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Proactive corporate governance lessons from Kodak’s downfall.
In 1997, Kodak was among the most successful firms in the world. It was worth an astounding $31 billion due to its profitable camera and film-processing business, and a strong brand. However, just 15 years later, on January 19, 2012, Kodak was forced to file for bankruptcy. Its shares ended that day at $0.36 when they’d been worth over $90 in 1997. Read More
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Companies that misused India's DTAA pact with Mauritius to save taxes.
Religare Enterprises Ltd (REL), Pune-based Kotle Patil Developers Limited (KPDL), Jindal Steel & Power, Apollo Hospitals and GMR have been named in a long list of companies which allegedly benefitted from partnerships with multinationals in Mauritius without paying capital gains tax, and remitted funds through the FDI route in India. Read More
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THE EMERGING NEED OF DIRECTORS' PROTECTION MECHANISMS.
As per NSE, NIFTY 500 companies saw 316 exits by Independent Directors in FY19, 31.7% more than the previous year’s tally of 240. These numbers simply point to the fact that clouds of insecurity have been looming over the Independent Directors Fraternity across the country. It goes without saying that the presence of Independent Directors in an organization is encouraged by the need to counter fraudulent activities prevailing within its structure. However, some of the recent developments are symptomatic of Independent Directors resigning due to a fear of legal scrutiny and a lack of sense of security. Read More
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For HPCL, ONGC is still a ‘public shareholder’.
Yet another keenly watched quarterly share holding pattern announcement from Hindustan Petroleum Corporation Ltd (HPCL) has failed to provide clarity on its promoter after Oil and Natural Gas Corporation Ltd (ONGC) bought the government’s 51.11 per cent stake in the Mumbai-based state-run oil refiner for ₹ 36,915 crore in January 2018. Read More
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Stressed India Inc’s corporate tax outflows grow faster than profits.
The growth in India Inc’s earnings remained subdued in recent years — in FY18, ratio of corporate profits to GDP fell to a 15-year low — but firms’ tax outgo rose at a steady pace during the period. Of a sample of 3,486 listed companies tracked by Capitaline, taxes paid as a percentage of operating profit grew from 14.9% in FY16 to 16.1% in FY19; against net profit, the tax outgo of these firms rose from 42% to 51% in the period. Read More
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