Career
Subramanian Anand resigned from NSE
In another exit, well not as big news as Tata Sons, Subramanian Anand, who was re-designated as Group Operating Officer of National Stock Exchange (NSE) on 1 April 2015, has reportedly resigned from his post. As per our understanding, and information, the Board of Directors of NSE met last week on Friday. During the Board meeting, Mr Subramanian was asked to step down from his post with immediate effect. 
 
Affirming the exit of Mr Subramanian, an official from NSE said, “He (Mr Subramanian) fore-closed his contracts and that has nothing to do with any other things.”
 
The official from NSE also refused to share any further details. “We do not share board meeting, employee, consultants' terms and details with anyone,” the official said, when asked specifically about the Board meeting and remuneration that was paid to Mr Subramanian.
 
Mr Subramanian was re-designated as Group Operating Officer from 1 April 2015, as per communication from the MD & CEO's office. The note says, "... I propose to use the facility of our Chief Strategic Advisor (CSA) to reduce my burden. Considering the rich experience and guidance sought from CSA over two years, I propose to bring the following departments under his leadership and direct supervision, which will give me the space for concentrating on other initiatives."
 
 
"Effective 1 April 2015, CSA will be re-designated as Group Operating Officer and Advisor to MD, and will handle people management, new business, corporate communication, marketing, business excellence, research and development, pricing, strategic planning and subsidiaries (IISL, DOTEX, NSE Tech & NSE IT). Apart from these, he will continue to assist the MD office, from time to time on various initiatives," the note sent from MD & CEO says.
 
Earlier, on 1 April 2013, Mr Subramanian was appointed as Advisory Consultant on the NSE Board. "Mr Subramanian brings with him 21 years of rich experience and expertise in various fields and will facilitate advice in the areas as required from time to time from the office of MD & CEO," a note sent by Chandrashekhar Mukherjee, head of Human Resources at NSE says.
 
 
An Annual Report of NSE for FY2015-16 mentions Mr Subramanian as Group Operating Officer on page 3 under the title of Management Team. In the same report, Annexure 7(I) to Director's Report has statement pursuant to Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014. This statement gives details, like names, designation, remuneration received (by them), experience, date of commencement of employment and previous employment. The Report for FY2015-16 gives all details about Chitra Ramkrishna, MD & CEO, J Ravichandran, Group President & Company Secretary, Yatrik Sen, Chief Financial officer for Group Accounts and Finance, Ravi Varanasi, CEO – SBU Education and Group Head, Dr VR Narasimhan, Chief Regulatory Officer and Mr Mukherjee, the Chief People Officer at NSE. However, there is no mention of Mr Subramanian's name or any of details related with him, including remuneration paid to him. 
 
As per unconfirmed information, Mr Subramanian was paid Rs4 crore per annum as salary, which was the second highest remuneration paid by NSE. Only the MD & CEO received higher salary (Rs7.87 crore gross/ Rs3.60 crore net) than Mr Subramanian.
 
In an email reply, the official from NSE said Mr Subramanian was working on a contractual basis and hence the remuneration paid to him was not mentioned in the Annual Report. “Only employees' salaries are mentioned in the annual report; contractual amounts for consultants weren't,” the NSE official said.
 

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COMMENTS

The Fountainhead

2 months ago

All the comments here reek of immaturity, vendetta and are in extremely poor taste. Chitra is the finest women leader ìn India and globally recognized. She is very sharp, strong, extremely presentable and competent, and holds her own in archaic culture of NSE. None of us need to give her a certification as her career pathing and presence speaks for itself. It’s pathetic to see if a women is aspirational she is tagged as aggressive or someone who tramples other people!! If she makes strong choices ulterior motives are assigned to her. Truly disappointed to read this crap to a general corporate announcement.

She is where she is because of what she is. How does her personal life has anything to do with this? Is she a public figure to be subjected silly scrutiny of some loons? Sacking people for being incompetent and misfits is business as usual. Hiding behind web walls to cast baseless aspersions for meeting ulterior motives only showcases the incompetency more. Leaders do what they have to do and detractors trail along – think Modi.

As far as the person mentions here goes, certain decisions are taken in the interest of organizations that employees can not fathom and need not be explained. How would you know his capabilities and why did come? Every CEO should have a choice of building their office and it is done everywhere in the world (Mistry – Nirmalaya). Some of these decisions are taken to carry some vision forth which is in larger organizations interests through; these decisions need to be taken wearing organization hat and it will almost never work for a “few select people”.

