Key Concepts of GROUP and CONTROL Under the Competition Act, 2002

Total Page:16

File Type:pdf, Size:1020Kb

Key Concepts of GROUP and CONTROL Under the Competition Act, 2002 Key concepts of GROUP and CONTROL under the Competition Act, 2002 By Nandish Vyas and Geet Sawhney (Veritas Legal, India)*1 1 *Nandish Vyas is a partner at Veritas Legal, India and Geet Sawhney is an associate at Veritas Legal, India. The authors are grateful to Ms. Kanisha Vora for her valuable contributions in preparing this handbook. © Veritas Legal 2019 contents CHAPTER 1 • Item 1 – Private Equity Transactions INTRODUCTION ...................................04 • CCI’s orders provides inadequate guidance • Co-investors as notifying parties CHAPTER 2 • Notification for acquiring a single board seat? GROUP ................................................06 • Single board seat means ‘control’? • Controlling or non-controlling portfolio companies? • First Limb - Voting Rights • Second Limb - Control of the Board CHAPTER 5 • Third Limb - Management or Control of Affairs ITEM 8 AND 9 EXEMPTIONS .................32 CHAPTER 3 • Joint Control and Group under Item 8 and Item 9 CONTROL ............................................10 CHAPTER 6 • Various forms of Control – Controlling Interest vs. Joint Control GROUP UNDER SECTION5 AND – Negative Control through Shareholding SECTION 6 ...........................................36 – No Control beyond 25% • Disclosure of ‘group level information’ in notification form – Sole Control • Family Members covered under ‘group’? – Sole Control vs. Negative Control • Establishing ‘Control’ of Family Members – Joint Control • Identifying Group and Control – from a threshold – Joint Control over Group perspective – Joint to Joint Control/No change in Control • Identifying Group and Control – from competitive > Increased Stake assessment perspective > Exit of existing shareholders/investors > Mergers CHAPTER 7 – Joint to Joint Control/Change in Control GROUP UNDER SECTION 3 AND – Joint Control to Sole Control SECTION 4 ...........................................44 > Where acquirer already held 50% shares • Group under Section 4 > Where acquirer already held 51% shares • Group under Section 3 > Where 100% not acquired – Is group a single economic entity? – Joint to Sole Control by a Group – Factors for ‘single economic entity’ – Control as Decisive Influence – Is an ‘Association’ a group? – Control as Material Influence – Are Government Departments covered under Group? > Material Influence – Ex-ante vs. Ex-post – Are PSUs covered under Group? – Control through Voting Rights > Insurance Sector – Control through Shareholding caps > Railways Sector – Control through Common Ownership > Oil Companies CHAPTER 4 APPENDIX A .........................................53 ITEM - 1 EXEMPTION ............................22 • Determining Control under Exemptions • Item 1 – Minority non-controlling acquisition but still not SIP or OCB © Veritas Legal 2019 3 CHAPTER 1 INTRODUCTION The concepts of ‘group’ and ‘control’ are intrinsic to the Indian Competition Act, 2002 (Competition Act), from undertaking the threshold notifiability analysis and product overlap analysis under the merger control provisions to proving dominance of group in cases alleging abuse of dominance. The Competition Commission of India’s (CCI) interpretation of the terms ‘group’ and ‘control’ has evolved from 2011 to 2019, affecting not only the exemptions available to the combinations, but also altering CCI’s approach towards competitive assessment while reviewing such combinations. The CCI has approved more than 670 combinations, as on 2 July 2019, and has touched upon the concepts of group and control in many combination orders. Of these combination orders, approximately 20 orders provide lists of affirmative voting rights/veto rights which may tantamount to control as per the CCI, and more than 60 orders provide CCI’s interpretation of various forms of control under the Competition Act. In this handbook, Chapter 2 examines the three limbs of the definition of ‘group’ as provided under the Explanation to Section 5 of the Competition Act; Chapter 3 discusses the various forms of ‘control’ as described by the CCI in its various orders approving combinations; Chapter 4 highlights the importance of determining ‘group’ and ‘control’ in light of availing the Item 1 exemption (Item 1) under Schedule I of CCI (Procedure in regard to the transaction of Business relating to Combinations) Regulations, 2011 (Combination Regulations) and further links Item 1 and ‘control’ in light of private equity transactions; Chapter 5 highlights combination orders where the CCI has explained the significance of ‘joint control’ and ‘group’ in light of intra-group exemptions; Chapter 6 further elaborates on providing group level information to the CCI to conduct competitive assessments and establish ‘control’ through shareholding of common family members; lastly, Chapter 7 explains the CCI’s analysis of group in cases of abuse of dominance under Section 4 of the Competition Act and concept of ‘single economic entity’ under Section 3 of the Competition Act. The focus of this handbook is to