Vishal Sikka: 800-plus flying hours, upset founders and little time: The tragedy of Vishal Sikka

It is very typical of Indian businessmen, especially Family Business heads to “LET GO”.  Even in a Public LImited company where the Founders supposedly RETIRE and then actively campaign against the Chief of the Executive.

We have seen two live examples in the recent past with Ratan Tata coming back from retirement to remove Cyrus Mistry as Chairman and then going Legal.

In Infosys’s case it is the Activist Founder Narayan Murthy who is unable to LET GO and has been openly washing dirty linen in public which does not augur well for the Corporate.

Wonder when people will realise that they do not have Pockets in the Coffin and they have to learn to LET GO !

Governance and Minority shareholder interest is something dear to my heart as I have learnt the role of an Independent Director.  The SEBI as regulator does its job well as does the SFIO in a case of irregularities swiftly and deftly.  The undue activism I have read about in the newspapers and websites in Infosys case appears to be more ‘Personal’ and Ëgo battle”.

Now that it has reached its end, hopefully we shall see Less sackings, Less Bench Strength, Less Cash burn, Less wastage – More benefit to the shareholders and minority shareholder interests.  Hope that the SHRINK waste to GROW Profit applies

I just wish that the Founders learn to LET GO – seriously !.

The CEO said he took 99 commercial and 17 private flights in 2016, amounting to 800-plus flying hours. He blamed his fading mirth on the constant travel.

Source: Vishal Sikka: 800-plus flying hours, upset founders and little time: The tragedy of Vishal Sikka


HR Headlines courtesy:

Mr. Vishal Sikka quits as Infosys CEO, cites ‘continuous distractions’
Infosys Ltd said Mr. Vishal Sikka has resigned as managing director and chief executive of the company with immediate effect. Mr. UB Pravin Rao has been appointed as interim-managing director and chief executive, India’s no. 2 software services exporter said in a statement. Infosys said succession plan for appointment of new managing director and chief executive officer operationalised by board; a search for same has commenced. The company said it has appointed Mr. Vishal Sikka as the executive vice-chairman. Mr. Sikka cited among his reasons for leaving “a continuous stream of distractions and disruptions” in recent months, quarters, the company said. It said Mr. Sikka will receive an annual salary of $1 during his tenure as executive vice chairman.
Source : 18-08-17   Compiled by

These tech firms are on a hiring spree and slamming slowdown fears
Slowdown news in the tech sector is haunting job seekers but there are few tech MNCs that are slamming all them. Several MNCs are on a hiring spree and looking for hundreds and even thousands of people at various locations. Slamming the slowdown fears are the companies such as Accenture, Capgemini, Oracle, IBM, Goldman Sachs, etc. For instance, Accenture is hiring 5,396 people in India and Capgemini has 2,649 job openings in the country. Likewise, Oracle is looking to hire 1,124 people in India, Amazon is looking for tech experts for various divisions, IBM has 675 open positions and Dell is looking to get 285 people on board. The job openings come as a relief for job seekers as many IT companies saw their headcount go down. “If a company wants to hire 1,000 people in a quarter for things like data analytics, India is the only place where you will find people available at that kind of scale, and it will remain so,” said Mr. Sandeep Mathur, former Oracle India managing director. MNCs, he said, had long stopped coming to India for cost. “They need people to address their growth challenges and even automation codes have to be written by humans.”
Source : 17-08-17   Compiled by

