Tag Archives: Shriram Subramanian

InGovern MD on Castrol share reduction plan in Economic Times

 

InGovern MD, Shriram Subramanian, was featured in an article named “Cash-rich Castrol to reward its investors” in Economic Times on 13 September 2013.

Automobile lubricant maker Castrol will return half of its Rs 494.56-crore equity capital in its books to its shareholders by giving Rs 5 for every share they own, a first of its kind move by an Indian listed company.

In simple terms, Castrol will more…

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InGovern MD on United Spirits-Diageo deal in Times of India

 

InGovern MD, Shriram Subramanian, was featured in an article named “USL to act as sales agent for Diageo’s global brands” in Times of India on 12 September 2013.

The world’s largest spirits maker Diageo is set to unveil a dual business structure in India. The drinks giant’s fully-owned subsidiary Diageo India Private will keep the economic interests, marketing and strategic decisions on all its international brands, leaving their distribution more…

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InGovern MD on MCX licence renewal in Live Mint

 

InGovern MD, Shriram Subramanian, was featured in an article named “Sebi renews MCX-SX licence, asks it to boost governance” in Live Mint on 11 September 2013.

The capital markets regulator has renewed the license of MCX Stock Exchange, one of the affiliates of Financial Technologies (India) Ltd (FTIL), for one year, but asked the exchange to strengthen corporate governance, an order that comes after the payments crisis at affiliate more…

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Is Infosys losing its corporate governance sheen?

 

If all Indian companies were subject to the level of scrutiny that Infosys undergoes by media and analysts, the Indian corporate governance landscape would be much rosy. Media and analysts do not even note that the India’s largest listed real estate developer has made it possible to unilaterally give life-time pensions to its directors, at a time when the company itself has a stressed balance sheet and is trying more…

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InGovern MD on rising share pledges by Promoters in Mint

 

InGovern MD, Shriram Subramanian, was featured in an article named “Share pledges by promoters rise as stock markets fall” in Live Mint dated 23 August 2013.

Many Indian company promoters risk losing considerable wealth and eroding their ownership after pledging more than two-thirds of their shareholdings as collateral for funds at a time the economy is struggling for recovery and the stock markets are volatile.

Pledging of shares by more…

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InGovern MD on United Spirits management shakeup in Mint

 

InGovern MD, Shriram Subramanian, was featured in an article named “Diageo cleans the stables at USL as Mallya loses grip” in Live Mint dated 21 August 2013.

Diageo Plc. has started exercising its powers as the largest shareholder in United Spirits Ltd (USL) by moving as many as 100 UB Group executives off the payrolls of India’s largest distiller—a clear indication that UB Group chairman Vijay Mallya more…

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InGovern MD on Madras Cements in Economic Times

 

InGovern MD, Shriram Subramanian, was featured in an article named “Madras Cements ‘CSR’ funds going to promoter-run trust, analysts crying foul” in Economic Times on 16 August 2013.

South India’s No. 2 cement maker Madras Cements, whose industry-beating margins made it a top performer at the bourses last year, is now making investors queasy by its donations to a promoter-run trust for building an engineering college. The more…

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InGovern MD on NSEL crisis in Business Standard

 

InGovern MD, Shriram Subramanian, was featured in an article named “NSEL crisis: ‘Time for Sebi to take leadership‘” in Business Standard on 15 August 2013.

Governance and regulatory experts say the National Spot Exchange (NSEL) crisis has reached a stage where a strong regulator such as the Securities and Exchange board of India (Sebi) has to take leadership and prevent the situation from worsening further.

The calls more…

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InGovern MD on National Spot Exchange Limited in Mint

 

InGovern MD, Shriram Subramanian, was featured in an article named “NSEL investors fear default; brace for legal battle” in Live Mint on 13 August 2013.

High-profile investors in the embattled National Spot Exchange Ltd (NSEL) are exploring legal options, apprehending default by the commodity exchange, even as NSEL is likely to release the plan to meet its payout obligations.

NSEL is a unit of the Jignesh Shah run Financial more…

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Special Report: Mutual Funds Voting Pattern 2013 Analysis

 

InGovern Research Services released its special report on “Mutual Funds Voting Pattern 2013 Analysis”.

In its third edition of this special report titled “Mutual Funds Voting Pattern 2013 Analysis”, InGovern has analyzed the proxy voting patterns of Indian mutual funds as per disclosures made by the respective AMCs for the year 2012-13. The objectives of the report are:

  • To assess the pattern of voting by mutual funds in ensuring
  • more…

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InGovern MD on role of retail investors in Economic Times

 

InGovern MD, Shriram Subramanian, was featured in an article named “How can retail investors play a more active role?” in Economic Times on 02 August 2013.

How can retail investors play a more active role so that their rights are not usurped?

Shriram Subramanian, Founder & MD, InGovern Research Services: When shareholders face issues, they should communicate with the company management and write to regulators or the more…

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InGovern MD on cover story of CFO India Magazine

 

InGovern MD, Shriram Subramanian, was featured in the cover story titled “Auditors & CFOs Too close for comfort?” in CFO India Magazine in its August Edition.

Auditors and CFOs have a complex but close relationship. With the global financial crisis and the spate of scandals in the last decade, the relationship is in transition. CFO India tries to map the road ahead

Shriram Subramanian quoted the following: more…

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InGovern MD on IBM executive fraud in Times of India

 

InGovern MD, Shriram Subramanian, was featured in an article named “IBM executive fraud puts focus on performance pressure” in Times of India on 01 August 2013.

IBM India is said to have sacked 24 employees in early July for overstating revenues by $8 million during 2011-12. The company has not denied the media report that said that the overstatement was done by executives who were under pressure to achieve more…

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InGovern MD on HoldCo discounts in Economic Times

 

InGovern MD, Shriram Subramanian, was featured in an article named “Holding companies shares slump on D-Street”in Economic Times on 31 July 2013.

