Air India has withdrawn the special concession given to trade union leaders to do union activities on a full-time basis. This means that about 15 union leaders who were exempt from regular duty will now have to resume work.

Air India’s industrial relations department communicated this decision last week through a letter addressed to the office bearers of Aviation Industry Employees Guild (AIEG), Air India Employees Union and Air India Service Engineers Association. The unions have challenged the move and served a legal notice on the airline, asking it to take back the decision.

The high court here has issued notices to the Union government on a public interest suit seeking to strike down the re-promulgated ordinance giving extra powers to the Securities and Exchange Board of India (Sebi) to crack down on illicit money collection schemes.

A city-based lawyer, Prashaanth Balasubramaniam, has contended the ordinance’s provisions are “utter violation of constitutional principles”.

Since 2011, the auto sector has been reeling from its worst recession ever. Sales have plummeted and profits have slumped for most companies. But at Ashok Leyland, which saw its 2013-14 revenue drop over 20 per cent and profit fall 93 per cent, the slowdown is playing out differently.

The company's stock rose to a 52-week high of Rs 32.30 on BSE last month after the announcement of the fourth quarter results, even as the 143 per cent quarter-on-quarter jump in profit to Rs 363 crore came largely from sale of non-core assets. It sold its stake in IndusInd Bank and Hinduja Leyland Finance, among others.

Call it a wise move or a calculated gamble, but Bangalore-based information technology major Infosys is set on a new chapter in its history with the adoption of a model that supports two power centres under the chief executive officer (CEO) and the chief operating officer (COO). The CEO-COO model is certainly not new to Infosys - such a structure was in place till two years ago. However, this will be the first time that both officials are going to be men who did not play a role in the company's founding. Additionally, while the CEO is a complete outsider, the COO is a 28-year veteran of Infosys.

YES Bank’s shareholders have approved all the 12 resolutions that were put to vote on Saturday at the bank’s 10th annual general meeting (AGM). Apart from the financials, the resolution on re-appointment of Rana Kapoor as managing director and chief executive officer (MD & CEO) of YES Bank, along with the appointment of other directors was also put to vote.

In an effort to revive its Rs 37,230-crore refinery-cum-petrochemical complex plan in Rajasthan’s Barmer district, centrally owned Hindustan Petroleum Corporation (HPCL) might sign a fresh memorandum of understanding (MoU) with the state government.

In what will extend the telecom alliance between the two brothers beyond infrastructure-sharing, Anil Ambani-promoted Reliance Communications (RCom) is tying up with Mukesh Ambani’s Reliance Jio for a pan-India intra-circle agreement, straddling the 800-MHz and 2,100-MHz bands.

Currently, their alliance is restricted to sharing towers and fibre-optic network.

LUCKNOW: Axis Bank, one of India's largest private sector bank has announced launch of the third phase of its advertising campaign around its brand philosophy of 'Badhti ka naam zindagi' or 'Progress On'. With a new cut on the philosophy articulated as 'Badhne ke kai naam hai...',the bank for the first time is also getting associated with a celebrity 'Deepika Padukone' announced as its ambassador to take its brand philosophy ahead.

MUMBAI: State Bank of India, the country's largest lender, plans to recruit about 7,200 people even as nearly 8,100 members of its staff are due to retire during the current fiscal, as it seeks to increase its dependence on technology for a number of routine tasks.

New Delhi: India’s wholesale price-based inflation accelerated to 6.01% in May from 5.2% a month ago, led by higher food and fuel prices.

During the month, food inflation quickened to 9.5% from 8.64% a month ago, while fuel prices were up by 10.53% compared with 8.93% in the previous month.

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