EXECUTIVE DIRECTOR
Britannia appoints ex-RBI Guv Urjit Patel as independent director
Britannia has appointed former Reserve Bank of India Governor Dr. Urjit Patel and Atul's MD Sunil Siddharth Lalbhai as Additional Non-Executive Independent Directors for five consecutive years, effective from July 2, 2024, to July 1, 2029. Patel served as the 24th Governor of RBI and was Deputy Governor from 2013 to 2018.
RBI appoints Arnab Kumar Chowdhury as new executive director
Arnab Kumar Chowdhury has been appointed as executive director by the Reserve Bank of India, taking charge of three key departments, including DICGC, effective immediately. Previously serving as Chief General Manager-in-Charge of the Supervision Department, Chowdhury brings over 30 years of experience in financial entity supervision, corporate strategy, and policy formulation to his new role. He holds a master's in economics and is a certified associate of IIBF.
ITC chairman's net remuneration in FY24 grew 80%, executive directors also got more
As the ITC chairman, I oversee a team of executive directors whose remuneration has significantly increased in FY24. The increments are linked to our financial performance and market competitiveness, with specific focus on performance bonuses, long-term incentives, and commissions.
FSIB to hold interview for SBI chairman's position on June 29
FSIB to conduct interviews for SBI Chairman selection. Three out of four MDs eligible. Khara's replacement to be chosen before his retirement.
NBFCs need to focus on compliance, risk and liquidity, says RBI executive director R Lakshmi Kanth Rao
Non-banking finance companies (NBFCs) were advised by RBI executive director R Lakshmi Kanth Rao to prioritize compliance, risk management, liquidity management, and customer protection. Rao emphasized the regulatory differences between banks and NBFCs, noting the need for NBFCs to enhance compliance systems and balance business with prudence.
RBI to ease compliance burden while fine tuning regulations to address evolving risks
RBI Governor Shaktikanta Das emphasized the importance of strong governance and resilient financial systems at the global conference on financial resilience. Highlighting new guidelines set for release next month, Das noted the need for clear roles and responsibilities for boards and executive management, balancing business growth with robust risk management to ensure long-term success
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FSIB shortlists five for executive director positions
FSIB shortlisted five CGMs for ED positions in public sector banks after interviewing 57 candidates. Vaheed, Rajeeva, and Majumdar are top three in the list, while Surendran and Srivastava are number four and five.
Godfrey Phillips executive director Samir Modi alleges threat from mother, seeks police protection
Samir Modi seeks protection from Delhi Police amid estate distribution feud with mother, alleging threats from Bina Modi and Lalit Bhasin. He heads businesses like Colorbar Cosmetics and Modicare. Legal battle in the Supreme Court over trust deed.
TiE Delhi-NCR announces leadership changes, appoints new Director General & Executive Director
TiE Delhi-NCR announced leadership changes with Geetika Dayal as Director General and Upasana Sharma as Executive Director.
GSTN rolls out form for tobacco manufacturers to report inputs, outputs to tax authorities
The GST Network (GSTN) has introduced a new form, GST SRM-II, for manufacturers of pan masala and tobacco products to report inputs and outputs, aiming to curb tax evasion. This form, implemented shortly after the rollout of GST SRM-I for registering machines, requires detailed monthly reporting. The Central Board of Indirect Taxes and Customs (CBIC) had announced these changes in January to enhance GST compliance for such manufacturers, with penalties for non-compliance.
Air India announces launch of non-stop services between Bengaluru and London Gatwick from August
With Bengaluru becoming the fifth Indian city to be connected to the UK's second-largest airport, Air India has announced that it will start non-stop services between Bengaluru's Kempegowda International Airport and London Gatwick (LGW), starting August 18 this year.
RBI approves a Committee of Executives (CoE) in Tamilnad Mercantile Bank as an interim arrangement
RBI approves Committee of Executives in Tamilnad Mercantile Bank as an interim arrangement. CoE comprises S Narayanan, D Ramesh, PR Ashok Kumar. Bank selecting suitable candidates for top post, unclear why Krishnan's successor not selected after 8 months. TMB had only one whole time director.
IRDAI approves appointment of Sandeep Batra as ICICI Prudential Board chairman
The Insurance Regulatory and Development Authority of India (IRDAI) has approved Sandeep Batra as Chairman of ICICI Prudential's Board of Directors, effective June 30, 2024. Batra, a Chartered Accountant and Company Secretary, has served as Executive Director, CFO, and Group Compliance Officer at ICICI Prudential.
Capacit'e Infraprojects Q4 Results: PAT more than doubles to Rs 52 crore
Capacit'e Infraprojects has said its consolidated profit after tax more than doubled to Rs 52 crore for the March 2024 quarter, on account of higher income. It had posted a Profit After Tax (PAT) of Rs 22 crore in the year-ago period, the company said in a regulatory filing late Tuesday.
GST to be paid by telcos along with instalments towards spectrum charges
The spectrum will be assigned for 20 years and successful bidders will be allowed to make payments in 20 equal annual instalments in the coming mega auction.
RBI approves appointment of Pradeep Kumar Sinha as Part-time Chairman of ICICI Bank
The RBI has approved Pradeep Kumar Sinha's appointment as Part-time Chairman of ICICI Bank, effective July 1, 2024, for a three-year term.
