Narayana Murthy for fair governance

N R Narayana (NRN) Murthy, Co-founder, Infosys has advocated the need for a fair balance of power between the CEO and management, and the board of directors to help check scams and frauds, ensuring that corporate resources are not misused to gain personal riches. He has computed the ideal managerial remuneration as a fair multiple of the compensation of the lowest level employee in the company. He said, “If the lowest paid employee’s remuneration was INR 2-3 lakh a year, the CEO remuneration should be INR 70-80 lakhs.” Despite improvements in the corporate governance levels in India in the past three decades, he also pointed out instances of serious governance deficits during the past five years. While the primary functions of a corporate board should thrive for quality growth of both of the top and the bottom lines, the need is also to protect and enhance a company’s reputation by reviewing, critiquing, and improving management strategy. He views corporate scams are a result of the moral weakness and incompetence of the chairman of the board while acknowledging agency cost as the biggest challenge incurred by management to meet shareholders’ objectives. Also, companies paying large severance packages to buy the silence of outgoing executives need to be prevented. In professionally managed companies, some managements tweak weak boards to extract unjustifiable compensation for themselves and use the company’s resources for personal benefits. Whereas, owner-managers often use listed companies to enrich their private companies. NRN insisted that 100% fee received by board members and the remuneration received by the management for the period of wrongdoing should be taken back, and SEBI should impose penalties on boards for not doing their job. He is in favour of showing full details of the investigation on the company’s website. Despite whistleblowers been given legal protection, they continue to face harassment and social stigma. NRN advises for adequate safeguards against bosses’ vendetta against whistleblowers, adding that “No whistleblower has the right to harm an organisation on which a large number of families depend for their livelihood.”

Ratan Tata receives IACC’s leadership award

Industrialist and business icon Ratan Tata, Chairman Emeritus of Tata Sons has received the Indo-American Chamber of Commerce’s (IACC) Lifetime Achievement award. IACC’s global leadership awards take cognizance of Tata’s extraordinary contributions as a philanthropist, an influential industrialist, and a stoic humanitarian, besides steering the mammoth Tata conglomerate to rake in revenues up to $100 billion by 2011-12. Tata agreed to be awarded despite accepting fewer awards in the recent past on the belief that these awards inspire future global leaders and strengthen bilateral economic ties between India and the U.S. Also, they play an important part in building a sense of achievement and cooperation by bringing both Indian and U.S. leaders and achievers to the forefront. IACC reckons that Tata was the first Indian to have tapped the potential of the U.S. market and it was under his leadership that the Tata group transformed into the largest Indian employer in the U.S. within three decades. While he no longer is at the helm of affairs at Tata Sons, post his retirement, he remains an influential mentor to multiple Indian start-ups. A recipient of the Carnegie Medal of Philanthropy in the past, he has enabled the Tata group to establish research, educational and cultural institutions, also mobilise endeavours across medicine, education and rural development, including the collaboration with the University of New South Wales for improving water quality.

Mukesh Amabani becomes Asia’s richest man

Mukesh Ambani, MD and Chairman Reliance Industries Ltd. (RIL), has been adding INR 90 crore per hour to his coffers since the March 2020 lockdown, according to the IIFL Wealth Hurun India Rich List 2020. He has retained the richest Indian title for the 9th consecutive year, as per the list. The 63-year-old tycoon’s year on run personal wealth increased by Rs.2, 77,700 crore to Rs.6, 58,400 crore as per Hurun, becoming the only Indian to feature amongst the top 5 on the global rich list. His total wealth, stands bigger than the combined wealth of the next five on the Hurun list, making him Asia’s richest individual and the world’s 4th richest man. Ambani has also overtaken Elon Musk, the Silicon Valley tech-giant and Alphabet co-founders Sergey Brin and Larry Page. Despite the ongoing Covid-19 lockdown, the oil-to-telecom major RIL’s market cap crossed INR 10 lakh crore, registering a 73% increase in Ambani’s wealth. As much as 28% of the upturn in wealth on the Hurun list is attributed to Ambani and his notable successes which hallmark his sector diversifications from oil to telecom and now into retail. The new ranking follows US private equity firm Silver Lake’s INR 7,500 crore investment in Reliance Retail. Silver Lake will be making its second tranche of investment into Reliance Retail Ventures by infusing an additional INR 1,875 crore. RIL’s retail unit has also roped in General Atlantic as its newest investor boosting its recent $20 billion fund-raising spree in making the conglomerate rid of its net-debt.