trace the decisional practice of the CCI on these key concepts under the Competition Act. 4 © Veritas Legal 2019 © Veritas Legal 2019 5 CHAPTER 2 GROUP The term ‘group’ generally implies a degree of connection, cooperation, or common interest among its members. There are three limbs/tests of the definition of ‘group’2 as contained in Explanation (b) to Section 5 of the Competition Act - (i) the first test is whether an enterprise has the ability to exercise 50% or more3 of the voting rights in another enterprise; (ii) the second test is in terms of ability to control a majority of the board of directors; and (iii) the third test, which is most dynamic, is in terms of ability to control or manage the affairs of the other enterprise. It is apparent that to constitute a ‘group’, the entities in question must first qualify to be an ‘enterprise’ under Section 2(h) of the Competition Act. The next qualification to determine ‘group’ pertains to the aforementioned tests i.e. inter-se holding, directly or indirectly, 50% or more voting rights or power to appoint 50% or more of the members of the board of directors or control the management or affairs of the other enterprise.4 For instance, in 2012, in Kansan News Private Limited vs. Fast Way Transmission Private Limited5, all three limbs of ‘group’ were satisfied.6 However, it is to be noted that the three limbs are ‘either/or’ tests and fulfilment of even a single limb would confer belonging to a group.7 For example, if a particular enterprise does not hold 50% shares8 in another enterprise, it may still have the ability to control it, if it has majority on the board of directors of that enterprise.9 In the matter of EMC/MBECL10, which involved the acquisition by EMC Limited (EMC) of 19.77% shareholding of McNally Bharat Engineering Company Limited (MBECL), the CCI investigated and concluded that EMC (the acquirer) and one of its promoter group companies (i.e. MKN Investment Private Limited (MKN)) belonged to the same group, based on the observation that the Managing Director and the Joint Managing Director of EMC were two of the three directors on the board of directors of MKN. Similarly, even in the event an enterprise has neither the requisite shareholding nor the ability to control a majority of the board of directors, 2. Explanation to Section 5 — For the purposes of this Section,— a) …..; b) “group” means two or more enterprises which, directly or indirectly, are in a position to — (i) exercise twenty-six percent or more of the voting rights in the other enterprise; or (ii) appoint more than fifty percent of the members of the board of directors in the other enterprise; or (iii) control the management or affairs of the other enterprise. 3. The Ministry of Corporate Affairs (MCA) had exempted the ‘Group’ exercising less than 50% voting rights in another enterprise from the application of provisions under Section 5 of the Competition Act by way of notification in 2011. The MCA notification in 2016 extended the validity of the exemption for a further period of five years, i.e. until 4 March 2021. MCA Notification S.O. 673(E) – dated 4 March 2016 - “In exercise of the powers conferred by clause (a) of Section 54 of the Competition Act, 2002 (12 of 2003), the Central Government, in public interest, hereby exempts the ‘Group’ exercising less than fifty per cent. of voting rights in other enterprise from the provisions of Section 5 of the said Act for a period of five years with effect from the date of publication of this notification in the official gazette.” 4. Arshiya Rail Infrastructure Limited vs. Ministry of Railway and Ors. (Case No. 64/2010, 12/2011 and 02/2011); Association of Third Party Administrators vs. General Insurers’ (Public Sector) Association of India and Ors. (Case No. 107 of 2013) 5. M/s Kansan News Private Limited 177, Industrial Area, Phase -I, Chandigarh -160002 vs. M/s Fast Way Transmission Private Limited Lajja Tower, Sham Nagar, Ludhiana, Punjab and Ors. (Case No. 36 of 2011) 6. The CCI observed that (i) Mr. Gurdeep Singh (opposite party) had more than 50% share in Fast Way Transmission Private Limited (Fast Way) and Hathway Sukhamrit Cable and Datacom Private Limited (Hathway) and 99% share in Creative Cable Network Private Limited (Creative Cable); (ii) he was controlling and managing the affairs of Fast Way, Hathway and Creative Cable directly and (iii) he was a Managing Director in Fast way and director in Hathway and Creative Cable. Thus, Mr. Gurdeep Singh, Fast Way, Hathway, and Creative Cable were held to be part of same group. 7. Order under Section 44 in UltraTech Cement Limited/Jaiprakash Associates Limited (C-2015/02/246) 8. Section 2(v) of the Competition Act states ‘shares means shares in the share capital of a company carrying voting rights and includes -……’ 9. Alok Industries Limited/Grabal Alok Impex Limited (C-2012/01/28); EMC Limited/McNally Bharat Engineering Company Limited (C-2015/07/293) 10. Order under Section 43A in EMC Limited/McNally Bharat Engineering Company Limited (C-2015/07/293) 6 © Veritas Legal 2019 it is possible to infer control by virtue of the ability to control and manage the affairs of another enterprise.
