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RBI adopts new rules on corp governance and wants banks to disclose more info.
RBI plans to introduce new rules on corporate governance for banks in line with international rules, and also wants lenders to disclose more, said deputy governor Friday, S Vishwanathan. Vishwanathan also urged banks to recognize the losses resulting from the NPAs as soon as possible and not to postpone them. Read More
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Three Zee Entertainment directors resign, cite related-party transactions.
Media company Zee Entertainment (Zee) on Wednesday said three directors had resigned from its board, two of them citing related-party transactions, among other reasons, for quitting. The disclosure comes two days after Subhash Chandra stepped down as chairman of the board. Read More
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Karvy violated rules to use clients’ assets, says Sebi.
Karvy Stock Broking has violated a number of rules on client shares and funds which have been in force since 1993, according to SEBI. The regulator had been issuing circulars and directives about how brokers should treat clients' funds and securities since 1993. These rules were aimed at insulating investors, especially the smaller ones, from illegal acts committed by brokers. Read More
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Air India divestment saga: Strategic sale of government stake back on the table.
The latest twist was provided by the Minister of State for Civil Aviation in the Rajya Sabha on Tuesday, when he told the Upper House that the Air India Specific Alternative Mechanism had approved the re-initiation of the process of the strategic divestment of Air India and its subsidiaries, with 100 per cent sale of the government stake’s in AI, along with Air India Express and AISATS. Read More
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Sebi: Independence of independent directors remains a key concern.
"The concerns of independent directors not being truly independent, especially in promoter-dominated companies continue and for right reasons. While such directors meet the regulatory requirements on paper, their independence in conduct and decisions is often under the cloud," said Ajay Tyagi, Chairman, Sebi at the Asian round table on corporate governance organised by Organisation of Economic Cooperation and Development (OECD) in Mumbai.Read More
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A Company Incapable Of Good Gov Doesn't Deserve Profits: VS Mehta.
At a time when several Indian companies battle corporate governance concerns, Vikram Singh Mehta, executive chairman at Brookings India, said there can’t be a tradeoff between transparency and profits. “A company that does not make profits, probably cannot afford corporate governance,” Mehta said at the Gatekeepers of Governance conference in Mumbai. Read More
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