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Dinesh Khara SBI Chairman

Govt Extends Tenure Of SBI Chairman Until August 2024

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Dinesh Khara, who was due to retire later this week, will stay on till he turns 63 – the currently stipulated age of retirement for the SBI chairperson, the order said

 

India has extended the tenure of the chairman of the State Bank of India (SBI), the country’s largest lender, until August next year, a government order said on Thursday.

Dinesh Khara, who was due to retire later this week, will stay on till he turns 63 – the currently stipulated age of retirement for the SBI chairperson, the order said.

Khara was appointed SBI’s chairman on 7 October 2020, for three years.

The government has also extended the tenure of Ashwini Kumar Tewari as the managing director of the state-run lender for two years starting 27 January 2024, as per the order.

Separately, the Indian government is also considering a proposal to raise the age limit for the chairman of SBI by two years to 65 and is considering extending the age limit of managing directors of other state-owned banks to 62 years from 60, the sources said.

Sebi

SEBI Chairperson Asks Auditors To Use Third Party Validation

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According to Madhabi Puri Buch there exist more than 20 websites in the country which can be used by the auditors to validate the claim of the auditee. Tools such as GSTN portal, bank websites etc. can be used by the auditors for doing a third-party validation

The chairperson of Securities and Exchange Board of India (Sebi), Madhabi Puri Buch asked the auditors to use technology-driven third-party validation for the auditing process in order to check fraud, on 24 November.

While addressing an event organised by the Indian Audit and Accounts Department, Buch said that the commitment to ensure a true and fair picture of whatever is presented in the markets drives the SEBI’s thrust on third-party validation.

According to her there exist more than 20 websites in the country which can be used by the auditors to validate the claim of the auditee.

She said that, when the fraudsters can use technology as a tool, we can use the same technology to evade fraud. Tools such as GSTN portal, bank websites etc. can be used by the auditors for doing a third-party validation.

Auditors are considered as free consultants by the Buch. For disclosure of any document, one needs to check factors such as errors, omission, distortion of the context, denial, minimising, exaggeration, fabrication, Buch added.

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PM Modi Appoints Jaxay Shah As New Chairman Of Quality Council Of India

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Shah’s appointment is for a period of three years with effect from 21st October 2022. He assumes the role succeeding the former McKinsey India Chief Adil Zainulbhai. Shah has been appointed based on his vast industry experience which shall contribute to further propelling the wheels of Quality, a legacy established by the former Chairpersons of Quality Council of India

The Prime Minister Narendra Modi has appointed Jaxay Shah to assume the role of the Chairman of the Quality Council of India (QCI) for a period of three years with effect from 21st October 2022. Shah is the founder chairman of Savvy Group and former Chairman of the Confederation of Real Estate Developers’ Associations of India (CREDAI).

The incumbent chairman succeeds the former McKinsey India Chief Adil Zainulbhai who served as the Chairman of QCI through three terms for a period of eight years from 2014 to 2022.

QCI was established in 1997 through a Cabinet Note, jointly by the Industries Department (now DPIIT) Ministry of Commerce & Industry and prominent industry associations like CII, FICCI & ASSOCHAM. QCI is mandated to promote quality in the country through national accreditation of testing, inspection and certification bodies which is internationally recognised, driving third-party assessments across sectors. It also undertakes capacity building initiatives for sensitizing industry & consumers on quality and running a national quality campaign to ensure quality of life for every Indian citizen. Over the years, QCI has become an organization serving the aspiration for quality of more than a billion people of India.

Shri Jaxay Shah has been appointed based on his vast industry experience which shall contribute to further propelling the wheels of Quality, a legacy established by the former Chairpersons of QCI. Shri Shah founded one of India’s largest infrastructure conglomerates, the Savvy Group in 1996 and held the position of national chairman of CREDAI, the apex body of private Real Estate developers in India. In addition, he also holds the position of the Chairman of the ASSOCHAM Western Region Development Council and serves as the Advisor at the PharmEasy Accelerator Program, which offers 1 lakh+ medicine and health products.

