Suneel M Advani, Managing Director and Chairman of Blue Star and the son of its founder Mohan Advani, has stepped down and will be replaced by Shailesh Haribhakti. Haribhakti will assume charges from April 1, becoming the first professional, independent chairman in the history of...
MANAGEMENT CHANGES
Demo Man Hasmukh Adhia appointed Bank of Baroda chairman
Former Finance Secretary Dr. Hasmukh Adhia, credited with the effective implementation of demonetization two years ago, was on Friday appointed as the Non-Executive chairman of the Bank of Baroda for a period of three years. “The Appointments Committee of the Cabinet (ACC) has approved the...
Infosys pays Rs 34.35 lakh to SEBI over severance to Rajiv Bansal
Infosys said it has paid Rs 34.35 lakh to settle the investigation into the incident of the company paying over Rs 17 cr as severance pay to Rajiv Bansal, who resigned as its finance head in October 2015. There have been allegations, including from the...
Syngene COO steps down to explore “startup opportunity”
Syngene International Ltd, the contract research unit of Biocon, announced the resignation of its chief operating officer Manoj Nerurkar. It said Nerurkar, who has been with the COO of the company for nine years, will step down to an advisory role from October to pursue...
Airtel integrates carrier, enterprise units under new CEO
Bharti Airtel has integrated its enterprise and carrier businesses and appointed Ajay Chitkara, the current CEO of Global Business, to head the combined operation. Airtel said the integration of the global business with its enterprise unit will help it “leverage its global reach and deep...
ICICI Banks denies asking Kochhar to go on leave, no search committee
ICICI Bank said it did not ask its managing director, Chanda Kochhar, to go on leave nor has it appointed any search committee to find her successor. “She is on her annual leave which was planned in advance,” it said in response to media queries....
Adani picks Anil Sardana to lead fight against Tatas in Mumbai
Adani Group said it appointed Anil Sardana, who stepped down as Tata Power CEO three months ago, as the new CEO of its power transmission and distribution business just as it gets ready to take on the Tatas in Mumbai. Two months ago, Adani announced...
Anmol Ambani impresses dad with his change mantra; nominated to two more boards
Anil Ambani today praised his son Anmol Ambani for bringing about a “cultural change” in his business group, and said the 26-year-old has been added to the director boards of two more of his group companies. Anmol Ambani will join the director boards of Reliance...
New CEO to drive financial discipline, sustainability focus: Vedanta Resources
Vedanta Resources said it has appointed Srinivasan Venkatakrishnan, the CEO of gold miner AngloGold Ashanti, as its new CEO and a member of the board. He will take over from interim CEO Kuldip Kaura on 31 August 2018. Since 2013, the 53-year-old has been the...
Balesh Sharma to head Vodafone-Idea Cellular after merger, Himanshu Kapania moved to Group
Aditya Birla Group and Vodafone have announced the list of office bearers who will run the company resulting from the merger of Vodafone India and Idea Cellular. Balesh Sharma, who is currently Chief Operating Officer of Vodafone India, has been chosen to head the new...
Axis Bank terms resignation reports ‘speculative’
Axis Bank, one of India’s top three private sector banks, called reports of resignation of its two top officials “speculative assertions”. Responding to a notice from the stock exchanges, Axis Bank said: “The bank does not comment on speculative assertions around its internal functioning.” It...
Religare promoter shareholding falls sharply
Promoters, including Malvinder Singh and Shivinder Singh, saw their combined shareholding in financial services provider Religare Enterprises Ltd come down by 2.16 percentage points due to the invocation of pledges, they said in a regulatory filing. The filing comes in the wake of reports that...
Idea-Vodafone set to use 60% of spectrum for 4G, Kapania seen leading
Idea Cellular and Vodafone India will gear their network heavily towards 4G after merger and will also shut down over 60,000 cell sites as part of network optimization, going by the presentation being made by Idea in front of investors. The companies had earlier announced...
NIIT Technologies reports strong order inflows, hires talent from Infosys
NIT Technologies said third-quarter revenue increased 2.6% sequentially to Rs 756.5 Crores, an increase of 9% on year. Operating Margins expanded 97 bps sequentially to 17.1% as a result of growth in Digital engagements in US and EMEA. Operating profits expanded 8.7% on quarter and...
Won’t be coming here again – Nandan Nilekani at Infosys
“I won’t be coming here again, I think,” said Infosys co-founder and chairman Nandan Nilekani at the company’s quarterly results press conference, indicating that he may step down from his role at Infosys sooner rather than later. Nilekani faced several questions from journalists about how...
Zensar Tech CFO resigns with immediate effect
Zensar Technologies, the IT services company from the RPG Group, said its chief financial officer Manoj Jaiswal resigned with immediate effect. “He will be relieved from his duties with effect from the closing of business hours on Dec 4,” the company said. It was not...
Bangalore, ‘cultural fit’ swung it for Salil Parekh – Search Committee Head
Two crucial factors that swung the decision in favor of hiring Capgemini veteran Salil Parekh as the new CEO of Infosys were his familiarity with working in the IT sector in Bangalore and his overall ‘cultural fit’ with the Indian IT industry, said Kiran Mazumdar-Shaw,...
Tata Steel promotes India head TV Narendran as global CEO
Tata Steel has promoted T V Narendran, currently MD for India and South East Asia, as the company’s new CEO and Managing Director. The Board also reappointed Koushik Chatterjee as Executive Director and Chief Financial Officer for a period of 5 years with effect from...
Indian CEOs find themselves under promoter’s shadow – survey
Indian promoters are unwilling to give total management control to professional boards and managers, a survey by Assocham has revealed. A majority of the corporate firms have promoters’ holding well over 50 per cent and even those with much lower stake are not willing to...
I’m not here to stay – Nandan Nilekani on Infosys
Former Infosys CEO Nandan Nilekani, who took over as Chairman of the company to resolve the tension between key shareholders and the management, said he did not join the IT company to run it. He said he was not in the company to step into...