At Infosys Ltd, the battle between the founders and the company’s board has just gone nuclear.
In an unprecedented attack, the board of Infosys on Friday blamed founder NR Narayana Murthy, who has often referred to Infosys as his “middle child”, for his “continuous assault and misguided campaign,” and said this was the primary reason behind the abrupt exit of chief executive officer (CEO) Vishal Sikka.
Murthy denied the allegation in a short, terse statement.
Source: Livemint
Infosys was reluctant to let Vishal Sikka go and, fed up though he was with the allegations directed against him, repeatedly tried to dissuade him from quitting for about a week, sources with direct knowledge of the matter told ET.
Sikka was disturbed by the stream of accusations from founder NR Narayana Murthy and others, and had told the board about his intention to leave. "I have had enough," Sikka told ET after the news of his resignation broke.
Source: The Economic Times
The Reserve Bank of India will soon introduce new fluorescent blue Rs 50 banknotes bearing the motif of 'Hampi with Chariot' that depicts India's cultural heritage.
RBI said it will shortly issue these Rs 50 denomination banknotes in the Mahatma Gandhi (new) series.
Source: Bloomberg Quint
The BSE benchmark Sensex fell nearly 208 points and Infosys tanked over 7 percent in early trade after Vishal Sikka resigned as MD and CEO with immediate effect.
The markets also witnessed intense selling pressure in recent gainers.
Source: Livemint
The finance ministry on Friday clarified that the seemingly divergent figures of increase in the number of taxpayers post demonetisation quoted by prime minister Narendra Modi in his Independence day speech and that in the Economic Survey are not inconsistent as they refer to different set of taxpayers within different time periods.
Questions were raised about the veracity of the figure, as on 11 August, Economic Survey anchored by chief economic adviser in the finance ministry Arvind Subramanian had claimed that only 5.4 lakh new taxpayers were added post-demonetisation.
Source: Livemint
Telecom regulator TRAI issued stringent guidelines to curb call drops along with a penalty of up to Rs 10 lakh on service providers if they fail to meet the benchmark for three consecutive quarters. “We have proposed financial disincentive in the range of Rs 1-5 lakh.
It is a graded penalty system depending on the performance of a network,” TRAI Chairman RS Sharma told reporters here.
Source: The Financial Express
The Reserve Bank of India (RBI) has identified 40 large defaulters as the next lot of firms where banks will push for an early resolution, a government official said on condition of anonymity.
An RBI spokesperson declined comment.
Source: Livemint
HDFC Standard Life Insurance Company Ltd, a subsidiary of mortgage lender HDFC Ltd, filed its draft red herring prospectus for an initial public offering with the market regulator.
Through the offer, HDFC plans to reduce its stake in the insurer by 9.6 percent by selling 19.1 crore shares. Its Mauritius-based joint venture partner, Standard Life Plc, will offload another 10.86 crore shares, reducing its stake by 5.4 percent.
Source: Bloomberg Quint
Key central ministers pledged the wholehearted support of the Narendra Modi administration for startups and announced measures to help entrepreneurs innovate in areas of national priority and overcome eligibility barriers in government contracts.
Under the new General Financial Rules, the government will give priority to products from startups in official procurement, said Ravi Shankar Prasad, Union minister for electronics & information technology and law & justice, at the ET Startups Awards 2017 on Friday.
Source: The Economic Times
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