When Swiss company Holcim completes the planned reorganization of its cement business in India, it will effectively end up transforming Ambuja Cements, one of its two companies in the country, into an operating-cum-holding firm. Historical data shows this structure might not be good for minority shareholders more…

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Minority shareholder activism sees green shoots: Business Standard

 

InGovern MD, Shriram Subramanian, was featured in an article named “Minority shareholder activism sees green shoots” in Business Standard on 26 July 2013.

The Securities and Exchange Board of India’s repeated reminders to mutual funds, asking them to be more active in the decision-making process of investing companies, haven’t fallen on deaf ears after all. In 2012-13, top fund houses improved their record in voting on important resolutions by more…

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Sebi asks financial watchdog agencies to work together: Mint

 

InGovern MD, Shriram Subramanian, was featured in an article named “Sebi chairman asks financial watchdog agencies to work together”in Live Mint on 24 July 2013.

The head of the capital market regulator U.K. Sinha called on all financial watchdog agencies to work together and share information to be able to crack down on pyramid schemes. It is possible for agencies to share information among themselves even at the more…

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InGovern MD on IRDA fining Max Life Insurance in Cafe Mutual

 

InGovern MD, Shriram Subramanian, was featured in an article named “IRDA slaps Rs 10 lakh fine on Max Life Insurance” in Cafe Mutual on 24 July 2013.

The insurance company paid excess commission to Barclays Investment and Loans (India) for FY08 and FY09.

IRDA has imposed a fine of Rs 10 lakh on Max Life Insurance for paying higher commissions than what is permitted to its corporate agent – more…

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InGovern MD on use of “Emphasis of Matter” in ET

 

InGovern MD, Shriram Subramanian, was featured in an article named “Wary auditors issue emphasis of matter statements to flag likely financial risks” in Economic Times on 19 July 2013.

For investors, it’s a new place in an annual report where they can find clues to financial risks facing a company that are currently under the radar but could snowball into something big. For auditors, it’s a way to insulate more…

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InGovern MD on Neyveli Lignite Share Sale in Business Standard

 

InGovern MD, Shriram Subramanian, was featured in an article named “Neyveli share-sale plan defies public holding intent” in Business Standard on 17 July 2013.

The Securities and Exchange Board of India (Sebi)’s decision to allow the Tamil Nadu government to buy the Centre’s stake in Neyveli Lignite Corporation (NLC) to meet minimum public shareholding norms has faced criticism from advocates of sound corporate governance practices.

Currently, government holding more…

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InGovern on MNCs control in Indian units in Business Today

 

InGovern MD, Shriram Subramanian, was featured in an article named “Parental Control: Multinationals are increasing stakes in their Indian units, which could be the first step to delisting from the bourses” in Business Today on 21 July 2013.

The mother of all buybacks by a multinational company (MNC) began on June 22 when consumer goods behemoth Unilever Plc started its Rs 29,200-crore open offer to raise its more…

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InGovern on shareholder activism by insurance cos in Live Mint

 

InGovern MD, Shriram Subramanian, was featured in an article named “LIC’s shareholder activism will be joke of the century” in Live Mint on 05 July 2013.

If everything goes as per the Securities and Exchange Board of India’s plan, insurance companies will assume the guardianship of corporate governance in India. According to a report in the Economic Times, the capital markets regulator has approached the Insurance Regulatory more…

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InGovern MD on insurance cos role in CG in Economic Times

 

InGovern MD, Shriram Subramanian, was featured in an article named “Sebi urges IRDA to instruct insurers to help improve corporate governance standards” in Economic Times on 05 July 2013.

Capital markets regulator, Sebi, is urging its counterpart in the insurance sector to encourage insurers to become more vocal on issues of corporate governance. Insurance companies hold significant stakes in listed Indian entities, with LIC, the largest, alone managing more…

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InGovern on performance of politically connected firms in LiveMint

 

InGovern MD, Shriram Subramanian, was featured in an article named “How ‘politically connected’ firms have fared on the stock market” in Live Mint on 03 July 2013.

Companies that are regarded as being politically connected by Ambit Capital Pvt. Ltd have had a mixed correlation with the BSE-500 index over the past few years, the brokerage said in a survey.

The index was almost in sync with the BSE-500 more…

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InGovern MD on CEO turnover rates in Economic Times

 

InGovern MD, Shriram Subramanian, was featured in an article named “Non-performance of CEOs is not tolerated anymore, big names get the boot” in Economic Times on 01 July 2013.

When Walmart India released a terse statement last week that its CEO “is no longer with the company”, without touching upon the reasons for his exit, Raj Jain became the latest high-profile exit from a company in strife to more…

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InGovern MD’s editorial on defining Control in Business Standard

 

InGovern MD, Shriram Subramanian’s article “Defining control of Indian firms: Are we there yet?” was published in Business Standard on 28 June 2013.

The Reserve Bank of India (RBI) is soon expected to notify the Foreign Exchange Management Act, or FEMA rules on the definition of “owned or controlled”. The nod from the Cabinet Committee on Economic Affairs is awaited. However, assessing control is a complex and contentious issue more…

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InGovern MD on change in Buyback norms in Business Standard

 

InGovern MD, Shriram Subramanian was quoted in an article named “Buybacks made tougher, FII investment route eased” in Business Standard on 26 June 2013.

The SEBI, at a board meeting on Tuesday, tightened share buyback rules to discourage companies from announcing frivolous offers. Also, to simplify the process for foreign investors to bring money into the country, the market regulator approved some key changes to foreign investment routes.