I am disappointed to see that these comments were not moderated. When discussing personal life of someone who does not live in the public eye, a thorough consideration of the harm this can cause should be considered. While I am an outsider to NSE, I think it is strange that people think this can even dent anyone professionally – it is like doubting one of the strongest boards in the country. Totally in a very bad taste.




All the comments here reek of immaturity, vendetta and are in extremely poor taste. Chitra is the finest women leader India and globally recognized. She is very sharp, strong, extremely presentable and competent, and holds her own in archaic culture of NSE. None of us need to give her a certification as her career pathing and presence speaks for itself. It’s pathetic to see if a women is aspirational she is tagged as aggressive or someone who tramples other people!! If she makes strong choices ulterior motives are assigned to her. Truly disappointed to read this crap to a general corporate announcement.

She is where she is because of what she is. How does her personal life has anything to do with this? Is she a public figure to be subjected silly scrutiny of some loons? Sacking people for being incompetent and misfits is business as usual. Hiding behind web walls to cast baseless aspersions for meeting ulterior motives only showcases the incompetency more. Leaders do what they have to do and detractors trail along – think Modi.

As far Mr. Anand goes, certain decisions are taken in the interest of organizations that employees can not fathom and need not be explained. How would you know his capabilities and why did come? Every CEO should have a choice of building their office and it is done everywhere in the world (Mistry – Nirmalaya). Some of these decisions are taken to carry some vision forth which is in larger organizations interests through; these decisions need to be taken wearing organization hat and it will almost never work for a “few select people”.

I am disappointed to see that these comments were not moderated. When discussing personal life of someone who does not live in the public eye, a thorough consideration of the harm this can cause should be considered. While I am an outsider to NSE, I think it is strange that people think this can even dent anyone professionally – it is like doubting one of the strongest boards in the country. Totally in a very bad taste.




All the comments here reek of immaturity, vendetta and are in extremely poor taste. Chitra is the finest women leader India and globally recognized. She is very sharp, strong, extremely presentable and competent, and holds her own in archaic culture of NSE. None of us need to give her a certification as her career pathing and presence speaks for itself. It’s pathetic to see if a women is aspirational she is tagged as aggressive or someone who tramples other people!! If she makes strong choices ulterior motives are assigned to her. Truly disappointed to read this crap to a general corporate announcement.

She is where she is because of what she is. How does her personal life has anything to do with this? Is she a public figure to be subjected silly scrutiny of some loons? Sacking people for being incompetent and misfits is business as usual. Hiding behind web walls to cast baseless aspersions for meeting ulterior motives only showcases the incompetency more. Leaders do what they have to do and detractors trail along – think Modi.

As far Mr. Anand goes, certain decisions are taken in the interest of organizations that employees can not fathom and need not be explained. How would you know his capabilities and why did come? Every CEO should have a choice of building their office and it is done everywhere in the world (Mistry – Nirmalaya). Some of these decisions are taken to carry some vision forth which is in larger organizations interests through; these decisions need to be taken wearing organization hat and it will almost never work for a “few select people”.

I am disappointed to see that these comments were not moderated. When discussing personal life of someone who does not live in the public eye, a thorough consideration of the harm this can cause should be considered. While I am an outsider to NSE, I think it is strange that people think this can even dent anyone professionally – it is like doubting one of the strongest boards in the country. Totally in a very bad taste.







REPLY

Arjun Malhotra

In Reply to The Fountainhead 1 week ago

Mr Ayan Rand

I am assuming you also believe SEBI and board are also wrong and have got carried away with these baseless allegations, and under emotional duress dismissed both of them (or so as all believe).

Yes, Chitra is a fine woman when it comes to her taste in dressing up - that I would agree:)

Mahesh S Bhatt

3 months ago

Gol Maal Hai Bhai Andherawali to Deepawali Mahesh

Poornima Mendon

3 months ago

Old employees were asked to professionally upgrade or quietly move out but an Astrologer was bought in quietly as a consultant and paid an obnoxious amount as consultancy. His wife, Sunita Anand was almost heading NSE Chennai had quietly joined the Mumbai office at Bkc. Their son had sought admission at IIT Dubai. NSE had been reduced to being a fiefdom of one mighty woman, who rose up trampling many will come down like this.