DGCA confirms it: Now, pilots will have to serve one-year notice period
Overruling objections from pilots, the Directorate General of Civil Aviation has increased the notice period of commanders to one year from six months earlier. Co-pilots will continue to serve six months’ notice period. The civil aviation regulator issued new regulations today citing public interest. The DGCA said pilots were quitting jobs without notice leading to last minute cancellations and inconvenience to customers. With the finalisation of the rule the DGCA and pilots are headed for another showdown. Pilots are set to challenge the regulation afresh arguing that the notice period is a contractual issue between them and their employer and the regulator had no role in it. In June, protests over draft proposal, mooted in May, to increase notice period had turned ugly leading to police complaint against few pilots. The Indian Pilots Guild and National Aviatiors Guild had jointly filed a writ petition against draft proposal in the Bombay High Court. But the court refused to hear plea calling it premature. The unions have said that even with six months’ notice, it is “exceptionally difficult for pilots to obtain fresh employment”, as other airlines are not willing to wait for such a long period and that extension from six months to a year is unreasonable and unjust. “With a one-year notice period it will be virtually impossible for a pilot to leave one employment and join another and will be tantamount to forced labour,” the petition said. Pilots have claimed that the move has been initiated by the DGCA at the behest of airlines which want to cut wage bills and maximise profits.
Source : 17-08-17   Compiled by

Uber hires ex-Goldman banker to fire up its Asian business
Uber Technologies Inc. is hiring Goldman Sachs Group Inc.’s former chairman for Southeast Asia to lead the development of its business from Japan to Singapore. Mr. Brooks Entwistle, who announced his retirement in 2012 after two decades at the U.S. investment bank, will become Uber’s chief business officer in the Asia Pacific and a key member of the ride-hailing giant’s regional leadership. His responsibilities will include forging partnerships and autonomous vehicle alliances across the region, excluding India. He’s joining Uber from Everstone Group, a private equity and real estate firm with offices in India and Singapore, where he served as chief executive officer. Uber is hiring an American financier with deep Asian experience as well-funded local rivals undermine its business. Didi Chuxing drove Uber out of China last year and Grab — now its fiercest regional rival — raised $2 billion last month from Didi and SoftBank Group Corp. in what was the largest-ever venture funding in Southeast Asia. Uber’s rapid expansion across the region has also spurred clashes with local governments including in the Philippines, where it’s fighting a government-imposed suspension. “Uber is a once-in-a-generation company,’’ he said in an interview in Singapore, adding that the conversation to join Uber started in earnest in April. “I wouldn’t have joined if I didn’t see there was a huge opportunity.’’ The world’s most valuable startup remains a strong contender in more than 100 cities across 18 Asian countries. Mr. Entwistle, a mountaineer who’s reached the summit of Everest, joined Goldman in 1989 as an analyst. Before leaving in 2012, he’d set up the investment bank’s India business in 2006 and remained country head until early 2011.
Source : 17-08-17   Compiled by

7th Pay Commission: Retired government employees to get more constant attendant allowance
The constant attendant allowance given to a retired government employee has increased to Rs6, 750 per month from the existing Rs4, 500, states an official order issued recently. The move to increase the allowance comes after the recommendation of the 7th Pay Commission. The allowance is sanctioned if, in the opinion of a competent medical authority, a 100% disabled retired employee needs the services of a constant attendant for at least three months. Accordingly, the allowance has been hiked from Rs4, 500 to Rs6, 750 per month, said the order issued by the Ministry of Personnel, Public Grievances and Pensions. The order will be applicable from 1 July 2017, it said. The constant attendant allowance is paid in addition to the disability pension.
Source : 16-08-17   Compiled by

SBI cuts staff by at least 6,000; will redeploy 10,000 employees
The State Bank of India cut down its staff by at least 6,000 from 2.80 lakh to 2.73 lakh in Q1 of FY18. The exits were due to retirements and voluntary retirement scheme. SBI, now, wants to redeploy more than 10,000 employees keeping merger with associate banks and also digitisation in mind. The restructuring comes after the big merger. So far, SBI has merged 594 branches and rationalised 122 administrative offices. This in itself is expected to result in savings of over Rs 1,160 crore annually. As a part of re-deployment, SBI will have staff in government service branches. Around 30% of the staff of rationalised branches will be redeployed in sales functions. The bank has introduced a new employee appraisal system where performers will receive financial incentives. Also, SBI hired just 625 staff members in the first quarter. The bank is recruiting specialists for digital space and marketing though not in large numbers.
Source : 14-08-17   Compiled by