SEBI more…

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InGovern on SAT rulings on open offers in Economic Times

 

InGovern MD, Shriram Subramanian was quoted in an article named “SEBI to challenge SAT rulings on open offer against 2 companies” in The Economic Times on 26 June 2013.

Capital market regulator SEBI is likely to challenge recent rulings by the Securities Appellate Tribunal (SAT) before the Supreme Court as it feels the former’s orders could set a wrong precedent.

Last week, SAT has overturned orders passed by SEBI more…

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InGovern MD on control and ownership in Business Standard

 

InGovern MD, Shriram Subramanian was quoted in an article named “Legal quirks: When control overtakes ownership” in Business Standard on 25 June 2013.

The Jet-Etihad airline deal has put the spotlight on the C-word. With several definitions of control under different laws, business partners are known to try and get control disproportionate to their level of ownership in a business. The Jet-Etihad deal is an example.

Corporate more…

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InGovern MD on Yes Bank board row in Economic Times

 

InGovern MD, Shriram Subramanian was quoted in an article named “Board row: Shagun Gogia files nomination, YES Bank may turn down her name; stage set for a legal battle” in Economic Times on 19 June 2013.

Shagun Kapur Gogia, the daughter of the late Ashok Kapur, a co-founder of YES Bank, on Tuesday submitted her nomination for the position of director on the board of the private sector lender. more…

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InGovern on HCC Chairman’s Compensation in Economic Times

 

InGovern MD, Shriram Subramanian was quoted in an article named “HCC is in red but seeks an annual pay package of over Rs 10 crore for its chief Ajit Gulabchand” in Economic Times on 19 June 2013.

Even in bad times, engineering and construction major Hindustan Construction Company (HCC) known for projects like Lavasa and the Bandra-Worli sea link, is seeking an annual pay package of Rs 10.08 more…

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InGovern MD on HCC Chairman’s Pay in First Post

 

InGovern MD, Shriram Subramanian was quoted in an article named “Making hay while making losses: HCC chairman’s fat pay questioned” in First Post on 19 June 2013.

CEO packages are in focus once again. With awareness about the issue, resistance to executives getting fat pay checks even if their companies do not perform well, or worse still even make losses, is also increasing.

The latest addition to the more…

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InGovern MD on Jet Airways – Etihad Deal in Business Today

 

InGovern MD, Shriram Subramanian was quoted in an article named “Is Etihad getting too much control in Jet Airways with too little investment?” in Business Today on 18 June 2013.

“Making the Investor Board Member immune from consequences for any management lapses should be a cause for concern for shareholders”

b>When the UAE flag carrier Etihad Airways entered into a deal with Jet Airways in April more…

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InGovern MD on SEBI’s Freeze on Voting Rights in BS

 

InGovern MD, Shriram Subramanian was quoted in an article named “Freeze on voting rights casts cloud on AGM season” in Business Standard on 08 June 2013.

The freeze on promoter voting rights by the Securities and Exchange Board of India (SEBI) at the beginning of the season for annual general meetings (AGM) has cast doubts on whether companies would be able to pass resolutions.

Earlier this week, SEBI more…

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InGovern MD on Rohan Murty’s entry to Infosys in BS

 

InGovern and its MD, Shriram Subramanian was featured in an article named “Not in the name of the father” in Business Standard on 08 June 2013.

“A brilliant academic record, a self-effacing demeanor and a willingness to work hard – plus the famous Murthy DNA, even if he spells his surname differently. But do these justify Rohan Murty’s entry”

InGovern MD, Shriram Subramanian, quoted the following on Rohan more…

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InGovern MD’s article on Infosys in Outlook India

 

InGovern MD, Shriram Subramanian’s article “Pop goes the fizz” was published in Outlook India on 17 June 2013.

In these times of low values, it is tragic when a ‘preceptor’ trades high principles for short-term needs. Infosys, and its founders, have always talked of setting higher corporate governance standards. The company also scored high on various corporate governance dimensions. For instance, it was one of few Indian firms to more…

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InGovern on Rhiti Sports Management issue in Economic Times

 

In an article named “MS Dhoni paid Rs 3 lakh to acquire 30,000 shares amounting to 15% equity holding: Rhiti” in Economic Times dated 04th June 2013, InGovern and its MD were quoted as follows:

Rhiti Sports Management sought to explain its relationship with MS Dhoni on Monday, clarifying that shares were issued to the Indian captain to secure “certain old outstandings” that were due for more than one more…

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InGovern on India Cements Capital Limited in Business Line

 

In an article named “India Cements’ NBFC misses minimum public holding deadline” in Business Line dated 04th June 2013, InGovern and its MD were quoted as follows:

India Cements Capital Ltd (ICCL), an N. Srinivasan-controlled listed NBFC apparently missed the deadline, which expired on Monday, on 75 per cent promoter holding norm. A few companies have also defaulted. A last minute disclosure, by the company, however, created more…

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InGovern on public shareholding norms in Business Line

 

In an article named “Public shareholding norms: SEBI may rap firms on the knuckles for non-compliance” in Business Line dated 04th June 2013, InGovern and its MD were quoted as follows:

Promoters of private companies that have not met SEBI’s minimum public shareholding norms deadline of June 3 may face the regulator’s wrath. Contrary to expectations of several market players, SEBI has not announced any blanket extension more…

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InGovern MD’s views on Infosys in CNN-IBN: Face The Nation

 

InGovern’s MD, Shriram Subramanian, was featured in a documentary on CNN IBN on June 04th 2013. The video link is shown below:

 

 

The video can also be watched from this link: CNN-IBN – June 04 2013

  more…

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InGovern on Murthy’s comeback to Infosys in Business Standard

 

In an article named “Proxy advisory firms give thumbs down to Murthy’s comeback” in Business Standard dated 04th June 2013, InGovern and its MD were quoted as follows:

The Infosys board’s move to recall co-founder N R Narayana Murthy at the helm of affairs hasn’t secured favourable reactions from proxy advisory and corporate governance research firms.

