It will also encourage a sense of professionalism within the working of a company.
To be reinstated, a director has to be either co-opted by board members or re-elected by shareholders.
Top officials close to the chairman said there has been no major business impact of the order. Chandra and his top legal team discussed the order and its implications with Tata Trusts chairman Ratan Tata in Mumbai till late Wednesday night, an official said.
Tata Sons might soon be classified as a public company, changing the ground rules for the Mistry-Tata feud.
Liquor co may start exporting directly through parent Heineken’s global distribution net. According to sources, ED is investigating at least five companies in India and overseas for their alleged association with embattled liquor baron Vijay Mallya. On July 24, the ED had raided Ultimate Branding Worldwide, run by Mallya’s former executive assistant V Shashikant.
The recent SC order leaves Vodafone Idea staring at AGR dues of over Rs28,000 crore in additional licence fee.
Founder NR Narayana Murthy and former senior executive TV Mohandas Pai were also marked in the mail that was sent to the board of Infosys last month by a whistleblower who alleged financial malfeasance by top executives.
Lenders including KKR and Yes Bank have converted the pledged shares into equity.
The dispute dates back to 2013 when the Comptroller & Auditor General pointed out that Jamsetji Tata Trust and Navajbai Ratan Tata Trust had invested Rs 3,139 crore in “prohibited modes of investment.” Tata Trusts have contested the reopening.
Lenders of the fraud hit CG Power plan an easier moratorium on repayment of loans and are also considering whether the company needs emergency funding, the banks have appointed SBI Capital Markets to prepare a resolution plan for the same.
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