Punit Goenka has resigned as the Managing Director of Zee Entertainment and has been appointed as CEO to have his focus entirely on operational responsibilities assigned to him by the board of the company. The board has “accepted the resignation of Punit Goenka as Managing Director of the Company and appointed him as CEO,” said Zee Entertainment in a regulatory update. Mukund Galgali, Chief Financial Officer of Zee Entertainment, will assume the role of Deputy Chief Executive Officer of the Company, it added Goenka’s resignation as MD was effective from close of the business hours on November 18, and he was appointed as CEO the same day. .
The Delhi High Court has ruled in favor of Britannia Industries in a trademark infringement case against Desi Bites Snack, with regard to its premium product Good Day. The case pertains to the unauthorized use of the GOOD DAY mark for products like soan papdi and papad. The court granted an ex parte ad interim injunction, restraining Desi Bites from using the trademark in any capacity.
Franklin Templeton MF, Invesco India, and Kotak Small Cap Fund acquired nearly a 6 per cent stake in MedPlus Health Services at an average price of Rs 700 for Rs 502.23 crore. Meanwhile, Azim Premji-owned PE firm PI Opportunities Fund – I exited its position, selling its entire 5.77% stake at the same price, amounting to Rs 482.55 crore. Additionally, SBI Mutual Fund offloaded a 0.83 per cent stake in Medplus at Rs 700 per share, valued at Rs 70 crore.
The Finance Ministry on Monday came out with revised guidelines for capital restructuring by CPSEs, mandating them to pay a minimum of 30 per cent of net profit or 4 per cent of the net worth, whichever is higher as an annual dividend. As per the guidelines issued by the Department of Investment and Capital Asset Management (DIPAM), financial sector CPSEs like NBFCs may pay a minimum annual dividend of 30 per cent of PAT subject to the limit, if any, under any extant legal provisions. In the earlier guideline issued in 2016, the dividend payment requirement was 30 per cent of profit after tax (PAT) or 5 per cent of net worth, whichever is higher. Besides, there was no separate mention of financial sector CPSEs. Prominent CPSEs are BPCL, HPCL, Coal India, NBCC, NHPC, SJVN, NLC India, BHEL, BEL, NTPC, OIL, PowerGrid, etc.
PG Electroplast on Monday said it has inked a pact to manufacture electric vehicles of Spiro Mobility. The company through its wholly owned subsidiary, PG Technoplast, has inked a definitive agreement with Spiro, it said in a statement. The primary responsibility of PG Technoplast will be setting up and managing the manufacturing facilities for electric vehicles, lithium-ion batteries and related components, it said.
Online travel company MakeMyTrip on Monday said it has inked a pact to acquire Happay Expense Management platform from fintech company CRED. The acquisition reinforces MakeMyTrip’s commitment to becoming the go-to platform for comprehensive corporate travel and expense management solutions, it said in a statement. The company, however, did not disclose the financial details.
Two Reliance Group firms – Reliance Power and Reliance Infrastructure – have reconstituted their boards by elevating four senior officials to their respective boards. Ashok Pal, CFO of Reliance Power, has been promoted to the position of Executive Director in the company, the group said. While Sachin Mohapatra, Whole Time Director and CEO of Sasan Power Ltd, and Harmanjit Singh Nagi, President – Corporate Development at Reliance Power, have joined the Reliance Power board as additional directors, it said. Besides, Partha Sarma, President – Group Corporate Development, has been appointed Additional Director of Reliance Infrastructure.
GVK Power & Infrastructure Ltd, which is currently under corporate insolvency resolution process (CIRP), released a provisional list of prospective resolution applicants (PRAs) as part of its ongoing efforts to secure a resolution under the Insolvency and Bankruptcy Code, 2016. list includes major industry players such as Vedanta Ltd, Jindal Power Ltd, Shyam Sel and Power Ltd, JSW Energy Ltd, and Zeal Global Opportunities Fund.