Third Umpire Brings Relief
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Sidelined BCCI chief N. Srinivasan (right) has been cleared of spot-fixing and betting during the 2013 edition of the Indian Premier League by the Supreme Court-appointed Justice Mukul Mudgal Committee. Son-in-law Gurunath Meiyappan was found to be involved in betting, but exonerated of spot-fixing charges. Raj Kundra, owner of the Rajasthan Royals team was in contact with bookies, the panel found.
Infosys BPO’s chief financial officer Abraham Mathews was asked to leave after he failed to report fraud by an employee at one of its subsidiaries. CEO Gautam Thakkar, too, resigned on ‘moral grounds’. Infosys said the two failed to comply with the company’s code of conduct. This is the first such incident at India’s second-largest software firm. Mathews has been replaced by Deepak Bhalla, while Anup Uppadhayay takes over from Thakkar.
Oklahoma oil tycoon Harold Hamm was ordered to pay $1 billion in cash and assets to ex-wife Sue Ann Hamm in one of the largest divorce judgments in the US. The 68-year-old CEO of Continental Resources is worth an estimated $20.2 billion, according to research firm WealthX. The majority of his wealth was accrued during his 26-year marriage. Sue, 58, gets only 6 per cent of the $18 billion fortune her lawyers say the couple amassed at the start of the divorce trial in August.
Making It Big
Kunal Shah, an Indian-origin managing director at Goldman Sachs, has been promoted to the position of partner, becoming one of the youngest to be inducted into the global investment giant’s most coveted club. Shah, 32, is among the 78 individuals to be promoted to this position, and one among the five persons of Indian origin to have made the cut in the firm’s list of partners this year. The Cambridge University math grad was elevated to the post of managing director at the firm when he was 27. Eric Mindich holds the record for becoming the youngest partner at the company, at the age of 27.
Pimco’s founder and former star fund manager Bill Gross earned $290 million last year, though its 59 managing directors split a bonus pool of $1.2 billion among them, says a news report. While Pimco’s ugly politics has often played out in the open, the firm managed to keep secret its compensation amounts. Pimco disputed the numbers in a statement. Gross told co-workers that Pimco wouldn’t have accumulated $2 trillion in assets without his name and reputation.
An unidentified person tried to abduct Aurobindo Pharma vice-chairman K. Nityananda Reddy in Hyderabad’s posh Banjara Hills area and fired shots at him when he resisted. Reddy escaped unhurt. The police seized an AK-47 and a few empty shells from the spot. Reddy was accosted near his car when he was returning from his morning walk. He, along with P.V. Ramaprasad Reddy and others, founded the company in 1986 and is a whole-time director.
India’s second-largest brewer SABMiller India has appointed Shalabh Seth as managing director, replacing Grant Liversage, who is returning to South Africa after less than 18 months in charge of the company. With this appointment, SABMiller India would have had four managing directors in the past eight years.
Anil Rai Gupta was appointed chairman and managing director (CMD) of Havells India following the demise of founder-chairman Qimat Rai Gupta (QRG) on November 14. Anil was serving as the joint managing director before being elevated to CMD. “QRG’s passing is a sad and difficult time for all of us,” he said in a statement. “Our values originated from him and his spirit will be the foundation of Havells.”
(This story was published in BW | Businessworld Issue Dated 15-12-2014)