Speaking of this new journey, Shah conveyed, “I am grateful to Hon. Prime Minister Shri Narendra Modi ji for appointing me as Chairman, QCI. I congratulate Adil Zainulbhai for his remarkable tenure at QCI. Under his leadership, this organisation has witnessed tremendous growth and scale. I am fortunate to be taking on from here. QCI is a vibrant organisation of 1000+ people who are improving the quality of life for 140 crore Indian citizens. I am a huge believer of the India story and confident that QCI will be pivotal in fulfilling PM’s vision of India as a developed country by 2047. This will be achieved on the pillars of quality and credibility of everything that is ‘Made in India’ for the world.”

The outgoing Chairman of QCI Shri Adil Zainulbhai in the past eight years engendered a process of transformations to the quality ecosystem of India. Under the able leadership of Shri Zainulbhai, the organization has evolved as a self-sustaining pillar and also initiated activities on a pro-bono basis for the larger impact of improving quality of lives of Indian citizens. Shri Zainulbhai has also contributed to catalysing the inception of young minds in the government space to address challenges through innovation. As a result, the organization has grown 16 times to 1,000+ people who have created an indelible imprint in strategic sectors like healthcare, education, environment, e-commerce, housing etc. and has also become financially independent, making it a truly autonomous organization leading the mandate of quality in India.

“As I complete my tenure as Chairman QCI, I feel proud and deeply honoured to serve the country through this organisation over the last 8 years. I congratulate Jaxay on his appointment as the new Chairman of QCI. I am confident that under his leadership, QCI shall continue on its mission to improve quality of lives of Indian citizens,” said Adil Zainulbhai fondly looking back at his tenure. “We have had many luminaries as Chairman of QCI, Mr. Shah being the latest. In this august company, we welcome him and believe that his youthful exuberance will add to the speed and agility of this organisation!” said Dr. Ravi P. Singh, Secretary General, QCI, welcoming Mr. Shah’s appointment.

Guided by the vision of the Prime Minister, QCI has leveraged the power of its accredited organisations, emerging technologies, and a dynamic workforce to help the government on various flagship schemes to assess quality of education, healthcare, food, sanitation, groundwater management, and natural resources like coal. It has been instrumental in expanding India’s quality of RTPCR testing capacity through accreditation during COVID-19. Many of QCI’s contribution in schemes such as Swachh Bharat Mission, Government eMarketplace (GeM), PM Ujjwala Yojana, PM Awas Yojana, Atal Innovation Mission, Atal Bhujal Mission, Zero Defect Zero Effect (ZED) and Deen Dayal Upadhyay Gram Jyoti Yojana have helped develop robust focus on monitoring and effectiveness in public service delivery and governance. Besides these, QCI has also been leading pioneering transformational projects such as Open Network for Digital Commerce, Unnati Employment Network, Made in India Scheme, National Programme Management Policy and Framework, CPGRAMS redress monitoring, and Transformation of Food Corporation of India – many of which have been undertaken in the spirit of Hon. PM’s vision of Aatmanirbhar Bharat.

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Saurabh Agrawal Takes Charge As Tata Power Renewable Energy’s Chairman

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He previously served as the director of Tata Sons. The induction of three more directors, being Eduard Ruijs, Anjali Bansal and Rajiv Mehrishi, took place. The restructuring of board happened within months, after Tata Power made announcement of investing Rs 75,000 crore in renewable energy for next five years

The Tata group restructuring the board of Tata Power Renewable Energy, made Saurabh Agrawal the chairman of the board on 20 October. He previously served as the director of Tata Sons.

The induction of three more directors, including Eduard Ruijs, the Managing Director and Head of the London-based BlackRock Global Infrastr­ucture Fund team, was given effect. The other two being Anjali Bansal, Founder of Avaana Capital, and former Indian Admi­nistrative Service officer Rajiv Mehrishi, were inducted on the board.

The restructuring of board happened within months, after Tata Power made announcement of investing Rs 75,000 crore in renewable energy for next five years. Such investment is made on the lines of Reliance Industries, which is nearly investing Rs 77,000 crore in the next three years.

