News digest: IL&FS board meet, Section 377 verdict, rupee falls, and more

India Inc ready to make workplace more inclusive for LGBT individuals

The Supreme Court judgement decriminalising certain sections of 377 of the Indian Penal Code has put corporate India into an introspective mood. Even though India Inc has gone out of its way to welcome the judgement, HR experts and employment lawyers point out that most businesses have to tweak their workplace rules to walk the talk. Read More

IL&FS emergency board meet today to take a call on fundraising, assets sale

The board of Infrastructure Leasing & Financial Services (IL&FS) has called an emergency meeting in Mumbai on Friday to take a call on fundraising, sale of assets, including road projects, and default by its subsidiary IL&FS Financial Services (IFIN) on commercial paper. The board might even look at reducing the premium on shares because some shareholders were not happy with high premium, said a source close to the development. Read More

Rupee breaches 72 mark against dollar for the first time; RBI intervenes

The rupee crossed the 72-a-dollar mark on Thursday, but retreated on intervention by the Reserve Bank of India (RBI).

The currency fell to 72.12 a dollar in intra-day trade, but closed just below the 72-mark. Many economists, who were critical of the RBI not intervening, were coming out in support of the central bank’s hands-off approach, in view of the volatility in other emerging markets (EMs). Read More

 

Aurobindo Pharma buys Sandoz's US business in $900 million deal

In the largest ever overseas pharma transaction, Aurobindo Pharmaceuticals has announced the acquisition of Sandoz's generic business in the US for $900 million.

The deal gives the Hyderabad based company access to Sandoz's portfolio of oral solids and dermatology drugs and manufacturing footprint and makes it the second largest generic player in the US-based on prescriptions. Read More

Parliamentary panel for raising PSB chiefs' retirement age to 70

As the ‘decade of retirement’ in public sector banks (PSBs) nears its end, a parliamentary committee has called for increasing the retirement age of their chief executive officers (CEOs) to 70 years from the current 60. This comes after PSBs raised with the panel the prospect of a leadership vacuum in the near future. Read More