Arjun Malhotra

3 months ago

Moneylife... since you guys are into investigative journalism, do you have any background on who exactly is Mr. Subramanian ? What was he doing earlier etc.

Ekta

3 months ago

Is there an official press release on this? i dont see this news anywhere except moneylife.!!

REPLY

Arjun Malhotra

In Reply to Ekta 3 months ago

yes, no other media seems to have reported this. maybe tata news took frontage, but no reporting! Given that NSE response is attached with above item, it sure is factually correct otherwise that itself would have been doubtful

Rufeena Tigga

3 months ago

test

Rufeena Tigga

3 months ago

Why was he asked to step down ? I hear there were very signifiant governance issues in bringing him on board in the first place...backdoor entry with no search carried out for such a critical position. It is interesting that Mr. Anand doesn't have any footprint on internet. I also hear that no one knows anything about his past experience etc. and he doesn't have any experience in running organisations ? It appears his wife was also working at NSE and reporting to him - however by changing their status to consultants the arrangement was kept below radar. How about rumours of special chemistry and interconnected CEO office and COO office ? Is this the end or the beginning of board at NSE exerting itself - or is it just a window dressing exercise before the IPO ?

REPLY

Ekta

In Reply to Rufeena Tigga 3 months ago

Rufeena, there are number of speculations about the reasons. But this was expected before IPO. There are news that NSE was never interested in IPO. If not for the pressure from SEBI they would not have planned this IPO. It will be interesting to know what are the other changes are being made for this IPO.

Arjun Malhotra

In Reply to Ekta 3 months ago

Ekta, what are the other speculations in terms of reasons ?

Tata Sons Coup: Cyrus P Mistry out; Ratan Tata appointed as interim chief
In a sudden turn of events that has stunned the corporate world, Ratan Tata, the corporate icon, who retired in 2012 as chairman of the Tata Group is back at the helm. Tata Sons, the holding company of the Tata conglomerate, on Monday appointed Mr Tata as interim Chairman for four months replacing Cyrus P Mistry. The Board of Directors at Tata Sons in its meeting on Monday also appointed a panel to search for new Chairman for the Tata Group.
 
The Selection Committee includes Ratan Tata, Venu Srinivasan, Amit Chandra, Ronen Sen and Lord Kumar Bhattacharyya. The Committee has been given four months to choose new Chairman for Tata Sons.
 
A spokesperson from Tata Sons told IANS that the replacement of Cyrus Mistry as Chairman of Tata Sons was done keeping in mind the "long-term interest" of the company. "The company's Board and the principal shareholders in its collective wisdom took this decision, which they thought may be appropriate in the long term interest of Tata Sons and the Tata Group. There is no change in the CEOs at the operating level," the spokesperson added.
 
Ratan Tata, who helmed the group for 21 years after being chosen successor by his uncle, the legendary JRD Tata, in 1991, is credited with transforming the group through bold but controversial decisions including large global acquisitions, even as some of its peers struggled to stay relevant post economic liberalisation. Among his notable acquisitions, starting from Tetley by Tata Tea for $450 million in 2000, were steelmaker Corus by Tata Steel in 2007 for 6.2 billion pounds and the landmark Jaguar LandRover in 2008 for $2.3 billion by Tata Motors.
 
 
Mistry, who has been with the group since 2006 in various capacities, hails from the Shapoorji Pallonji family, the largest private shareholder of the group's holding company Tata Sons. At 43, he was a quiet and unassuming person who appointment brought to an end, years of speculation over who will step into Ratan Tata’s shoes. 
 
Rata Tata’s return is surprising because the Tatas conducted an elaborate search for a successor for several years with a formal five member committee being set up in 2010, which drew a blank. All through, close observers of the group have always maintained that the successor will not only be an internal choice but would be from the Shapoorji Pallonji Mistry family – in effect the choice would be between Noel Tata and Cyrus Mistry. 
 
Noel, who is Pallonji Mistry’s son-in-law and Ratan Tata’s half-brother had the big advantage of the Tata surname. But he had limited global experience and apparently little interest in handling the giant corporate empire of over 100 companies with several formidable CEOs and nearly 400,000 workers. The quiet Cyrus Mistry was seen as more capable and was considered the more likely choice. 
 