This year in April, Tata Power Company and BlackRock Real Assets-led consortium, including Mubadala Investment Company, entered into a binding agreement to invest in the renewable energy subsidiary.

Along with Mubadala, BlackRock Real Assets invested Rs 4,000 crore through equity/compulsorily convertible instruments to have 10.53 per cent stake in Tata Power Renewables. The base equity valuation of which turned out to be Rs 34,000 crore.

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Vipul Shah Takes Charge As Chairman Of The Gem & Jewellery Export Promotion Council

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In the past, Mr. Bhansali has served the Council as the Convener of the Awards Committee

JEPC, the apex body of the gem & jewellery trade in India, announced the Election Results of the new GJEPC board members for the tenure of 2022-2024 on 30th August 2022. Mr. Vipul Shah, the Vice Chairman of GJEPC for the tenure 2020-22, took charge as the Chairman of GJEPC for the tenure of September 2022- September 2024. Mr. Kirit Bhansali of Smital Gems was elected as the new Vice Chairman of GJEPC.

Talking about his vision for the Indian gem & jewellery industry, Mr. Vipul Shah, the new Chairman of the GJEPC, said, “I feel privileged and energised to return to the role of GJEPC Chairman in these exciting times! The Indian gem and jewellery industry is at the start of yet another growth phase and is set to achieve the Government’s export target for our sector, of US$ 45.7 billion in FY 2022-23. There are tremendous opportunities for growth ahead of us. The landmark trade agreements signed with the UAE (CEPA) and Australia (ECTA) have provided a competitive edge to the plain gold jewellery exporters in the UAE. In addition, the forthcoming DESH Act will give a boost to the SEZ ecosystem and drive up export numbers. I take this opportunity to thank the Govt. for continued support to the industry through a series of trade friendly measures.”

 “In diamonds, I believe India must move up the value chain by focusing on larger, high-value goods, and at the same time we will continue to support generic diamond promotions. Another sector that has gained momentum is silver jewellery, which is a major focus area for GJEPC. We will continue to strengthen the diamond and coloured gemstone segment with initiatives like the India Rough Gemstones Sourcing Show (IRGSS) for facilitating direct rough sourcing from miners. India has also taken the lead in the sunrise sector of lab-grown diamonds, whose exports are expected to skyrocket to $8 billion soon. 

“By working towards developing Clusters as Export Zones, the Council remains fully committed to supporting the Government’s vision and its ‘Make in India’ and ‘Atmanirbhar Bharat’ campaigns. We aim to make India a hub for not just trading of diamonds and gold, but a fountainhead of design as well.”

 Mr. Vipul Shah has been the chairman of GJEPC for the tenure 2012-2015. Under his leadership, the Council has driven the export demand and was successful in strengthening ties with mining companies and diamond trade bodies. Among the many important milestones, he was instrumental in organising GJEPC’s first World Diamond Conference that was attended by Hon. Prime Minister Narendra Modi and Finance Minister Smt. Nirmala Sitharaman. At the Council level, he implemented the policy to have members on a rotation policy so that new people come on board to bring in a fresh perspective and new energy levels. 

 Mr. Kirit Bhansali, the newly elected Vice Chairman of GJEPC, said, “I am honoured to get the opportunity to serve the industry as Vice Chairman of this great organisation built with years of toil by my predecessors. We have put the turbulent two years behind us, and as we emerge into the new era post the pandemic, GJEPC, through its continued leadership, will help take this industry into a new phase of growth, dynamism, and prosperity. The steadfast Government support towards infrastructure development projects like the state-of-the-art Mega CFC in SEEPZ and the upcoming world-class India Jewellery Park Mumbai will nurture an export-friendly ecosystem that underpins the industry’s growth ambitions.”  

