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Does India need 1,500 cooperative banks?
RBI Governor Shaktikanta Das is on record as saying Indians banks are sound with no reason to worry. But consider this, in the last one year alone, there has been a case of gross violation of lending practices and clear quid pro quo in India’s largest private bank—ICICI Bank, questionable corporate governance standards at Axis bank, a scam involving evergreening of loans without adequate collateral in PNB Bank (Nirav Modi), and allegations of dubious practices in Yes Bank. Add to this the NPA mess where statistics seem to suggest that for some loans given to SMEs, recognition of bad loans is being delayed, ensuring books look better than what they are. Read More
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Should PMC Bank case worry co-operative bank customers?
Banks have long been considered a safe place to put your money away. Even as equity investments have flooded the market, some investors, especially seniors, still prefer to keep their money safe in savings accounts and fixed deposits. But the recent stir caused by the Reserve Bank of India restricting PMC Bank from engaging in any business for six months and capping withdrawals, panic and rumours spread like wildfire among customers of both commercial and co-operative banks, despite reassurances from the regulator. Nilanjana Chakraborty asks experts if depositors in co-operative banks need to be worried. Read More
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TCS named India's overall most outstanding company in Asiamoney's 2019 poll.
SINGAPORE: Tata Consultancy Services said on Monday it has been voted as the overall most outstanding company in India and the most outstanding company in India's IT services sector in Asiamoney's 2019 Asia's outstanding companies poll. Additionally, TCS was recognised as the most awarded company of the decade in India for topping Asiamoney's various investor surveys and awards like the best-managed companies award, the corporate governance poll and Asia's outstanding companies poll -- the most number of times over the last ten years. Read More
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Moody’s praises corporate governance and administration policies in Yucatán.
International rating agency Moody’s praises the corporate governance and administration implemented by the Yucatán state government. Mérida, Yucatán, October 13, 2019.- The Government of the State of Yucatán was evaluated with outstanding grades by the international agency Moody’s, which confirms the relevance of the financial discipline policies implemented by Governor Mauricio Vila Dosal. This allows the State to demonstrate the soundness of its finances, originated by austerity programs driven by the present administration. Read More
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Law firm hires ex-Lloyds and Standard Life man as governance advisor.
Commercial law firm Burness Paull has appointed former Lloyds bank and Standard Life financial services adviser in a consultancy role. Malcolm Wood recently stepped down as group company secretary of Lloyds Banking Group and previously led the in-house legal and secretariat teams at Standard Life through demutualisation and listing. He was named UK Company Secretary of the Year. Read More
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WeWork Is Said To Be Weighing 2 Financial Rescue Plans.
Directors of the We Company are expected to meet as soon as Monday afternoon to decide on one of the two financial rescue packages, according to three people briefed on the matter: one that would effectively hand control of the business to SoftBank of Japan, its biggest shareholder, and another that would raise billions of dollars of debt with the help of JPMorgan Chase. Read More
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Opinion: ‘Listing brings out governance of a firm better than if it is privately held’.
At 76, Ashok Soota, the man who led information technology (IT) services giant Wipro for 15 years and then co-founded and headed mid-size IT firm Mindtree for the next 10, is looking for more adventures. So he’s off for a paragliding trip to Bir Billing (Himachal Pradesh) even as he charts the future of his newest startup, Happiest Minds, a company he says is born digital and agile which gives it the edge in emerging areas like edutech, healthtech and fintech. In an interview, Soota talks about company’s future plans for going public and making acquisitions for inorganic growth. Read More
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Opinion: Accelerating Gender diversity in boardrooms aids corporate governance.
You may strain your ears and still not hear it. The glass ceiling on women getting into corporate governance is either not being shattered, or not being smashed loudly enough to make much of a difference. To promote gender diversity at the top of India Inc., the Companies Act of 2013 had made it mandatory for publicly listed companies as well as those with a turnover of over ₹300 cr to appoint at least one woman director. It did set off an uptrend. According to Prime Database, a data services firm which analysed the board composition of the top 500 companies listed on the National Stock Exchange, female representation rose from 5% in 2012 to 13.8% in 2017. Read More
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