Here’s why Infosys offered a role to 70-year-old Narayana Murthy

Narayana Murthy

Narayana Murthy had publicly criticised Infy for poor corporate governance.

 

LATEST NEWS   :    Infosys board is making every effort to placate its founder N R Narayana Murthy, who has criticised the company on its corporate disclosures, by offering a formal role in the organisation. It also would bring curtains to the distraction that chief executive Vishal Sikka has often complained is hurting the business.

 

At 70, Murthy is eligible for a role on the board, including as executive chairman. In 2013, Infosys board had raised the age bar to 75 from the earlier 60 years to facilitate entry of Murthy as the IT major firm chairman for the second time.

 

“If he were to wish that, we would absolutely consider it,“ Ravi Venkatesan, co-chairperson at Infosys said in an interview with ET NOW on Thursday.

 

 

Since, Murthy raised the issue of failing corporate governance, Infosys has taken pains to bring policy changes to improve transparency, which includes scrutiny of the CEO expenses by the board. It has also brought in D N Prahlad, Murthy’s relative on the board of Infosys and elevated Ravi Venkatesan as co-chairperson.

 

Venkatesan, a former Microsoft India chairperson, who has bought the idea of Sikka’s push to transform the organisation from a traditional IT services firm to a software led services firm, has been active to bring in the truce between the founders and the board.

 

 

ALSO  READ  THIS   :    Full text: Highlights of Economic Survey volume-2

South China Sea: Beijing protests after US warship sails near disputed area

Arleigh Burke-class guided-missile destroyer USS Mustin (DDG 89) transits in formation with Japan Maritime Self-Defense Force ship JS Kirisame (DD 104) during bilateral training in South China Sea. Photo: Reuters

Such a move severely undermines China’s sovereignty and security: Chinese Foreign Ministry

 

 

LATEST NEWS  :     Beijing on Friday protested against a US warship passing through waters near the Spratly Islands, a disputed area in the South China Sea.

 

The USS John S. McCain on Thursday entered the waters near Mishchief Reef in the Spratly Islands to carry out freedom of navigation operations in the area, reports Efe news.

 

 

“Such a move severely undermines China’s sovereignty and security, and severely endangers the safety of frontline personnel of both sides,” Chinese Foreign Ministry spokesperson Geng Shuang said in a statement.

 

He added that the Chinese navy identified the US warship, issued a warning and finally expelled it from the area, without giving further details.

 

Geng said China “has indisputable sovereignty over the Nansha Islands (Spratly) and their adjacent waters”, and called for a dialogue between Beijing and the governments of the Association of Southeast Asian Nations member countries to solve the maritime dispute.

 

“It is clear who is not willing to see stability in the South China Sea and who is the major factor pushing for militarisation in the South China Sea,” the spokesperson said.

 

Attracted by the strategic military location and the prospect of oil, China, Taiwan, Brunei, the Philippines, Malaysia and Vietnam have all laid territorial claim to the Spratly’s and have occupied several islands.

 

 

 

ALSO READ THIS : Amid Doklam standoff, Sushma meets Bhutanese Foreign Minister

Doklam standoff: China rejects reports of offering to relocate troops

Image result for Doklam standoff: China rejects reports of offering to relocate troops

LATEST NEWS       :   China has vehemently rejected all reports of it ever offering a compromise to India by relocating its troops in the disputed Doklam border area.

 

The Chinese Foreign Ministry reacted to a report where China had allegedly offered to move its troops back 100 meters, after India sought the pullback of Chinese troops by 250 metres.

 

The Spokesperson’s Office told China Daily that the report is not true, adding that “China will not trade its territorial sovereignty under any circumstances.”

 

“China’s position on solving this incident is clear and firm. India must immediately and unconditionally withdraw all its trespassing troops and equipment back to the Indian side of the border,” the office said in a statement.

 

China could never accept India’s “totally unreasonable” demand, said Zhao Xiaozhuo, a researcher at the PLA Academy of Military Science told China Daily, adding that India had honored the convention until Prime Minister Narendra Modi’s administration refused.

 

Earlier this month, the Chinese Foreign Ministry said that India’s ‘intrusion’ had not only violated China’s territorial sovereignty but also challenged Bhutan’s sovereignty and independence.

 

However, the Government of Bhutan on Thursday pointedly refuted a Chinese Foreign Ministry claim that Bhutan had conveyed through diplomatic channels to China that the trilateral border stand-off area in Doklam in the Sikkim sector is not its territory.

 

ALSO READ THIS :  Indore boy attempts suicide to win ‘Blue Whale’ challenge

Border row: Bhutan rejects Beijing’s claim that Doklam belongs to China

Doklam Standoff

Latest news : The Government of Bhutan on Thursday pointedly refuted a Chinese foreign ministry claim that Bhutan had conveyed through diplomatic channels to China that the trilateral border stand-off area in Doklam in the Sikkim sector is not its territory.