A minority investor looking at Infosys from a five-year perspective should more…

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InGovern MD on Narayana Murthy’s comeback to Infosys in ET

 

In an article named “Has Narayana Murthy compromised Infy’s high standards?” in Economic Times dated 04th June 2013, InGovern and its MD were quoted as follows:

The markets have cheered N R Narayana Murthy’s second innings, but a section of market observers feel the Infosys co-founder has compromised the high corporate governance standards he had previously set by returning to the company at his age, and that more…

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InGovern MD on Narayana Murthy’s comeback to Infosys in ET

 

In an article named “Why Narayana Murthy’s comeback will set Infosys back” in Economic Times dated 03rd June 2013, InGovern and its MD were quoted as follows:

Infosys is going through a tough time and needs strong leadership at its top. However, the changes announced along with, and including, Narayana Murthy’s return to Infosys as executive chairman are retrograde. When in trouble, Infosys has chosen to abandon the principles more…

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InGovern MD on Videocon loan restructuring in Live Mint

In an article named “Banks rework loan structure for six Videocon firms” in Live Mint dated 25th March 2013, InGovern and its MD was quoted as follows:

Lenders to the Videocon Group have devised a unique structure aimed at strengthening their confidence in the loan-servicing capability of its half a dozen consumer durables and home appliances companies, even as the conglomerate expects windfall gains from the sale of a stake more…

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InGovern MD on Nestle India royalty issue in Business Standard

In an article named “Nestle raises rate of royalty” in Business Standard dated 23rd March 2013, InGovern and its MD was quoted as follows:

The board of Nestle India today approved an increase of 1.1 percentage points in its rate of royalty payment to its Geneva-based parent, which will be staggered over the next five years. Currently, packaged foods major pays the 3.4 per cent of sales as more…

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InGovern on minimum public shareholding in Financial Express

In an article named “Promoters may have to sell cheap to meet Sebi’s June deadline” in Financial Express dated 22nd March 2013, InGovern was quoted as follows:

With just three months left for companies to adhere to Securities and Exchange Board of India’s (SEBI) deadline of meeting the minimum public shareholding norms, many private companies are contemplating diluting their shares at a steep discount to market rate.

According more…

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InGovern on recent share price impact on MNCs in Economic Times

In an article named “Shares of multinational companies skid on OFS route” in Economic Times dated 20th March 2013, InGovern was quoted as follows:

Shares of several Indian units of multinational companies have come under selling pressure after the firms opted for offer for sale or institutional placement programme to offload equity to comply with public shareholding norms, analysts have said.

Over the past three months, some of these shares more…

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Governance Watch – March 2013 Newsletter

 

The contents of this newsletter are:

  • InGovern Analysis: Listed companies non-compliant with minimum public shareholding norms
  • Q&A with Shriram Subramanian: Socially Responsible Investing
  • List of 35 InGovern vote recommendation reports published in February 2013
  • Upcoming Meetings: March 2013
  • Some interesting Tweets in February 2013
  • About Us
  • We are in the news!

The newsletter can be downloaded from: Governance Watch – March 2013 more…

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Meetings from January 2013 – March 2013

 

InGovern has published 83 vote recommendation reports for shareholder meetings between January 2013 and March 2013.

 

The list of vote recommendation reports can be downloaded from here: InGovern Vote Recommendations – January – March 2013.

 

If you need any specific report, please write to us at: 

info@ingovern.com

  more…

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Meetings from January 2012 – December 2012

 

InGovern has completed 439 vote recommendation reports for shareholder meetings between January 01, 2012 and December 31, 2012.

 

The list of vote recommendation reports can be downloaded from here: InGovern Vote Recommendations – January – December 2012.

 

If you need any specific report, please write to us at: info@ingovern.com more…

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InGovern in an article on Proxy Advisories in Business Standard

 

In an article named “Proxy warriors” in Business Standard dated 08th March 2013, InGovern was quoted as follows:

……. Shriram Subramanian, who was formerly with Infosys Consulting, founded InGovern, India’s first proxy advisory firm, in mid-2010. “In every Die Hard movie, there’s a scene where Bruce Willis’s side-kick asks him, ‘But why are you doing this?’ And he says, ‘Because there’s no one else.’ Here, I’m Bruce Willis,” says more…

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Socially Responsible Investing in Emerging Markets

 

Each week Emerging Markets ESG publishes an interview entitled, “Five Questions about SRI.”  The interview features a practitioner’s insights about SRI in emerging markets and through Emerging Markets ESG shares this expertise with a wide global audience. On March 08 2013, Emerging Markets ESG published the interview with Shriram Subramanian, Founder and Managing Director, InGovern Research Services, Bangalore, India and his insights about SRI in emerging markets, the extract more…

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InGovern MD comments on AstraZeneca Stake Sale in ET

 

In an article named “AstraZeneca stake-sale plan raises eyebrows” in Economic Times dated 07th March 2013, InGovern and its MD Shriram Subramanian were quoted as follows:

AstraZeneca Pharmaceuticals (AZPIL), the Anglo-Swedish drug maker, shelved its decade-old plans to go private in India, by deciding to dilute a part stake of promoters to others to meet the minimum shareholding limit set by the regulator. But a five-day delay in informing more…

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InGovern Recommends Voting Against Piramal Enterprises CCM

 

Piramal Enterprises Ltd. (PEL) has issued to its shareholders, the notice of the court convened meeting for a composite scheme of arrangement and amalgamation under Section 391 to 394 read with Section 78 and Sections 100 to 103 and other applicable provisions of the Companies Act, 1956, between PHL Holdings Private Ltd. (PHPL) and Piramal Enterprises Ltd. (PEL) and their respective shareholders and creditors.

