Sebi finds no violation of norms at Tata companies
The Securities and Exchange Board of India (Sebi) has closed its investigation into allegations raised by Cyrus Mistry about violations at various Tata companies, two people with direct knowledge of the matter said. With this, the regulator has addressed two of the allegations raised by Mistry. After Mistry was ousted as chairman of the group’s holding company Tata Sons Ltd on 24 October, he wrote to the board alleging corporate governance lapses and mismanagement, insider trading and violations of various Sebi rules at some of the listed Tata companies.
Jet Airways to phase out all expat pilots to save costs: Union president
Jet Airways (India) Ltd is looking to phase out all its expatriate pilots to control costs, company executives told employees at a meeting on Thursday. “They (the management) said they are planning to do away with all the expat pilots to save costs,” said D. Balaraman, president of the National Aviator’s Guild (NAG). The expat pilots, he said, are paid a third more than their Indian counterparts.
Uber India witnesses strong growth; plans to double driver base by 2018
Ride-hailing behemoth Uber aims to double its base of drivers in India to one million by 2018, while putting out several fires including the search for a new CEO to replace founder Travis Kalanick. On Thursday, Uber India, the second largest unit for the company announced that it had crossed the 500-million trips milestone. The company said it was witnessing a strong growth in India of almost 250 per cent year-on-year as of June.
Bharti Enterprises disconnects call on mega telecom alliance with Tata Group
Bharti Enterprises has dropped a plan to pursue a mega-alliance with the Tata Group’s telecom, overseas cable and enterprise services, and direct-to-home TV businesses, several people familiar with the matter said. Sunil Mittal-headed Bharti, burdened with debt of Rs 87,840 crore at the end of June, will instead focus on strengthening its books through a strategic stake sale in tower arm Bharti Infratel and on closing acquisitions including the takeover of Telenor India as it tack les brutal competition in the market, the people said.
Source: Economics Times
Amarinder Singh led Punjab government bans multi tone horns for vehicles
Chief Minister Amarinder Singh-led Punjab government has banned the use of multi-tone horns in vehicles across the state, PTI reported on Thursday. The decision was taken by Punjab Pollution Control Board under section 31-A of the Air (Prevention and Control of Pollution) Act, 1981.
Odisha demands Rs 280 crore security related expenditure grant
The government in Odisha today asked the Centre to release Rs 280 crore under security related expenditure and sought its cooperation to expedite development activities in the districts affected by left wing extremism. The state government’s demands were made by chief secretary A P Padhi while attending a video conference with Union Cabinet Secretary Pradeep Kumar Sinha. Padhi apprised the Union Cabinet secretary that the central grant of Rs 280 crore under SRE was pending for a long time even as its accounts were already audited and approved.
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