MEMBERS OF THE EXECUTIVE COMMITTEE
IPO rush amid market rally boosts demand for independent directors
Amid IPO frenzy, companies race to appoint independent directors with specific skill sets crucial for growth. Women lead key committees, while former bureaucrats remain sought after. The process overlooks competencies, favoring recommendations from bankers and auditors. Specialized firms aid in identifying professionals for board roles, ensuring compliance with listing regulations.
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.
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.
RBI strikes against UPI, digital payment fraud, plans to set up a digital payment intelligence platform
Fight against digital payment frauds: The RBI proposes a digital payments intelligence platform to combat a surge in digital payment frauds. Fraud cases reported to the RBI jumped 300% to 36,000 in FY23 compared to FY22, highlighting the need for a system-wide approach. The central bank forms a committee that will examine setting up this infrastructure to facilitate real-time data sharing across the digital payments ecosystem.
RBI sets up panel to track online payment frauds; AP Hota to head committee
Along with Hota, representatives of NPCI, State Bank of India, HDFC Bank and ICICI Bank have been made members of the committee. The platform will establish operational guidelines for the proposed processes, determining the extent of data to be provided by reporting entities such as banks and fintechs. The committee will be responsible for defining these guidelines.
Relief for 20,000 homebuyers! Suraksha Group finally takes over Jaypee Infratech via insolvency process
According to a regulatory filing by Jaypee Infratech on Wednesday, Suraksha Group informed the IMC (Implementation and Monitoring Committee) that May 24, 2024, i.e., the date of the NCLAT order should be treated as the 'Approval Date' as defined in the approved resolution plan.
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Supreme Court reconstitutes committee on gender sensitisation
The Supreme Court has reconstituted its Gender Sensitisation and Internal Complaints Committee, chaired by top court judge Hima Kohli, with members including Justice B V Nagarathna, Sukhda Pritam, Meenakshi Arora, and others.
Online bond platform companies set up industry body
The executive committee of the new body – called the OBPP Association of India – was formalized at a meeting on May 28 at the NSE’s office in Mumbai, with more than 20 of the 27 licensed OBPPs in attendance, the association said in a statement.
OpenAI forms AI safety committee after key departures
OpenAI, the company behind ChatGPT, announced the formation of a new safety committee on Tuesday, weeks after the departures of key executives raised questions about the firm's commitment to mitigating the dangers of artificial intelligence. The committee's formation comes on the heels of recent executive departures that stoked concerns about OpenAI's AI safety priorities.
Panel to examine if nutraceuticals can be produced within drug unit
In a significant development, a five-member expert committee has been appointed to assess the feasibility of allowing the manufacturing of nutraceuticals within drug manufacturing facilities in India. This decision comes after the country's drug regulator had previously warned of taking action against those violating regulations by producing supplements and drugs in the same facility.
Making independence count
Sebi recently fined two independent directors (IDs) ₹10 lakh each for neglecting their statutory duties and failing to protect shareholders' interests, highlighting the increasing scrutiny on IDs. The role of IDs has evolved to encompass crisis management, risk assessment, and sustainability, as per CII guidelines. There's a call for robust evaluation mechanisms for IDs and legal safeguards to protect them from personal liability. Sebi's decision coincides with the tenure rule for IDs introduced by the Companies Act, raising concerns about the independence of IDs, especially those with ties to the promoter group or former employees.
FSIB defers interview for SBI chairman's position
FSIB defers SBI Chairman selection interview for unknown reasons. New date post new government formation after June 4 to replace Dinesh Khara, retiring on August 28. FSIB recommends candidate, final decision by Appointments Committee of the Cabinet led by PM Narendra Modi. Selection panel includes former DoPT secretary Bhanu Pratap Sharma, Animesh Chauhan, Deepak Singhal, and Shailendra Bhandari.
FSIB to interview candidates for SBI Chairman post on Tuesday
FSIB to select replacement for retiring SBI Chairman Dinesh Khara. Decision by Cabinet Committee, headed by PM Modi. FSIB led by Bhanu Pratap Sharma. Panel includes Financial Services Secretary, Public Enterprises Secretary, and RBI Deputy Governor. Animesh Chauhan, Deepak Singhal, Shailendra Bhandari also on panel.
UK graduate visa crackdown may spur a revolt in government ranks
PM Rishi Sunak faces opposition from Cabinet members and Foreign Secretary David Cameron, University, and business leaders, including UUK and MAC Chair Professor Brian Bell, over potential restrictions to the UK's Graduate Route visa, impacting Indian students and UK universities.
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.
Kapil Sibal to contest polls for SC Bar Association president's post
Kapil Sibal, a Harvard Law School graduate and former additional solicitor general of India, is running for the position of Supreme Court Bar Association (SCBA) president in the upcoming elections on May 16. With three prior terms as SCBA president between 1995 and 2002, Sibal brings experience to the table. The SCBA elections are set for May 16, with the results announced on May 19. Current SCBA president Adish Aggarwala holds office until the new president is elected.
