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economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
livemint.com / 1 year ago
Religare company secretary’s action on Gaekwad offer draws independent directors’ ire
Subscribe to enjoy similar stories. Two independent directors on the Religare Enterprises Ltd board have criticized the company's haste in publicizing a late bid from Danny Gaekwad, even as chairperson Rashmi Saluja moved the High Court to block a shareholder vote which would decide her continuance at the conglomerate's helm.
Praveen Tripathi and Malay Sinha on 26 January wrote to Religare’s company secretary Vinay Gupta about the Gaekwad proposal, which was returned by the market regulator on Tuesday. While Tripathi said it was "injudicious" on Gupta's part to forward letters without verifying the sender's identity, Sinha said Gupta acted despite an instruction to seek approval from a committee of independent directors on matters related to the open offer.
Mint has seen copies of both emails. Over Friday and Sunday, Gaekwad proposed to make a competing offer worth ₹5,000 crore, countering the Burmans' ongoing offer for an additional 26% stake.
Religare forwarded both letters to stock exchanges. Emails sent to Sinha, Tripathi and Religare did not elicit any response.
While criticizing Gupta’s actions, Sinha said in his email, “In this background I completely agree with PK Tripathi that for the CoID (committee of independent directors) to remain, appear and function in an unbiased and fair manner, as mandated by the regulators, this letter from the acquirers (four Burman family associates) should also be released to the stock exchanges." The two directors, part of Religare's seven-member board, said the company secretary should have also forwarded a letter that Burmans sent in response to the Gaekwad offer. Religare’s seven-member board has five independent directors -- Sinha, Tripathi, Ahmed, Ranjan Dwivedi and Preeti
. Read on livemint.comThe same topic in other media
Merger mania: Will big listed companies get to skip the company court? livemint.com / 1 year ago
Danny Gaekwad’s third push for Religare: Will Sebi blink? livemint.com / 1 year ago
Takeover twist: Now, Rashmi Saluja sues Religare Enterprises livemint.com / 1 year ago
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21.05 / 10:17
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21.05 / 10:17
markets
UPS
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Even at $5 trillion, Nvidia is underappreciated
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21.05 / 10:17
markets
Digital
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RK Swamy bets on integrated advertising model as global agency giants split media and creative
Subscribe to enjoy similar stories.Homegrown advertising group RK Swamy Ltd is betting on its integrated marketing model to drive growth over the next few years, combining media, creative and other advertising services even as the ‘Big Four’ agency networks increasingly separate those businesses.“We never did disaggregated media and creative [although] that was an option 20 years ago,” Shekhar Swamy, MD and group CEO of RK Swamy Ltd told Mint in an interview.“How can you disaggregate the two? The media function holds a lot of data, and then when media and creative walk separately, it creates a lot of tension. This is not a sensible model for a client.”RK Swamy’s clients include Magicbricks, Polycab, and several government institutions and PSUs such as LIC.The company reported a 15% jump in annual revenue for FY26 to ₹351.73 crore, while profit before tax and exceptional items rose 30% year-on-year to ₹32.2 crore.
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SpaceX, Anthropic and OpenAI’s sprint to go public defines the AI boom’s big day
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21.05 / 09:47
markets
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FPIs exit Korea & Taiwan: Is India ready for the flow rotation?
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PI Industries’ weak core business keeps investors on edge
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‘Should I Marry a Murderer?’ has left audiences stunned but what they saw wasn’t all that bizarre
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Secured credit cards: Unlocking credit and building a credit score for millions
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Forensic audits support corporate-fraud probes and IBC cases but still lack enforceable standards
Subscribe to enjoy similar stories.Forensic audits have gained significance in today’s world of business as they serve as a useful tool for commercial lenders to investigate fraud by borrowers and/or identify other deep-seated financial irregularities. Forensic auditors are also employed by resolution professionals to report on preferential, undervalued, fraudulent and extortionate (‘PUFE’) transactions for adjudication under India’s Insolvency and Bankruptcy Code (IBC). While there is no single universal definition, several globally recognized organizations have provided widely accepted definitions (and norms) of forensic auditing.
21.05 / 08:45
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Subscribe to enjoy similar stories.MUMBAI: India’s listed electronics manufacturers are under pressure to defend profitability as the mobile-phone assembly boom slows, prompting a shift towards higher-value industrial electronics.Investors remained jittery through the last fiscal, driven by concerns that slowing consumer sentiment could weigh on the rapid growth that electronics manufacturing services (EMS) firms have delivered so far.In an interview with Mint, Jasbir Singh Gujral, managing director of Syrma SGS Technology Ltd, India’s second-largest listed EMS firm, said, “We’re increasingly looking to capture a larger chunk of contracts from defence, aerospace and med-tech verticals, all of which represent opportunities for original design manufacturing, and also bring significantly higher margins. We’ve already started this transition, and we plan to do more of it this fiscal.”Beyond mobile phones and laptops, EMS firms are expanding into smart metres for electricity boards, aerospace and defence subsystems, railway safety instrumentation, printed circuit boards and display assemblies, and medical devices deployed in hospitals.India’s annual mobile phone shipments have remained subdued since the covid-19 pandemic, with industry estimates pointing to a single-digit decline this calendar year from 152 million smartphones shipped last year.The margin pressure driving this shift is increasingly visible.In FY26, Syrma SGS reported an operating margin of 7.1%, up 2.3 percentage points.
