Real estate major DLF is asking its shareholders permission to set up a special pension scheme for its directors. The company said that while it is allowed to set up pension schemes for its employees in general, it wants to set up a specific limited pension scheme targeted at its directors who are retiring.
Can Satyam continue to function under a tainted board? Satyam’s board was already a thinly manned one, with just five members. Two are the promoters B Ramalinga Raju and his brother B Rama Raju who have given their resignations. Ram Mynampati is the senior executive on the board. He has been with Satyam since 1999. The company website says he is the president, commercial and healthcare, since October 2002. It is very difficult to imagine him as the interim CEO, as Raju’s letter proposes, in a situation where trust in its board has evaporated. Continue Reading →