Ever since the airline clinched a stake sale deal with the Abu Dhabi-based Etihad Airways in the last week of April, the industry was abuzz with speculation that Kardassis was on his way out
Jet Airways chief executive Nikos Kardassis has resigned after a five-year stint with the company, and chief operating officer Capt Hameed Ali is the interim chief executive, the airline said on Friday.
The Naresh Goyal-led airline said in a filing to the BSE that Kardassis resigned with effect from 5th June, but it did not give any reason.
This was his second innings with Jet. Ever since the airline clinched a stake sale deal with the Abu Dhabi-based Etihad Airways in the last week of April, whereby it agreed to sell 24% stake for Rs2,042 crore, the industry was abuzz with speculation that Kardassis was on his way out.
Etihad reportedly demanded a change in the management under the deal, including removal of Goel’s wife from the airline’s board.
Under the sale agreement, the terms of which are being reworked following the Securities and Exchange Board of India’s (SEBI) objections, the Arab carrier will get three board members, including the CEO.
Kardassis returned to Jet on 15 October 2009 as acting CEO after Wolfgang Prock-Schauer quit, and was appointed CEO from 20 May 2010. Kardassis’ first term with Jet started in 1994 and lasted till 1999 and he was instrumental in the restructuring, cost/network management of the airline.
He had also served as senior vice-president, the Americas, for Jet, prior to his appointment as the CEO.
Meanwhile, the Foreign Investment Promotion Board will take up Gulf carrier Etihad’s planned stake buy in Jet Airways India on Tuesday.
For the quarter ended March, Jet reported deeper losses at Rs495.53 crore against a net loss of Rs298.12 crore for the same period year-ago. Total income from operations declined to Rs3,922 crore in the March quarter from Rs4,041.61 crore in the year-ago period.
For the full fiscal 2012-13, the second largest airline improved its bottomline by massively narrowing the losses to Rs485.5 crore against a net loss of Rs1,236 crore in FY12.
Is this move (by Narayana Murthy) an admission about his failure in choosing Infosys leaders? If so why does he not admit it in public for the sake of corporate governance and transparency that he talks about all the time? Is trying to make comeback part of culture to cling on?
So NR Narayana Murthy is back to Infosys and he is being asked to save the company that seems to be slowing down. This time around he has even got his own son with him to help him save the sinking ship. What makes anyone think that he can save the company that he left as per his own resolve at the age of 65? Had he not said time and again that my children have no interest in running the company? What has changed for him to go back on his words? Was he not instrumental in putting place the management team at the time of his departure? Is this move an admission about his failure in choosing Kamat and Shibu Lal? If so why does he not admit it in public for the sake of corporate governance and transparency that he talks about all the time? Why this announcement was kept under wraps?
Of course, those in the know seem to have benefitted from this inside information as Moneylife has hinted here. He also never told us publicly why Mohandas Pai left abruptly? Will he tell us why he and other founders have sold most of their holdings in the company? Did they do that because they were aware that the Infy business model had run its course and there was no future in the company anymore?
Murthy was made into an icon and he was one, but is no more one! The problem with us is that we think good people never made bad mistakes. Actually great people make great mistakes. But we seem to either overlook those or tend to justify those mistakes by not acknowledging them.
But he is not alone who thinks that his company can only be rescued by him! We have other examples, as well’
Ratan Tata postponed his own retirement by 10 years! He kept saying that a successor was not in sight! The truth is he was reluctant to leave. A successor can be groomed or searched, but he did not do that till he was left with no choice. In the mean time Raadia tapes took some gloss off his persona as did his letter to Karunanidhi praising Raja! Had he retired at the self appointed time he could have avoided both!!
Another example is that of AM Naik of Larsen & Toubro (L&T). He says there is no one who can handle the complicated businesses that L&T runs except him! A very pompous argument!
In cricket we have Sachin who believes the nation still needs him and his devotees keep goading their God to go on! It would have been most fitting were he to quit the day India won the World Cup.
