Disqualification of directors hits 500 listed companies
Stock exchanges have sent notices to listed companies that share directors who have been disqualified for associating with other firms which haven’t filed their financial statements or annual returns for three years. The notices ask such firms to explain why their directors have been disqualified and when the companies plan to replace them, said two people with direct knowledge of the matter. At least 500 publicly traded firms shared directors with suspected shell companies.
World Bank reduces India GDP growth forecast to 7% for 2017-18
After remaining the world’s fastest-growing region for eight consecutive quarters, South Asia has slipped to the third position behind East Asia and the Pacific regions, as India’s economy slowed to its lowest level in 13 quarters, the World Bank said on Monday. This is at a time when other South Asian nations like Bangladesh and Nepal have registered strong economic growth.
L&T to supply 5 million smart electricity meters to EESL
Larsen and Toubro Ltd (L&T) has won a Rs1,361 crore contract to supply 5 million smart electricity meters, according to state-owned Energy Efficiency Services Ltd (EESL), which is procuring the devices. The contract to supply smart electricity meters at Rs2,722 a piece, the lowest bid, is about 40-50% lower than the current market rate, said EESL. An email sent to L&T seeking comment remained unanswered at the time of publishing. Shares of Larsen and Toubro Ltd closed 0.14% lower at Rs1,140.90 on Monday on a day the Sensex rose 0.10% to end the day at 31,846.89 points.
Delhi Metro fares to be dearer from Tuesday
Travelling on Delhi Metro will pinch your pockets from Tuesday with the decks cleared for another fare hike, which will lead to an increase of Rs 10 for all travels beyond 5 km. The fare hike, which comes barely five months within the last one, will affect every commuter who travels beyond 5 km. The maximum fare, for journeys beyond 32 km, will now be Rs 60.
Homebuyers confront petition challenging legality of RERA
Homebuyers have confronted realty developers’ petition challenging the legal validity of RERA and some of its provisions. A pan-India homebuyers’ pressure group Fight for RERA, that has now formed a non-profit company Forum for People’s Collective Efforts (FPCE), has filed an impleadment application in the Bombay High Court.
Godrej partners UN initiative for LGBT employees
India may have voted against a recent United Nations resolution to ban the death penalty for consensual same-sex relations, adultery and blasphemy, but Godrej Industries is among a handful of companies partnering a UN initiative to tackle discrimination against gays and lesbians at workplace. Companies have a strong business and economic case for tackling discrimination against lesbian, gay, bisexual, transgender and intersex (LGBTI) employees, and must adhere to international human rights stand even if doing so may have cost complications, says a United Nations Human Rights Office report.
Tata chairman N. Chandrasekaran says interested in bidding for Air India: Report
India’s Tata conglomerate is interested in bidding for state-owned Air India as the group needs to increase the sizes of its aviation business, its boss told a television channel in an interview on Monday. Tata would “definitely look” at Air India once the government finalised the privatisation process, N. Chandrasekaran, chairman of Tata group’s holding company Tata Sons, told the channel.
Insolvency rules tweaked, home buyers get cover
The Insolvency & Bankruptcy Board of India has amended rules to mandate that any resolution plan for a company has to explicitly state how it has dealt with the interest of all stakeholders. This move is aimed at protecting the interests of home buyers of real estate players such as Jaypee Infratech and some of the entities of Amrapali Group
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