Piramal Enterprises Ltd. has 47.01% more…

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InGovern Recommends Voting Against Pantaloon Retail CCM

 
Pantaloon Retail (India) Limited has issued the notice of the court convened meeting to its shareholders for a composite scheme of arrangement and amalgamation under Section 391 to 394 read with Section 78 and Sections 100 to 103 of the Companies Act, 1956 between Indus- League Clothing Limited and Lee Cooper (India) Limited and Future Ventures India Limited and Pantaloon Retail (India) Limited and Future Lifestyle Fashions Limited and more…

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Vote Recommendation: Piramal Enterprises Limited

Piramal Enterprises Ltd. (PEL) has issued to its shareholders, the notice of the court convened meeting for a composite scheme of arrangement and amalgamation under Section 391 to 394 read with Section 78 and Sections 100 to 103 and other applicable provisions of the Companies Act, 1956, between PHL Holdings Private Ltd. (PHPL) and Piramal Enterprises Ltd. (PEL) and their respective shareholders and creditors.

Piramal Enterprises Ltd. has 47.01% public more…

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InGovern MD comments on Delisting in Business Standard

 

In an article named “For India Inc, going private isn’t easy” in Business Standard dated 07th February 2013, InGovern and its MD Shriram Subramanian were quoted as follows:

Less than 24 hours after he decided to take Dell private through a $24.4-billion buyout deal, Michael Dell is already facing a tough time, with quite a few shareholders taking a dim view of the price.

Companies in India more…

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Governance Watch – February 2013 Newsletter

 

The contents of this newsletter are:

  • InGovern’s Views: SEBI’s Amendments to Preferential Issue Guidelines
  • Regulatory Alert: Revised requirements for Listed Companies for Scheme of Arrangement
  • List of 24 InGovern vote recommendation reports published in January 2013
  • Upcoming Meetings: February 2013
  • InGovern Vote Recommendations — Some Examples
  • Some interesting Tweets in January 2013
  • About Us
  • We are in the news!

The newsletter can be downloaded from: Governance Watch – February more…

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InGovern comments on SEBI’s Buyback Norms in Financial Express

 

In an article named “Proxy advisory firm suggests modifications to Sebi proposals on share buyback norms” in Financial Express dated 05th February 2013, InGovern was quoted as follows:

Proxy advisory firm InGovern has proposed some modifications to market regulator Sebi’s recommendations on changes in the share buyback norms.

While the InGovern report agreed on the suggestion to revive the minimum quantity of 50% of maximum buyback proposed, more…

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InGovern comments on Holcim Royalty in Mydigitalfc

 

In an article named “Investors oppose ACC, Ambuja tech fee: Advisory firms ask shareholders to vote against resolution on 1% knowledge fee to Holcim” in Mydigitalfc dated 31 January 2013, InGovern and its MD Shriram Subramanian were quoted as follows:

All the three proxy advisory firms in India which advise institutions and investors in the country have asked shareholders of ACC and Ambuja Cements to vote against more…

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InGovern MD comments on Royalty Payments in Business Standard

 

In a Q&A Article named “Increasing royalties ripping off minority shareholders”in Business Standard dated 30th January 2013, InGovern and its MD Shriram Subramanian were quoted as follows:

 

There has been a spurt in multi-nationals increasing royalties from their Indian subsidiaries in the recent years after the government removed all restrictions on the same. The increased royalty has made many minority and institutional shareholders angry as the more…

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InGovern MD comments on HUL Royalty in Business World

 

In an Article named “Paying Your Parent: The HUL board’s nod for a hike in royalty to Unilever raises question over norms”in Business World dated 26th January 2013, InGovern and its MD Shriram Subramanian were quoted as follows:

 

There is much debate on whether the existing norms that govern royalty payments by companies operating in India to their foreign promoters are good enough. This has followed the recent more…

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InGovern MD comments on HUL Royalty in Business Standard

 

In an Article named “Financial institutions battle royalty squeeze of HUL, others” in Business Standard dated 23rd January 2013, InGovern and its MD Shriram Subramanian were quoted as follows:

Financial institutions (FIs), led by the Life Insurance Corporation of India (LIC), are peeved at the way multinationals are raising royalties and technical know-how from their local subsidiaries. This, the FIs say, goes against the spirit of corporate more…

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InGovern on SEBI’s amended Open Offer norms in Mydigitalfc

 

In an Article named “Sebi clarification on open offers clears confusion” in Mydigitalfc dated 23 January 2013, InGovern was quoted as follows:

Indian companies may be breathing easy after the Securities and Exchange Board of India (Sebi) amended the takeover rules, giving clarity to the interpretation of the relevant date for an open offer price in M&As, but some think the rule changes are against the interest more…

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Governance Watch – January 2013 Newsletter

 

The contents of this newsletter are:

  • Increasing the role of institutional investors in corporate governance
  • Analysis: United Spirits – Diageo Open Offer
  • List of 20 InGovern vote recommendation reports published in December 2012
  • Upcoming Meetings: January 2013
  • InGovern Vote Recommendations — Some Examples
  • Some interesting Tweets in December 2012
  • About Us
  • We are in the news!

