India Inc and financial markets woke up to some unexpected news on Tuesday morning. HDFC Chairman Deepak Parekh, the doyen of Indian financial services industry and a well-respected institution builder, barely scraped through in a vote to appoint him as director on the board of the company founded by his uncle, HT Parekh, nearly four decades ago. Nearly a quarter of HDFC shareholders voted against his appointment and only a slight change in voting intentions would have been enough for Mr Parekh to be voted out of the board. In the end, that did not happen and Mr Parekh continues to be chairman of HDFC Ltd. HDFC shares fell on Tuesday, but a major upheaval was averted in India’s biggest mortgage lender and the single-largest shareholder in India’s most valuable bank. But the episode raises some uncomfortable questions about the role of foreign proxy advisory firms, the processes they follow and their relationship with many FIIs who either on their own or collectively own … [Read more...] about After HDFC: Should RBI review the ownership rules for private banks?
What is the role of board of directors
MELBOURNE: Adani Enterprises' Australian chief executive, Lucas Dow, will step down, the company said on Friday, as sinking coal prices add to climate change pressure to stretch the development timeline of a coal project in Queensland state.Dow, who joined the company in April 2018, steered the Carmichael mine and rail project through a drawn-out and hotly contested permitting process, and then its first year of construction.The project has provoked bitter controversy in Australia because it would open up a new thermal coal basin at a time of growing concerns over global warming."Adani Mining CEO Lucas Dow has advised the Adani Mining Board of his decision to step down from the role of CEO," the company said, adding that Dow would stay on as a board director. Current project director David Boshoff will take on the role of chief executive, based in Townsville, the firm said in a statement.Boshoff, who spent five years at BHP Group's Mount Arthur and Daunia coal mines, joined Adani last … [Read more...] about Adani Australia chief to step down as coal prices tank
There is no prospect of the IVIS warning being reflected in a sizeable shareholder revolt at the TalkTalk AGM, because more than 70% of the shares are held by executive chair Sir Charles Dunstone, fellow Carphone Warehouse founder David Ross and Toscafund, a major institutional investor. … [Read more...] about TalkTalk faces diversity rebuke despite female CEO and CFO
The high-profile embarrassment has not been an isolated case, with other crises at the company including a current Serious Fraud Office criminal investigation into allegations of overcharging on electronic tagging contracts for offenders; a South African maximum security prison being taken over by local authorities after allegations that G4S staff "lost effective control of the facility"; and, most controversially, July's ruling that G4S security guards unlawfully killed Angolan deportee Jimmy Mubenga three years ago. … [Read more...] about G4S debacles down to undermining of firm’s values, says new boss
“On behalf of ATMA, I extend my heartfelt condolences on the sudden passing away of Mr. P. Vijayaraghavan,” Chairman K.M. Mammen said in the condolence message to Ms. Radha Vijayaraghavan. As a long-standing professional, Mr. Vijayaraghavan made a unique contribution to several causes espoused by the tyre industry, Mr. Mammen recalled. … [Read more...] about Tyre manufacturers condole death of P. Vijayaraghavan