Official sources in the Bhutanese Government told ANI over phone, “Our position on the border issue of Doklam is very clear. Please refer to our statement which has been published on the web site of Bhutan’s foreign ministry on June 29, 2017.”

The Bhutanese sources were responding to a stunning, but unsubstantiated claim made by China’s top diplomat, Wang Wenli, that Bhutan had conveyed to Beijing through the diplomatic channels that the area of the standoff was not its territory.

Wang, who is the Deputy Director General of the Department of Boundary and Ocean Affairs in China’s foreign ministry, reportedly conveyed this information to a visiting Indian media delegation on Wednesday.

She, however, did not provide any evidence of her claim, which official sources in Bhutan said is at complete variance with Thimphu’s stated position and actions.

While acknowledging that Bhutan had protested to the Chinese government about Beijing violating a bilateral pact by allowing its troops to construct a road in the Doklam area on 16 June, Wang was quoted, as saying, “After the incident, the Bhutanese made it very clear to us that the place where the trespassing happened is not Bhutan’s territory.”

ALSO READ THIS : BHEL, Bharat Forge and two others announce bonus shares today

Kolkata’s Lalbazar is home to at least 300 shell companies

Sebi ban on shell companies

At least 70 per cent people involved in opening shell companies are not even CAs but only entry operators.

 

 

LATEST NEWS   :   This article was first published on Business Standard on Feb 20, 2017. Business Standard is republishing this article in light of Sebi imposing trading restrictions on suspected shell companies

 

Lalbazar, one of the oldest areas of Kolkata and once the home of merchant princes of the East India Company, is now the residence to shell companies.

 

 

Still famous for colonial-era commodities such as tea and dying goods and services such as typewriters and wedding bands, the bustling area in central Kolkata is almost synonymous with the city police headquarters, housed in a red brick building at 18 Lalbazar Street.

 

Right across the street is the dilapidated Mercantile Buildings at 9/12. In its recent crackdown on shell companies, the income tax (I-T) department has identified this address as the home of 90 per cent — or 300 — of such entities in the country.

 

The building, on a corner plot, with gothic arches and still impressive façade, came up in 1918. During the construction of the iconic Howrah Bridge over the Hoogly, from 1935 to 1943, it was used as a warehouse for iron beams imported from England.

 

It was also a hub of the cycle trade. As a continuation, the ground floor has several wholesale shops selling cycle parts.

 

Now, this building is only famous for fires and I-T raids.

 

ALSO READ THIS : BHEL, Bharat Forge and two others announce bonus shares today

BHEL, Bharat Forge and two others announce bonus shares today

A bonus of contention

Bharat Forge, BHEL, Bharat Electronics and Manpasand Beverages have announces bonus shares today.

 

LATEST NEWS   :   Four companies – Bharat Forge, Bharat Heavy Electricals Limited (BHEL)  , Bharat Electronics and Manpasand Beverages – have announced bonus shares on Thursday.

 

The board of directors of Bharat Forge and Manpasand Beverages have recommended issuing bonus shares to holders of equity shares of the companies in the ratio of 1:1 i.e. one bonus equity share for every one fully paid-up equity shares held.

 

 

BHEL, the state-owned company, recommended issue of bonus shares to the members of the company by capitalisation of its free reserves in the ratio of 1 bonus equity share for every 2 existing equity shares.

 

BEL approved the proposal for issue of bonus shares in the ratio of 1:10 i.e. one bonus share for every 10 shares held.

 

Except, Manpasand Beverages (up 2% at Rs 784), the remaining three stocks BHEL (down 4% at Rs 128), BEL (down 4% at Rs 173) and Bharat Forge (down 1% at Rs 1,154) failed to cheer after bonus announcements, falling by up to 4% on BSE. On comparison, the S&P BSE was down 0.73% at 31,567 points at 02:45 pm.

ALSO READ THIS : MARKETS LIVE: Nifty, Sensex extend falls; auto, pharma, banks drag

Softbank fund invests in Flipkart, becomes one of its largest shareholders

flipkart

Flipkart says with Softbank money, it now has $4 billion cash reserves

 

LATEST NEWS    :   SoftBank Vision Fund, the $100-billion technology-focused fund floated by Masayoshi Son, has invested an undisclosed but significant amount in India’s largest e-commerce marketplace Flipkart, making it one of the largest investors in the company.

 

The investment is part of the same round that saw — Tencent, eBay and Microsoft — invest $1.4 billion in April and will be made at the same $11.6 billion valuation. Flipkart claims that with the investment from SoftBank Vision Fund, it will have $4 billion of cash on balance sheet.

 

“India is a land of vast opportunity. We want to support innovative companies that are clear winners in India because they are best positioned to leverage technology and help people lead better lives. As the pioneers in Indian e-commerce, Flipkart is doing that every day,” said Masayoshi Son, founder and chairman & chief executive officer of SoftBank Group.

 

 

The investment was partly used to buy shares of an existing investor Tiger Global and additional capital in the company. Flipkart will utilise its $4-billion war chest to take on global rival Amazon, which has significantly stepped up its investment in India ($750 million) that was disclosed during the start of 2017.