The newsletter can be downloaded from: Governance Watch – January 2013 more…

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InGovern MD comments on CG norms in Economic Times

 

In an article named “Corporate governance: How new rules will change Indian companies” in The Economic Times dated 08th January 2013, InGovern and its MD Shriram Subramanian were quoted as follows:

The issue of corporate governance in the private sector is a reality and it’s time they live up to that,” says Sachin Pilot, minister of corporate affairs. The 62-year old law that governs companies is on the cusp more…

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InGovern comments on McDonald’s Royalty in Business Standard

 

In an Article named “McDonald’s seeks higher royalty from India arm” in Business Standard dated 09th January 2013, InGovern and its MD were quoted as follows:

McDonald’s Corporation, the US-based fast-food multinational company, has signed an agreement with its Indian franchisee Hardcastle Restaurants Private Limited (HRPL) under which the latter would pay royalty of eight per cent of net sales by 2020, against the current three more…

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InGovern MD comments on Companies Bill in Economic Times

 

In an Article named “New Companies Bill to bestow more discretionary powers on government” in Economic Times dated 08th January 2013, InGovern was quoted as follows:

Even as it pushes for greater simplicity, disclosures and accountability, the new compendium of laws to govern companies in India, currently in the making, bestows greater discretionary powers on the government of the day to change the rules. The source more…

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InGovern on SEBI’s new CG norms in Business Standard

 

In an Article named “Sebi moots more say for minority shareholders” in Business Standard dated 05th January 2013, InGovern was quoted as follows:

If a set of proposals of the Securities and Exchange Board of India (Sebi) on corporate governance are implemented, minority shareholders would get a greater say in certain decision-making processes at listed companies.

In a consultative paper released on Friday, the market regulator more…

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InGovern on SEBI’s new CG Norms in Mydigitalfc

 

In an Article named “Bar raised for India Inc” in Mydigitalfc dated 04th January 2013, InGovern was quoted as follows:

Capital markets regulator Sebi on Friday proposed wide-ranging changes in corporate governance rules for India Inc, including a provision to have at least one small shareholder director of listed companies above a certain market cap, fixing minimum and maximum age limits for independent directors and making more…

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InGovern comments on Royalty Payments in Times of India

In an Article named “Royalty to parent companies earns investors’ ire” in Times of India dated 26th December 2012, InGovern was quoted as follows:

Huge royalty payouts by Indian subsidiaries are being termed an ‘unfair’ corporate practice, drawing increasing concern and attention from investors and shareholders. Since the liberalization in royalty fees and payments for foreign technology collaborations three years ago (December 2009), payouts by these subsidiaries more…

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InGovern comments on Shareholder Activism in Business Line

 

In an Article named “Shareholders activism gains foothold in 2012” in Business Line dated 17th December 2012, InGovern was quoted as follows:

According to Shriram Subramanian and Mohan Kumar K of InGovern, Indian companies are experiencing the emergence of a corporate governance landscape substantially different from a few years ago. SEBI’s regulatory changes such as increasing public float in listed companies and mandatory requirements on institutional more…

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InGovern on Governance Structure in India in Financial Express

 

In an Article named “Proxy advisory firm raises red flag on corporate governance structure of Indian companies” in Financial Express dated 14th December 2012, InGovern was quoted as follows:

Mr. Shriram Subramanian MD of proxy firm InGovern Research and Mohan Kumar K. Lead Analyst of InGovern say, Indian companies are experiencing the emergence of a corporate governance landscape substantially different from a few years ago. SEBI’s more…

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InGovern MD Interview in Report Insights

 

InGovern MD Shriram Subramanian was interviewed by Report Insights – a journal on Corporate Reporting in India.

Link to the interview: www.reportinsights.com/Interview.aspx. The interview is reproduced below.

more…

What is the role being played by proxy advisory firms in the context of Indian capital markets and corporate governance?
In the Indian context, proxy advisory firms facilitate positive engagement between companies and investors. They also advocate better corporate governance urging
Posted in Blogs Tagged , ,

InGovern MD comments on Cognizant in Economic Times

 

In an Article named “Cognizant top executives sell shares when Wall Street says buy” in Economic Times on 23rd October 2012, InGovern and its MD – Shriram Subramanian were quoted as follows:

 

In a puzzling contrarian trend, some senior executives at Cognizant Technology Solutions have sold shares worth at least $68 million (Rs 365 crore) so far in 2012, even though most Wall Street analysts more…

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Shriram comments on Holcim royalty issue in Business Standard

 

In an Article named “Independent directors raise red flag on Holcim royalty” in Business Standard on 23rd October 2012, InGovern and its MD – Shriram Subramanian were quoted as follows:

 

Holcim’s plan to charge two per cent of revenues as royalty from subsidiaries ACC and Ambuja Cement has hit a roadblock, as independent directors of Ambuja Cement have sought details of the technology transfer involved. more…

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Meetings from January 2012 – October 2012

 

InGovern has completed 400 vote recommendation reports for shareholder meetings between January 01, 2012 and October 30, 2012.

 

The list of vote recommendation reports can be downloaded from here: InGovern Vote Recommendations in January – October 2012.

 

If you need any specific report, please write to us at: info@ingovern.com

  more…

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InGovern MD comments on New Companies Bill in Business Standard

 

In an Article named “Minority shareholders get teeth in Companies Bill” in Business Standard on 11th October 2012, InGovern and its MD – Shriram Subramanian were quoted as follows:

 

Very soon, you, a small shareholder, might be able to take on company managements. The class action suit, a handy weapon for small investors seeking relief from errant corporations, will soon be available in India. Last more…

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Meetings in September 2012

 

Meetings of all S&P 500 and BSE 500 companies in the month of September 2012:

 