Recommended publications
  • Shriram News January 2013 New.Pmd
    VOL. 26 JANUARY 2013 ISSUE 1 SHRIRAMCity SOCIAL AUDIT – AMONG THE FIRST IN THE FINANCIAL SERVICES INDUSTRY A Social Audit is a formal review of a company’s ShriramCity is uniquely positioned in its target endeavours in social responsibility. Such an audit looks market of Small business enterprises. In this endeavour at the activities of the firm which create a significant social ShriramCity has endeared itself to the cause of the impact to its stakeholders. Such activities may include: underserved and has developed the capability to assess charitable initiatives, volunteer activity, economical the needs of this category of customers and provide them energy consumption, transparency in all business appropriate financial products. ShriramCity, in its mission transactions, work environment and worker emoluments has been providing access to financial services to the credit and benefits to evaluate what kind of social and starved section of the society through its regular business environmental impact a company is having on its process and has contributed significantly to financial operations. A Social audit is usually carried out as a CSR inclusion. While this has resulted in making a significant activity of a firm. ShriramCity is amongst the first in the positive difference to its customers, ShriramCity has never financial services industry to carry out a social audit as a had a formal process of assessing the impact this strategy business activity, rather than a CSR activity. has had to its stakeholders. Thus, a scientific study on the Shri. P. Chidambaram Honourable Union Finance Minister being welcomed by Shri. P. Chidambaram addressing the audience Shri. Arun Duggal, Chairman, Shriram Capital Ltd ShriramCity’s Social Audit Report being unveiled Shri.
    [Show full text]
  • Enhanced User Experience and Cost Savings Are Making Telenor India Even More Competitive
    Enhanced User Experience And Cost Savings Are Making Telenor India Even More Competitive 12.161 TELECOMMUNICATIONTELENOR INDIA ANALYTICS PLATFORM TERADATA.COM Telenor India a quick overview Analytics Platform 5 Key challenges 5 Benefits Of Teradata Implementation Discovering and retaining Complex project (including 1 upgrading to Teradata 14.1 and a 1 profitable customers. hardware floor-sweep) completed on time and in-budget. Increasing share of data BI ecosystem provides a single 2 revenue without affecting 2 point of access to near-real-time voice business. information, and a single version of the truth. Deciding where to trim Customer-centric architecture 3 or invest in the network. 3 enables a 360° view of customer behaviour, which helps increase campaign conversion rate. Reducing call-centre 4 costs (outsourced). 99.99% reporting accuracy, with 4 a five–day turnaround for financial closing reduced to two days. Satisfying escalating financial 5 reporting requirements. Self-service, USSD-based 5 application reduces call-centre costs. Looking Ahead Installing the latest high-end servers has given Telenor India the requisite computing power and flexibility, together with a solution to manage the next level of analytics and enhance the BI experience. Now the system is capable of handling higher volumes and variety at higher speeds, and they expect to be providing real-time data very soon. Telenor India’s 53.5 million pre-paid mobile subscribers benefit from a simple proposition: Most affordable deals online, guaranteed, for all basic services. 2 TELENOR INDIA ANALYTICS PLATFORM TERADATA.COM Enhanced user experience In addition, Telenor India wants to ensure that as Internet usage goes up, its data-revenue percentage also increases and cost savings are making without affecting the voice business.