Nomura India’s Mr. Neeraj Gambhir in race for RBI deputy governor post
Private sector banker Mr. Neeraj Gambhir of Nomura India is in fray for the role of Deputy Governor of Reserve Bank of India. This is the first instance of both a private sector employee and a foreign banker being shortlisted for the post of the Reserve Bank’s Deputy Governor. RBI has four deputy governors including two officers from the central bank itself and two others – an economist, and a commercial bank chief – from other public sector banks. The position, reserved so far for public sector bankers, was vacated after one of the deputy governors’, Mr. SS Mundra, retired last month. However, the government recently moved a Cabinet note suggesting the list of potential candidate for the post should include persons with wide banking experience of about 15 years at a top level in any bank. Considering the space captured by public sector banking in credit has narrowed significantly over the last few years from 100 percent in the 1990s to 70 percent in 2013 to about 65 percent now, and the rapidity with which private sector banks have lapped up the space, it only seems fair that private sector bankers are allowed to participate in the race to the central bank. Mr. Gambhir has been heading the fixed income business at Nomura India since October 2008. He moved to the Japanese financial major Nomura from Lehman Brothers in 2008, and has nearly 14 years of experience in Indian fixed income, currency and derivative markets. He has also served as a director at the Clearing Corp. of India.
Source : 16-08-17   Compiled by

Tata Motors appoints Mr. PB Balaji as CFO
Tata Motors, India biggest automobile company, has appointed Mr. PB Balaji as its new group chief financial officer (CFO) who will take over the reins from Mr. CR Ramakrishnan. Mr. Balaji, who will take over from November this year, has been working with Hindustan Unilever as its CFO since 2014. He started his career with Unilever in 1995. Mr. Ramakrishnan who is set to retire next month will be the second high-profile exit in Tata Motors separated by a few months. Executive director (commercial vehicles) Mr. Ravi Pisharody quit the company in June. Mr. N Chandrasekaran, Chairman, Tata Motors said, “Balaji’s deep knowledge in all areas across finance and his global experience will be very valuable for the Tata Motors Group. He will be a great addition to the management team.” Mr. Balaji’s appointment comes at a time when Tata Motors is battling market share loss in commercial vehicles and competitive pressures in passenger vehicles. Tata Motors has decide to focus solely on returning to profitability (at the stand-alone level) and improving market share in both categories. The company has shelved and postponed a few projects which it believed were cash guzzlers and not in line to achieve the desired objectives. “Tata Motors is delighted to welcome Mr. PB Balaji as the new CFO for the Tata Motors Group. He will play a very important role in our transformation journey and help us in our renewed focus on topline, market share growth, major cost reduction initiatives and efficiency improvements to deliver better financial performance and profitability in the future,” said Mr. Guenter Butschek, Chief Executive Officer & Managing Director, Tata Motors.
Source : 14-08-17   Compiled by

Merging ops; no lay-off at Lucknow centre: TCS
Against the backdrop of uncertainty over continuation of its Lucknow development centre, Tata Consultancy Services (TCS) has told the Uttar Pradesh government that it is not retrenching any staffers but is consolidating the operations to a bigger centre in Noida. A TCS team led by Mr. Rajesh Gopinathan, managing director, called on Chief Minister Mr. Yogi Adityanath. This was after the Lucknow employees had appealed to the CM to intervene and get the company to keep the local unit alive. The delegation gave a presentation to the CM and top officials and explained that, in line with a business plan, the company was consolidating its operations and discontinuing with smaller units for economy of scale. The government’s additional chief secretary for planning and information technology and electronics, Mr. Sanjiv Saran, was present in the meeting. Mr. Gopinath said the company was expanding its existing Noida operations, currently supporting 15,000 people, to accommodate between 25,000 and 40,000 staffers in the near future. “The TCS officials said until the Noida capacity was enhanced, the Lucknow centre would continue to operate. Once the Noida integrated facility gets ready in another one to two years, the staff would be given the option to relocate,” said Mr. Saran. TCS has been functioning in the state capital for 33 years. It was among the first IT majors to set foot in UP. Last month, it had denied suggestions of prospective job losses in view of the company closing down its Lucknow centre, underlining it was only consolidating into larger centres, including in Chennai. The company said it would continue to hire in UP.
Source : 14-08-17   Compiled by