In the past, Mr. Bhansali has served the Council as the Convener of the Awards Committee. Under his convenorship, GJEPC has successfully organised several India Gem & Jewellery Awards (IGJA). He is the current chairman of Indian Institute Of Gems & Jewellery (IIGJ) and India Jewellery Park Mumbai (IJPM).  Mr. Bhansali will be taking charge as Chairman of GJEPC in 2024, as per the customary succession rules of GJEPC.

cars

Maruti Suzuki aims to produce 20 lakh units this fiscal: Chairman RC Bhargava

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Maruti Suzuki India will increase its production and aims to produce 20 lakh units in the ongoing fiscal with improving availability of semiconductors, according to company Chairman RC Bhargava.

In his address to shareholders in the company’s annual report for 2021-22, he said the upcoming mid-sized SUV Grand Vitara will play a key role in the challenge to touch 20 lakh units.

In 2021-22, total sales of Maruti Suzuki India Ltd (MSIL) increased by 13.4 per cent to 16.52 lakh units. It had lost out on sales in the first quarter of the fiscal due to the pandemic and production being affected by the shortage of semiconductors, mainly for domestic models, Bhargava wrote.

“The number of unmet bookings with the company at the end of the year rose to about 2.7 lakhs,” he said, adding MSIL’s market share declined to 43.4 per cent from nearly 50 per cent as it lost some opportunity in the domestic market.

As per Society of Indian Automobile Manufacturers (SIAM) data, domestic passenger vehicle sales in the domestic market stood at 30,69,499 units in 2021-22, as compared to 27,11,457 units in 2020-21.

On the outlook for the current year, he said, “The vehicle production would increase as the situation regarding the availability of semiconductors has improved. Your company has also made further improvisations to enhance production. I am exhorting our team to reach 2 million units, though doing that remains a challenge.”

Bhargava further said the launch of Grand Vitara, which will be manufactured by Toyota at its Karnataka factory, “is one of the reasons why we are expecting to increase production and challenge 2 million units”.

The new SUV will also come with Toyota’s strong hybrid technology, which “is the first-time cars with this technology would be manufactured in India”, he claimed.

Enhancement of Maruti Suzuki’s SUV portfolio is necessary to offset the decline in sales of the non-premium hatchbacks, the core segment of the company, which declined by 5 per cent in FY22 due to rising costs as compared to 2020-2021, and were lower by 29 per cent as against 2018-19, he added.

“On the other hand, the SUV sector continued to grow. We did not have enough models in this segment to compete effectively, though the situation has now become much better with the launch of the remodelled Brezza and the global launch of Grand Vitara,” Bhargava said.

More models are to follow, he said adding, “We are hopeful that MSIL’s market share will rapidly increase in the SUV segment.”

On electric vehicles (EVs), he said the Gujarat plant of Suzuki Motor Corporation will start production from 2024-25 and will be sold by MSIL.

“As I had mentioned last year, it will take time for EVs to become the major product in all the segments of the car market. In the period till this change happens, the object of carbon footprint reduction would be facilitated by incentivising the use of CNG, ethanol, biogas and strong hybrids in addition to EVs,” he added.

To meet future demands, Bhargava said MSIL has finalised land purchase at Kharkhoda in Haryana for its new manufacturing plant, where it is investing Rs 11,000 crore in the first phase.

“We are giving high priority to expanding production facilities at this site so as to meet future demands. The first unit is planned to be commissioned in 2025 and the second about a year later,” he added.

Depending on market conditions, Bhargava said, “… this site has the potential to become one of the largest car manufacturing sites anywhere in the world. The facilities will incorporate the best of technology and generate employment opportunities in the State of Haryana and all over India.

(PTI)

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Prompt Grievance Redressal Of Taxpayers Top Priority: CBDT Chairman Nitin Gupta

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In his message on the occasion of Income Tax Day, he said the tax department has reported the highest ever tax collection of Rs 14.09 lakh crore in the fiscal year ended March 31, 2022

Prompt redressal of taxpayers’ grievances remains the top priority for the tax department, the newly appointed chairman of Central Board of Direct Taxes (CBDT) Nitin Gupta said on Sunday. In his message on the occasion of Income Tax Day, he said the tax department has reported the highest ever tax collection of Rs 14.09 lakh crore in the fiscal year ended March 31, 2022 due to streamlining of policies and processes that eased compliance for taxpayers.

