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Tag: board

Ex-Labour MP Raynsford on board with Crossrail

Ex-Labour MP Raynsford on board with Crossrail

Business
Former Labour MP Nick Raynsford is being parachuted into an increasingly frantic effort to salvage Crossrail, the £15bn London rail project that could see its budget soar this week by another 10%. Sky News has learnt that Mr Raynsford, a former transport minister who stepped down as an MP at the 2015 general election, is being lined up as Crossrail's deputy chairman.His appointment is expected to be announced on Monday alongside an acknowledgement in parliament by ministers that the overall cost of the Elizabeth Line is likely to rise by another £1.5bn.Its full opening, originally scheduled for this autumn, is now likely to be delayed until 2020, according to Whitehall sources.The news of Mr Raynsford's impending appointment comes days after Sir Terry Morgan was ...
Group-level resolution for crisis, debt unlikely: IL&FS board

Group-level resolution for crisis, debt unlikely: IL&FS board

Finance
The Uday Kotak-led board of Infrastructure Leasing and Financial Services (IL&FS) had informed the National Company Law Tribunal (NCLT) Monday that a single group-level resolution for the crisis and the Rs 91,000 crore debt seems tough and it will focus on vertical as well as asset-level resolution. Through the group-level resolution, the board was looking at a significant capital infusion from strong investors. "Based on an outreach conducted by the FTA, the initial assessment seems to indicate that currently, the group-level resolution option is unlikely to materialise," the board said in its second report on progress and way forward submitted to the NCLT. The board is engaging with financial and transaction advisors (FTAs) to assess the vertical and asset-level resolution options consid...
Sebi may summon Kochhars soon; board to discuss coordinated efforts with govt, RBI

Sebi may summon Kochhars soon; board to discuss coordinated efforts with govt, RBI

Finance
Capital markets regulator Sebi (Securities and Exchange Board of India) may soon summon ICICI Bank's on-leave CEO Chanda Kochhar and her husband with regard to a probe into alleged regulatory lapses with regard to his business dealings, officials said Sunday. Besides, some other top officials of the bank, as also from Videocon, which allegedly benefitted due to its association with Kochhar's husband, are also likely to be called for their personal hearings regarding charges against them that may lead to the bank and its embattled chief being slapped with several crores of rupees in fines and other penal actions including ban from markets and directorships. According to top officials, the multi-agency probe into ICICI Bank and business dealings of the Kochhar family will also be discussed...
Government appoint S Gurumurthy, Satish Marathe as part-time directors on RBI board

Government appoint S Gurumurthy, Satish Marathe as part-time directors on RBI board

Finance
The government on Tuesday appointed journalist S Gurumurthy and Satish Marathe patron of Sahakar Bharathi as part-time directors on the Reserve Bank of India (RBI) board after an approval from the appointments committee of the cabinet. Both appointments are for a four year term. In a release the government said that both appointments were approved by the appointments committee of the cabinet after a proposal from the department of financial services. S Gurumurthy is currently the editor of Tamil political weekly Thuglaq and also the co-convenor of RSS affiliate Swadeshi Jagran Manch. Marathe is the patron of Sahakar Bharati an NGO furthering the co-operative moment in India. The latest appointments take the total government appointed directors on the RBI board to 10, the maximum permitted...
Fiat Chrysler board meets in light of CEO's surgery

Fiat Chrysler board meets in light of CEO's surgery

World
The boards of Fiat Chrysler, Ferrari and CNH Industrial were called to urgent meetings Saturday in Italy in light of executive Sergio Marchionne's recent surgery and prolonged convalescence. The La Stampa daily, the hometown newspaper of Fiat's headquarters city, Turin, where the boards were summoned to separate meetings, said the huddles were called to discuss who would succeed Marchionne. The 66-year-old Italian-Canadian holds multiple leadership roles in the companies, notably as CEO of FCA — Fiat Chrysler Automobiles. Statements from the boards were expected later Saturday. Marchionne had shoulder surgery three weeks ago in Switzerland, the Corriere della Sera newspaper reported. News reports have indicated his convalescence was taking longer than expected. The CEO of Fiat sinc...