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BUSINESS AND ECONOMY - December 2014

Dec 2014

Nov 20, 2022

Retired BPCL Chairman Arun Kumar Singh to be Next Head of ONGC

As per reports, BPCL's former Chairman Arun Kumar Singh is likely to be the new chairman of India's top oil and gas producer ONGC.
He retired from BPCL after attaining the superannuation age in 2022 and was already selected to head the Petroleum and Natural Gas Regulatory Board (PNGRB) before the August 27 interviews.
It will be first time that a person aged over 60 will be heading a top PSU board-level position.
Big name in Oil refining market, Singh was chosen by a search-cum-selection committee, constituted by the oil ministry. They zeroed in on Singh after interviewing six candidates in August 2022.

SEBI Introduces New Option for Appointment, Removal of Independent Director

Capital markets regulator SEBI introduced a new option for appointment and removal of independent directors from the boards of companies, a move that will provide flexibility to such a process. Under this, the appointment and removal of independent directors could be done by way of two parameters – threshold for ordinary resolution and threshold for majority of minority shareholders.
Currently, the appointment, re-appointment or removal of independent directors is made through a special resolution. For a special resolution to be passed, 75% of 'yes' votes are needed from a company's board.
To give these effects, SEBI has amended LODR (Listing Obligations and Disclosure Requirements) rules, according to a notification made public by the regulator.
Under the alternate mechanism, if the special resolution for appointment of an independent director does not get the requisite majority, then two other thresholds – for ordinary resolution and for majority of minority shareholders – would be tested.
If the resolution crosses the above two thresholds in the same voting process, then such a resolution for appointment of the independent director would be deemed to be approved by shareholders.

Nov 19, 2022

Thierry Bollore Quits JLR, Adrian Mardell Takes over as Interim CEO

Jaguar Land Rover Chief Executive Officer Thierry Bolloré tendered his resignation from the company for personal reasons.
He will leave the company on December 31, 2022.
Adrian Mardell took over as the interim CEO. He has been a part of Jaguar Land Rover for 32 years and a member of the Executive Board for three years.

Wipro the First Indian Company to Set Up European Work Council

IT company Wipro reached an agreement with employee representatives on setting up a European Works Council. The creation of Wipro's EWC is the first to be established by an Indian headquartered company.
Senior vice president & CHRO, Wipro Europe stated: "Setting up the EWC strengthens the already successful cooperation with employee representations in many European countries. Wipro aims to provide the best employee experience and create an inclusive environment that welcomes everyone and nurtures an overall sense of belonging. The EWC will help us in getting even better as we assimilate employee perspectives on a consistent basis. It also demonstrates that Wipro is applying and adopting European employment standards as a responsible global employer."

Facebook Parent Meta Appoints Sandhya Devanathan as Head and VP for India

Facebook parent Meta appointed Sandhya Devanathan as its vice president for India, tasking her to bring the organisation's business and revenue priorities together and support long-term growth.
Devanathan will take up the role on January 1, 2023 and she will report to Dan Neary, vice president, Meta APAC (Asia Pacific). She will be part of the APAC leadership team and will move back to India.
Devanathan has 22 years of experience and an international career in banking, payments and technology. She joined Meta in 2016 and helped build the company's Singapore and Vietnam businesses and teams as well as initiatives in Southeast Asia. In 2020, she moved to lead gaming for APAC, one of the largest verticals for Meta.

Nov 18, 2022

Max Life Launches Life Insurance Plan, Smart Wealth Advantage Guarantee Plan

Max Life Insurance launched its marquee Smart Wealth Advantage Guarantee Plan, a non-linked, non-participating individual life insurance savings plan that offers guaranteed returns, life insurance cover and financial protection all combined in one product.
With its comprehensive benefits, the Smart Wealth Advantage Guarantee Plan is a holistic product that endeavours to ensure customers meet their life goals and remain protected in the long-run from financial uncertainties. The product also offers the receipt of the annual income on a preferred date decided by the policyholder, and not necessarily at the anniversary of the policy issuance.

