However, the tribunal "has erred in not granting vital reliefs, including proportionate representation on the board of Tata Sons, and striking down of certain provisions in the articles of association, which were the tools of oppression that enabled prejudicial conduct by the majority shareholder," it said. … [Read more...] about SC issues notice to Tata Sons on cross-appeal of Mistry group firm against NCLAT order
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In Wipro, after CEO Vivek Paul's exit in 2005, Azim Premji assumed the role for three years till 2008. Between 2008 and 2011, the company was led by Girish Paranjpe and Suresh Vaswani, both of them old-timers, who quit in 2011 on grounds of personal reasons. By then, Wipro's growth began to slump. … [Read more...] about Wipro’s new CEO: Can foreign executives succeed in Indian IT firms?
Many feared that India will become a problem for the world when Corona hits India. But today, through sheer confidence and resilience, you have transformed the way the world looks at us. You have proven that the collective strength and potential of Indians is unparalleled compared even to the powerful and prosperous countries of the world. Be it clapping and lighting a lamp to the honouring of Corona Warriors by India's armed forces, Janta curfew or by faithful adherence to rules during the nationwide lockdown, on every occasion you have shown that Ek Bharat is the guarantee for ShresthaBharat. … [Read more...] about Modi 2.0: PM Narendra Modi pens letter on first anniversary of second term. Read full text
Road to Credit Guarantee CorporationThe government formed a working group comprising custodians of the nationalised banks. In its report, the group said while the objective of giving loans to neglected areas was noteworthy, it will also lead to risks for the banking system. The best way would be to pool these risks and cover them under a common guarantee scheme. To avoid moral hazard, guarantees would be capped at 75 percent of the losses so that banks do proper loan appraisal. The guarantee fee was pegged at 0.25 percent of the loans, open to review. Interestingly, the government credit guarantee scheme had a fee of 0.1 percent for SSIs. … [Read more...] about Credit guarantees of 1970s make a comeback
The March quarter GVA (Gross Value Added) growth came in at 3 percent, buoyed by agriculture and government spending. If we exclude agriculture, growth in the rest of the economy was just 2.5 percent. If we exclude agriculture and government spending, then the growth in the private sector non-farm economy was a mere 1.1 percent. And, for what it’s worth, real consumption growth was a meagre 2.7 percent year-on-year in the March quarter. If this is the situation with just a few days of a lockdown, consider by how much GDP will contract in the June quarter. … [Read more...] about Moneycontrol Pro Weekender | Mr Market puts on his rose-tinted glasses