Latest news with #Gensol-BluSmart
Mint
04-08-2025
- Business
- Mint
CEO and author Shiv Shivakumar: ‘A wide pay gap hurts employee morale'
Every time companies' annual results are announced, there's one figure that is tracked even more keenly than the bottomline—the whopping pay packages CEOs take home, even as the average employee has to make do with paltry hikes which barely cover the cost of living. Shiv Shivakumar, former chief executive of PepsiCo India, Nokia India and one of India's longest-serving CEOs, who recently published his latest book, The CEO Mindset, which touches upon leadership thinking, strategy and personal growth, says CEOs need to be aware of such disparities because reaching the corner office isn't just about talent. In an exclusive interview with Mint, Shivakumar delves into what it takes to rise to the top in the business world, as well as what we can learn from the recent spate of scandals engulfing India Inc. Edited excerpts: You talk about having a certain mindset to be a CEO, which is not developed only after bagging the top job, but displayed throughout one's career. Can you elaborate on that? I call it the 'C.H.A.R.L.I.E' mindset. C stands for communication. In today's hyper competitive world, if you cannot build a simple narrative that hits home, you're gone. H is holistic thinking—even when you're a junior manager, you are looking at the big picture. A is absolute standards, where you want to be the absolute best at what you do, and not just better than your co-worker. R is reframing of issues, the ability to look at a problem from a different perspective. L stands for legacy thinking, which means you want to leave behind a legacy, no matter what your role. I stands for investing in people, which means your team members should be better off at the end of your tenure than when they started. And E is ethical execution, which is often the first thing that is flouted before a company starts seeing more trouble. Speaking about ethical execution, India Inc has seen a spate of scandals recently, like the accounting mismatches at IndusInd Bank, the Gensol-BluSmart crisis etc. What are your views on these cases? When do corporate governance issues crop up? First is when you have a charismatic, long serving CEO who thinks he or she is above the process. Examples of that are Jack Welch and Carlos Ghosn. The second type of thinking is a bully CEO, and Jeff Immelt was possibly close to being labelled that. The third is because of weak boards, where the board of directors are not able to tell the CEO 'hey, this is not okay'. In a lot of instances, it is also due to the overarching goal of the CEO and company to be number one. The auto industry with VW, Toyota etc are examples of this. When people stretch for the number one position, they have usually broken the processes that took them there. What can be the antidote for these issues? First is to have a strong whistleblower policy. Whenever something is going wrong in a company, a lot of people can clearly see it, but are afraid to speak up. A good whistleblower policy first protects the whistleblower, and then the company itself, not the other way around. Secondly, you need to have a strong audit committee. In the examples you mentioned, the audit committee should have picked up the signs of wrongdoing or conflict of interest. But irrespective of the processes, ultimately the most important thing is human behavior. You cannot design systems for flaws in human behavior. Another recent case is that of former ICICI Bank CEO Chanda Kochhar, who is facing accusations of receiving kickbacks for granting loans to Videocon. This case is sub-judice, but in instances where guilt has been established in courts, do you think the guilty executives should be forced to pay back their compensation? If there are mistakes which are fiduciary in nature and deliberate, then yes, I agree that compensation should be clawed back from the guilty CEOs. But we must also recognize that many 'mistakes' in business are nothing but wrong strategic calls, or business decisions which ultimately did not work out. So we must make that distinction before clawing back. Another persistent narrative around CEOs is their huge pay packages, often touching 300 or 400 times the median salaries at their own organizations. Do you think such a wide pay gap is justified? No, it is not. Once you pay a CEO a certain amount, the people reporting to him too expect a certain threshold. And the people below them as well, and so on. There's a cascading effect. Also, the average CEO tenure in India is 4.5 years, which is lower than the global average of 7.2 years. So it is not as if the CEO is providing dramatic results in such a short time period. I believe that there will be some regulation sometime on this issue or shareholders will object. Also, there is a perception that these private companies' CEOs are paid a lot. So when we go to deal with other people in the ecosystem, be it the government or civil society, they look at us as if we've sold our souls to the devil for money. That's not a good thing for anybody who wants to be part of society. I know young people today are turned on by high salaries, but a wide pay gap hurts employee morale dramatically. What are some common traits you see in middle managers who eventually go on to occupy the corner office? Middle managers who make it to the top are excellent at collaboration. Most middle managers are in charge of some vertical or business function, and they fiercely guard their domain. But those who reach the top are excellent collaborators, they share information liberally and take an institutional view and not just a functional view of things. Also, they put up their hand when there's a crisis and are also good at coaching their people. Conversely, what are some of the mistakes ambitious people commonly make while climbing the corporate ladder? The biggest mistake ambitious people make is that they believe it's all about themselves and not the institution. They think they are bigger than the process. Ambition is not bad, but it becomes bad when you wear it nakedly. Collective ambition is what an institution wants. What is your advice to people who aspire to reach the CEO position one day? The first quality you must cultivate is patience. It will take you 15-20 years to become the CEO of a mid-sized company with ₹5,000-10,000 crore revenues. Secondly, no matter how skilled and proficient you are, you will make mistakes. But what ultimately matters is your ability to learn from your mistakes. Thirdly, you have to constantly reskill and relearn as you go along. And finally, you should enjoy the journey rather than hanker for a particular title, because you must understand that luck too plays a part. In the past, 3% in an MBA batch made it to the CEO role, today, it might be 5-7%. I always say that being a CEO doesn't mean you're necessarily better than the others, but that you might have been luckier than the others. Talent plus luck matters.