ESAF Bank Gets Top 'Best in Class' ESG Ratings

ESAF Small Finance Bank joined the growing tide of financial corporations world-wide in their fight against the practice of "greenwashing" or faking environment, social, and governance (ESG) credentials.
ESAF's vow to fight greenwashing comes against the backdrop of the observance of Banking on Values Day by the Global Alliance on Banking on Values (GAVB). The bank was recently awarded the "best in class" rating for ESG practices from CareEdge Ratings. The GABV had called out "greenwashing" while urging the global financial sector to back up their big words with real action as the climate crisis accelerates.
As per ESAF Bank, the rating agency which assessed its ESG practice gave four out of five points for the bank's commitment towards ESG integration. ESAF Bank has been maintaining a well-defined policy towards environmental and social sustainability and has effectively implemented it across its business verticals.

IFSCA Signs MoU with RBI in the Field of Regulation, Supervision of Regulated Entities

The International Financial Services Centres Authority (IFSCA) and the Reserve Bank of India (RBI) entered into a Memorandum of Understanding (MoU) for collaboration in the field of regulation and supervision of regulated entities in their respective jurisdictions.
As per reports, the MoU facilitates technical cooperation and the exchange of information.
The memorandum of understanding (MoU) opens up avenues for cooperation between the two regulators, thereby strengthening the safety, stability and soundness of respective financial ecosystems and nurturing environments conducive to optimal business development and economic growth.
The IFSCA was established on April 27, 2020, under the International Financial Services Centres Authority Act, 2019. It is headquartered at GIFT City, Gandhinagar in Gujarat. The IFSCA is a unified authority for the development and regulation of financial products, financial services and financial institutions in the International Financial Services Centre (IFSC) in India.

Nov 17, 2022

Uttar Pradesh Adds most Number of New Companies Post Covid-19

As per data combined by the Corporate Affairs Ministry (MCA), Uttar Pradesh added the most number of new companies after Maharashtra since the outbreak of Covid-19, beating industrial hubs such as Delhi, Karnataka and Tamil Nadu.
Uttar Pradesh has several locally specialised business clusters such as sports items in Meerut, brassware in Moradabad, perfumes in Kannuaj, leather in Kanpur, shoes in Agra, embroidered sarees in Varanasi, carpet in Bhadohi, chikan work in Lucknow etc.
The State is amongst the most popular tourist destinations in India with the presence of Taj Mahal, Buddhist places of pilgrimage such as Sarnath and Kushinagar and prominent Hindu pilgrimage places such as Prayagraj and Varanasi. The state was ranked second and third in terms of domestic and foreign tourist arrivals, in 2020.

GoI Nominates Vivek Joshi as Director on RBI's Central Board

The Reserve Bank of India (RBI) announced that the government nominated Vivek Joshi to its director on central board. Joshi who is the secretary of the Department of Financial Services, will hold the position of Director at RBI. The nomination came into effect from November 15, 2022, until further orders.
Notably, Joshi took charge as the Secretary of the Department of Financial Services (DFS) under the Ministry of Finance since November 1, 2022. Between 2014-2017, he served as joint Secretary, the Department of Expenditure, Ministry of Finance, Government of India, where his responsibilities included formulation of public procurement policies for the Central Government and appraisal of publicly funded projects/schemes. He is also currently posted as Registrar General and Census Commissioner of India under the Ministry of Home Affairs since January 2019.

SBI Signs Loan Agreement with Germany's KfW for Solar Projects

State Bank of India signed a 150 million euro (Rs. 1,240 crore) loan agreement with the German development bank KfW for funding solar projects.
The long-term loan, under the Indo-German solar partnership, will facilitate new and upcoming capacities in the solar sector and further contribute to the country's goals announced during the COP26.
In 2015, New Delhi and Berlin had signed a memorandum of understanding to foster solar energy through technical as well as financial cooperation. Through this agreement, Germany had expressed its willingness to provide the concessional loans to India in the range of 1 billion euros through KfW.

