ED expands probe in Chanda Kochhar-Videocon-ICICI loan case. US to replace Green Card with 'Build America' visa. Non-banking companies may be granted access to the Aadhaar database for conducting e-KYC. Unequal distribution of power gives rise to dispute among IndiGo promoters. Amazon invests in British food delivery startup Deliveroo.
Moving on to the top Business news of the day.
Unequal distribution of power gives rise to dispute among IndiGo promoters.
Tipping the Scales: While Cofounders Rahul Bhatia and Rakesh Gangwal hold near-equal stakes in IndiGo, the scales are tilted in favour of the former when it comes to control of the board and management.
Exhibit A: Bhatia’s holding company Inter-Globe Enterprises (IGE) has the right to appoint key managerial personnel, including the Chairman, MD, CEO and President. It also has the right to nominate three non-independent directors, one of whom will be non-retiring.
Exhibit B: The Rakesh Gangwal (RG) Group has the right to nominate just one non-independent director, who will be a non-retiring director, according to filings with the Registrar of Companies.
An unequal distribution of power has given rise to dispute among IndiGo promoters.
Here’s a rundown of the other bigger issues which have caught the promoters in a scuffle.
Zero Vision: Even a month after distressed private carrier Jet Airways halted operations on 17 April, there is no clear revival plan in sight yet.
This has dire consequences for the company as well as the aviation industry. Here are the five ways Jet Airways’ crash landing hit the industry.
Of Doves, Bulls and Owls: The Wall Street is seemingly welcoming the emerging picture of Walmart’s international efforts, despite the geopolitical trade risks spooking markets at present.
Shares of the retail giant bounced nearly 2% in Thursday afternoon trading, benefiting from a strong beat on earnings per share and a confident earnings call pre-market.
Aside from e-commerce growth headlined by the company's ambitions to compete with Amazon.com, for convenient, next-day delivery services, the international aspect of the all-American company is enticing for analysts.