    [Show full text]
  • Telecommunication-May-2017.Pdf
    TELECOMMUNICATION MAY 2017 (As of 25 May 2017) For updated information, please visit www.ibef.org 1 TELECOMMUNICATION ❖ Executive Summary…………………………. 3 ❖ Advantage India………………………..….… 4 ❖ Market Overview and Trends…………..….. 6 ❖ Porter’s Five Forces Analysis……………..22 ❖ Strategies Adopted…………………………24 ❖ Growth Drivers……………………….…….. 26 ❖ Opportunities……………………….……… 39 ❖ Success Stories…………………………… 43 ❖ Useful Information………………….……... 49 MAY 2017 For updated information, please visit www.ibef.org 2 TELECOMMUNICATION EXECUTIVE SUMMARY Second-largest • With a subscriber base of nearly 1185.55 million, as of February 2017, India accounted for subscriber base the 2nd largest telecom network in the world Third-highest number of • With 391.50 million internet subscriber, as of December 2016, India stood 3rd highest in internet users terms of total internet users in 2016. Most of the Internet • Mobile based Internet is a key component of Indian Internet usage, with 7 out of 8 users accessing internet from their mobile phones accessed through • Since 2012, the share of time spent on watching videos on mobile devices has grown by mobile phones 200 hours a year • As of February 2017, urban tele-density stood at 166.77 per cent and rural tele-density at Rising penetration rate 55.92 per cent Affordability and lower • Availability of affordable smartphones and lower rates are expected to drive growth in the rates Indian telecom industry Source: Telecom Regulatory Authority of India, TechSci Research MAY 2017 For updated information, please visit www.ibef.org
    [Show full text]
  • The Annual Report on the Most Valuable Indian Brands May 2017
    India 100 2017 The annual report on the most valuable Indian brands May 2017 Foreword. Contents steady downward spiral of poor communication, Foreword 2 wasted resources and a negative impact on the bottom line. Definitions 4 Methodology 6 Brand Finance bridges the gap between the marketing and financial worlds. Our teams have Excecutive Summary 8 experience across a wide range of disciplines from market research and visual identity to tax and Full Table (USDm) 12 accounting. We understand the importance of design, advertising and marketing, but we also Full Table (INRm) 14 believe that the ultimate and overriding purpose of Understand Your Brand’s Value 16 brands is to make money. That is why we connect brands to the bottom line. How We Can Help 18 By valuing brands, we provide a mutually intelligible Contact Details 19 language for marketers and finance teams. David Haigh, CEO, Brand Finance Marketers then have the ability to communicate the significance of what they do and boards can use What is the purpose of a strong brand; to attract the information to chart a course that maximises customers, to build loyalty, to motivate staff? All profits. true, but for a commercial brand at least, the first Without knowing the precise, financial value of an answer must always be ‘to make money’. asset, how can you know if you are maximising your returns? If you are intending to license a brand, how Huge investments are made in the design, launch can you know you are getting a fair price? If you are and ongoing promotion of brands.
    [Show full text]
  • Dated: 30.05.2017 Notice Under Section 6 (2) of the Competition Act
    Fair Competition For Greater Good COMPETITION COMMISSION OF INDIA (Combination Registration No. C-2017/03/494) Dated: 30.05.2017 Notice under Section 6 (2) of the Competition Act, 2002 given by Bharti Airtel Limited and Telenor (India) Communications Private Limited CORAM: Mr. S. L. Bunker Member Mr. Sudhir Mital Member Mr. Augustine Peter Member Mr. U. C. Nahta Member Mr. G. P. Mittal Member Legal Representatives of the parties: M/s AZB & Partners Order under Section 31 (1) of the Competition Act, 2002 1. On 20.03.2017, the Competition Commission of India (“Commission”) received a Notice under sub-section (2) of Section 6 of the Competition Act, 2002 (“Act”), given by Bharti Airtel Limited (“Airtel”) and Telenor (India) Communications Private Limited (“Telenor India”) (collectively “Parties”). 2. The proposed combination envisages transfer of 100 percent shares of Telenor India to Airtel through a court driven scheme of merger (“Proposed Combination”). As on the date of completion of the Proposed Combination, Telenor India will stand amalgamated and all its assets, liabilities, interests and obligations, as applicable, shall stand transferred and vested in Airtel. The Notice was filed with the Commission pursuant to (i) resolutions passed by the board of directors of Airtel and Page 1 of 7 Fair Competition COMPETITION COMMISSION OF INDIA For Greater Good (Combination Registration No. C-2017/03/494) Telenor India each on 23.02.2017 approving the Proposed Combination; and (ii) execution of Implementation Agreement by and between Airtel, Telenor India and Telenor South Asia Investments Pte Limited1 on 23.02.2017 (“IA”). 3. In terms of Regulation 14 of The Competition Commission of India (Procedure in regard to the transaction of business relating to combinations) Regulations, 2011 “Combination Regulations”), vide letter dated 07.04.2017, Parties were required to provide certain information/document(s) latest by 17.04.2017.
