Top Headlines: Govt to contest Voda verdict, Infosys' next goal, and more

From migrants still facing the brunt of lockdown to Centre planning to contest Voda arbitration award, here are the top headlines this morning

After facing criticism, govt may rewrite airport privatisation policy

Facing criticism that the policy of privatising profit-making airports is saddling the Airports Authority of India (AAI) with economically unviable airports and fostering monopoly in the sector, the Centre is planning to rewrite how airports have been privatised in the country. In the upcoming round of privatisation, unviable airports are likely to be clubbed with six main airports and a prospective bidder may be restricted to bid for two airports. Read More

Covid-19 impact: 6 months on, migrants caught between hope and despair

Government data shows that about one-third of the migrant workers who went back to their villages, belong to Uttar Pradesh. The Prayagraj district saw the highest reverse migration in the state — 104,009, after Siddharth Nagar (161,796). Six months after the lockdown was imposed, Business Standard interviewed over two dozen migrant workers across five villages of Prayagraj. As the economy opens up, most of them are either hunting for a job or desperately waiting for a phone call from their previous employers. Read More

Centre to contest Vodafone arbitration award, reach out to global funds

The Indian government will contest the Vodafone arbitration award, but it will also reach out to international pension and insurance funds keen to invest in the country in order to reassure them, said a top official source. On Friday, Vodafone International Holdings B. V., the parent company of India’s beleaguered Vodafone Idea, won an award in an international arbitration tribunal in The Hague against tax demands made by India. Read More

Air India: US based fund in talks with banks, others to join the bid

With the Tatas unsure about making a bid for Air India, US-based fund Interups Inc is giving final touches to its own, which includes forming an infrastructure investment trust (InvIT) to house the revenue-generating infrastructure of the airline. The InvIT will help the fund to encourage institutional investors to participate in Air India’s growth story once its privatisation is over. Read More

Lakshmi Vilas Bank shareholders vote against reappointment of top brass

A large section of shareholders of ailing Lakshmi Vilas Bank (LVB) voted against the reappointment of the managing director and chief executive, as well as seven directors and auditors, at the recent annual general meeting (AGM). In a latest development, the Reserve Bank of India (RBI) approved a Committee of Directors (CoD), composed of three independent directors, who would run the day-to-day affairs of the lender. Read More

Virtual AGMs see lower shareholder representation amid Covid-19 pandemic

More shareholders attended their companies’ annual ge­neral meetings (AGMs) during the pandemic as video conferencing became the norm. However, the paradox is that these higher numbers translate into lower representation. Business Standard checked the attendance numbers for the 30 companies comprising the Sensex. Data was available for 24 of them, some were yet to hold their meetings or make data available. The companies saw a median increase of 54 attendees. Read More

Infosys becoming bellwether again, says chairman Nandan Nilekani

Having regained lost ground and demonstrated consistent performance, Infosys has set its sights on the next goal — to regain the ‘industry bellwether’ tag. Even though it may still be some time away, the firm believes the strategy it has put in place and investments it has made in the past couple of years will help it achieve the target sooner than later. Read More

Vodafone verdict: Impact on Cairn unlikely, basis of scrutiny distinct

Cairn Plc that has been in a protracted dispute over retrospective tax with the central government is cautious after last week’s Vodafone arbitration award. The Vodafone award could have had a bearing on its case, if hearings had not concluded. The UK-based company is awaiting its own arbitration award for which the final hearings concluded way back in 2018. Read More

India Inc's succession plan is seeing a gender shift, albeit slowly

Legacy planning firm Terentia is helping a north India-based mid-sized manufacturing company form a policy to induct women family members — including daughters-in-law — into business. India Inc’s succession planning is seeing a gender shift, albeit slowly but with many caveats. Chennai-based Murugappa Group, for instance, voted against giving Valli Arunachalam a seat at its holding company’s board. Read More