IIT-KGP students get more than 100 pre-placement offers at start of semester
IIT Kharagpur students have got 118 pre-placement offers (PPOs) from top companies at the start of the semester. Microsoft and Wipro made the highest number of offers at 14, while Qualcomm has made 13 offers, Samsung at 12 and Texas Instruments at 11, professor in-charge of Career Development Centre at IITKGP Prof Debasis Deb said. Offers have also been received from ITC, Unilever and several more companies, both in core and non-core areas such as finance, software, analytics and consultancy. “This is a great start for the placement season. PPOs generally constitute about 15% of the total number of placements and many more offers are in the pipeline as the semester progresses,” Mr. Deb said. Students from the premier technology and engineering institute had undergone compulsory summer internship as part of the curriculum during May and June. Students got placed across all departments — computer science engineering, electrical engineering, electronics and electrical communications engineering, mechanical engineering, chemical engineering, humanities and social sciences (Economics) and others. ”We are approaching several new companies along with those who have visited us earlier and many have responded already. We are expecting 250 companies to visit us for placement in December,” Prof Deb said.
Source : 13-08-17   Compiled by

Soon, your PF account will be transferred automatically when you shift jobs
Starting next month, your provident fund (PF) account will be transferred automatically when you change your job. Speaking to the national daily, Chief Provident Fund Commissioner Mr. V P Joy said: “We are trying to ensure transfer of money if one changes jobs, without any application, in three days. In future, if one has an Aadhaar ID and has verified the ID, then the account will be transferred without any application if the worker goes anywhere in the country. This system will be in place very soon.” According to the report, Mr. Joy said that people closing their PF accounts prematurely was one of the main challenges faced by the Employees’ Provident Fund Organisation (EPFO). Therefore, the EPFO is trying to address this challenge by improving services, and the automatic transfer of PF account at the time of a change in place of employment is one such measure, Mr. Joy said. “Now we have made Aadhaar compulsory for enrolment. We don’t want accounts to be closed. The PF account is the permanent account. The worker can retain the same account for social security,” Mr. Joy said.
Source : 11-08-17   Compiled by

Amazon India hiring over 1,000 people in a push to R&D and AI
Amid job cuts in the IT industry there is still a glimmer of hope for software professionals. Amazon India is looking to recruit over 1,000 people, most of the offers being for software engineers. The hires will look after the cloud computing division, automation, research and development (R&D) for the company’s various arms—,, the devices business like Kindle and Amazon Web Services (AWS). The jobs are open for Amazon’s Bengaluru, Mumbai, Delhi, Pune, Hyderabad, and Chennai offices. The e-commerce giant has around 50,000 employees in the country and close to 3.5 lakh worldwide. Amazon’s strength of employees in India is second only to the US where it is headquartered. The jobs are open for Amazon’s Bengaluru, Mumbai, Delhi, Pune, Hyderabad, and Chennai offices. The e-commerce giant has around 50,000 employees in the country and close to 3.5 lakh worldwide. Amazon’s strength of employees in India is second only to the US where it is headquartered. The company said that the number of people it is hiring is limited only by the talent pool in the sectors it requires. The kind of talent the company is after are research scientists, data analytics, natural language processing, artificial intelligence machine learning and Android developers. The list is not exhaustive as the company said it is going to hire as many employees as possible.
Source : 11-08-17   Compiled by

