Government data shows that about one-third of the migrant workers who went back to their villages, belong to Uttar Pradesh. The Prayagraj district saw the highest reverse migration in the state — 104,009, after Siddharth Nagar (161,796). Six months after the lockdown
was imposed, Business Standard interviewed over two dozen migrant workers across five villages of Prayagraj. As the economy opens up, most of them are either hunting for a job or desperately waiting for a phone call from their previous employers. Read More
Centre to contest Vodafone arbitration award, reach out to global funds
The Indian government will contest the Vodafone arbitration award, but it will also reach out to international pension and insurance funds keen to invest in the country in order to reassure them, said a top official source. On Friday, Vodafone International Holdings B. V., the parent company of India’s beleaguered Vodafone Idea, won an award in an international arbitration tribunal in The Hague against tax demands made by India. Read More
Air India: US based fund in talks with banks, others to join the bid
With the Tatas unsure about making a bid for Air India, US-based fund Interups Inc is giving final touches to its own, which includes forming an infrastructure investment trust (InvIT) to house the revenue-generating infrastructure of the airline. The InvIT will help the fund to encourage institutional investors to participate in Air India’s growth story once its privatisation is over. Read More
Lakshmi Vilas Bank shareholders vote against reappointment of top brass
A large section of shareholders of ailing Lakshmi Vilas Bank (LVB) voted against the reappointment of the managing director and chief executive, as well as seven directors and auditors, at the recent annual general meeting (AGM). In a latest development, the Reserve Bank of India (RBI) approved a Committee of Directors (CoD), composed of three independent directors, who would run the day-to-day affairs of the lender. Read More
Virtual AGMs see lower shareholder representation amid Covid-19 pandemic
More shareholders attended their companies’ annual general meetings (AGMs) during the pandemic as video conferencing became the norm. However, the paradox is that these higher numbers translate into lower representation. Business Standard checked the attendance numbers for the 30 companies comprising the Sensex. Data was available for 24 of them, some were yet to hold their meetings or make data available. The companies saw a median increase of 54 attendees. Read More
Infosys becoming bellwether again, says chairman Nandan Nilekani
Having regained lost ground and demonstrated consistent performance, Infosys has set its sights on the next goal — to regain the ‘industry bellwether’ tag. Even though it may still be some time away, the firm believes the strategy it has put in place and investments it has made in the past couple of years will help it achieve the target sooner than later. Read More
Vodafone verdict: Impact on Cairn unlikely, basis of scrutiny distinct
Cairn Plc that has been in a protracted dispute over retrospective tax with the central government is cautious after last week’s Vodafone arbitration award. The Vodafone award could have had a bearing on its case, if hearings had not concluded. The UK-based company is awaiting its own arbitration award for which the final hearings concluded way back in 2018. Read More
India Inc's succession plan is seeing a gender shift, albeit slowly
Legacy planning firm Terentia is helping a north India-based mid-sized manufacturing company form a policy to induct women family members — including daughters-in-law — into business. India Inc’s succession planning is seeing a gender shift, albeit slowly but with many caveats. Chennai-based Murugappa Group, for instance, voted against giving Valli Arunachalam a seat at its holding company’s board. Read More
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