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PHD Chambers of Commerce in association with the Institute of Company Secretaries of India and the Association of Independent Directors of India hosted a “Series on “Capacity Building for Independent Directors: Step towards effective Corporate Governance” on January 17 & 18, 2020 at the PHD House in New Delhi. The program was conceived with a vision to; Enhance the knowledge and awareness of the participants about their roles and responsibilities, functioning and skills as Independent Directors, Provide training on various topics covering the Companies Act, Securities Law, Basic Accountancy, Board Practices, Board Ethics and Board Effectiveness, and Enable Independent Directors to acquire knowledge from diverse resources, develop distinct skills and assess their understanding on company operations, regulations and compliances. Read More
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SEBI Investigated an Unprecedented Number of Alleged Insider Trading Violations in FY19.
Insider trading is emerging to be one of the most prominently scrutinised cases of violations by market regulator Securities and Exchange Board of India. Data from the regulator’s annual reports for the last five years indicate an increase in the scrutiny of alleged cases of violations of insider trading regulations. Read More
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Government Invites Applications For Securities & Exchange Board of India Chairman’s Position.
The chairman will be appointed on the recommendation of the Financial Sector Regulatory Appointments Committee (FSRAC), a government advertisement said. The committee is also free to recommend a candidate on the basis of merit even if he or she has not applied for the post. The new chairman will have a tenure of five years. Read More
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Opinion: The kettle calls the pot black: Cyrus, Shapoorji fall flat.
Cyrus Mistry had appealed to NCLT against his ouster citing corporate governance issue and had taken the high moral ground on the same. One wonders where this same stand has gone when it comes to the issues involving recently listed Sterling and Wilson Solar Limited, which has gone back on its very objects of the issue for which the company went public. Read More
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Kotak Mahindra Bank to withdraw court case against RBI.
Kotak Mahindra Bank’s billionaire founder Uday Kotak and the Reserve Bank of India (RBI) have yielded ground on their respective stances in the dispute over the bank’s promoter shareholding paving way for the banker to own a higher stake than what the regulator had stipulated earlier. Read More
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Convincing the court that a Director or CXO was NOT responsible for the culpable action or omission, or that the event happened despite all due diligence from him/her, takes more than a year. In all such cases, regardless of the consequence i.e. conviction or acquittal, the Director or the CXO has to engage a lawyer and plead his/her defense which involves time, mental trauma and monetary costs. If a CXO is the highest officer in his department without being a Director he/she is equally liable. The truth of the legal aspect of the contemporary corporate world is that no one can be stopped from going to court or the media. The resultant damage for Directors and CXOs is substantial and in some cases permanent because the names remain on the internet. Furthermore, The D&O insurance taken by companies does not ensure that the Directors’/CXOs’ who need it will get it when they need it because they may not be on the Board when any proceedings start. Read More
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IndiGo Shareholders reject Rakesh Gangwal’s proposal to amend AOA.
Shareholders of InterGlobe Aviation Ltd, which runs India’s largest airline IndiGo, rejected co-promoter Rakesh Gangwal’s proposal to amend the company’s articles of association (AoA), which could have provided him a clean exit if he so desired amid an escalating feud with partner Rahul Bhatia. Read More
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Family working towards solving differences: Lalit Modi.
“While the family does not want to enter into a discussion in the public domain, what needs to be clearly understood (is) that all family members are working on a solution to safeguard the interest of all shareholders," said Modi, who is in London since 2010, after facing various charges of financial irregularities in running the T20 cricket league. Read More
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Religare Finvest Limited Likely to Revive its Business by March 2020.
Religare Finvest Limited (RFL), which has been one of the leading SME financing platforms in India with a peak loan book of Rs. 16,000 Crores has said today that the company is looking forward to completing the entire process of the DR plan with the support of the banks and regulators by March 2020, subject to the regulatory approvals. Read More
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Sachin Bansal steps down as Ujjivan Small Finance Bank director; here's why.
Sachin Bansal has resigned as independent director of Ujjivan Small Finance Bank in the interest of propriety and corporate governance after an entity owned by him submitted an application to the Reserve Bank of India for a universal banking licence. Within four months of acquiring a majority stake in Chaitanya India Fin Credit, Flipkart co-founder Sachin Bansal-led microlender had applied for a universal banking licence on January 10. Read More
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