Mint
22-06-2025
- Business
- Mint
When diversification backfires: Four Indian companies walking a fine line
Diversification is a well-worn corporate strategy. Done right, it can help companies de-risk operations, tap new revenue streams, and create lasting shareholder value. Done poorly, it can distract management, strain capital, and ultimately erode core businesses—a phenomenon legendary investor Peter Lynch once dubbed "diworsification." Several marquee Indian companies are now testing that fine line between smart expansion and costly distraction. Grasim's recent move into paints, UltraTech's foray into cables and wires, and IndiGo's venture into hotels have raised eyebrows. But in each case, there's a strategic logic: Grasim and UltraTech can leverage their existing cement distribution networks, while IndiGo's established travel brand can extend naturally into hospitality. Others, however, have ventured into businesses far afield from their core competencies—often with damaging results. Read this | Company Outsider: The Gensol-BluSmart fiasco shows the dangers of reckless diversification Here are four listed Indian companies that show how overextension can strain even established businesses. Unitech: Diversification derailed the core By the early 2000s, Unitech had cemented its position among India's top real estate developers, with residential complexes, commercial projects, and amusement parks sprawled across more than 14,500 acres. Following India's 2005 liberalization of foreign investment in real estate, Unitech drew substantial foreign interest and saw its stock soar by 3000% in a year. Flush with cash, the company ventured into telecom in 2007. But the global financial crisis hit its real estate business hard, and the telecom bet proved disastrous. The venture saddled Unitech with crippling debt. The 2G spectrum scandal that followed led to cancelled licences, criminal charges against its promoters, and the forced sale of its telecom operations. At its peak, the company owed ₹8,000 crore in debt. The collapse spilled into its core real estate business: stalled projects, mounting client complaints, regulatory interventions, and severe brand erosion. Though Unitech has since pivoted back to real estate, it faces a long road to recovery from the debt burden, reputational damage, and years lost chasing an ill-fated diversification. OK Play India: Stretching to thin OK Play began as a manufacturer of water tanks, but over time expanded into a disparate set of businesses: toys, auto components, delivery boxes, mannequins, and electric three-wheelers. Management has cited plastic as the common thread—but the reality has been less convincing. The company struggled to leverage any synergies between these businesses, failing to transfer brand strength, manufacturing capabilities, or distribution scale across segments. Its core toy business continues to drive most of its revenues, while newer ventures have mostly added losses and distraction. Despite management's stated goal of doubling toy revenues annually and targeting 15-20% growth in other segments, its history of losses casts doubt on such projections. Recent expansions into home décor and air purifiers only raise further concerns. For OK Play, focus on profitable segments rather than new distractions appears critical. Patanjali Foods: Early signs of overreach Investor favourite Patanjali Foods, once an edible oil company, has successfully transformed into a broader FMCG player by acquiring foods and home & personal care businesses from its parent. Today, it ranks as India's third-largest FMCG company by revenue. However, while it has climbed the revenue ranks, profitability remains a weak spot. Revenues have also been vulnerable to volatile edible oil prices. The growing contribution of higher-margin segments has eased some of those concerns, and after several years of underperformance, the stock has been outperforming since June 2023. But recent moves have raised concerns that Patanjali may be drifting into 'diworsification." Its investment in wind power generation has already resulted in intermittent losses. Even if that can be justified as captive green energy for its core operations, its more recent forays into construction and infrastructure with KBC Global, and insurance with Magma General Insurance, mark clear departures from its core strengths. How management navigates these ventures remains to be seen. Balmer Lawrie: Overdiversification hits PSUs too Established in the pre-independence era, Balmer Lawrie is now a central PSU under the Ministry of Petroleum and Natural Gas, classified as a Miniratna-I company. As the company itself puts it, there is scarcely a business it hasn't ventured into. It has ventured into tea, shipping, insurance, banking, and manufacturing over the years. Today, it operates across eight strategic businesses spanning manufacturing and services. Its manufacturing portfolio includes industrial packaging, greases and lubricants, and chemicals, alongside refinery and oil