The week culminated in the Indian Parliament approving the Company Law. The new law promotes gender equality on boards, allows for class action suits and makes spending on corporate social responsibility (CSR) mandatory and will be formally promulgated as the Companies Act, 2013, replacing the Companies Act of 1956. Raghuram Rajan is the new RBI governor.
In appointments, Essar Steel appointed Firdose A. Vandrevala as an executive vice chairman for the company with effect from August 12. Arundhati Bhattacharya has been appointed as MD of SBI. Sameer Suneja, former India head of Perfetti Van Melle, is poised to become the global CEO of the 2,245-million Italian sugar confectionery maker, making him perhaps the first non-Italian to head the privately held firm.
In Hero MotoCorp, Anil Dua, senior vice-president - marketing & sales, will now focus completely on domestic market while Deepak Mokashi will head a separate division called international business. Sanjay Bhan, who was earlier the head of marketing, will now head the new spare parts business unit of the Rs 25,000-crore Hero MotoCorp and report directly to Munjal, instead of Dua.
The job market is in a freeze with need-based hiring petering out. The job market has gone down by 20% to 25% over one year, with entry- and mid-level jobs hit the hardest. But, hundreds of non-IIT and second-tier colleges are now getting into a placement overdrive.
In education, Adrenalin eSystems along with School of Inspired Leadership (SOIL) announced the launch of ‘HR Learning Lab’, a first-of-its-kind initiative to simulate real world corporate environment for students. Meanwhile, a study by GMAC showed that there has been a 122 per cent annual change in salary pre to post degree for the two-year full timers MBA.
In the IR space, Coal India union served notice to the company for three-day strike from September 19. Tata Motors has rationalised the workforce at its Pantnagar plant by almost 21% in the first quarter of 2013-14, while Bajaj has asked its staff at Chakan to wrap up the strike or face action. The mining sector has seen the loss of more than 200,000 direct jobs and an estimated 800,000 indirect ones due to the decline in domestic iron ore mining. Thanks to curb on gold imports, at least 500,000 artisans, craftsmen and salesmen have lost their jobs since June.. < </</p>
<</</p><</ <p>The government is looking into complaints of financial fraud against 154 companies, including those connected with Saradha Group and Rose Valley Group, Parliament was informed. Two owners of Micromax mobiles were arrested by CBI for attempting to bribe engineers of NDMC.
Over the last 6-8 months, Canon, Toshiba, Toyota and Hitachi, besides Panasonic, have all appointed and promoted senior Indian managers in their top deck - taking an about-turn from the traditional Japanese approach of controlling the management, as they have zeroed in on India as a high potential growth market.
Now, get paid leave if you adopt a child.<
Only the fit shall fly appears to be the new motto of India’s civil aviation regulator, which plans to make it mandatory for flight attendants to clear the stringent ICAO Class 2 medical test, as part of a larger attempt to improve safety standards. Currently, flight attendants in India have to go through airline-specific medical tests.