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Tag: board

  • Tata Motors overhauls board as it splits commercial vehicle unit

    Tata Motors overhauls board as it splits commercial vehicle unit

    MUMBAI: Tata Motors is reshuffling its boardroom as India’s biggest carmaker prepares to spin off its commercial vehicle business into a separate listed entity. The Mumbai-based company announced sweeping changes to its leadership on 26 September, with three independent directors stepping down and a new managing director taking the helm.

    The biggest change sees Shailesh Chandra appointed as managing director and chief executive, replacing Girish Wagh, who will move to head the soon-to-be-listed TML Commercial Vehicles. Chandra, currently joint managing director of Tata Motors Passenger Vehicles and Tata Passenger Electric Mobility, will serve a three-year term from 1 October.

    Three independent directors are departing as part of the reorganisation. Hanne Sorensen, a former Tata Consultancy Services board member, will step down on 30 September  but remain on the board of Jaguar Land Rover, Tata Motors’ British luxury car unit. Kosaraju Veerayya Chowdary and Guenter Karl Butschek will both leave on 1 October  to join the commercial vehicles entity’s board.

    Replacing them is Sudha Krishnan, a former senior civil servant who retired in 2020 as member finance to India’s Space Commission and Atomic Energy Commission.  Krishnan, who has four decades of experience in public policy and finance, will serve a five-year term as independent director.

    The changes come as Tata Motors executes a composite scheme of arrangement approved by India’s National Company Law Tribunal. The demerger, which becomes effective on 1 October, will see shareholders receive one share in TML Commercial Vehicles for every share they hold in Tata Motors.

    In another significant move, P B Balaji will resign as group chief financial officer on 17 November  to become chief executive of Jaguar Land Rover. He will be replaced by Dhiman Gupta, currently chief financial officer of Tata Passenger Electric Mobility. Unusually,  Balaji will rejoin Tata Motors’ board as a non-executive director on the same day he steps down from his executive role.

    The restructuring reflects Tata Motors’ strategy to separate its commercial vehicle operations from its passenger car and Jaguar Land Rover businesses. The company is also transferring Rs 2,300 crore worth of non-convertible debentures to the commercial vehicles unit as part of the demerger.

    The board changes were approved at a meeting that ran from 2pm to 5pm on 26 September, with all appointments subject to shareholder approval.

  • NDTV’s board level announcements

    NDTV’s board level announcements

    MUMBAI: News broadcaster NDTV has orchestrated a strategic board recalibration, bringing back heavyweight independent directors for another three-year performance while reshuffling key leadership roles.

    The corporate choreography  features the comeback of three seasoned professionals:

    * Upendra Kumar Sinha, former Seb supremo, returns as independent director and chairperson from 27 March 2025

    * Dipali Balkrishan Goenka, a powerhouse of the home textile universe from the Welspun group, secures her second independent director term

    * Dinesh Kumar Mittal, an administrative service veteran, extends his directorial stint

    Senthil Chengalvarayan’s has decided to transition from  whole-time director to non-executive, non-independent director— because of personal commitments. 

    Sinha, who previously helmed Sebi from 2011 to 2017, brings gravitas, while Goenka—a Forbes-recognised business maverick—adds entrepreneurial spark to the boardroom.

    Mittal, an ex-IAS  officer with a physics doctorate, completes this triumvirate of corporate heavy-hitters, promising continued governance sophistication.

  • TV Today Network to turn off its Ishq 104.8 FM radio operations

    TV Today Network to turn off its Ishq 104.8 FM radio operations

    MUMBAI: The TV Today Network has  lost all the love it once had for the  FM radio business under the brand of IshqFM  (romantic love) 104.8  FM. 

    The company, on 9 January 2025, informed the Bombay stock exchange, that its board of has approved the closure of its IshqFM radio broadcasting operation, which includes three stations in Mumbai, Delhi, and Kolkata. The decision, announced at a board meeting on January 9, is subject to regulatory approvals and compliance requirements, with the shutdown expected to occur within one to six months.

    The FM radio business contributed a turnover of Rs 16.18 crore in FY 2023-24, representing 1.7 per cent of the company’s total turnover for the year. However, it reported a net loss of Rs 19.53 crore during the same period.

    In a statement, the board cited the challenging state of the FM radio industry and its evolving dynamics as key reasons behind the decision. “The board of directors considered it in the better interest of the company to close this business rather than continue operations,” the statement said.

    The move aligns with TV Today Network’s strategic focus on its core media and broadcasting ventures, as the FM radio segment has struggled to remain profitable in a competitive and shifting landscape.