    [Show full text]
  • Telenor Nominates New Uninor CEO
    Telenor nominates new Uninor CEO Telenor Group today announced that it has nominated Mr. Morten Karlsen Sørby to become the new Chief Executive Officer of Uninor, effective immediately. Morten Karlsen Sørby steps into the role just as Uninor reached cash flow break even at the end of 2013, on target after only four years of operation. Morten Karlsen Sørby replaces Sigve Brekke who has served as interim CEO of Uninor since early November last year. Morten Karlsen Sørby, a Norwegian national, brings significant operational and strategic mobile telecommunications experience to Uninor. He joined Telenor in 1993 and has been a member of the Group’s executive management team since 2003. He most recently served as the Executive Vice President in charge of corporate strategy and regulatory affairs in Telenor Group. Morten was previously Executive Vice President and head of the Norwegian and Nordic mobile and fixed network operations of Telenor. Morten holds a Master of Science in Business Administration and has additional education from IMD in Switzerland and is a state-authorized public accountant in Norway. “Uninor enjoys a firm market position in India as a leading mass-market, best-on-value operator. When Morten Karlsen Sørby now steps into the role as CEO of Uninor, he will meet an organization that is highly energized, market-savvy and possesses a tremendous innovative spirit. Morten’s vast experience from the global mobile industry and solid leadership skills will inject new energy and further insights into the already empowered Uninor team,” said Jon Fredrik Baksaas, President and Chief Executive Officer of Telenor Group.
    [Show full text]
  • Telenor in India: Capturing Growth in One of the World's Largest Mobile
    Telenor in India: Capturing growth in one of the world’s largest mobile markets Today Telenor presents its updated plan for the company’s operations in India, bringing a challenging year to an end. Telenor Group executives including CEO Jon Fredrik Baksaas and India Managing Director Sigve Brekke take to the stage at Fornebu today to share the company’s strategic direction and financial objectives in India. Today’s update will delve into securing spectrum in six best-performing circles, breakeven targets and Telenor’s cluster strategy and circle-by-circle approach. Telenor plans to bring the company to operating cash flow breakeven by the end of 2013 by executing its established strategy, while focusing on operational efficiency. Watch the webcast of Telenor’s India update here Telenor Aims to be best in mass market distribution, best in servicing basic, best in low cost operations Confirms operating cash flow breakeven end of 2013 Committed to INR 155 billion peak funding Targets above 25% equity return on new money invested in India “The decision by India’s Supreme Court in February to revoke all our licenses took the entire industry by surprise and we were faced with an intense period of uncertainty for the next 10 months,’’ said Jon Fredrik Baksaas, Telenor Group Chief Executive Officer and President. “An extraordinary turnaround operation followed and very early on we left no doubt about our intentions to stay and secure our future operations in India. Telenor has a growth strategy and we consider India to be one of the world’s biggest growth markets for many years to come.” India’s future growth engine The Indian operations already enjoy decent market positions in terms of subscriber and revenue market share in all six circles and plan to further improve this in the coming years by taking a number 2-3 position in the clusters where we are present.