Those who know the financial strength of the Shapoorji Pallonji group would be doubly surprised by this ouster. It is one of the wealthiest families in India. Ironically, the group owed its growth to the Tatas – in particular AD Shroff, a financial wizard of the Tata group in the 1950s. Shroff, who was chairman of Bank of India and New India Assurance (in the pre-nationalisation days), was approached by Shapoorji Pallonji Mistry for financial help, when he was relatively a small construction contractor struggling to find collateral for his borrowing. Shroff not only had the loan sanctioned on his personal informal guarantee as chairman, but also helped Shapoorji by giving him construction contracts from New India Assurance. The Mayfair buildings at Mumbai’s posh Malabar Hill were among those that helped Shapoorji build his business and his reputation. For decades after, Shapoorji used to be demonstrably grateful to Shroff. The relationship ended abruptly and badly after Shroff died.
 
However, the Shapoorji group continued to grow rapidly. Old timers say that one of Shapoorji’s key strengths was his ability to spot a deal, especially the kind where he got equity in return for financial help. So when Dorab Tata wanted to sell a chunk of his equity in anger, he found a ready buyer in the Shapoorji Mistry. The rest is history and for those who know the group, the appointment of Cyrus Mistry was part of this inexorable process too. Therefore, Ratan Tata’s return has completely upset all logical calculations.
 

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COMMENTS

Shirish Sadanand Shanbhag

3 months ago

It took more than two years to search substitute for Ratan Tata, which has not worked even for four years.

How can it be possible to get replacement for Cyrus Mistry by a team headed by same person, within four months?
Let Ratan Tata take another two years, to find a suitable replacement for Cyrus Mistry.

Suketu Shah

3 months ago

CMistry made "bakra" and removed by Rotten Tata.

SuchindranathAiyerS

3 months ago

This is nothing stunning. Mistry represents the largest share holder behind the TATA name since inception. But it has always been a TATA that has run the show. Perhaps, like Priyamvada Khan became Indira Gandhi, a Mistry could mysteriously become a Tata and pull it off?

Friend Ravi Khanolkar also points to Mahindras in the succession situations emerging in India's typically feudal, hereditary culture that drives Companies as it does Political Parties. For Anand has no sons, and the nephew who was being groomed has been run over in Goa.

527 Note 7 owners file suit against Samsung in South Korea
In a setback to Samsung Electronics, 527 owners of Galaxy Note 7 smartphone in South Korea on Monday filed a class-action lawsuit against the company for inconvenience experienced after the discontinuation of the device.
 
According to the Harvest Law Office here, the plaintiffs filed the case with the Seoul Central District Court, seeking 500,000 won (US$440) in compensation each, Yonhap news agency reported.
 
Ko Young-yeel, the attorney representing the plaintiffs, said the rights of the consumers were infringed upon as Samsung halted production of the device and asked them to get replacements for other models.
 
"The consumers were also deprived of their rights to get after-sales service," he said during a press conference held in front of the court. "(Samsung) should compensate for the mental distress caused by such a situation," Young-yeel added. 
 
Earlier this month, Samsung permanently halted sales and production of the fire-prone Note 7, about two months after the device's launch.
 
"Customers have been experiencing inconveniences, which caused several visits to the after-sales service centres in person at their own expense and time for battery check-ups and exchanges even though the purchased products are worth 1 million won," Ko added.
 
Ko said the number of plaintiffs is likely to increase as the law firm is still receiving applications from those who want to join the suit.
 
Three US customers from three different states -- Nevada, Pennsylvania and California - have already complained about the fire-prone devices and may go for a class-action lawsuit against Samsung. 
 
The suit filed in the US District Court in Newark, New Jersey, accuses Samsung Electronics America of fraud and breach of warranty and good faith, NBC News reported last week.
 
The suit -- whose class-action status must still be approved by a judge before it can proceed -- seeks unspecified damages over what it alleges was Samsung's mistreatment of its customers because they had to keep paying on their contracts during the weeks after Samsung recalled the phones but before replacements were made widely available.
 
The South Korean conglomerate began selling the phone on August 19 this year, but in September announced an unprecedented withdrawal following reports of more than thirty cases of combustion by terminals in multiple countries.
 
In the recall affecting about 2.5 million phones, the company proceeded in mid-September to deliver replacement phones, but the new batch continued to suffer from battery overheating, ultimately resulting in the definitive withdrawal of the product. 
 
The South Korean tech giant last week estimated that it will lose $3 billion in operating profits over the next six months due to the withdrawal of the Galaxy Note 7 smartphone.
 
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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