Companies & Sectors
Kishore Biyani resigns as Future Retail managing director
The resignations would be effective from the closing business hours of May 1, the company said
 
Future group chairman Kishore Biyani resigned from the post of managing director of Future Retail Ltd (FRL) as a part of rearrangement of the group's business, the company said on Monday.
 
The retail giant said Rakesh Biyani also resigned from the post of joint managing director as well as director of the company as part of a restructuring to carry out the merger with Bharti Retail with the company announced last year.
 
However, Kishore Biyani would continue to hold office as non executive director of the company, the company said in a BSE filing.
 
The resignations would be effective from the closing business hours of May 1, the company said.
 
In May last year, the Future group approved the consolidation and realignment of its retail operations with Bharti Retail Ltd to form one of the biggest supermarket chains.
 
In order to streamline the operations resulting from the consolidation, the respective board of directors had proposed to demerge the retail business of Future Retail to Bharti Retail and to demerge the infrastructure business of Bharti Retail to Future Retail.
 

Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

 

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COMMENTS

R Balakrishnan

7 months ago

Creator of the biggest loss making businesses in India. But a lot of bluster and con to keep pulling it off again and again Truly India's miracle man!

Opposition flays private airlines for high airfares

An opposition member also said it is high time the government frames a new aviation policy

 

Opposition members in the Lok Sabha on Monday lashed out at private airlines for not passing on benefits of falling fuel prices to passengers while the ruling BJP members blamed the Congress-led UPA government for the financial problems faced by state-run Air India.
 
Bharatiya Janata Party's Jagdambika Pal also demanded that to do away with air traffic congestion over the Delhi airport especially at peak hours, a new airport should be built to cater to the national capital region, while some members called for a new aviation policy.
 
Congress leader K.C. Venugopal said airlines have not passed on the benefits of fall in fuel prices to passengers and they were looting the passengers.
 
Initiating the discussion on Demands for Grants for the ministries of civil aviation and tourism, he said the price of Aviation Turbine Fuel has come down resulting in huge benefits to airlines but at the same time common people and passengers continued to suffer.
 
He claimed even Air India has benefitted from fall in ATF prices and demanded from the government what actions it proposed on high air fares.
 
The Congress member was soon supported by lawmakers from other parties.
 
Trinamool Congress member Saugata Roy urged the the government to rein in the rising airfares.
 
"I feel that the government should have a role in having some regulations," he said.
 
He also said it is high time the government frames a new aviation policy.
 
Among others, P.D. Rai of Sikkim Democratic Front alleged that most airports are managed in PPP project and private sector partners were found wanting in their role.
 
Among others, expelled Rashtriya Janata Dal member Rajesh Ranjan, RJD's Jay Prakash Narayan Yadav and Janata Dal-United's Kaushalendra Kumar also spoke.
 
"I want to know from the minister when will Air India be back on its feet?" Kumar asked.
 
Venugopal criticised the government for reducing budgetary allocation to Air India, a charge denied by BJP and other NDA members.
 
The Congress member requested the central government to expedite Kerala government's proposal to launch Air Kerala to help citizens of the state going to the Gulf countries.
 
BJP member Dushyant Singh said the financial mess in Air India was started by the erstwhile UPA dispensation, and denied that fund allocation to the national carrier has been reduced by the Narendra Modi government.
 
Singh flayed Congress government for the merger of Indian Airlines and Air India.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Biggest tech merger in history to be called Dell Technologies

Michael Dell announced at the casino capital of the world that the biggest merger in tech history will be called Dell Technologies.

 
"It has a nice sound to it," the chairman and CEO of Dell, which last year announced the $70 billion merger with EMC, at the Venetian Convention Center where he was giving the keynote address at the annual EMC World Conference.
 
"The brand equity of Dell PC is irreplaceable," he said adding that he was partial to the family name. Dell Technologies will comprise Dell, EMC -- the leading global computing storage provider, VMware, Pivotal, Secureworks, RSA and Virtustream.
 
The combined enterprise business, though, would go by the name of Dell-EMC, he announced. The merger is awaiting regulatory approval from the US authorities as well as shareholder greenlight.
 
Taking a dig at rival HP, Dell said that his competitor was trying to grow by downsizing. 
 
"You cannot do that. But HP is trying to grow by investing less in R&D and software, all the while losing share to Dell," he said adding that his company was doing just the opposite. 
 
"We are investing in speed, agility and innovation and creating the essential infrastructure for the next industrial revolution," the tech celebrity said, pointing out that they were just one day short of the 32nd birthday of his company.
 
He said when he started out, he believed that IT was going to be force for change. He said it had democratised information, help cut poverty by half globally and a huge global middle class had emerged in different parts of the world because of it. "I am more energised and optimistic today."
 
He said the combined company, Dell and EMC, would stand at the centre of innovation and next big growth in IT. "Today, we stand at the centre of human progress and there is no other place I'd rather be," Dell concluded.
 
Joe Tucci, 69, chairman and CEO of EMC, who tried out his balancing act on a "hover board" because he was dissuaded from doing so "because of my age," also announced that he was stepping down from the position. He got a prolonged standing ovation from the EMC and Dell employees who came to witness announcements of their merger. 
 
Tucci said that "something great and something truly special" would emerge out of the two giants coming together. Saying that everyone had to be prepared for the coming digital revolution, which would "dwarf the industrial revolution" in terms of innovation and change.
 
More than 10,000 visitors, including vendors, employees and media are expected to come for the EMC Word, which started its annual expo and conference in 2001.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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