Companies & Sectors
Mallya made Principal Officer of UB holding firm
United Breweries (Holdings) Ltd has made its Chairman Vijay Mallya Principal Officer in the absence of a Managing Director, the company said on Thursday.
 
In a regulatory filing to the BSE, after its 100th annual general meeting (AGM) here, the company said Mallya had been monitoring the company's performance through appropriate delegation of duties to various operating executives.
 
"In the absence of a Managing Director, the Chairman of the Board, Vijay Mallya, has been made the Principal Officer of the company and has been monitoring the performance of the company through appropriate delegation of duties to various operating executives, who report to him on a regular basis," said the filing.
 
The company has not appointed a new managing director after V. Shashikanth resigned from the executive post in May 2014.
 
In the absence of Mallya at the company's centurion AGM, independent director N. Srinivasan chaired the proceedings and read out a transcript Mallya sent from London where he has been living since March 2 when he left India.
 
The listed firm also informed the BSE that its board had five directors, including three independent at the end of previous fiscal year (2015-16).
 
Mallya and Daljit Mahal are the non-executive non-independent directors.
 
The AGM reappointed Mahal as director on rotation with the shareholders' consent.
 
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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Railways introduces 33 per cent sub-quota for women in catering units
The Indian Railways on Thursday introduced a sub-quota of 33 per cent for women in allotment of each of the reserved catering units and also launched a new 'Train at a Glance' and time table effective from October 1.
 
Railway Minister Suresh Prabhu said: "The introduction of new policy providing sub-quota of 33 per cent to women in catering units is a step towards women empowerment and their increased participation in the railways."
 
He also said that the Railways will continue to introduce such new reformative steps.
 
Apart from these, the Railways also liberalised station-to-station special freight rates policy, launched policy giving preference to local domicile holders for commercial licenses at stations, and introduced new system of allocating vacant berths after final charting to wayside stations.
 
According to the ministry, 33 per cent sub-quota reservation for women shall ensure allotment of minimum 8 per cent stalls to women at A1, A, B and C category rail stations and minimum 17 per cent at D, E and F category stations.
 
The highlights of the improvements planned in the new time table -- that will come into effect from October 1 -- include the specifics of the four new brands of train products.
 
"In this timetable, we have reduced the journey times in 350 existing trains, 75 of which have made it to the superfast category," said Prabhu.
 
"We have converted 240 operational halts into commercial stoppages and have for the first time provided in the time table, train connectivities to the north-eastern states of Tripura, Manipur and Mizoram," he added.
 
Also incorporated in the time table are 36 new services, some of which have been introduced in this financial year. Some of these will be coming soon, like the 10 up and down Humsafar trains, seven Antyodaya, three Tejas and three UDAY trains, besides a number of other mail express trains, extensions, increase in frequency, diversions etc.
 
"The Humsafar would be the fully-AC service with optional catering; Antyodaya, the long distance unreserved superfast train for common man; Tejas will have all modern on board features like entertainment, WiFi and local cuisines etc; and UDAY will be an AC doublecker train on the busiest routes," it added.
 
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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Salesforce tries to block Microsoft's USD26.2 bn LinkedIn acquisition
Cloud computing company Salesforce is reportedly trying to block the $26.2 billion Microsoft-LinkedIn deal, arguing that Microsoft's acquisition of the enterprise social network LinkedIn will be anti-competitive.
 
According to a report in pcworld.com, Salesforce Chief Legal Officer Burke Norton will take the company's argument to the European Union's anti-trust authorities.
 
"Microsoft's proposed acquisition of LinkedIn threatens the future of innovation and competition," Norton said in a statement.
 
"By gaining ownership of LinkedIn's unique dataset of over 450 million professionals in more than 200 countries, Microsoft will be able to deny competitors access to that data, and in doing so obtain an unfair competitive advantage," Norton added.
 
Salesforce - now rumoured to be in the race to buy micro-blogging website Twitter - was also in the fray to acquire LinkedIn. 
 
After losing to Microsoft, Salesforce CEO Marc Benioff has showed his concerns over the deal, urging the Federal Trade Commission to "scrutinise Microsoft's plans for LinkedIn".
 
Microsoft President Brad Smith, however, said "the deal has already been cleared to close in the US, Canada, and Brazil," Wall Street Journal reported.
 
In June, Microsoft announced to acquire LinkedIn in an all-cash deal, billed as one of the largest such pacts in the global social media space.
 
LinkedIn, which has nearly 10 per cent of its over 430 million users in India, will retain its distinct brand, culture and independence and Jeff Weiner will remain the chief executive of LinkedIn, reporting to his Indian-born Microsoft counterpart Satya Nadella, the tech giant said in a statement.
 
The deal, expected to close within this year, works out to over $60 per LinkedIn user.
 
Microsoft will pay $196 per LinkedIn share -- a 50 per cent premium to LinkedIn's closing price on June 10.
 
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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