INDEPENDENT ENTITY
Sebi proposes engaging independent agency for appointment of key personnel at exchanges, MIIs
Sebi has proposed engaging independent external agencies to identify suitable candidates for the appointment of key management personnel at market infrastructure institutions. The NRC will evaluate these recommendations and send them to the governing board and Sebi. The aim is to ensure independence, transparency, and accountability in key managerial appointments. Sebi also proposes a cooling-off period for KMPs and directors to prevent conflicts of interest.
RBI fixes Rs 300 cr net worth criteria for entities applying for central counterparty
The Reserve Bank of India set a minimum networth of Rs 300 crore for entities seeking authorisation as Central Counterparties (CCP). The RBI updated its 2019 norms, requiring CCPs to be public companies limited by shares. Foreign CCPs must seek RBI approval for operations in India. An independent regulatory compliance committee is also mandated.
BSE, NSE warn Suzlon for LODR non-compliance
Suzlon Energy has been issued an advisory cum warning letter from both the National Stock Exchange (NSE) and BSE Ltd, regarding non-compliance with the Securities and Exchange Board of India (SEBI) Listing Obligations and Disclosure Requirements.
$876 million mystery? Why is Donald Trump sending donation money to this shadowy entity
US Presidential Election 2024: Launchpad Strategies, a mysterious company that surfaced less than a year ago, has received $15 million from Donald Trump¡¯s campaign, raising questions about the transparency of campaign spending. Despite scrutiny over the firm's opaque operations, experts suggest it¡¯s designed for anonymity. The Federal Election Commission (FEC) remains unlikely to investigate due to political gridlock. This article explores the broader pattern of secretive spending within Trump¡¯s campaign and how the FEC's paralysis has enabled such practices to flourish.
OpenAI's safety committee to oversee security practices as an independent body
Microsoft-backed OpenAI has announced that its Safety and Security Committee will now oversee the development and deployment of its AI models. This move follows the committee's recommendations to enhance safety practices. OpenAI is also considering creating an Information Sharing and Analysis Center for the AI industry to share threat intelligence.
HUL forms panel of independent directors to evaluate prospects of ice cream biz
Hindustan Unilever Ltd's board has decided to form a panel of independent directors to evaluate the prospects of its ice cream business. This follows Unilever PLC's earlier announcement to separate its global ice cream business. The committee will make recommendations to the board, which will then consider the matter in future meetings.
- Go To Page 1
With 3 listed entities, Raymond expects 15% sales growth, up to 20% pre-tax earnings: Gautam Singhania
Raymond, a diversified group which will have three listed entities in its fold after demerger of lifestyle and real estate verticals, is looking for a stabilised growth of 15 per cent from sales along with 15-20 per cent of pre-tax earnings, Chairman & Managing Director Gautam Hari Singhania said.
Navigating the legal cosmos: A deep dive into the norms and guidelines released by INSPACE
The NGP is designed to govern ¡°space activities¡± carried out by Indian entities from within the Indian Territory, which includes a wide range of activities ranging from operation of space objects to space transportation including launches.
NBCC completes sale of commercial space in Delhi, generates Rs 14,800 crore
NBCC has successfully sold commercial space worth Rs 14,800 crore at its World Trade Centre project in Nauroji Nagar and Sarojini Nagar Downtown, New Delhi. This revenue will facilitate the completion of the redevelopment of seven Delhi colonies. Notably, both PSU and private entities have acquired sizeable portions of the commercial space.
Independent natural gas transport system operator likely soon
The oil ministry discussed plans to establish an Independent Transport System Operator (TSO) to manage the natural gas pipeline's common carrier capacity. The TSO aims to ensure fair access for all gas marketers by eliminating potential conflicts of interest. Initially proposed in 2020, the plan is being revisited following industry demand.
Independence Day: India did not get 'complete' independence in 1947. Here's why
Independence Day history: On August 15, 1947, India gained dominion status, not full independence. Jawaharlal Nehru became Prime Minister, with George VI as King. The Indian National Congress accepted this as a temporary measure, expecting full sovereignty would follow. In 1950, India achieved complete independence by adopting a republican model of governance.