AGMs:

more…

Symbol

Date

BALKRISIND

01-Sep

KSK

01-Sep

MUTHOOTFIN

01-Sep

VTL

01-Sep

SJVN

03-Sep

RELCAPITAL

04-Sep

RCOM

04-Sep

RELINFRA

04-Sep

RPOWER

04-Sep

UFLEX

04-Sep

BALAJITELE

05-Sep

DBCORP

05-Sep

FUTUREVENT

05-Sep

GAIL

05-Sep

BANARISUG

06-Sep

BHARTIARTL

06-Sep

IDBI

06-Sep

MAX

06-Sep

PRESTIGE

06-Sep

DLF

07-Sep

ELECTCAST

07-Sep

GRASIM

07-Sep

HEROMOTOCO

10-Sep

HTMEDIA

10-Sep

MOTHERSUMI

10-Sep

Posted in Vote Recommendations Tagged , , , , , , , ,

Meetings in August 2012

 

 

Meetings of All NSE companies and BSE 500 companies in the month of August 2012:

 

AGM:

more…

Symbol Date
SONASTEER 1-Aug
BAJAJCORP 1-Aug
GKWLIMITED 1-Aug
MANUGRAPH 1-Aug
SALORAINTL 1-Aug
SOFTTECHGR 1-Aug
UMESLTD 1-Aug
CUMMINSIND 2-Aug
FEDERALBNK 2-Aug
3IINFOTECH 2-Aug
BERGEPAINT 2-Aug
CENTURYTEX 2-Aug
MADRASCEM 2-Aug
PFIZER 2-Aug
RAMCOIND 2-Aug
SHASUNPHAR 2-Aug
WYETH 2-Aug
ALLSEC 2-Aug
DPTL 2-Aug
GOACARBON 2-Aug
MANAPPURAM 2-Aug
PETRONENGG 2-Aug
RAMCOSYS 2-Aug
SICAGEN 2-Aug
CROMPGREAV
Posted in Vote Recommendations Tagged , , , , , ,

InGovern’s article on e-voting in Moneycontrol

 

In an Article named  Why e-voting is important for shareholders” in Moneycontrol on 16th July 2012, InGovern was quoted as follows:

 

Shriram Subramanian

InGovern Research Services

 

In a circular dated July 13, 2012, SEBI ushered in a quiet revolution by making it mandatory for the top 500 companies to adopt eVoting for postal ballots. It has to be noted that eVoting is not yet suggested for AGMs, more…

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InGovern quoted on concerns to be raised at AGM in Business Line

 

In an Article named  When to speak up at the AGM” in Business Line on 14th July 2012, InGovern was quoted as follows:

 

“Besides, one of the several qualifications for an independent director is that he/she should not be a partner of legal/consulting firms having ‘material’ association with the company. But a February 2012 study by InGovern, (another firm providing voting advisory services to institutional investors), cites more…

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InGovern’s view on auditor’s role in Reebok’s case in ET

 

In an Article named  Reebok’s 2010 annual report show 2 accounting red flags” in The Economic Times on 13th July 2012, InGovern was quoted as follows:

 

“It is a known fact that many auto and apparel companies push sales to their dealers in the last quarter to show higher sales, which increases debtors,” says Shriram Subramanian, managing director of InGovern Research Services, a proxy advisory firm. “Managers more…

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InGovern’s view on Independent Directors in Moneycontrol

 

In an Article named  The Truth About Independent Directors” in Moneycontrol on 7th July 2012, InGovern was quoted as follows:

 

In 2010 Crawford Bayley advised Piramal Healthcare on the sale of its domestic formulations business to Abbott Laboratories for $3.7 billion. RA Shah was then an independent director on Piramal’s board. Crawford Bayley advised Colgate Palmolive, Asian Paints, P&G, Clarient, Pfizer India, Century Enka, Abbott India, Godfrey more…

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InGovern’s view on HT Media, shine.com merger in Moneycontrol

 

In an Article named “HT Media, shine.com merger will hurt sharholders: InGovern” in Moneycontrol on 6th July 2012, InGovern was quoted as follows:

 

Barely a few months after it raised concerns over the fate of minority shareholders in an overly complex and convoluted restructuring drive at tractor major Escorts Ltd , corporate governance firm InGovern has found parallels with a similar scheme of arrangement and this time in more…

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Governance Watch – July 2012 Newsletter

 

The contents of the newsletter are:

 

  • HT MEDIA LIMITED—Press Release
  • Should Sebi have barred insider trading from consent orders?
  • List of 59 InGovern vote recommendations reports published in June 2012
  • Some interesting Tweets in June 2012
  • InGovern Vote Recommendations— Some Examples
  • Meetings: July 2012
  • About Us
  • We are in news!

 

Can be downloaded from this link: Governance Watch – July 2012 more…

Posted in Publications Tagged , , , , , ,

Governance Watch – June 2012 Newsletter

 

The contents of the newsletter are:

 

  • India – Corporate Governance Overview
  • List of 35 InGovern vote recommendations reports published in May 2012
  • Some interesting Tweets by us in May 2012
  • InGovern Vote Recommendations— Some Examples
  • Shareholder Meetings in June 2012
  • About Us
  • We are in news!

 

Can be downloaded from this link: Governance Watch – June 2012

  more…

Posted in Publications Tagged , , , , , , ,

InGovern’s recommendations on intra-group mergers in Business Today

 

In an Article named “Unwelcome Union” in Business Today in 22nd July 2012 edition, InGovern was quoted as follows:

 

Escorts joins the swelling ranks of companies advisory firm such as Bangalore-based InGovern Research Services have trained their guns on recently for alleged unsound corporate governance practices related to intra-group mergers and acquisitions (M&As). Several other companies are also in the firing line, including Fortis Healthcare, Shriram Transport Finance more…

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InGovern’s view on rotation of auditors in Mint

 

In an Article named “Ratifying appointment of auditors at AGMs should continue: panel” in Mint on 29th June 2012, InGovern was quoted as follows:

 

Following the Satyam scam in 2008, the government had issued a non-mandatory guideline to rotate auditors every six years, said Shriram Subramanian, founder and managing director of activist investor advisory firm InGovern Research Services Pvt. Ltd.