Balu Forge Industries acquires 72,000-tonne forging lines in Karnataka
Balu Forge Industries Ltd (BFIL) acquired three forging lines in Karnataka with a total capacity of 72,000 tonnes per year for an undisclosed amount. The acquisitions aims to enhance its capabilities in heavy forged products. The new acquisition aims to strengthen BFIL's position in the global engineering product market, enabling it to compete on precision, product quality, and pricing. The Mumbai-based company specializes in manufacturing forged metal components for various industries.
Strides Pharma Q4 Results: Firm posts net profit of Rs 10 crore vs loss YoY
Strides Pharma Science Ltd reported a net profit of Rs 10.44 crore in Q4 ended March 2024. The company announced Arun Kumar as Executive Chairperson. Consolidated total income was Rs 1,070.49 crore with expenses at Rs 984.21 crore. A final dividend of Rs 2.50 per equity share was recommended. FY24 revenue grew driven by US and regulated markets.
Delhivery’s chief business officer Sandeep Barasia exits after nearly a decade
New-age logistics firm Delhivery reported a net loss of Rs 68 crore for the January-March quarter, slipping back into the red after posting a profit after tax of Rs 12 crore for the December quarter. On a year-on-year basis, the net loss was down 57%.
RBI approves appointment of Pradeep Natarajan as IDFC FIRST Bank's Whole Time Director
The Reserve Bank of India has approved Pradeep Natarajan as Whole Time Director on the Board of IDFC FIRST Bank for three years. IDFC FIRST Bank reported a net profit of Rs 724 crore for the fourth quarter of March 2024, with reduced gross and net Non-Performing Assets. Shareholder approval pending.
GSTN rolls out special procedure for tobacco manufacturers to register machines with tax authorities
The GST Network (GSTN) has introduced an online facility for manufacturers of pan masala, gutkha, and similar tobacco products to register their machines with tax authorities. The Central Board of Indirect Taxes and Customs (CBIC) announced the new registration and monthly return filing procedure to improve GST compliance. The online facility allows manufacturers to submit machine-related information through Form GST SRM-I, and Form GST SRM-II (for return filing) will be available soon.
Maruti Suzuki expects over 30% jump in CNG vehicle sales at six lakh units in FY25
The company sells CNG trims across various models like WagonR, Brezza, Dzire, and Ertiga, among others in the domestic market. Bharti said the company's capacity expansion by around 1 lakh units per annum at its Manesar plant, Haryana largely addresses the Ertiga supply issues. Ertiga CNG demand is huge in the market leading to supply issues, he noted.
RBI appoints R. Lakshmi Kanth Rao as new Executive Director
The Reserve Bank of India (RBI) has appointed R. Lakshmi Kanth Rao as its new Executive Director, effective May 10. Rao will oversee the Deposit Insurance and Credit Guarantee Corporation, Right to Information Act (FAA), and Department of Communication. Rao has over three decades of experience in various domains, including Banks and NBFCs regulation, supervision, and consumer protection.
Capital Small Finance Bank looks to double advances growth, eyes branch expansion
Capital Small Finance Bank targets a 22-24% advances growth in FY25, doubling last fiscal's pace, fueled by geographic expansion, including a move into Jammu. After raising growth capital through an IPO, the Jalandhar-based lender plans accelerated growth, having maintained steady NPA ratios through recovery-based management.
Bombay High Court grants bail to IFIN chief executive Ramesh Bawa
While the Serious Fraud Investigation Office (SFIO) is probing Il&FS for alleged irregularities under Companies Law, the Enforcement Directorate (ED) is investigating a case of money laundering. K Ramanand, the erstwhile MD of ITNL and Arun Saha, former joint director of IFIN, were arrested by ED.
Zee Media Corporation terminates CEO Abhay Ojha
Zee Media Corporation Ltd announced the termination of its CEO Abhay Ojha, effective from May 4, 2024. The company's Board of Directors approved and confirmed Ojha's cessation of employment and his consequent removal as CEO. The reasons for his termination were not disclosed. Ojha had been promoted to CEO last year after joining Zee Media in 2022 as Chief Business Officer.
RBI allows Ujjivan Small Finance Bank to rope in former SBI veteran as MD & CEO
The Reserve Bank of India has approved Sanjeev Nautiyal as the Managing Director & CEO at Ujjivan Small Finance Bank for three years, effective from July 1, 2024. Nautiyal, with over three decades of banking experience, will hold the position of President before officially assuming his role, subject to shareholder approval. Ujjivan praised Nautiyal's leadership qualities and strategic retail banking expertise, expressing confidence in his ability to further the bank's mission of financial and digital inclusion.
Ujjivan Small Finance Bank appoints Carol Furtado as executive director
Carol Furtado appointed as executive director at Ujjivan Small Finance Bank for three years from May 1, approved by RBI. With 29 years in banking, she played key roles in the bank's development.
Chengalath Jayaram's term as Kotak Mahindra Bank's non-executive director ends
Kotak Mahindra Bank on Wednesday said the tenure of Chengalath Jayaram as non-executive director on the board of the bank has ended on April 30. In a regulatory filing, the bank said Jayaram's term ended on April 30, 2024 on completion of eight continuous years (as a Non-Executive Director) on the bank's board, in line with the provisions of the Banking Regulation Act, 1949.
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