    [Show full text]
  • Revised Corporate Brochure
    OUR CORPORATE PRACTICE Best Overall Law Firm India Business Law Journal, Indian Law Firm Awards 2008, 2009, 2010, 2011 and 2012 Best Full Service Law Firm – India Intercontinental Finance Magazine, End of Year Country Awards 2012 “My go-to firm for getting deals done or drafting solid agreements," says a client. Chambers Asia-Pacific 2013 ABOUT TRILEGAL Trilegal is one of India's leading law firms with offices in four of India’s major cities - Mumbai, New Delhi, Bangalore and Hyderabad. We represent clients on a large number of the most complex and high value transactions in India. Most of our key practices have won top industry awards and accolades. We believe that the combination of our firm’s culture, depth of transactional experience, wide range of expertise and the quality and energy of our lawyers, allows us to offer a level of client service that is unique in the Indian legal market. Our lawyers are trained to take a commercial perspective of the issues our clients face with a solution-oriented approach. Our areas of expertise include corporate - mergers and acquisitions; strategic alliances and joint ventures; private equity and venture capital; energy and infrastructure; banking and finance; restructuring; capital markets; telecoms, media and technology; dispute resolution; regulatory; competition law; labour and employment; real estate; and taxation. Our client roster includes many of the world's leading corporations, funds, banks and financial institutions. We provide seamless, efficient and integrated service across a broad spectrum of practice areas. A hard-working team that delivers solid, reliable and practical advice. Chambers Asia-Pacific 2013 OUR CORPORATE PRACTICE Trilegal is recognised as having a market-leading We frequently advise our corporate clients on corporate practice.
    [Show full text]
  • The Explorer
    The Explorer Meet Telenor’s new Group Chief Marketing Officer Vivek Sood. He explains his career journey as a mix of a lot of common sense combined with the courage to explore and learn from his mistakes. This is his story. As a young man growing up in Delhi, Vivek Sood decided that accounting would be a sensible profession to pursue. His father, an Indian bureaucrat, had surrounded the family with public servants during Vivek’s childhood. And Vivek wanted to get away from that environment. “When I started studying accounting I found it quite difficult. But I had made my choice and instead of regretting it, I decided to finish and succeed. I knew opportunities would open up if I was successful.” Vivek was among the 2-3% that on average passes India’s rigorous accounting exams on the first attempt. With his degree in hand, he joined Unilever (in Mumbai) in 1993 in their accounting department. It was around this time, with his career now budding, that Vivek’s parents started some plotting of their own. He distinctly remembers the one weekend that changed his entire life. “I was going back home to Delhi for the weekend, mostly excited to sleep in my old bed and relax. My parents had other plans for me, however. By Sunday, I found myself engaged to a woman who I had only just met, but I felt like I had known her for years. That was an easy ‘yes’,” explains Vivek. Challenges and opportunities Vivek’s ability to say yes to both challenges and opportunities has been of great benefit to his career.
    [Show full text]
  • India-NY-Agenda 23Sep2014.Pdf
    Advisory Board Sarvjeev S. Sidhu Amit Gupta Global Head of Emerging Markets Debt Chief Investment Officer & Managing Partner AEGON Asset Management AXG Capital Management Murali Balaraman, CFA Apurva Mehta Portfolio Manager, Equity Funds Director of Investment BlackRock Financial Management, Inc. Cook Children’s Healthcare System Oliver Fratzscher Arun Sharma Chief Executive Officer Chief Investment Officer EM Leaders LLC Global Financial Markets International Finance Corporation Viswanath Khaitan Anuj Khanna Chief Executive Officer Chief Executive Officer Khaitan Advisory Inc. Lagoon Capital Kislaya Gautam Sam DeRosa-Farag Analyst Senior Strategist Linden Advisors Marinus Capital Advisors LLC Anil Bhandari Ajay Mehra, Ph.D. Senior Vice President - Investments Head of Equities Morgan Stanley Investment Management Salient Partners, L.P George Hoguet Amit Kumar, CFA Managing Director, Portfolio Manager and Global Vice President, US Equities Analyst Investment Strategist Threadneedle Asset Management State Street Global Advisors Brij M. Jairath Managing Director - Wealth Management UBS Financial Services, Inc. Wednesday, 24 September 8:00-9:00 am Registration and Continental Breakfast Garden Foyer Forum sessions, unless otherwise indicated, will be moderated by: Moderator: Jeffry R. Haber Controller Commonwealth Fund 9:00-9:05 am Welcome Remarks Grand Ballroom Presented by: Diane E. Alfano Chairman Institutional Investor 9:05-9:15 am Co-Hosts Opening Remarks Grand Ballroom Presented by: Rajamani Venkataraman Managing Director IIFL Holdings Ltd 9:15-10:00 am Opening Keynote Plenary Session: An Inside and a Global Perspective on Prime Minister Modi’s Economic Growth Strategy: Community Neutral and Inclusive Grand Ballroom This interview will address many of the factors impacting India’s potential economic success, including such important issues as domestic and global security, investor confidence, employment, and the prospects for viable, sustainable economic growth.
