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Friday, May 11, 2018

Sebi splits CMD post, raises minimum board strength to 6
In sweeping changes to the way the listed companies constitute their boards, regulator Sebi has asked them to split the post of chairman and managing director and have at least six independent directors, including a woman. The changes need to be put in place in phases, Sebi said, while setting a deadline of April 1, 2019 regarding the independent directors. The companies will have more time to split the CMD post, for which the deadline is April 1, 2020. The move comes after Sebi's board in March accepted 40 of the 80 recommendations of the Uday Kotak panel on corporate governance. The panel had submitted its report to Sebi in October last year.

Prabhu to discuss credit woes of jewellery sector with bankers
Commerce and Industry Minister Suresh Prabhu will tomorrow discuss the credit-related issues of gems and jewellery exporters with bankers in Mumbai. The Gem & Jewellery Export Promotion Council (GJEPC) is organising a banking summit in the maximum city to discuss credit-related matters. The industry has been urging bankers not to reduce their current credit limits as this would hamper and erode exports and employment creation. "We want to address their problem. It's a genuine problem. They are facing lot of challenges. We will tell banks to come out with a foolproof system but do not deprive the sector of credit," Prabhu told PTI.

Fino Payments Bank plans Rs 300-cr IPO by October
Fino Payments Bank is looking to raise up to Rs 300 crore through a share sale by October, a top official has said. "We should raise Rs 300 crore by September-October," managing director and chief executive Rishi Gupta told reporters here. He said the share sale will consist of both fresh issue of shares and offer for sale by promoters, and the proceeds will be used for business expansion, technology and marketing, and a secondary deal where existing investors will dilute thier stakes. The bank, which has ICICI Bank, IFC and the state-run oil marketeer BPCL among others as shareholders, is in the final stages of appointing merchant bankers for the share sale, he said.

Shari Academy to commence cinematography & film making course
Girish Mistry’s Shari Academy shall commence Cinematography & Film Making Diploma Course of 14 months duration from June 2018 to September 2019. The fee will be Rs. 3.20 lakh per student. Shari Academy offers an in-depth foundation in digital video production, right from principles, history, understanding video and cinematography, tools, lighting and light equipment, audio, editing, video storytelling, documentary, advanced editing, filming events, ad and corporate films, color management and video enhancement, etc. making 5 films minimum by the students,. Taught by experienced cinematographers, with renown visiting faculty from films & cinematography field, with final projects to be screened in the presence of renowned Professionals.

Prabhu seeks US help to locally manufacture aircraft
Aviation minister Suresh Prabhu yesterday sought cooperation from the US to locally produce civil and defence aircraft in the country. "The US is a leader in the aviation space and we will be very happy to collaborate with them to locally manufacture civil and defence aircraft," Prabbu told the sixth Indo-US aviation summit here. The minister also said such cooperation will offer great business opportunities to American companies already present in the country. "There are many areas of mutual interest that we need to discuss such as how do we make passenger and defence aircraft here locally; how do we make drones by collaborating with our US partners," he said.

Value of promoters pledged shares rises 7.5% in April
Value of shares pledged by promoters of BSE-listed companies reached around Rs 2.57 lakh crore at April-end, a rise of 7.5% over the preceding month, according to exchange data. Till April this year, pledging of shares by promoters was seen in as many as 3,142 out of 5,043 BSE-listed companies with a market capitalisation of over Rs 152 lakh crore. Share pledging is typically done by promoters to raise funds either for the same company or for financing other projects. Decline in the level of share pledging may indicate scaling down in stress as high pledging levels are not considered a good sign by investors as a downturn in the market price can lead to invocation and change in management.

Indian Bank records 4Q standalone net profit at Rs 131.98 Cr
The Public sector Indian Bank has recorded a dip in the fourth quarter ending March 31, 2018 standalone net profits at Rs 131.98 crore due to higher provisioning, a top bank official said here yesterday. The city-headquartered bank, had standalone net profits at Rs 319.70 crore during corresponding period of last year. For the financial year ending March 31, 2018 standalone net profits slipped to Rs 1,258.99 crore from Rs 1,405.67 crore registered during year ago period. "Profit has come down in Q4 basically because of the one circular issued by Reserve Bank of India. And in almost all banks, the accounts which were under reservation because the reservation schemes withdrawn the accounts were required to be downgraded. So the provisioning part came there..", Indian Bank MD and CEO, Kishor Kharat told reporters.

Union Bank posts Q4 net loss of Rs 2,583 crore on higher provisions
Public sector Union Bank of India yesterday reported a standalone net loss of Rs 2,583 crore for fourth quarter ended March 2018, hit by higher provisions and contingencies and loss in investment. The bank said this loss in March quarter included investment depreciation of Rs 1,120 crore. The bank had registered a net profit of Rs 108 crore in the corresponding January-March quarter of 2016-17. Provisions for the quarter were upped at Rs 5,667.92 crore as against Rs 2,444.12 crore in the same period a year earlier, it said in a regulatory filing. There were slippages to the tune of Rs 10,043 crore in the last quarter of 2017-18, the bank said. Total income during the period also fell to Rs 9,596.86 crore as against Rs 9,771.05 crore a year ago. For entire 2017-18, the bank suffered a net loss of Rs 5,247.37 crore against a net profit of Rs 555.22 crore in 2016-17. Income for the year, however, was marginally up at Rs 37,737.86 crore from Rs 37,624.58 crore in 2016-17. On consolidated basis for the year, there was net loss of Rs 5,212.47 crore against net profit of Rs 572.64 crore. Income was up at Rs 38,413.65 crore from Rs 38,246.95 crore.

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