“However, we cannot rest on our laurels and need to keep working hard to maintain this momentum,” he said. “Prompt redressal of taxpayers’ grievances in the true spirit of the Taxpayers’ Charter shall remain a top priority area.” CBDT, the tax administration arm of the government, will continue to engage proactively with the taxpayers and other stakeholders and will use their feedback to keep improving processes.

Gupta said the last few years have witnessed tremendous changes across sectors in the economy including increasing digitization, emergence of new categories of businesses and new asset classes. “The taxpayers of today desire ease of compliance and prompt redressal of their issues,” he said. “Alive to such changes the department has redesigned its policies and re-engineered its processes with the aim of enhancing taxpayer convenience and infusing greater transparency into its functioning.”

CBDT, he said, is an enabler and service provider. Stating that the Income Tax Department is not a monolithic entity, he said there are many areas of technical specialisation and differentiation which are being administered by committed cadres of officers and officials. “Behind those at the front-end dealing with assessments, grievance resolution and taxpayer services, there are dedicated personnel who are responsible for areas like formulation of policies, reskilling, and reorienting to the evolving needs of the stakeholders, maintaining the technical architecture etc,” he said.

“They have been largely instrumental in the change management that the department has been able to successfully achieve over the last few years.” Gupta, who took over as the new head of CBDT late last month, said the tax department needs to abide by a service-oriented approach, strengthened by rights values and ethics, innovation, collaboration and resilience. “Let this compass of taxpayer facilitation continue to be the guiding force as we chart a new course in an Atmanirbhar Bharat,” he added.

In his message, Revenue Secretary Tarun Bajaj said the government has been at the forefront in initiating reforms in the area of direct taxes. “These include both legislative and administrative reforms.” The government, he said, has instituted a stable, predictable and equitable tax regime, characterised by policy certainty as well as responsiveness to the needs of the taxpayers. “Simplification of tax laws, reducing litigation, promoting voluntary compliance by taxpayers and streamlining the departmental processes using technology for enhancing taxpayers’ convenience” are some of the areas of reforms, he said.

While the tax department has taken several measures to curb tax evasion, it has also transformed itself over the years to deliver time-bound services to taxpayers. “The structural and procedural changes undergone by the department in adoption of a faceless regime have been widely appreciated,” Bajaj added.

(PTI)  

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Sandeep Kumar Gupta To Be Next Chairman Of GAIL, Succeeds Manoj Jain

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GAIL is India’s largest gas transmission and gas marketing company, with a 14,502-kilometre gas pipeline network and a capacity of 206 million standard cubic meters a day. Its natural gas pipeline network covers 21 states

Sandeep Kumar Gupta, Director for Finance at Indian Oil Corporation, has been picked to head India’s largest gas utility GAIL (India) Ltd, the government headhunter said. The Public Enterprises Selection Board (PESB) selected Gupta, 56, for the post of chairman and managing director of GAIL after interviewing 10 candidates, it said in a post-interview notice. He will replace Manoj Jain, who is scheduled to retire on  31 August.

The PESB recommendation will be vetted by the Appointments Committee of the Cabinet (ACC) headed by Prime Minister Narendra Modi, after the go-ahead of anti-corruption bodies such as the CVC and CBI. A commerce graduate and Chartered Accountant by education, Gupta has more than 31 years of working experience at Indian Oil Corporation (IOC), the nation’s largest oil refining and fuel marketing company. He has been Director (Finance) of IOC since  3, August  2019.

With an experience of handling almost the entire gamut of finance and accounts activities, his tenure as Director (Finance) witnessed two extreme volatile global oil price cycles and deregulation of petrol and diesel prices in India. At IOC, his responsibilities also included financial planning and analysis, corporate finance and treasury, international trade and pricing. He is also on the board of IOC Middle East FZE, Dubai and Indian Oil Petronas Pvt Ltd. If approved by ACC, Gupta will have a term till February 2026. 

