Source: Aniruddha Jain
IiAS recommends voting AGAINST ITC’s decision to pay a monthly remuneration to Yogesh Deveshwar, the company’s non-executive chairperson. IiAS believes the board structure, and the proposed remuneration, signal Yogi Deveshwar’s continuing control over the company, which undermines the recently appointed CEO Sanjiv Puri. Once Yogi Deveshwar has stepped down, he must let go.
IiAS believes the board’s recent decision to pay a monthly remuneration to Yogi Deveshwar undermines the position and responsibilities of the CEO. At an aggregate remuneration estimated at Rs.127.1 million , his remuneration is higher than 90% of CEO’s and whole-time directors of the S&P BSE 500 companies. Although Yogi Deveshwar’s proposed remuneration is in the same range as that of the CEO, Sanjiv Puri, IiASestimates that, based on the past, his remuneration – in actual terms – will be higher than that of Sanjiv Puri.
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Hat Tip: DivyeshBhai
Ben Graham had a phrase “clairvoyance of the stock markets” where the stock markets knows stuff even though there is no apparent news item
Yesterday, at 11:00 am, suddenly the stock of ABC Bearings started zooming and it hit the Upper Circuit.
More than 12 hours later, on 5th July,2017 at 02:09 am, the following announcement was put up on the stock exchanges:
The Board of Directors of ABC Bearings Limited at its meeting held on 4th July, 2017 has approved, pursuant to the provisions of Sections 230 to 232 of the Companies Act, 2013, the merger of ABC Bearing Limited into Timken India Limited through a Scheme of Amalgamation and Arrangement amongst ABC Bearing Limited, Timken India Limited and their respective shareholders and creditors.
Jaago, SEBI Jaago
Extended the timing of the Equity Markets till 5:00 pmCircular-5318