  • Zeel gets Saurav Adhikari on board as additional director; shareholders reject Punit Goenka’s reappointment as director

    Zeel gets Saurav Adhikari on board as additional director; shareholders reject Punit Goenka’s reappointment as director

    MUMBAI: The board of Zee Entertainment Enterprises Ltd (Zeel) today approved the appointment of former HCL and Pepsico India executive Saurav Adhikari as an additional director in the category of non-executive director. It informed the BSE about his addition to the company through a regulatory filing  in the evening of 28 November 2024. He had earlier been appointed on 15 November in the same capacity, but his term was valid only till 28 November, the date of the AGM.  

    Adhikari is currently the founder & senior partner at Indus Tech Edge Fund I, a growth fund focused on globalising India’s vibrant technology ecosystem. He is the former chairman of NASDAQ listed Vahanna Tech Edge Acquisition I Corp (a special purpose acquisition company (Spac)) and has after a successful DeSpac/merger moved on to the board of NASDAQ listed Roadzen.  He  also serves as a board member of Goodricke Group Ltd, Accelya Solutions India Ltd, (both listed in India), and Bridgeweave Ltd UK, an AI based fintech firm. He works as a technology advisor and investor with interests across AI based fintech and healthcare firms, as well as analytics, IoT and logistics firms. He serves as a senior advisor in the Shiv Nadar Foundation and is a board member of the Shiv Nadar University.  

    Adhikari has impeccable credentials. Especially while with the HCL group. He worked on several multi-billion-dollar inorganic investments in technology and software, carve-outs of multiple enterprise software product suites, joint ventures with global majors, all to transform and reinvent HCL’s business. He was instrumental in strategising HCL’s  pivoting of its business model to a leading intellectual property-led solutions company. In his technology role, he had built deep inroads into global private equity and VC firms, while creating large, successful, value-based partnerships between HCL and private equity owned technology businesses, which are considered groundbreaking in the industry.

    At HCL, he held various executive positions, the last being president, global strategy, working directly with the founder & chairman with oversight across the group’s business, as well as the not-for-profit Shiv Nadar Foundation. During this time, he contributed to HCL’s immense growth from a sub $200mn revenue company in 2000 to a $14bn revenue and over $50bn market cap today, transforming it into one of the world’s leading, and India’s third largest IT/technology firms and India’s no. 1 software product company.  

    His prior experience also includes several senior global leadership and executive roles across Unilever, as vice President at PepsiCo and Group SEB  (Tefal India) and as CEO of the India business. 

    Meanwhile, Punit Goenka’s reappointment as a director on  the Zeel board failed to get the requisite majority of votes (50.4 percent against: 49.5 percent for) from shareholders during the company’s AGM held yesterday, the company said in an exchange filing.  He,  had earlier stepped down as managing director and continued as CEO of the company recently. Media reports have viewed this failure to get reappointed as a director a set back for Goenka.  (Updated on 29 November 2024, 8 am)
     

  • CM Bhupesh Baghel felicitates extraordinary individuals of Chhattisgarh at Bharat24’s Shikhar Samman

    CM Bhupesh Baghel felicitates extraordinary individuals of Chhattisgarh at Bharat24’s Shikhar Samman

    Mumbai: In continuation to its special initiative that recognizes and encourages individuals who are making extraordinary contributions towards the vision of new India, Bharat24 organised Chhattisgarh Shikhar Samman in Raipur to felicitate such extraordinary individuals from the state. Bharat24 CEO & editor-in-chief Dr Jagdeesh Chandra believes that ‘states make the nation’ and Shikhar Samman continues to recognize extraordinary individuals from various walks of life from various states for their exemplary work.

    Chief minister Bhupesh Baghel was the chief guest at the event and honoured the winners from different sectors for their exemplary work with the coveted trophy of Shikhar Samman. In a one-on-one interaction with executive editor and senior anchor Mimansa Malik, Baghel talked about the current challenges and the work he is doing towards the holistic development of the state.

    The event was hosted by top leadership of Bharat24 including chief business officer and strategic advisor to the board Manoj Jagyasi, senior editor Syed Umar, executive editor and senior anchor Mimansa Malik, senior anchor Shikha Thakur and Chhattisgarh editor Devesh Tiwari.

    The event was also attended by the former chief minister of Chhattisgarh Dr Raman Singh, Padmashri recipients including folk singer and actor Anuj Sharma, Kabir Singer Bharti Bandhu, Anup Ranjan Pandey of Bastar Band, business luminaries and elite members of society. The platform put the spotlight on individuals and their contributions but also curated multiple knowledge sessions featuring star panelists deliberate on key issues that have direct impact on the people of the state.