field services. While some of these businesses are adjacent, the company's sprawling portfolio suggests an overextension of its operating focus. Read this | How ITC and BAT's divergent diversification strategies flipped the narrative In its travel vertical, Balmer Lawrie offers services ranging from travel planning, ticketing, forex, and hotel bookings to visa processing and travel insurance. It also runs logistics operations, including cold chain logistics and door-to-door freight forwarding. While logistics contributes a fifth of the company's revenues, its subsidiary, Visakhapatnam Port Logistics Park, has been a drag on profitability. The travel vertical has limited revenue contribution, with a bulk of the business still being driven by industrial packaging, and greases and lubricants. Result? Distractions from multiple fronts have kept profits volatile. When diversification Becomes diworsification Diversification isn't inherently negative. Expanding into upstream or downstream segments can lower costs, while entering adjacent businesses can help de-risk operations and cushion against business-cycle or seasonal fluctuations. Also read | Why some Indian companies are paying dividends despite posting losses The real concern arises when companies venture into industries entirely unrelated to their core strengths. Done well, such moves can mark the early stages of building a diversified conglomerate—as seen with Reliance Industries Ltd or ITC Ltd. But execution is critical, and professionally managed firms are better equipped to navigate the risks. Even then, conglomerates often trade at a discount, with the whole valued less than the sum of their parts. If a company has proven its strength in its core business, investors may be willing to back unrelated diversification—Patanjali Foods being one example. But when companies already struggling at the core venture into unrelated businesses, they risk spreading themselves too thin. Bull markets may temporarily lift such stocks on a wave of optimism, but when sentiment cools and fundamentals reassert themselves, these weaknesses are quickly exposed. For more such analyses, read Profit Pulse. Ananya Roy is the founder of Credibull Capital, a Sebi-registered investment adviser. X: @ananyaroycfa Disclosure: The author does not hold shares of the companies discussed. The views expressed are for informational purposes only and should not be considered investment advice. Readers are encouraged to conduct their own research and consult a financial professional before making any investment decisions.
Mint
01-05-2025
- Business
- Mint
Non-executive directors needn't get caught up in cases of corporate fraud
The Gensol-BluSmart crisis has drawn corporate fraud in India's startup ecosystem into the spotlight. It has sparked a debate over a 'fake it till you make it' culture and whether it's driven by sheer greed, naive optimism or intense pressure to keep the company's stock on an ever-rising curve. While the causes remain debatable, the consequences of corporate fraud follow a predictable path. Once discovered, law enforcement agencies and regulatory bodies spring into action. Probes are launched, notices are dispatched and litigation ensues. One may expect these proceedings to target executive directors, who are responsible for running the business and its affairs. But that is not the case. They invariably implicate all board members, including those who serve in non-executive roles, such as nominee directors appointed by private equity firms. This occurs despite the stark difference between the roles of executive and non-executive directors. The latter play a limited role on the board. They represent the shareholders that nominate them. As their involvement is usually restricted to attending board meetings, they often have no clue, let alone knowledge, of any fraud. Nonetheless, they find themselves arrayed with those accused of carrying out the fraud . Noticing this, the ministry of corporate affairs (MCA) came out with a circular dated 2 March 2020, drawing attention to a provision in the Companies Act of 2013. This provision limits the liability of non-executive directors to wrongful acts that occur with their knowledge (attributable through board processes), consent or connivance, or where they do not act diligently. In the light of this, the MCA required that the specified criteria be satisfied before non-executive directors are arrayed in any civil or criminal case under the Companies Act. The MCA also instructed registrars of companies (RoCs) to ensure that sufficient evidence exists of their involvement before proceeding against them. To comply with the law's mandate and avoid liability, non-executive directors can take preventive measures. First , it is crucial for them to demonstrate that they acted diligently. This involves dedicating adequate time and attention to the company's issues, especially those that may raise red flags. They must remain sceptical of management actions until they independently evaluate