Infosys Ltd has stopped the remaining instalments of the severance payment of Rs17.38 crore promised to former chief financial officer Rajiv Bansal after some of the company’s founders expressed their unhappiness with the decision, three people familiar with the matter said.

The move raises questions about the independence of the board of the country’s second-largest software services firm. None of the founders is on the board or in an executive position. The move also reopens the issue of why the board felt the need to give Bansal a generous severance payment in the first place.

Mumbai: Reliance Communications Ltd, the most leveraged among the nation’s listed phone carriers, aims to cut its debt by more than three-quarters within a year, chairman Anil Ambani said on Tuesday.

Speaking at the company’s annual shareholders’ meeting in Mumbai, Ambani also said its deal with Reliance Jio Infocomm Ltd, a new telecoms venture of his brother, to jointly offer 4G services was like a “virtual merger” between the two companies and would help Reliance Communications cut costs.

Putting in place enhanced supervisory framework for stock brokers, Sebi has issued a detailed set of guidelines to monitor their financial strength and detect any misutilisation of clients’ funds.

Besides, stock brokers will now have to follow a uniform nomenclature for “naming/tagging of bank and demat accounts” and reporting of such accounts to stock exchanges and depositories.

NEW DELHI: Tata Motors has forayed into the Bolivian commercial vehicle (CV) market with the launch of three products in the South American country.

The Mumbai-based auto major has entered Bolivia through a distribution agreement with local partner Bolivian Auto Motors, which is part of Salvatierra, a business conglomerate engaged in distribution of motor vehicles and motor cycles in the Latin American country.

NEW DELHI: The Board of ONGC is split on the issue of claiming compensation for Rs 11,000 crore worth of natural gas spewing from its KG basin block into adjoining fields of Reliance Industries.

Justice A P Shah Committee on the issue of gas migrating from idling ONGC blocks to RIL producing gas fields, last month opined that the compensation for "unjust enrichment" by the Mukesh Ambani-run firm should go to the government and not the state-owned firm.

The share buyback programme worth Rs 3,650 crore of Coal India would open next week on October 3.

The state-owned company informed about the "Letter of Offer" in a BSE filing. SBI Capital Markets is the manager to the buyback offer that closes on October 18.

Markets have rebounded in trades today and are trading marginally positive supported by buying among blue chips mostly the Tata group shares.

By 9:40 am, the S&P BSE Sensex was 77 points higher at 28,371 and the Nifty50 rose 26 points to trade at 8,749. Among broader markets, BSE Midcap and Smallcap indices are up over 0.5% each.

India-born Microsoft CEO Satya Nadella today said his company is not pursuing Artificial Intelligence (AI) to beat humans at games but to empower people and organisations "to solve the most pressing problems" of society and economy to make the world a better place.

As the keynote speaker at the opening day of 'Microsoft's Ignite' conference, he addressed a packed crowd of over 23,000 attendees, primarily IT professionals.

Private lender Yes Bank today said it will raise about Rs 330 crore ($50 million) by issuing a

7-year term green infrastructure bond to FMO, the Dutch Development Bank, on a private placement basis.

Hyundai Motor's South Korean labour union staged its first full nationwide strike in 12 years on Monday over stalled wage talks, putting the automaker's earnings and sales targets at risk.

The full-day walkout came after a series of partial stoppages since July at the automaker's factories across South Korea, its biggest manufacturing base which produces nearly 40 per cent of its vehicles sold globally last year.

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