3 Mindtree co-founders resign as L&T takes control
Bengaluru-based IT services Mindtree witnessed the end of an era as its three co-founders stepped down from their board and executive roles. The new management will now be controlled by engineering giant Larsen and Toubro (L&T).
In a press release on Friday, Mindtree said that its executive chairman Krishnakumar Natarajan, executive vice chairman & chief operating officer (COO) N S Parthasarathy, and managing director & chief executive officer Rostow Ravanan submitted their resignations as board members as well as employees of the company.
Tata Power subsidiary signs agreement to sell 50MW solar power
Poolavadi VVindfarm Limited, a 100 % subsidiary of the Tata Power Renewable Energy Limited (a wholly owned subsidiary of the Company), has signed definitive agreements for sale of 50MW solar power under captive structure.
The power will be supplied through open access under a long-term power purchase agreement.
The parties are currently in the process of meeting various pre-requisites as defined in the agreements in developing the project.
Cox & Kings drops 5% as IATA suspends license
Shares of Cox & Kings fell 5% as International Air Transport Association (lATA) suspended the company's license for selling tickets. The company mentioned in a BSE filing, however, that it will continue to issue tickets on cash and carry basis.
Cox & Kings being a travel service Company is Member of International Air Transport Association (lATA). lATA is an entity which oversees the credit lines and settlements for the Airline tickets being sold to Company/Travel Agencies and the payment to these airlines are made via a system called Billing & Settlement Plan (BSP).
The company needs to settle value of airlines tickets issued on a weekly basis.
Yes bank up ~6% on new appointments, clarification regarding rumours
Shares of Yes Bank are currently trading 6% as the bank made two key appointments and also clarified on rumors recently doing the rounds.
The bank added that it would be reporting its Q1FY20 results on July 17, 2019.
The bank released a filing on the exchanges today. The filing stated, "Yes Bank is pleased to announce th e appointment of Mr. Rajeev Uberoi as Senior Group President - Governance and Controls and Mr. Anurag Adlakha as Senior Group President & Head - Financial Management & Strategy. The Bank will significantly benefit from their vast experience and demonstrated performances and will further strengthen management leadership and the Bank's governance, control and compliance framework."
Punjab National Bank slides ~11% on reporting Rs3,800cr fraud by Bhushan Power & Steel
State-owned Punjab National Bank (PNB) reported yet another fraud - this time worth Rs3, 800cr by Bhushan Power & Steel. Shares of the bank are trading ~11% lower currently.
On Saturday, the bank released a note to the exchanges stating the following:
"Reporting of Borrowal Fraud of Rs3, 805.15cr in NPA account of M/s Bhushan Power & Steel Ltd. (BPSL) {including domestic exposure of Rs3,191.51cr at Large Corporate branch at Chandigarh, Zonal Office, Chandigarh, overseas exposure of USD 49.71 mio (Approx. Rs345.74cr) at Dubai branch and $38.51 mio (~Rs267.90cr) at Hong Kong).
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