 

“In the US, audit partners are required more…

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InGovern giving shareholders activism a boost quoted in Mint

 

In an Article named “Proxy advisory firms give a boost to shareholder activism” in Mint on 29th June 2012, InGovern was quoted as follows:

 

There’s Shriram Subramanian, who quit Infosys’ consulting unit and started InGovern Research Services in Bangalore, India’s first independent proxy advisory firm, in 2010.

 

The inspiration to form InGovern came from a “very, very innocuous” paragraph in guidelines introduced by the Securities and Exchange more…

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InGovern’s view on creation of QARC by SEBI in Business Standard

 

In an Article named  Sebi relaxes rules for share sales” in Business Standard on 27th June 2012, InGovern was quoted as follows:

 

“Companies tend to ignore auditors’ remarks and qualifications by simply giving a management justification, without taking steps to rectify the accounts. As a result, these qualifications keep cropping up repeatedly, year-after-year, in the auditors’ reports. This move will put a stop to that practice, while more…

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InGovern mentioned in 5 promising startups in Yourstory

 

In an Article named “5 Promising Startups in the Finance Sector” in Yourstory on 23rd June 2012, InGovern was quoted as follows:

 

InGovern: With an investment from Infosys veteran Mohandas Pai, InGovern has managed to make a very reputable name for itself.  Ingovern Research Pvt. Ltd. is India’s first proxy advisory firm assisting institutional investors – mutual funds, insurance companies, foreign institutional investors. InGovern is founded by Shriram more…

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InGovern’s view on e-voting in Financial Chronicle

 

In an Article named “ E-voting likely to be made mandatory for companies” in Financial Chronicle on 19th June 2012, InGovern was quoted as follows:

 

Shriram Subramanian, the MD and founder of InGovern, an independent firm that advises institutional shareholders on voting during companies’ resolutions, termed compulsory e-voting “a game changer”.

“e-voting means one vote for one share. There will be no show of hands and investors more…

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InGovern’s view on Veritas report on Rcom in Financial Chronicle

 

In an Article named “ Veritas report spooks RCom” in Financial Chronicle on 19th June 2012, InGovern was quoted as follows:

 

Shriram Subramanian, the MD and founder of InGovern, which advises institutional shareholders on voting during companies’ resolutions, said the fact that the stocks are reacting adversely to these reports show that investors believe the analysts rather than the management of the company, in this case Reliance more…

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Press coverage on Infosys AGM as tracked by InGovern

 

1) Moneycontrol – “Eight concerns raised by Infosys shareholders at AGM” – 11th June 2012

 

Link: http://www.moneycontrol.com/news/market-news/eight-concerns-raised-by-infosys-shareholders-at-agm-_716044.html

 

Read the full article: Moneycontrol – 11th June 2012

 

According to proxy advisory firm InGovern Research Services, which tracked the AGM, around 325 shareholders and 37 proxies were present, which was below last year’s attendance.

An extract from the note by InGovernance on the Infosys AGM:

“Some of the more…

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InGovern’s view on Sesa Sterlite merger in Economic Times

 

In an Article named “ Institutional Investor Advisory Services India & InGovern differ over Sesa Goa-Sterlite merger proposal” in Economic Times on 6th June 2012, InGovern was quoted as follows:

 

InGovern is an advisory firm which provides participants in the Indian market with independent opinions, research and data on corporate governance issues.

 

Shriram Subramanian, founder and managing director, InGovern Research Services says that the entire transaction more…

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InGovern’s view on barring insider trading from consent order in Business Standard

 

In an Article named “ Should Sebi have barred insider trading from consent orders?” in Business Standard on 6th June 2012, InGovern was quoted as follows:

 

Shriram Subramanian

Founder and Managing Director, InGovern Research Services

 

“Allowing companies involved in insider trading to apply for a consent order motivates them to commit such offences and view the penalty as part of regular business costs”

 

The consent more…

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Press coverage of InGovern’s view on the outcome of Escorts CCM

Here is a list of all the media coverage following the release of the outcome of the Court Convened Meeting for Escorts Restructuring:

 

1) Mint – “Escorts merger proposal gets shareholder nod” – 29th May 2012

 

Link: http://www.livemint.com/2012/05/29224247/Escorts-merger-proposal-gets-s.html

Read the full article: Mint – 30th May 2012

 

“Activist advisory firm— Bangalore-based InGovern—had cried foul and advised institutional investors to vote against it as the merger effectively almost more…

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InGovern on penalty imposed under SEBI’s consent route in Business Standard

 

In an Article named “ Errant promoters to pay over Rs 1 cr for consent settlement”  in Business Standard – Smart Investor on 29th May 2012, InGovern was quoted as follows:

 

“The idea of having a benchmark amount may help defaulters know the approximate penalty beforehand and game the system. Hopefully, over a period of time, the process gets refined to become more stringent and less liberal. more…

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InGovern’s comments on SEBI’s consent route in Business Standard

 

In an Article named “ Sebi keeps consent window open to settle serious offences”  in Business Standard on 28th May 2012, InGovern was quoted as follows:

 

“The new consent framework is a step in the right direction, by not allowing serious cases to be settled through this route. It’s okay to keep the door open for certain exceptional circumstances, as long as they don’t misuse it,&” said more…

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InGovern’s view on Reebok investigation in Mint

 

In an Article named “ Police to begin searches as part of Reebok investigation”  in Mint on 23rd May 2012, InGovern was quoted as follows:

 

Shriram Subramanian, founder and managing director of InGovern Research Services, a Bangalore-based advisory firm that researches corporate governance issues, said, “It seems inconceivable that a fraud of this size would go unnoticed by auditors and/or the board of directors. If the allegations more…

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