  • Dish TV’s Jawahar Lal Goel resigns from the board

    Dish TV’s Jawahar Lal Goel resigns from the board

    MUMBAI: Dish TV, the DTH service provider has announced that director Jawahar Lal Goel has resigned from the board of the company. “Jawahar Lal Goel, Director…. has tendered his resignation from the company’s board of directors and committee/s thereof with effect from the close of business hours of September 19, 2022,” Dish TV informed in a regulatory filing.

    He is no longer the chairman of the company. Goel will vacate his position at the upcoming company’s AGM on 26 September, 2022.

    After the announcement, the share price rose by 10 per cent and hit the upper circuit.

    In June, over 75 per cent of shareholders voted against the reappointment of Goel as board’s managing director at the company’s extraordinary general meeting. After it happened, Goel had agreed to resign as Dish TV chairman ahead of the AGM.

    Yes Bank holds around 25 per cent stake in the company. It had been pushing for a board reconstitution and wanted the promoter family led by Goel to be removed. Yes Bank had cited corporate governance issues and Goel stepped down after engaging in a legal battle for a long time with Yes Bank.

    Earlier this month, Dish TV had agreed to appoint three of the seven independent directors, which were proposed by Yes Bank.

    The Goels own a six per cent stake in the company. They lost control over the company after banks seized the promoter’s pledged shares.

  • CarDekho appoints Parthasarathy VS as independent director

    CarDekho appoints Parthasarathy VS as independent director

    Mumbai: Auto-tech company CarDekho Group has appointed Parthasarathy Vankipuram Srinivas as an independent director. The appointment is in line with the company’s objective of strengthening its board and overall corporate governance within the CarDekho Group. The company is gearing up for its IPO (Initial Public Offering) in the next 12-14 months.

    A seasoned business leader with 36+ years of experience in globally reputed organisations across a wide range of sectors, Parthasarathy has worked with the Mahindra Group in leadership positions for over two decades and with Xerox for 14 years. He currently serves as the non-executive non-independent vice-chairman of Allcargo Logistics, an Independent Director of recently listed Life Insurance Corporation (LIC), Imperial Auto Industries, IAI Industries, Greencell Mobility, and serves as Director of Rudi Multi Trading Company, Kids Clinic India (Cloudnine) and ECU Worldwide.

    CarDekho Group co-founder and CEO Amit Jain said, “We are delighted to have Partha join our board. His diversified rich experience will help us further strengthen corporate governance as we prepare for our IPO and the next phase of growth.”

    A chartered accountant from ICAI and ICAEW, UK, and an alumnus of Harvard Business School’s Advanced Management Program (2011), Parthasarathy is also the chairman nominee on the board of governance at the National Institute of Industrial Engineering (NITIE).

    On his new role, Parthasarathy V S said, “CarDekho’s enduring vision, unparalleled track record and leadership position across various technology driven auto solutions have given it a great position in the market across India and abroad. I look forward to contributing in building on this success further.”

    Parthasarathy previously held several industry forum positions as a chairman of Sustainable Council of Federation of Indian Chambers of Commerce and Industry (FICCI) – 2021, president – Bombay Chamber of Commerce & Industry (2019-2020), chairman of Association of Finance Profession of India (AFPI) (2015-2020), besides working closely with ministry of finance through CFO Board, and on global advisory boards for CISCO/ SAP.

  • The Twitter-Elon Musk tussle: To be ‘bot’ or not to be

    The Twitter-Elon Musk tussle: To be ‘bot’ or not to be

    Mumbai: The Twitter acquisition drama has been playing out- where else but on Twitter- on a daily basis (or hourly, if you go by Musk’s tweets) for the last several weeks. The latest in the Elon Musk-Twitter saga is that the Twitter Inc board has decided to go ahead and enforce its $44 billion agreement to be bought by Elon Musk. The board’s statement comes on the back of multiple tweets from Musk in the last several days that seem to indicate that the billionaire appears to be rethinking the whole deal.  

    “We intend to close the transaction and enforce the merger agreement,” the board said on Tuesday in a statement, adding, “the transaction is in the best interest of all shareholders.”

    Prior to this, the board voted to unanimously recommend that shareholders approve Musk’s $54.20 per share offer.

    Earlier on Tuesday, Elon Musk intensified his very public dispute with the Twitter CEO on the matter of bots or fake accounts on the platform, saying his acquisition of the social media company “cannot move forward” until he sees more information about the prevalence of spam accounts.

