News digest: Shikha Sharma's tenure, Air India sale, Videocon case and more

Business Standard brings you up to date with the latest news

Axis Bank board cuts short CEO's tenure, Shikha Sharma to stay on till Dec

Shikha Sharma, Axis Bank managing director and chief executive officer (MD & CEO), has decided to step down. She was to start her fourth three-year term on June 1. The move comes in the wake of the Reserve Bank of India (RBI) asking the private sector lender’s board to reconsider its decision to reappoint Sharma for a three-year term starting June. Read more
 
 
Forgotten wealth: Shares worth over Rs 13 bn lie unclaimed in top 100 firms

More than 100,000 shareholders have unclaimed shares worth billions of rupees in some of India’s largest companies. A Business Standard analysis of the shareholding records of the S&P BSE 100 firms shows that shares worth at least Rs 13.02 billion are lying unclaimed with companies. Read more

 
Videocon loan row: LIC, govt nominee seek meeting with ICICI Bank brass

The Life Insurance Corporation of India (LIC), which holds about a 9.4 per cent stake in ICICI Bank, and the government’s new nominee on the private lender’s board have called a meeting of the bank’s top management this week. This comes against the backdrop of the recent developments in the ICICI Bank-Videocon case and declining investor confidence. Read more

 
After IndiGo, Jet Airways not to participate in bid for stake in Air India

Jet Airways has decided not to participate in the bid for a stake in Air India, further denting the divestment process. The move comes four days after IndiGo’s decision to back out of bidding. While Jet Airways had never formally announced its interest in Air India, the management had held discussions with its alliance partners Air France-KLM, Delta, and other investors to put up a proposal. But the airline has now decided to call off its efforts. Read more

 

Smiley Company looks to cash in on the ubiquity of its trademark emoji

When PepsiCo launched its global campaign, ‘jaisa mood, waisi Pepsi’ (A Pepsi for every mood) in India two years ago, it was the first time that the Smiley emoji made its transition (legally) from the phone screen to a product on a shop shelf and; from the sphere of personal communication into the brand lexicon in the country. Now as The Smiley Company brings its licensing business that spans the globe with a 100 companies on its licensee list into India, the challenge will be turning the universally popular symbol of happiness into a valued brand? Read more