ZEE investor Invesco renews call to remove MD & CEO Punit Goenka
Zee Entertainment (ZEE) shareholder Invesco Developing Markets Fund has renewed its demand for an extraordinary general meeting to replace the company’s board and to remove its MD and CEO Punit Goenka. Referring to ZEE’s merger with Sony Pictures Networks India, Invesco said, “[It’s] symptomatic of the erratic manner in which important and serious decisions have been handled at the Company.”
30 companies may have their IPOs in Oct-Nov to raise ₹45,000 crore: Report
Thirty companies are looking to jointly raise over ₹45,000 crore through IPOs in October-November, PTI reported. A large chunk of fundraising would be garnered by technology-driven companies. The firms expected to raise funds through IPOs include Policybazaar (₹6,017 crore), Emcure Pharmaceuticals (₹4,500 crore), Nykaa (₹4,000 crore), CMS Info Systems (₹2,000 crore) and MobiKwik (₹1,900 crore).
Over 100% import duty on EVs is a stumbling block: Audi India Head
Audi India Head Balbir Singh Dhillon said the import duties imposed on electric vehicles (EVs) in India are high and “the biggest impediment…which at over 100% is a stumbling block.” Dhillon said, “If duty is less, probably we can sell more in the country.” It could also help convince headquarters to re-invest in India for local manufacturing, he added.
India needs 4 different SBI-sized banks: Finance Minister Sitharaman
Finance Minister Nirmala Sitharaman addressed the Annual General Meeting of the Indian Banks’ Association in Mumbai, where she said, “India needs 4 different SBI-sized banks.” She said this in presence of SBI Chairman Dinesh Kumar Khara. Sitharaman added, “Even before COVID-19 pandemic, the driving force for amalgamation of banks was that India needs a lot more big banks.”
Government has no interest in acquiring any telecom company: Vodafone Idea CEO
Vodafone Idea CEO Ravinder Takkar said that it’s clear from conversations with the government that it has “no interest” in acquiring or running any other telecom company. However, he added, “They want three private players to remain. They want us to compete in the market.” Earlier, Vodafone Idea’s former Chairman Kumar Mangalam Birla offered his stake to the government.
