Chairman of Tata Sons and CEOs of all operating companies will take an estimated 20% cut in pay.
“Earlier, there would be always some absentees if dates clashed or travel schedules did not work out. There is also far more involvement by board members given the gravity of the situation to ensure faster decision making and approvals,” a top official said.
Hero MotoCorp chairman Pawan Munjal has been one of the busiest corporate leaders during the lockdown, having addressed about 10 interactive townhall meetings with over 4,000 employees over video conferencing. “Given the challenging situation the automobile sector is in, it is important to understand the anxiety of our employees and show empathy,” Munjal said.
Masks, isolated workspaces and remote working will be a norm when the lockdown eases up.
"Today we complete the ninth day of India's nation-wide lockdown and enter the 10th day. It is an intense, confusing and pivotal moment in time I am sure that many of you are struggling to adapt to many new realities all at once. If there is one thing I want you to know, it is simply that we understand your situation, and we are here with you and your families," he said.
“At this point of time, one can do nothing except curtail costs and postpone capex plans. Those are the only immediate solutions we have. We are watching the markets closely and taking stock,” said a top official at a leading Indian conglomerate based in Mumbai.
India’s rich have started detailing bequests, worried about mortality & wealth erosion.
While investigations by regulators will continue in parallel, the lenders have been supportive to get the company out of the woods, Guha said.
The shares were pledged by UB Holdings against loans when Mallya had controlled the cos.
The income tax (I-T) department has accused Sir Dorabji Tata Trust of not sharing former managing trustee R Venkataramanan’s employment contract, despite repeated requests to justify its order. In the absence of a contract, the department concluded that the contract deems to be in breach of the trust deed, they said.
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