them. Rather than accepting rosy narratives or optimistic portrayals, they should pose incisive questions to discern the true picture of the company's operations. Second , non-executive directors must act decisively upon detecting signs of corporate wrongdoing by notifying management and insisting on prompt corrective action. Problems arise when, instead of confronting the management, they succumb to pressure, overlook fraudulent conduct in fear of repercussions or dismiss it as an isolated incident. Such responses are not prudent, and by the time this realization dawns, it is often too late. They risk being accused of negligence or wilful blindness, as they can be presumed to possess constructive knowledge. Non-executive directors must speak up if they detect signs of fraudulent activity, as their silence can be used against them. Third , non-executive directors must keep a record of any instances of having highlighted red flags. Should these concerns pertain to an issue being addressed through a board or shareholder resolution, they must ensure their dissent is noted and accurately recorded in the meeting minutes. Plus, any correspondence with management should be preserved as evidence. By taking these steps, non-executive directors can shield themselves from liability should a fraud be eventually uncovered. However, the reality is that they are only able to escape punishment, not the process. They still get caught in the crossfire between regulatory bodies and the fraud's perpetrators. These bodies may include the Securities and Exchange Board of India for listed companies and Reserve Bank of India for banks and financial institutions. Non-executive directors could also get embroiled in civil and criminal proceedings pursued by various agencies such as the local police, Enforcement Directorate and Serious Fraud Investigation Office. Even if the charges levelled against non-executive directors lack evidence or merit, they are forced to endure arduous and lengthy proceedings before they can be exonerated. This process can be extremely taxing; they incur litigation costs, face inconvenience, undergo stress and suffer reputational harm. They may even need to resign from their board positions in other companies, especially those which operate in tightly regulated sectors. This is because, in many such sectors, maintaining a 'fit and proper' status is essential for directors. At the end, the real question that needs to be answered is whether it is possible to shield non-executive directors from this ordeal without neglecting evidence that may point to their involvement. This is precisely what the MCA circular aims to address. By adopting a balanced approach, it sanctions the prosecution of non-executive directors only in cases where there is prima facie evidence of their participation. Rather than indiscriminately implicating all board members, it calls for an initial assessment before tagging them with executive directors. The need of the hour is for regulatory bodies and enforcement agencies to embrace the circular's intent and enforce it in letter and spirit. These are the authors' personal views. The authors are, respectively, head of the private equity and financial services regulatory practice; and member, private equity and M&A, at Nishith Desai Associates.
Time of India
24-04-2025
- Business
- Time of India
Audit shadows BluSmart's books; Zomato leadership rejig
Audit shadows BluSmart's books; Zomato leadership rejig Also in the letter: BluSmart faces forensic audit amid Gensol crisis; investor payments in jeopardy Getting into action: Massive burn: Worried investors: Read ETtech's in-depth coverage of the Gensol-BluSmart crisis: Zomato food delivery CEO steps down; Deepinder Goyal to take charge Tell me more: Backdrop: Also Read: What's next: Why it matters: Also Read: IT firms may need to up hiring to retain edge as GCCs come fishing Numberwise: GCC growth has pushed IT services attrition to 16%. Greenfield GCCs hired 110,000 people in 2024, up from 60,000 in 2023, with over half coming from IT firms, according to data from Xpheno. GCCs hired nearly ten times more talent than Indian IT majors in 2024-25, driving 20-25% lateral movement, said Quess. About 40% of IT companies are now adopting remote and hybrid models to access talent in tier-2 cities and overseas, TeamLease said. Experts take: 'IT services firms have no choice but to refill these attrited resources because they are billable and directly impact revenues,' said Kamal Karanth, cofounder of Xpheno. This explains why TCS plans to hire 40,000 freshers this fiscal year and Infosys 20,000. Experts added that both companies are aiming to reduce subcontractor costs, which have already fallen by 11% over the past eight quarters. HCLTech will increase fresher hiring in FY26, aiming to recruit 2,000–3,000 candidates each quarter, said chief people officer Ramachandran Sundararajan. The company hired 7,000 freshers in FY25. Tell me more: GCCs are attracting top talent with better pay and faster career growth, said Karthikeyan K, director – permanent recruitment at Adecco. Over 30% of exits from large IT firms are to GCCs, where the cost of an unfilled seat is 40% higher. Junior and mid-level professionals receive quicker salary increases when they move to GCCs. 