ALSO READ THIS : Now, Aadhaar may be made mandatory for buying shares, mutual funds

NSE to verify suspected ‘shell companies’ after trade restrictions by Sebi

NSE

 

Sebi has asked NSE to seek documents from 48 cos and verify credentials of these firms

 

LATEST NEWS    :    Stock exchange major National Stock Exchange of India (NSE) on Wednesday said that it has commenced the process to verify the credentials of firms on its platform, on whom trade restrictions were imposed by regulator Sebi.

 

“Sebi has directed exchanges to shift 331 companies to the Graded Surveillance Measure (GSM), Stage VI, with immediate effect. Of these 331 companies, only 48 are listed on NSE. Of these 48 companies, 10 companies were suspended prior to this directive of Sebi,” the NSE said in a statement.

 

 

“Sebi has asked NSE to seek documents from these 48 companies and verify the credentials and fundamentals of these companies. The exchange has already commenced the process of collecting information, as advised by Sebi and will be reporting to Sebi after completing the exercise.”

 

Stock market regulator Sebi had imposed trade restrictions on 331 firms which are suspected of being “shell companies” on on Monday.

 

The aforesaid securities were placed in suspended animation from Tuesday, as exchanges stated that the trade in these stocks shall be permitted only once a month.

 

ALOS READ THIS : China earthquake: 126 foreigners among 50,000 tourists evacuated in Sichuan

Tata Motors Q1 net rises 42% to Rs 3,182 cr on JLR’s pension plans

tata motors

Changes to the way JLR’s pension payments are calculated resulted in a one-time gain of Rs 3,609 cr

 

 

 

LATEST NEWS   : Tata Motors Ltd posted a 42% rise in quarterly profit on Wednesday.

 

Profit was Rs 3,182 crore in the first quarter ended June 30, compared with Rs 2,236 crore a year earlier, the company said.

 

The automaker, owned by the software-to-salt conglomerate Tata Group, said its total income fell about 10% to Rs 59,972 crore versus Rs 66,339 crore a year ago.

 

 

After announcing results, the company said, “First quarter results have not met our expectations.” It plans to launch its new car Nexon in September.

 

The company made a one- time gain of Rs 3,609 crore related to the changes made to Jaguar Land Rover pension plans.

Volume sales, including exports of commercial and passenger vehicles for the quarter stood at 1,11,860 units, down 11.8% when compared to the corresponding quarter last year, it said.

 

Tata Motors said its operating performance broadly reflected JLR’s lower wholesale volumes excluding China JV and continuation of higher competitive incentive levels and launch and growth costs seen in FY17.

 

In the domestic market, there has been significant de- growth in the medium and heavy commercial vehicles segment, flat light commercial segment and moderate growth in passenger vehicles segment.

 

Tata Motors MD & CEO Guenter Butschek said: “While the first quarter results have not met our expectations, we are working with renewed focus and energy to improve performance of our commercial and passenger vehicle businesses.” On a standalone basis, Tata Motors posted loss of Rs 467.05 crore for the June quarter of 2017-18 fiscal. It had registered a profit of Rs 25.75 crore in the same period of 2016-17.

ALOS READ THIS : Sebi ban on shell companies: J Kumar Infra, Parsvnath, others move SAT

 

Doklam: Hindi Chini Bhai Bhai only way for India and China, says Dalai Lama

Dalai Lama, Tibetan spiritual leader

Dalai Lama’s appeal for peace came amid the standoff between the Indian and Chinese force in Doklam

 

 

LATEST NEWS   :   Tibetan spiritual leader the 14th Dalai Lama on Wednesday urged India and China to maintain peace, saying that both nations are like brothers and have to live side by side.

 

“Eventually, ‘Hindi-Chini- Bhai Bhai’ is the only way; the two big nations, you have to live side by side,” Dalai Lama said while attending a programme here.

 

 

He said he likes India as there is freedom in this country and he has more opportunity to share.

 

“There is freedom in this country, I can do more and have more opportunity to share. Where there is no freedom, I don’t like,” he said.

 

He also added that as per the wish of Chinese people, the Communist Party of China may follow his practice of democracy.

 

“Our small Tibetan community fully practices democracy and I am an admirer of democracy. People are real rulers of a country and free press is important to inform & educate people about reality,” he added.

 

The Dalai Lama’s appeal for peace came amid the standoff between the Indian and Chinese force in Doklam.

 

The stand-off between both the countries emerged after Chinese troops were stopped by the Indian Army from constructing roads along the Doklam border.

 

On August 8, State-run media in China said that if the Prime Minister Narendra Modi-led Government continues to ignore the warning coming from a situation spiraling out of control in the Doklam region, Beijing would activate unavoidable counter-measures to restore its right over territory.

 

ALSO READ THIS : Deadly quake in China’s Sichuan kills 13, injures 175; tourism affected