Dubai Crown Prince approves series of initiatives to mitigate impact of severe weather in Dubai
Sheikh Hamdan approved a series of initiatives and measures to urgently mitigate the impact of the severe weather in Dubai, which were formulated at a recent meeting he held with heads of government entities.
IOA chief PT Usha says Executive Council members trying to sideline her
On Friday, nine EC members had pasted a signed notice at the IOA office premises here, asking "unauthorised persons" not to enter its headquarters. The notice, which Usha termed as "arbitrary", was directed at two recently appointed officials.
AAP founding member Dinesh Vaghela dies in Goa
Dinesh Vaghela, a founding AAP member, passed away in Goa. He was part of AAP's disciplinary committee. Last rites at St Inez Crematorium, as per the official website.
Maruti Suzuki rejigs senior management; Tarun Aggarwal to succeed C V Raman
Maruti Suzuki has announced organizational changes in its engineering, marketing, sales, supply chain, and human resources departments. Starting April 1, Tarun Aggarwal will replace C V Raman as Engineering Head, Partho Banerjee will replace Shashank Srivastava as Marketing & Sales Head, Manoj Gautam will replace Rajesh Uppal as Information Technology Head, and Deepak Thukral will replace Sunil Kakkar as Supply Chain Head.
Nationalist Congress Party (SCP) Central Parliamentary Executive Committee meeting to be held today in Mumbai
The meeting will be held in the presence of Sharad Pawar. Members of the Central Parliamentary Board of the party will be present in this meeting as well as the party's Maharashtra president MLA Jayant Patil, MP Supriya Sule, PC Chacko, Anil Deshmukh, and Jitendra Awhad.
Congress passes resolution to expel inactive executive members of Barsar and Sujanpur
Congress District President Suman Bharti lashed out at the rebels and said that these people not only backstabbed the party but also betrayed the common people of Hamirpur district. The officials and workers said in the meeting that the Lok Sabha elections would be fought in the chief minister's name. Whoever the chief minister nominates as the Lok Sabha candidate, the organisation will unite and work hard day and night to ensure his victory, they said.
Pakistan: No headway in PML-N, PPP talks for Punjab provincial government formation
Members of the Pakistan People's Party (PPP) struggle with internal differences in government formation talks in Punjab's new government alongside the Pakistan Muslim League-Nawaz (PML-N), as reported by Samaa TV.
AIFF sacks its secy-gen for 2nd time, this one by Ex-Co; Bhutia demands AIFF president's resignation
Former national captain Bhaichung Bhutia demands resignation of AIFF president Kalyan Chaubey, holds him responsible for current mess in game administration. Shaji Prabhakaran dismissed as secretary general for second time by AIFF's Executive Committee. Delhi High Court orders interim stay on Prabhakaran's sacking, points out breach of AIFF's constitution. Bhutia demands resignation of Chaubey and treasurer Kipa Ajay, says all three equally responsible for decisions without approval. Bhutia proposes live streaming of AIFF meetings for transparency, criticizes top brass for team's poor performance in Asian Games and Asian Cup due to inadequate training time.
ET Awards for Corporate Excellence: Levers of growth meet shades of talent at Chanel
“I am humbled and delighted to receive this prestigious award. India has shaped my values; it is where I grew up, where I completed my education, and where I spent 40 years of my life, including two decades of my professional career,” she told ET after being chosen for the Global Indian Award. “This award is a recognition of Chanel, an iconic and admired luxury brand, and our teams across the world. We believe in the freedom of creation, encouraging human potential and acting to have a positive impact in the world.”
India should think of hosting a few matches of 2034 World Cup in Saudi: AIFF president to members
An Emergency Congress of the Asian Football Confederation (AFC) held on October 18 had supported Saudi Arabia's bid. India had also supported the move. It is learnt that AIFF president Kalyan Chaubey told the executive committee members that India should think of hosting a few matches of the 2034 World Cup. The 48-team 2034 World Cup will have 104 matches and the idea could be that a few of them -- around 10 matches -- could be held in India.
Karan Singh asks to be dropped from executive committee in J-K's Congress unit
Kharge had on October 19 approved the constitution of the committee that included veteran leaders Karan Singh and Saif-ud-din Soz as well as senior party members Ghulam Ahmed Mir, Tariq Hameed Karra and Tara Chand.
2028 LA Olympics: IOC adds Flag football, baseball, softball, cricket, lacrosse, squash. Know in detail
Will the NFL and MLB players take part in the 2028 LA Olympics? It's not certain now, but Flag football and baseball have been included in the Olympics. Know about other sports that have been added to the biggest sports events in the world.
As cricket loving nation, we specially welcome its inclusion in LA Olympics: PM Modi
Indian Prime Minister Narendra Modi expressed his delight at the inclusion of cricket in the 2028 Los Angeles Olympics, stating that India welcomes the recognition of the sport's global popularity. In addition to cricket, the International Olympic Committee (IOC) approved the inclusion of squash, baseball/softball, lacrosse, and flag football. The proposal to include these sports was widely supported, with only two out of 99 IOC members opposing it. The announcement was made by IOC president Thomas Bach after a recommendation from the Executive Board.
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