'The average tech salary has crossed Rs 18 lakh per annum, with GCCs offering 10-15% higher pay for senior roles,' he added. Also Read: Donald Trump's big varsity shake up opens doors for Indian edtech companies Partnership opportunities: Why now: Moving away from the US: US universities are expected to attract more international students, who are key revenue contributors—potentially benefiting study-abroad startups. However, an executive said studying abroad, especially in the US, has become difficult for Indian students due to rising tuition fees, visa uncertainties, and the weakening rupee against the dollar. Other Top Stories By Our Reporters Secondaries specialist PixelSky Capital launches Rs 400 crore late-stage fund: Sarvam and three other AI firms in MeitY's LLM build out first shortlist: Promoters, early backers of Ather Energy eye strong gains through IPO: LTIMindtree's Q4 net profit up 2.5%: Global Picks We Are Reading Happy Thursday! BluSmart's board has engaged consultancy firm Grant Thorntonto conduct a forensic audit of the ride-hailing startup's financials. This and more in today's ETtech Morning Dispatch.■ GCCs trigger talent shift■ Indian edtech's Trump bet■ PixelSky's first closeWith associate entity Gensol under regulatory scrutiny, BluSmart, the ride-hailing startup, is also coming under the scanner. Sources tell us that the company's board has initiated a forensic audit to be conducted by consultancy firm Grant audit will investigate whether funds were diverted from the company to Gensol Engineering, the solar consulting firm under Sebi's scrutiny. Last year, BluSmart's management informed investors that it had around Rs 400 to 500 crore in cash reserves. However, sources told us that the company ran out of funds just months financial troubles have deepened, with debt mounting and business growth stagnating. The company posted losses of Rs 470 crore in FY24 and is burning up to Rs 50 crore each month in FY25, people in the know told us. While its revenues grew by about 58% between FY23 and FY24, losses more than doubled over the same crisis at Gensol has now spilled over to BluSmart, the group's ride-hailing venture. Investors fear the ongoing forensic audit could jeopardise repayments due in the coming months. If fund diversion from BluSmart is confirmed, it could trigger a painful liquidation or legal proceedings — putting many individual investors at risk of losing their Goyal, CEO, ZomatoIn a major top-deck reshuffle at Zomato's parent entity Eternal, the company's chief executive of food delivery Rakesh Ranjan is stepping down from his role Eternal CEO Deepinder Goyal will be assuming Ranjan's responsibilities while the company scouts for a full-time replacement. Sources told ETtech both internal and external candidates are being move comes as Zomato battles a slowdown in its mainline food delivery business, even during the festive-heavy December quarter. Its rival Swiggy caught up on market share, riding the 10-minute delivery company is scouting for a full-time replacement, with both internal and external candidates under consideration. For now, Ranjan will continue with the company in a different delivery is Zomato's biggest revenue engine—and the leadership reset underscores the pressure to maintain growth in a cooling demand the uncertain economic environment, IT services firms may need to step up hiring in the long term to prevent talent from shifting to global capability centres (GCCs), experts the Donald Trump administration slashes billions of dollars of federal funding for US universities, Indian edtech platforms—particularly those focused on higher education and study abroad—are reassessing how this shift could bolster their businesses , founders and executives told ET.'We are starting to see greater interest from our university partners. They're looking for ways to manage the funding crunch they're facing,' said Ashwin Damera, founder and chief executive of Eruditus. He added, 'Universities will launch more courses with us. They need to find more ways to generate revenue.'The Trump administration has already taken action against seven universities, including Brown, Cornell, Harvard and Columbia, by either cutting funding or issuing warnings about potential cuts. This follows Trump's allegation that some top universities have become hubs of antisemitism and political Ahuja, managing partner, PixelSky CapitalPixelSky Capital, a secondary-focused fund set up by IndigoEdge and entrepreneur Hitesh Ahuja, has launched its debut investment vehicle with a target corpus of Rs 400 crore to back late-stage tech and consumer companies, according to Sarvam AI, along with Soket AI Labs, and is likely among the first companies selected by the IT ministry to receive incentives under the Rs 10,000-crore IndiaAI Mission, aimed at developing frontier AI models, sources and early investors in Ather Energy are poised for substantial gains as the electric two-wheeler maker gears up for its initial public offering (IPO) later this the IT services arm of the L&T Group, reported a modest 2.5% year-on-year increase in Q4 net profit to Rs 1,129 crore, with forex gains partially cushioning other operational pressures.■ China has an army of robots on its side in the tariff war ( The New York Times ■ What would a US tariff on chips look like? ( FT ■ Nvidia thinks it has a better way of building AI agents ( WSJ