Bandhan Bank appoints Rahul Parikh

Rahul Parikh takes over as Executive President and Chief Marketing and Digital Officer at Bandhan Bank and will report to Managing Director and CEO, Chandra Shekhar Ghosh. The former Bajaj Capital Chief Executive, Parikh will be based out of the bank’s Kolkata headquarters. Parikh will be in charge of the bank’s marketing function, focusing on furthering its brand equity via improvements across brand salience, customer experience, customer engagement and product marketing. He brings in over 21 years of his experience in covering multiple strategic roles across financial services firms. He has shown expertise in building and growing asset management and wealth management businesses across physical and digital platforms. Prior to his new role with Bandhan Bank, he was a partner at Root Ventures and was responsible for driving its AMC strategy, fundraising, negotiating deals and investee company operations. Parikh is expected to steer Bandhan beyond its current five years of existence by furthering its marketing initiatives in supporting and adding value to the bank’s strategic roadmap.

CII nominates SAIL Chairman to the PSE Council

CII has nominated Anil Kumar Chaudhary, Chairman of Steel Authority of India (SAIL) as the Chairman of its PSE Council. The Chairman of CII-PSE Council acts as the key interface between the government and the members of the Council. The Chairman also represents the Council in all its meetings and networks with the government and policymakers for executing economic and enterprise policy advocacy framework. Chaudhary said that as the Chairman of its PSE Council, his focus would be on channelising efforts towards building an "Atmanirbhar Bharat". The PSE Council plays a vital role in the overall functioning of CII and works with Government and the public sector enterprises on various policy issues and serves as a reference point for the industry. Formed in 2007, the Council has grown from over the years with 96 members comprising 10 Maharatnas, 14 Navratnas and 72 Miniratnas.

Biocon ropes in ex-Sterlite CFO

Anupam Jindal takes over as the new Chief Financial Officer (CFO) at Biocon Ltd, replacing Indranil Sen, the interim CFO as part of the company’s executive leadership team. While Jindal will report to Siddharth Mittal, Biocon CEO and MD, Sen will continue as the Vice President, Finance. Mittal welcomed Jindal’s onboarding the biopharmaceutical company, at a crucial juncture as the company expands its portfolio to enter new geographies in addressing patient needs for affordable and high-quality medicines. Prior to his new appointment, Jindal was the Group CFO of Sterlite Technologies and played a vital role since 2006. A certified chartered accountant and company secretary from the Institute of Chartered Accountants of India (ICAI) and the Institute of Company Secretaries of India (ICSI), Jindal executed a long inning of 22 years with the Vedanta Group of companies. He was instrumental in building Sterlite’s revenue through organic capacity expansion and acquisitions in India and abroad. He also drove several strategic initiatives including the inception and growth of new business verticals. He brings in his knowledge spectrum across diverse areas in finance, investor relations, revenue consolidation, acquisition, merger & demerger, business divestment, fundraising, borrowing & investment portfolio, projects, financial and management reporting, treasury management, business planning, tax planning, corporate governance and Compliance. His other previous stints include key roles with the Copper Mines of Tasmania, Bharat Aluminum Company Limited (BALCO) and Pyrotech India Electronics Pvt. Ltd. He has also completed the Advanced Management Program (AMP), Business Administration from Harvard Business School, Massachusetts.

EY partner quits, to pursue wildlife photography

Mahendra Jain has relinquished his partnership and has quit the audit and consultancy EY member firm after delivering service for 27 years. In his years of association, he was the firm’s partner for 20 years and currently heads the firm’s Assurance Practice in Bengaluru. The 48-year-old chartered and cost accountant has quit his job to follow his passion in wildlife photography. His work on wildlife photography has been featured in national and international magazines and websites. Jain began his career in Bengaluru, and played national roles as chief operating officer for assurance in India and was one of the youngest partners at the multinational firm when he was promoted in 2001. He was also CEO of EY’s global delivery services in India for four years.

Zeta appoints ex-Myntra executive as COO

Banking tech company, Zeta India has appointed Abhishek Sen as its Chief Operating Officer (COO) for Zeta, Flock and Radix. Zeta offers a full-stack, cloud-native, API-first platform for banks and fin-tech firms. Sen will bring in his 16 years of experience in human resource management (HRM), operations and leadership development, Sen will be responsible for working across teams in Zeta, as he spearheads the company’s operations. As COO of Flock and Radix, he will be working closely with the teams of these independently run companies. Prior to his new role, he was associated with Myntra as SVP, CHRO, head consumer experience and corporate services (real estate and PR). In his previous roles as Director, Aon, he has also led multiple roles for almost a decade working across various geographies and practices. He has also had previous stints with SAP Labs and Britannia as a human resource professional. “It is an exciting time for us and as a seasoned business leader, I am confident that he will drive the next phase of growth for us,” said Bhavin Turakhia, co-founder and CEO of Zeta.