Sebi approves six-month extension for NCDEX MD Mr. Samir Shah
Markets regulator Sebi has given nod for extension of Mr. Samir Shah’s tenure as NCDEX CEO and MD for six months even as advertisement has been issued by the commodity bourse for selection of a new candidate. Mr. Shah was appointed in 2013 as per the regulatory framework of erstwhile Forward Markets Commission (FMC) for three years till 2016. Later, his tenure was extended for a year till August 20, 2017. “The Sebi has extended the tenure for only six months and not two years because the regulator wanted the Board to ratify my appointment through a transparent Sebi-approved selection process,” Mr. Shah told PTI. The board had last year extended Mr. Shah’s tenure for three years. However, following suspected manipulation case in castor seed futures, the NCDEX board had imposed conditions on the remaining tenure of two years. “The castor seed issue has got resolved. If the Board can reselect, it (Sebi) would be happy to approve the remaining two years,” Mr. Shah said. Meanwhile, NCDEX has started the selection process for new MD/CEO and sought applications from eligible candidates by August 28. Mr. Shah is eligible to re-apply.
Source : 16-08-17   Compiled by

India’s ‘ailing’ telecom sector will generate 30 lakh jobs by 2018: report
A study conducted by Assocham-KPMG has found out that India’s ‘ailing’ telecom sector will generate as many as 30 lakh new jobs on the back of deeper penetration of smartphones, arrival of latest technologies and advent of new players in the segment. Dirt cheap mobile internet coupled with attractive data packs and spread of digital wallet providers are spurring the demand for use of technology, thus making room for more job creation activities in the sector. “Emerging technologies such as 5G, M2M and the evolution of Information and Communications Technology (ICT) are expected to create employment avenues for almost 8,70,000 individuals by 2021,”. India’s telecom sector is facing a whopping Rs 4.6 lakh crore of debt. In June, the Inter Ministerial Group formed to take stock of the situation started talks with banks and telecom companies to find a way out of the distress. The financial mess, telecom companies allege, was result of dirt cheap services provided by a new entrant to telecom industry. According to reports, telecom subscriber base in India has grown by 0.5 per cent to cross 121 crore users, of which, mobile subscribers form major chunk with addition of new 60 lakh subscribers by June-end. Bharti Airtel, Vodafone, Idea Cellular are three big segment players respectively.
Source : 17-08-17   Compiled by

India Inc calls for strengthening policy reforms, job creation
Lauding the government’s efforts to deal with corruption and black money, industry chamber CII called for strengthening policy reforms, including a new industrial policy, creating jobs and empowering women at the workplace. It said Prime Minister Mr. Narendra Modi, in his Independence Day speech from the ramparts of the Red Fort, has “outlined a vision of a secure, prosperous and capable nation by 2022”. “While welcoming lower inflation and downward interest rate cycle, CII called for strengthening policy reforms including a new industrial policy, entrepreneurship and employment creation, and empowerment of women in the workforce,” the industry body said in a statement. CII President Ms. Shobana Kamineni said, “The development task to 2022 is challenging and will require strong policy action across multiple economic and social sectors. The government has made a significant beginning, and all of us will need to put our hands together to move the needle of development.” “The Prime Minister has outlined a vision of a secure, prosperous and capable nation by 2022, driven by the collective power of 125 crore citizens of India,” she said.
Source : 15-08-17   Compiled by

India’s Polite but Firm Stand at Doklam that has Unnerved China » Indian Defence Review

India’s Polite but Firm Stand at Doklam that has Unnerved ChinaBy Brig Arun BajpaiIssue Net Edition | Date : 18 Aug , 2017The Doklam standoff between India and China is now almost two months old, longest in recent history of stand-offs between the two Asian giants. On 16 Jun ‘17 when china started this mischief against Bhutan of road building in Bhutanese territory, threatening India’s Siliguri Corridor, they never expected India to come in support of Bhutan. They were very sure that they will be able to pressurise and isolate tiny Bhutan. With India coming in and stopping Chinese road building, not only it has surprised China it has left them with no other option but to somehow save face. Recently India’s polite but firm stand on Doklam has been praised by an American Think Tank while they have called Chinese act of churlishness on the issue as childish.

Source: India’s Polite but Firm Stand at Doklam that has Unnerved China » Indian Defence Review