Nine Russian Banks Open Special Vostro Accounts for Trade in Rupee

The Reserve Bank of India (RBI) allowed the opening of nine special vostro accounts with two Indian lenders, UCO and IndusInd Bank, to facilitate overseas trade in rupee, Commerce Secretary Sunil Barthwal said.
Apart from the domestic lenders, Russia's two largest banks — Sberbank and VTB Bank — are the first foreign lenders to have received approval from the central bank towards settling international trade transactions in rupee. "Nine accounts have been opened. One each in UCO Bank, SberBank, and VTB and six with IndusInd Bank. There are six different Russian banks who have opened special vostro account in IndusInd," Barthwal said.
Another Russian bank, Gazprom, which does not have a branch in India, has also opened this account with Uco Bank.

PFRDA Appoints Suraj Bhan as Chairman of NPS Trust

Pension Fund Regulatory & Development Authority appointed Suraj Bhan as the Chairman of the National Pension System Trust (NPS Trust), responsible for managing funds under the National Pension System (NPS).
Bhan has been a Trustee on the Board of NPS Trust since 2018.
He joined the Indian Economic Service in 1983 and retired as Director General of Labour Bureau, Chandigarh, in January 2018.
He has varied experience across several sectors with government and public sector undertakings in the areas of economic policy, business, industry and finance.

Nov 16, 2022

Union Agriculture Minister Inaugurates M&M's Farm Machinery Plant in MP

Union Agriculture Minister Narendra Singh Tomar inaugurated the first greenfield farm machinery plant of Mahindra & Mahindra at Pithampur in Madhya Pradesh.
The Minister said that the India has reached a point where the world looks at us with hopeful eyes.
The Minister emphasised on being fully equipped with technology for the country's development.

WhatsApp India Boss Abhijit Bose, Meta India Public Policy Head Quit

WhatsApp's India chief Abhijit Bose and Meta India Director of Public Policy Rajiv Aggarwal decided to step down from their positions, the company announced. Shivnath Thukral, the current Public Policy Director of WhatsApp India was appointed director of Public Policy for all platforms owned by Meta India — Facebook, Instagram, and WhatsApp.
This development comes close on the heels of Meta laying off 11,000 employees worldwide, or about 13 per cent of its workforce, as it battles faltering revenue and broader tech industry woes. Earlier in the month (November), Meta India head Ajit Mohan had resigned to join rival Snap as president, Asia-Pacific.

IndiGo Cargo Starts with 1st Freighter Flight between Delhi, Mumbai

IndiGo commenced operations of its first A321 freighter aircraft between Delhi and Mumbai.
The aircraft, converted from passenger jet to a full freighter configuration, would be used for general freight on the inaugural flight, while carrying general and e-commerce cargo on the return journey. These inaugural flights will carry a payload of more than 20 tons on each leg.
IndiGo welcomed its first 321F last month after which it got all registration done. Progressively this aircraft, and the next aircraft which is expected to arrive later this year, will be deployed on international routes too.

Tata Motors, Cummins Sign MoU for 'Net Zero' Emission Vehicles

Cummins Inc., a global power solutions and hydrogen technologies provider, and Tata Motors, the largest commercial vehicle manufacturer, signed a Memorandum of Understanding (MoU) to collaborate on the design and development of low and zero-emission propulsion technology solutions for commercial vehicles in India, including hydrogen-powered internal combustion engines, fuel cells, and battery electric vehicle systems.
The MoU was signed in the presence of N. Chandrasekaran, Executive Chairman, Tata Sons, and Tom Linebarger, Executive Chairman, Cummins Inc. at the Tata Sons Headquarters, in Mumbai, India.

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