How an IIM-A man relaunched the East India Company
15th August Independence Day 2024: Sanjiv Mehta, a Mumbai-based entrepreneur, acquired the historic East India Company (EIC) in 2005, revitalizing it from a colonial relic to a luxury brand. Driven by a deep connection to its legacy, Mehta transformed the EIC into a symbol of modern luxury, offering high-end products like teas, gold coins, and books. Under his leadership, the company expanded internationally, blending its rich history with contemporary luxury, while securing collaborations with prestigious entities such as the Royal Mint and Victoria & Albert Museum.
Nagas will be independent and discussions with India are being carried on: NSCN-IM
NSCN-IM leader Thuingaleng Muivah reiterated the Nagas' aspiration for independence, dismissing the Indian Constitution. He emphasized the importance of the 2015 Framework Agreement, recognizing Naga sovereignty, and criticized India's delay in its implementation. Muivah stressed Nagalim's mineral wealth and ongoing talks with India remain deadlocked over demands for a separate flag and constitution.
How a multinational company captured a whole country
The East India Company began as a trading entity in the 1600s, evolving into a powerful political force in India. Key events like the Battle of Plassey marked its rise. Before gaining independence, India was one of the world¡¯s wealthiest economies, yet its fragmented Mughal rule made it vulnerable to exploitation. The East India Company (EIC) capitalized on this opportunity, growing into one of the world¡¯s largest business corporations. Internal mismanagement and uprisings led to the British Crown taking over in 1858, which continued until India's independence in 1947.
From 'Stree 2' to 'Thangalaan': Check latest Hindi, Malayalam, Telugu, Tamil movies hitting theatres this Independence Day
Independence Day 2024 promises an exciting lineup of films across various genres, from action-packed thrillers to light-hearted comedies. On August 15th, movie lovers can look forward to a diverse selection of releases, including the highly anticipated "Thangalaan," the horror-comedy sequel "Stree 2," and the intense drama "Vedaa." With a mix of Tamil, Telugu, Kannada, and Hindi films, this Independence Day is set to offer something for everyone at the theaters, making it a blockbuster day for Indian cinema.
Some positive changes by audit firms, but a lot more needs to be done: Ajay Bhushan Pandey
The National Financial Reporting Authority (NFRA) has identified preliminary audit quality issues in its ongoing inspections of major audit firms. NFRA Chairman Ajay Bhushan Prasad Pandey noted that while some positive changes have been made, particularly in addressing conflicts of interest, more improvements are needed. The NFRA is inspecting seven audit firms this year, with plans to increase the number further. The NFRA is also working with the Indian Institute of Corporate Affairs (IICA) to enhance communication and training for audit committees of listed companies.
Headhunters may get to access independent directors' databank
At present, only companies are allowed to access this data bank for a nominal fee. But since large listed companies and conglomerates often outsource to search firms the job of due diligence of potential candidates, IICA is seeking to make the data bank available to these entities as well.
Hindenburg: Sebi chief Madhabi Puri Buch and her husband Dhaval Buch had stake in Adani-linked entities
Hindenburg Research accused Madhabi Puri Buch, chair of India's Sebi, and her husband of having investments linked to the Adani group in offshore structures. The report suggested possible conflicts of interest impacting Sebi's investigation into Adani. The allegations were based on whistleblower documents, and neither Sebi nor Adani have responded to the claims.
Who is Madhabi Puri Buch? The SEBI chief allegedly embroiled in Hindenburg¡¯s latest Adani report
Madhabi Puri Buch, the first female chairperson of SEBI, faces serious allegations from Hindenburg Research, claiming her involvement in offshore entities tied to the Adani Group's alleged money siphoning. The report suggests Buch and her husband, Dhawal Buch, held accounts in funds linked to Adani's offshore activities. This controversy casts a shadow over Buch¡¯s otherwise illustrious career in finance, marked by her pioneering role at SEBI and her extensive contributions to India¡¯s financial sector.