GAIL is India’s largest gas transmission and gas marketing company, with a 14,502-kilometre gas pipeline network and a capacity of 206 million standard cubic meters a day. Its natural gas pipeline network covers 21 states. It holds around 70 per cent share of the gas-transmission network and more than 50 per cent share of natural gas sales in India. PESB said it interviewed GAIL Directors Rakesh Kumar Jain and Deepak Gupta, as well as four other executive directors of the company on  28 June.  Manoj Kumar Dubey, Director (Finance), Container Corporation of India Ltd (Concor) and Airports Authority of India (AAI) executive director Suneel Dutt were others interviewed.

(PTI)

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Tata Steel Performance Historic, Says Tata Sons Chairman N Chandrasekaran

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The Tata Group is committed to double the capacity of Tata Steel from the current 20 million tonnes in India to 40 million tonnes during this decade, Chandrasekaran said

Tata Sons chairman, N Chandrasekaran Thursday said the performance of Tata Steel is “historic” but its best is yet to come.

The Tata Group is committed to double the capacity of Tata Steel from the current 20 million tonnes in India to 40 million tonne during this decade, Chandrasekaran said after paying his homage to its founder Jamsetji Nusserwanji Tata on his 183rd birth anniversary.

Tata Steel has had the best performance in its history. “In terms of output, financial performance, it has been a historic one”, he said. He complimented Tata Group in general and Tata Steel in particular for raising to the occasion in “multiple fronts” during the global lockdown.

“The Tata Group has come through with the support of all of you, it has been extremely satisfying. Tata Steel, in particular, rose to the occasion on multiple fronts whether it is ensuring employees’ safety, ensuring that the citizens of Jamshedpur got the best of support during Covid,” he said at a programme in Jamshedpur.

The company had within the span of a few weeks during the second wave of COVID-19 increased its medical oxygen capacity ten-fold and was able to get the necessary cryogenic cylinders to transport it, he said.

“All this would not have been possible without the citizens of Jamshedpur, who has always supported Tata Group and Tata Steel. It is proof of the value system that has been instilled in the group by our founder for a very very long time,” Chandrasekaran said.

Speaking about Jamshedpur, founded by Jamsetji Tata, he said “We are already making an investment in Jamshedpur and have a desire that every Tata Group company has its home in the city … In fact, we have already brought in Tanishq, Bigbasket. Tata Power is very much active in the city,” he said.

He hoped to develop the steel city not only as a national benchmark in terms of sustainability, ease of living but as a world-class city by creating all facilities and by bringing in digital technology.

Earlier, Chandrasekaran accompanied top officials of Tata Steel and Tata Group of companies paid tribute to its founder at Tata Steel works here.

(PTI)

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Virtusa Announces Rajeev Mehta As New Chairman Of The Board

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Raj succeeds Sander van‘t Noordende, who was recently nominated as Randstad’s new CEO

Virtusa Corporation today announced the appointment of Rajeev (Raj) Mehta as its new Chairman of the Board of Directors. Raj brings a wealth of industry knowledge, business acumen, and strategic thinking to Virtusa’s Board of Directors. He has held several leadership positions, including a lauded tenure as President of Cognizant, where he spearheaded major business units and integrated more than 50 acquisitions across geographies and industries during his 22 years with the company. 

“We’re excited to welcome Raj to Virtusa, as his experience and insights will help the company innovate, execute and grow,” said Santosh Thomas, CEO of Virtusa. “Raj brings great energy, experience, and confidence, along with first-hand knowledge of how to run high-performing global businesses. We are thrilled that he is joining our team.”

“Working in this industry for the past few decades, I’ve always had tremendous respect for Virtusa,” said Raj Mehta, incoming Chairman of the Board, Virtusa. “It’s an honor to have an opportunity to work with such an incredible company and leadership team. With deep engineering roots and unmatched industry knowledge, Virtusa has set the foundation for an exciting future.”

Raj succeeds Sander van‘t Noordende, who was recently nominated as Randstad’s new CEO.

“On behalf of the Board of Directors and the Virtusa team, I want to thank Sander for his leadership, collaboration, and support during a critical time for Virtusa,” said Santosh Thomas. “We wish him great success in his new role and appreciate all of the contributions he’s made at Virtusa.”

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