG Power has led to value destruction for shareholders: InGovern
"The investigative authorities are looking into allegations on (i) usage of funds and land assets from the company by promoter-connected entities, (ii) borrowings against the assets of the company for the benefit of other group companies, (iii) vendor transactions with promoter-connected entities," InGovern said in a statement. Read More
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Reserve Bank of India proposes setting up an alternative retail payments system in India.
According to the proposed draft, the NUE will have a minimum paid-up capital of Rs 500 crore to support and address the need of capital for managing risks, and invest in technological infrastructure for business operations, etc. The RBI also said that no single promoter (or group) shall have more than 40 percent investment in the capital of the NUE. Read More
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Sec 164(2) of the Companies Act, 2013 to be Constitutional.
The predecessor of Section 164(2) of the 2013 Act i.e. Section 274 (g) of the 1956 Act also provided for similar conditions of disqualification of directors in events of default with respect to non-filing of financial statements, non-return of deposits or non-payment of dividends. Read More
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MCA seeks opinion on proposed audit curbs.
The government has sought opinion on restricting the number of audits by an audit firm and its partners following concerns in a number of cases. Some of the proposals could have a major impact on the “Big Four”– Deloitte, KPMG, Ernst & Young and PwC. Read More
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