    [Show full text]
  • NBFC — Ind-AS: a New, Contemporary Look We Request Your Ballot
    12 July 2018 Motilal Oswal values your support in the Asiamoney Brokers Poll 2018 for India Today’s top research theme Research, Sales and Trading team. NBFC — Ind-AS: A new, contemporary look We request your ballot. Entering an era of transparent reporting and enhanced disclosure practices Indian NBFCs are all set to adopt Ind-AS from FY19. This will bring in more transparency in the system and ensure disclosures are in line with global standards. It will also change the way companies conduct their business in Market snapshot terms of structuring their loans, liabilities, employee compensation, Equities - India Close Chg .% YTD.% securitization/assignment, etc. Sensex 36,266 0.1 6.5 We believe the impact on reserves for most NBFCs will be neutral to positive, Nifty-50 10,948 0.0 4.0 given (a) largely mono-line businesses with a proven track record, near-zero Nifty-M 100 18,555 -0.5 -12.2 Equities-Global Close Chg .% YTD.% any other form of stressed loans (besides NPA) and high provisioning and (b) S&P 500 2,774 -0.7 3.8 reversal of DTL recognized on special reserves. Nasdaq 7,717 -0.5 11.8 Companies having ZCBs, structured debt, preference shares, a higher share of FTSE 100 7,592 -1.3 -1.2 lumpy fees and higher ESOP cost would be adversely impacted. DAX 12,417 -1.5 -3.9 We believe that HFCs are best placed, while corporate lenders will be adversely Hang Seng 10,658 -1.5 -9.0 Nikkei 225 21,932 -1.2 -3.7 impacted.
    [Show full text]
  • Women Achievers 2011
    Women Achievers i TABLE OF CONTENTS Introduction iii Message v Foreword vi NEELAM DHAWAN 1 PRIYA CHETTY RAJAGOPAL 2 SUCHITRA K ELLA 4 SUDHA IYER 5 ANURADHA SRIRAM 6 AKILA KRISHNAKUMAR 8 KIRAN MAZUMDAR SHAW 9 DEEPTI REDDY 10 REKHA M MENON 11 REVATHI KASTURI 13 SANDHYA VASUDEVAN 15 Dr VILLOO MORAWALA PATEL 16 AMUKTA MAHAPATRA 18 Dr REKHA SHETTY 19 YESHASVINI RAMASWAMY 21 BEENA KANNAN 23 BINDU ANANTH 24 PARVEEN HAFEEZ 25 MALLIKA SRINIVASAN 26 SUSHMA SRIKANDTH 27 SHEELA KOCHOUSEPH 29 HASTHA KRISHNAN 30 HEMALATHA RAJAN 31 HEMA RAVICHANDAR 32 KAMI NARAYAN 34 UMA RATNAM KRISHNAN 35 SHALINI KAPOOR 37 PREETHA REDDY 38 ii Women Achievers Dr. THARA SRINIVASAN 40 AKHILA SRINIVASAN 42 RAJANI SESHADRI 43 SHOMA BAKRE 44 SANGITA JOSHI 45 GAYATHRI SRIRAM 46 JAYSHREE VENKATRAMAN 48 GEETANJALI KIRLOSKAR 49 KALPANA MARGABHANDU 50 SHARADA SRIRAM 51 SAMANTHA REDDY 53 SHOBHANA KAMINENI 54 VINITA BALI 56 RAJSHREE PATHY . 58 GEETHA VISWANATHAN 59 VALLI SUBBIAH 60 RANJINI MANIAN 62 VANITA MOHAN 63 TILISA GUPTA KAUL 64 SHARAN APPARAO 65 SUNEETA REDDY 66 VANAJA ARVIND 67 Dr. KAMALA SELVARAJ 69 SAKUNTALA RAO 70 NEETA REVANKER 71 MAURA CHARI 73 HAMSANANDHI SESHAN 75 MAHIMA DATLA 77 Dr. NIRMALA LAKSHMAN 78 NANDINI RANGASWAMY 79 PRITHA RATNAM 81 Dr. THARA THYAGARAJAN 82 REVATHY ASHOK 83 SANGITA REDDY 85 GEEHTA PANDA 87 Women Achievers iii INTRODUCTION In the last two decades Indian women have entered work force in large numbers and many of them hold senior positions now Gone are the days when we hardly saw women in lead- ership positions in organizations Some of India’s
    [Show full text]