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Opinion | Sebi and Sensibility.
Large Indian companies have two more years to meet corporate governance norms that require them to separate the positions of chairman and managing director. This is something they were finding difficult to comply with. The change of mind by the Securities and Exchange Board of India (Sebi) less than three months before the original deadline reflects an acceptance of the predominantly family-held business culture of the country. Read More
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Corporate governance must be fixed.
The year 2019 was an anus horribilis in the corporate governance landscape of the country. Breakdowns of governance continued to be exposed on the boards across industries — in banks, financial services, healthcare, food and beverages, airlines, real estate, etc. The year ended with a shocking decision of the Corporate Law Appellate Tribunal (CLAT) regarding governance in India’s most hallowed business conglomerate. Read More
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Shapoorji, Daruvala may take legal action against InGovern
"We would like to reiterate that this entire report is malicious, misleading, defamatory and without any attempt to ascertain the facts of the matter from us. The sensationalism in this report is more an attempt to further erode investor wealth rather than its stated objective of working in the interests of the investors," the promoters said in a statement. Read More
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Tata vs Mistry: Supreme Court stays NCLAT order favouring Cyrus Mistry.
Supreme Court on Friday stayed last month’s NCLAT order reinstating Cyrus Mistry as the executive chairman of Tata Sons and restoring his directorships in the holding company as well as three group companies, with a preliminary observation that the first impression of the order was “not good” and that the tribunal ‘could’ not have given consequential relief that had not been sought in the first place. Read More
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The Ministry of Corporate Affairs recently introduced the Companies (Creation and Maintenance of Databank of Independent Directors) Rules, 2019 and the Companies (Appointment and Qualification of Directors) Fifth Amendment Rules made effective from December 01, 2019. Under the Rules, any person who is willing to be appointed or is already an Independent Director is required to pass an online proficiency self-assessment test conducted by IICA with at least 60 percent marks. On this backdrop, PHDCCI in association with AIDI is organising a “Series on “Capacity Building for Independent Directors: Step towards effective Corporate Governance” on a Pan India basis. A two-day series will be held on 17th & 18th January, 2020 in Delhi. The same will be replicated in other cities of India such as Lucknow, Chandigarh, Jaipur, Bhopal, Guwahati, etc.
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Transparency matters! Sebi likely to fine-tune disclosure norms soon.
BSE MD & CEO Ashishkumar Chauhan confirmed that discussions were on at various levels between the regulator, the government and the exchanges on the proposed nature, timing and the mode of disclosures. “There is a debate about what to disclose because any person can write anything. If you don’t disclose it’s a problem, if you disclose it’s even more of a problem. Because of social media, you tend to have consequences which are unintended,” he said. Read More
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India Inc breathes easy, gets two years to split CMD position.
SEBI on Monday allowed two more years for companies to ensure their chairman has a non-executive role, in a major relief for companies that now get additional time for succession planning. In a gazette notification, Sebi extended the deadline for the change which, in effect, would have required companies to split the role of chairman and managing director (MD), and ensure the chairman is not related to the chief executive officer or managing director. The deadline, set in June 2018, required the top 500 companies to comply by April 2020. Read More
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Rasesh Shah refutes allegations of FEMA violations by Edelweiss.
Shah said he was unable to go personally to the ED office but had sent a representative. "While it is unfortunate that I was unable to go in person to the Directorate of Enforcement (ED), our senior authorised representative did attend in person with the requisite information. Needless to say, if in the future any assistance or support to the investigation is requested from us, we will cooperate fully", Edelweiss Chairman said in a mailer. Read More
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YES Bank director resigns citing governance issue; shares drop 5%.
In an interaction with ET NOW, he said the private sector bank is driven by management and not driven by the board. “The company directives are not in the best interest of minority shareholders,” Agarwal said, adding that he has informed the regulatory bodies on the same and they will look at the issues at the bank. Read More
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