QBiz: Fed Leaves Key Rates Unchanged; Madhu Kapur YES Bank Ruling
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1. 18 Top Ranbaxy Execs Given Marching Orders
Almost a year after acquiring Ranbaxy, Dilip Shanghvi-led Sun Pharma has asked 18 top executives of Ranbaxy Labs to leave the firm. The order comes a few weeks after Q4 profits shrank 44% due to costs incurred in assimilating the buyout and regulatory issues.
Those who have been asked to leave are Indrajit Banerjee, President and CFO; Yugal Sikri, country head (India) Ranbaxy; Maninder Singh, V-P marketing; Govind Jaju, global head, sourcing; Ratul Bahaduri, director-finance, among others.
Read more here.
2. After Maggi Row, Onus on Food Retailers Now
The country’s food regulator, Food Safety and Standards Authority of India (FSSAI) plans to put the onus on retailers soon to check for product approvals and hold them legally accountable in case they stock unapproved items.
The proposed move will make retailers responsible for the products they stock. During the Maggi row, it was found that many retailers sold unapproved items for higher margins, but when confronted by food inspectors, pleaded ignorance.
Read the full story here.
3. NDA Unveils a Feel Good Package
The government has effected a marginal increase in the support price for rice, paddy and pulses, and cleared a plan to provide rural milk producers in Uttarakhand, Jharkhand and Chhattisgarh access to the organised milk processing market. 15 states were already part of the scheme. The minimum support price (MSP) for rice has, for instance, become Rs. 50 per quintal in the 2015-16 season.
Experts believe the rise in MSP is modest and in tune with the price hikes in the past two years.
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4. Kapur Family can Jointly Appoint YES Bank Directors: HC
The Bombay High Court recognised Madhu Kapur and her children Shagun Kapur Gogia and Gaurav Kapur as successors of late co-founder Ashok Kapur, giving them the right to nominate directors to the board of India’s youngest commercial bank. However, this right cannot be exercised without the consent of the other promoter, Rana Kapoor, the Managing Director and Chief Executive of the bank.
The court delivered its order on a suit filed by Madhu Kapur, whose husband was killed in the 26/11 terror attacks, demanding her right to nominate daughter Shagun Kapur-Gogia on the bank’s Board.
Read the story here.
5. Fed Leaves Key Rates Unchanged
US Federal Reserve has left the key rate unchanged at 0-0.25%.
The US economy is growing moderately after a winter swoon and likely strong enough to support an interest rate increase by the end of the year. After contracting in the first quarter, the US economy is now on track to grow between 1.8% and 2.0% this year, according to the US central bank’s latest policy statement and new projections issued by Fed policymakers.
Read here for more.
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