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BW Businessworld

People In The News: Unflinching Support

Trust former chief minister of Uttar Pradesh and Bahujan Samaj Party supremo Mayawati to come out in support of minority groups every single time. This time, participating in the debate on ‘Commitment to the Constitution’ in Rajya Sabha, she demanded extension of reservation to the backward castes in the private sector. She also pushed for reservation for poor people from upper castes. “The quota of SC/ST should be increased and more communities should be included,” she said.

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Trust former chief minister of Uttar Pradesh and Bahujan Samaj Party supremo Mayawati to come out in support of minority groups every single time. This time, participating in the debate on ‘Commitment to the Constitution’ in Rajya Sabha, she demanded extension of reservation to the backward castes in the private sector. She also pushed for reservation for poor people from upper castes. “The quota of SC/ST should be increased and more communities should be included,” she said.

One More Down

Media magnate Peter Mukherjea, former CEO of Star India, has been arrested by CBI in the murder of Sheena Bora, the daughter of his wife Indrani Mukerjea from her former husband. Peter’s arrest, the fourth in the case, came hours after the CBI filed a 1,000 page charge sheet against Bora’s mother Indrani, her stepfather Sanjeev Khanna, and Indrani’s former driver Shyamvar Rai in the Esplanade court in Mumbai. Peter has been remanded to CBI custody.

A Happy Cut
Bharti Group chairman Sunil Bharti Mittal announced a a voluntary Rs 5-crore pay cut as part of his company’s move to launch a Rs 10 crore initiative meant to provide financial and legal assistance to first-time undertrials, involved in minor offences. Nyaya Bharti — the new corporate social responsibility step launched by Bharti Foundation — will focus on undertrials in local courts in Delhi-NCR, Punjab and Haryana by paying bail and surety amounts.

Topping Charts
Hero MotoCorp’s promoter Pawan Munjal emerged the highest paid director among the top listed private companies as his pay package in last fiscal was around Rs 44 crore. As per a proxy advisory firm InGovern, Munjal took home Rs 43.91 crore last fiscal, which is 1.84 per cent of his company’s net profit. Munjal was followed by two other executives of the auto group, late Brijmohan Lall Munjal and Sunil Kant Munjal.

Yet Another Revolution

Facebook CEO Mark Zuckerberg has decided to take two months of paternity leave after his daughter’s birth. A strong statement like this from one of the busiest and most powerful US executives will go a long way in de-stigmatising paternal leave. While Silicon Valley technology firms do extend parental leave allowances and other benefits in an attempt to recruit and retain talent, many do not take advantage for fear of falling behind at work or missing out on promotions.

New Ride
Taxi hailing service Ola has fortified its finance team by hiring the former chief financial officer (CFO) of Infosys, Rajiv Bansal, as its new CFO. Bansal replaces Mitesh Shah, who will now lead strategic finance initiatives as part of Bansal’s team. Bringing close to 21 years of experience in finance, Bansal will join the company in January.

On Top
Zarin Daruwala has been appointed as the CEO of Standard Chartered Bank, India, in place of incumbent Sunil Kaushal. Fifty-year-old Daruwala was president of the wholesale banking group at ICICI Bank. She brings outstanding experience from her 25 years in the industry, having led teams in corporate banking, project finance, financial institutions, government and public sector banking, as well as building out ICICI’s rural and agri-finance offering.

Gone Awol

Yim Fung , chairman and CEO of China’s largerst broker Guotai Junan International Holding, is missing since 19 Novermber. The mystery surrounding the 52-year-old raised fears that he may be in police detention as part of a widespread investigation into alleged stock market corruption which Beijing launched in the wake of China’s share collapse.

(This story was published in BW | Businessworld Issue Dated 14-12-2015)