    “20% fake/spam accounts, while 4 times what Twitter claims, could be *much* higher. My offer was based on Twitter’s SEC filings being accurate. Yesterday, Twitter’s CEO publicly refused to show proof of <5%. This deal cannot move forward until he does,” Musk tweeted, citing an article by Teslarati, (which, by the way, is a media company and a publisher of news on Tesla, SpaceX, and ventures, affiliated with Musk himself!) that said, “Elon Musk may be looking for a better Twitter deal as $44 billion seems too high with 20% of users being fake or spam accounts.”

    The article suggested Twitter’s filings with the Securities and Exchange Commission were misleading. The company has maintained that less than five per cent of its daily active users are spam accounts.

    In yet another twist in the proposed acquisition, earlier on Friday, Musk had tweeted that his planned $44 billion purchase of Twitter is “temporarily on hold” pending details on spam and fake accounts on the social media platform.

    The proposed takeover includes a $ one billion breakup fee for each party, which means Musk will have to pay the said amount if he ends the deal or fails to deliver the acquisition funding as promised. Musk might be exempted from that requirement only if he can show a material change in the company’s situation or the information it has provided.

    This is just the latest in a series of twists and U-turns that have been doing the rounds on the platform, regarding the company’s take over by Musk amid increasing signs of internal turmoil between the two parties.

    In fact, ever since the billionaire grandly announced his offer to buy out the micro blogging platform on 14 April, the platform has been abuzz with new speculations on the acquisition front, mostly triggered by the Tesla founder himself. Musk has been highly active on the platform even before that, and became more so vocal about the site’s alleged shortcomings when he started building his stake in the company and became an active investor in April this year.

    This led to speculations on Musk being keen to join the company’s board, further amplified by the Twitter CEO’s own tweet on 5 April welcoming Musk onboard, where Agrawal wrote about the billionaire: “He’s both a passionate believer and intense critic of the service which is exactly what we need on @Twitter, and in the boardroom, to make us stronger in the long-term.”

    However, Musk surprised everyone- most of all, the Twitter management- by rejecting the company’s offer to join its board, instead offering to buy out the company itself!

    With Twitter now committed to completing the sale even as Musk continues to drag his feet over it, it remains to be seen how the rest of this very public saga plays out!

  • Sanjeev Bikhchandani appointed to MakeMyTrip.com board

    Sanjeev Bikhchandani appointed to MakeMyTrip.com board

    Bangalore, February 24, 2006: MakeMyTrip.com, India’s leading online
    travel company and among the most successful Internet companies in the country, today announced the appointment of Mr. Sanjeev Bikhchandani as an independent member of the board of directors of MakeMyTrip.com.

    Sanjeev Bhikchandani, CEO of Naukri.com is a veteran in the online industry and has established some of the most successful internet companies in India.

    Sanjeev holds a Bachelor’s degree in Economics from St. Stephen’s College and is a management graduate from Indian Institute of Management, Ahmedabad. Sanjeev has vast experience across industries having worked with companies like Lintas India Ltd. and SmithKline Beecham among others. He was the Editor of Avenues – the careers supplement of The Pioneer and has also co-authored two books on job hunting and careers.

     

    Mr Deep Kalra, Founder and CEO, MakeMyTrip.com, welcomed Sanjeev Bikhchandani recruitment to the board. He said, “MakeMyTrip has witnessed phenomenal growth since its launch in September 2005 and we are delighted to have Sanjeev on our board at this time. We are selling over 1000 tickets and 100 room nights daily and have more aggressive plans for 2006. With Sanjeev joining the board, we are confident his rich experience and understanding of the online industry will give strategic direction to our growth plans.”

     

    Commenting on his appointment to the board, Sanjeev Bikhchandani said,
    “When it comes to buying travel, MakeMyTrip has changed the way travel is bought today. Earlier, the travel agent was the one who was deciding for us whereas today we have all the information to plan on our own. This shift in decision making will revolutionise the way travel is bought in India and I am pleased to be a part of it.”

     

    About MMT
    MakeMyTrip was launched in 2000 as an online travel company catering to the USA to India market. The company registered sales of over Rs 100 crores in the fiscal year ending March 2005. For the current year, MakeMyTrip is on track to achieve sales of Rs 200 crores.

     

    Headquartered at New Delhi, MakeMyTrip has served over 40,000 Indian customers and about 45,000 customers for the US – India operations. With a registered database of 130,000 NRI’s the US market has witnessed an impressive year-on-year customer renewal rate of 30%.