GMR Group CIO quits, joins BIAL

George Fanthome has relinquished his role as CIO GMR Group to join as CIO of BIAL (Bangalore International Airport Limited). He will be in charge of all IT functions at the airport, also supporting the business with new technology-driven streams. Fanthome has over 20 years of experience as a seasoned IT and digital leader with strategy, transformation and execution knowledge across leading technology companies such as Vedanta, Bharti Airtel, and Genpact amongst others. Prior to joining BIAL, Fanthome led Digital and IT for the GMR group. As the Group CIO, he managed the entire technology transformation of the business and also introduced new revenue streams through several digital innovation projects. In January 2001, BIAL was incorporated to build, own and operate KIAB (Kempegowda International Airport, Bengaluru) for a 30-year concession period. A pioneer in the aviation sector, BIAL has a bandwagon of new-age technologies.

Sonu Sood receives UNDP award

Sonu Sood the noted Indian actor has received the prestigious SDG (Sustainable Development Goals) Special Humanitarian Action Award by the United Nations Development Programme (UNDP). With this award, Sood joins the illustrious list of celebrities, Angelina Jolie, David Beckham, Leonardo DiCaprio, Emma Watson, Liam Neeson, Cate Blanchett, Antonio Banderas, Nicole Kidman and Priyanka Chopra who have been honoured by different UN bodies in the past. The award lauds him for his humanitarian work that meaningfully impacted and benefitted countless migrants following the national lockdown in March. Besides, he also extended his selfless service to thousands of stranded students, stuck in foreign lands, provided free education and medical facilities to young children and created free employment opportunities for less fortunate individuals during the onset of the Covid-19 pandemic. A rare honour, Sood acknowledged his recognition and extended his support for UNDP’s endeavour to achieve the SDGs by 2030. Speaking on the implementation of these UNDP goals, Sood said that planet earth and mankind will greatly benefit from it.

Gurbaxani voted out as MD and CEO of Dhanlaxmi Bank

Sunil Gurbaxani, Managing Director (MD) and Chief Executive Officer (CEO) of Thrissur- based Dhanlaxmi Bank has been voted out by shareholders during the annual general meeting (AGM) with over 90% votes going against the resolution to approve his appointment. The move snubs the Reserve Bank of India’s (RBI) directive in February, approving Gurbaxani’s appointment for a three-year tenure as MD and CEO of Dhanlaxmi Bank. While institutional investors fully backed the proposal, it was rejected by rest of the public shareholders who voted against it. They, however, gave their consent to re-appoint C K Gopinathan as Director of the Bank. The AGM also approved proposals to appoint G Subramonia Iyer, Suseela Menon R, G Rajagopalan Nair and PK Vijayakumar as independent directors of Dhanlaxmi Bank. CK Gopinathan holds 7.5% stake in the Bank, as per the Dhanalaxmi Bank’s March 2020 shareholding. B Ravindra Pillai with 10% and Kapil Wadhawan with 5% are the two other big individual shareholders of Dhanlaxmi Bank.

Arjun Chowdhry to helm Citi’s consumer banking

Citigroup names company stalwart Arjun Chowdhry as the acting head of its consumer banking business in India. His present role as the head of credit cards, payments and unsecured lending for the American bank in India, is part of his 25 years career standings with the group. Citi proposes to leverage his vast knowledge portfolio as part of this new appointment. In his most recent stint, as Chief Operating Officer for the group’s consumer business, he was responsible for NRI India & Banking Products, Citibank’s ATM network, debit cards, as well as all business transformation, re-engineering and strategy. During this time, he implemented multiple strategic projects such as balance sheet restructuring and remittances, including the successful FCNR programme. An alumnus of St Stephen’s College and IIM Bangalore, Chowdhry began his journey with Citi as a management associate in sales and thereafter paved a long and successful stint in Operations also gathering significant experience in running consumer businesses. His previous roles include transformation of Citi’s market-leading Suvidha proposition (now known as Citi At Work), also ran the co-branded credit card portfolios, and Wealth Management products and sales.