In politics we have Manmohan Singh. He could have gone on a high had he refused to continue post 2009 elections! Now Advani is willing to make a fool of himself for the second time. Earlier Nehru should have stuck to his stand that he wanted to quit in 1957 he was persuaded by the party, he did not quit in ’62 when he had another chance and died a broken man! In films look at the pathetic effort made by Madhuri Dixit to find past glory! So it is in our culture to do this. Most comebacks end in disaster! Here is wishing NRN luck!
(Prof Agashe teaches at Symbiosis and other management schools in Pune).
Now you can get cashback on availing healthcare services through medicash membership. What does it offer and is the service worth availing?
Online cashback plans are gaining popularity. One such service, Medicash.in, a medical services e-tailer, offers a free membership, which entitles you to a discount in form of cashback when you avail services of any of its healthcare partners. When you visit any of its healthcare partners, you have to prove your medicash membership. When the service provider bills you, it will take note of your membership details and will mention it in the bill and you will be informed by SMS. Your money will be credited to your cashback account with Medicash, from where you can get it transferred to your bank account.
For many service providers that Medicash has tied-up with, there are minimum limits for purchase, only over and above which, discounts would be applicable. In case minimum limits are not applicable and you make small purchases, you will have to wait to get your cashback—Medicash allows transfers only once the cashback that you are entitled to, accumulates to Rs150.
According to the main page of the website, the partner sends you an acknowledgement through SMS. You will have to pay the entire bill since no discounts and cashback are given upfront. The amount will be credited to your Medicash account between 10 to 45 days. Once cash is available with Medicash.in, you will be free to transfer it to your account via online transfer or a cheque. Since the website deals only in services and does not sell products, you cannot use this cash to buy from the website/affiliate websites directly. You will have to get it transferred to your account to get it released.
Is it worth going for?
Online cashback systems are vulnerable to delays, technical glitches and are non-standardised. The process depends upon the website you use, the terms and conditions that govern these websites in general, those specific to deals that you choose to make and also on those that the manufacturer or the service provider puts forth. Thus, primarily it is important that you read the terms and conditions before signing up. They are free to choose the route and the number of days they take to return the cash.
In this case, the detailed terms and conditions includes the following: “The appropriate Medicash Cashback rebate will be posted to Your Account as “Pending” within thirty-one (31) days of the date on which an Affiliate Merchant reports your transaction to medicash.in. For a period of thirty one (31) to one hundred twenty one (121) days thereafter, Your Account may still refer to the Medicash Cashback rebate as “Pending”. This time period is in accordance with the Affiliate Merchant's right to reverse a transaction for return or cancellation purposes. Once the Affiliate Merchant authorizes the payment of Medicash’s commission in connection with a qualifying purchase made by you, we will credit your account with the applicable Medicash Cashback, until then we make no guarantee to you.” This indicates that you should expect the payment to come to you in five months.
In case you do not inform the service provider about your inclination to Medicash discounts, the service provider has all the right to refuse you any discounts. It is like you declaring that you are a mediclaim holder when you visit hospitals for treatment. This might result in differentiated treatment.
Medicash requires you to periodically check its terms and conditions-they can be updated anytime and if you use the services after the update, it will automatically mean that you agreeing to the updates. So, if you use Medicash, make sure you check the terms and conditions regularly. Since the system is new, we do not know the frequency of changes and whether or not, you will be informed through mails. For store specific terms and conditions, you should visit their specific page each time you avail services.
The terms and conditions manual also states, “We are not responsible for changes to, or discontinuance of, any Affiliate Merchant, or any Affiliate Merchant's withdrawal from the Program, or for any effect on accrual of Medicash Cashback caused by such changes, discontinuance or withdrawal”.
All these are important concerns. If at all you want to use it, try it with small purchases initially. Since you have nothing to lose, you might want to make larger purchases also, but shouldn’t expect to get your discounts fast enough/upfront. Remember, discounts/cash redemptions remain notional till the time they reach your pocket.