RBI selects 5 entities under its regulatory sandbox scheme
The Reserve Bank selected five entities for testing innovative financial solutions under a regulatory sandbox. These include Indian Banks' Digital Infrastructure Company, Signzy Technologies, Connectingdot Consultancy, Epifi Technologies, and Finagg Technologies. The testing aims to foster responsible innovation, improve efficiency, and benefit consumers through better financial services. Testing will start in August 2024.
DVC to be corporatised, divided into 3 entities keeping ownership intact
The Damodar Valley Corporation (DVC), India's first multipurpose river valley project, will be corporatised, unbundling into at least three entities for transmission, generation, and distribution to improve efficiency. Union Power Minister Manohar Lal has requested the unbundling exercise and suggested the board explore the IPO route to raise resources for its expansion plans. DVC, established in 1948, is an integrated power major spread across West Bengal and Jharkhand.
Need to unbundle natural gas marketing and transportation, says Indian Gas Exchange CEO
Indian Gas Exchange (IGX) CEO Rajesh Kumar Mediratta advocated for an independent system operator to ensure fair access to natural gas pipelines' full capacity for all market players. He proposed the split of gas companies into separate marketing and transportation entities. He emphasised the need for a level playing field through equal access to information and charge mechanisms. Mediratta suggested measures for developing the domestic natural gas market, including bringing gas under GST and enforcing open access in city gas areas.
Raymond shares rally 6% as NCLT approves group entities¡¯ demerger, amalgamation
?Shares of Ramond surged 6% on Monday to its day¡¯s high of Rs 2,675 on BSE as the National Company Law Tribunal (NCLT) approved the demerger of the company¡¯s lifestyle business and the amalgamation of its consumer trading arm.
NCLT approves Raymond group entities¡¯ strategic demerger, amalgamation
The National Company Law Tribunal (NCLT) has approved Raymond¡¯s composite scheme of arrangement and restructuring, involving the demerger of its lifestyle business and the amalgamation of its consumer trading arm. The approval paves the way for a focused and streamlined corporate structure, separating Raymond Ltd and Raymond Lifestyle, with the integration of Ray Global Consumer Trading. Shareholders will receive equity shares based on the swap ratio post-restructuring.
Vedanta shares rally over 3% as SBI approves demerger plans
Vedanta's shares surged 3.6% on BSE to Rs 457.05 as SBI approved its demerger of its existing businesses into six independent entities, which is aimed for completion by December 2024.
Angel One to undertake corporate restructuring, create holding company
Angel One, the country¡¯s third largest stock broker, is set to undertake a major corporate restructuring exercise, according to two people in the know. Angel One is setting up a holding company under which all its different business entities will be held as subsidiaries.
Adani Group wants a slice of India's payments and e-commerce pie: Report
India's Adani Group is seeking a licence to operate on the public digital payments network and is in talks with banks for a co-branded credit card. The conglomerate also plans to offer online shopping via the govt-backed Open Network for Digital Commerce (ONDC), according to the Financial Times.
Making independence count
Sebi recently fined two independent directors (IDs) ?10 lakh each for neglecting their statutory duties and failing to protect shareholders' interests, highlighting the increasing scrutiny on IDs. The role of IDs has evolved to encompass crisis management, risk assessment, and sustainability, as per CII guidelines. There's a call for robust evaluation mechanisms for IDs and legal safeguards to protect them from personal liability. Sebi's decision coincides with the tenure rule for IDs introduced by the Companies Act, raising concerns about the independence of IDs, especially those with ties to the promoter group or former employees.
ICAI passes orders against five affiliates of Price Waterhouse
The Institute of Chartered Accountants of India (ICAI) has sanctioned five Price Waterhouse affiliates, two other entities, and two individuals for professional misconduct. The ICAI directed the entities to terminate existing arrangements with multinational entities, citing violations of the Chartered Accountants Act 1949. The implicated PwC affiliates include branches in New Delhi, Kolkata, Chennai, and Bangalore, among others. Dalal & Shah Chartered Accountants LLP and two chartered accountants were also penalized.
Load More