Time of India
23-04-2025
- Business
- Time of India
BluSmart faces audit; More on Ather IPO
BluSmart faces audit; More on Ather IPO Also in the letter: BluSmart board has appointed Grant Thornton to conduct forensic audit of company's books: Sources Quote, unquote: Cause and effect: Cutting down: The brothers, their mother Jasminder Kaur, and promoter group Gensol Ventures have lost 57% of their stake since December 31. As of December 2024, the promoters held 2.8 crore shares, or 62.6% of Gensol, with 81.7% pledged. By end-March, their holdings dropped to 35.9%, with 95% pledged. By April 22, creditors had seized an additional 9.2%, leaving them with 26.7%. Market reacts: Read ETtech's in-depth coverage of the Gensol-BluSmart crisis: Promoters, early backers of Ather Energy eye strong gains through IPO Tell me more: Tiger Global, which backed the company in 2015 at Rs 38.58 per share, is set to exit with an 8.3x return. Singapore-based GIC and India's National Investment and Infrastructure Fund (NIIF), which invested in 2022, are expected to earn multiples of 1.57x and 1.75x, respectively. OFS play: Founders Tarun Mehta and Swapnil Jain will each offload shares worth Rs 31.4 crore. Other selling shareholders include Tiger Global (Rs 12.84 crore), GIC (Rs 192.71 crore), NIIF (Rs 84.57 crore), and IIT Madras (Rs 1.13 crore). Issue downsizing: Capex plan: OpenAI signals interest in buying Google's Chrome if breakup is ordered: ChatGPT exec testifies Context setting: Judge Amit Mehta ruled last year that Google holds a monopoly in online search and advertising. US government attorneys argue that the rise of AI could entrench Google's dominance in search. The case also scrutinises Google's agreements with companies like Apple and Samsung to keep its search engine as the default option. What else: Intel to cut over 20% of workforce: Reports Also Read: Finally, deals back on the menu for QSRs, cafe chains Deal instances: Homegrown brands such as Mad Over Donuts, Biggies Burger, and Theobroma are close to securing fresh funding from private equity firms and family offices. Devyani International, the operator of global fast-food chains KFC, Pizza Hut and Costa Coffee, is acquiring a majority stake in Sky Gate Hospitality, the parent company of Biryani By Kilo. Wow! Momo recently raised Rs 150 crore from Haldiram's Kamal Agrawal and Malaysia's sovereign wealth fund Khazanah Nasional. Nothing Before Coffee, a café chain focused on India's tier-2 cities, raised $2.3 million in a funding round led by Prath Ventures. Expert take: Chart-ed: AI roles fetch up to 40% more pay as GCCs open purse strings BluSmart's board has appointed Grant Thornton to audit the cash-strapped company's financials. This and more in today's ETtech Top 5.■ OpenAI eyes Google Chrome■ Deal activity up in QSRs■ Chart-ed: AI roles pay moreThe board of embattled BluSmart has initiated a forensic audit of the company's books after whistleblower complaints alleging financial fraud. The company has engaged Grant Thornton for the probe, sources told us.'The company's management had told its investors when it launched its fundraising discussions last year that it had Rs 400-500 crore in cash on its books. However, only a few months later, it was running out of cash,' a person in the know said. 'Investors are questioning where the money went.'The audit follows regulatory action against Gensol Engineering, a listed firm promoted by BluSmart cofounders Anmol and Puneet Singh which was burning through Rs 20 crore each month, failed to close its $50 million funding round and suspended its ride-hailing services earlier this the Jaggi brothers' shareholding has dropped sharply amid ongoing probes by enforcement of the listed engineering, procurement and construction (EPC) firm have hit the 5% lower circuit since Wednesday's market open, falling over 80% since March 3 when credit downgrades Mehta, cofounder and CEO, Ather EnergyPromoters and early investors in Ather Energy are poised for substantial gains as the electric two-wheeler maker prepares for its public listing later this Energy has reduced its IPO size from Rs 3,100 crore to Rs 2,981 crore . According to Ashish Nigam, managing director at Axis Capital, the majority of this reduction stems from a lower offer for sale (OFS) component. Several shareholders chose to stay on, buoyed by Ather's recent performance and growth prospects, he Tarun Mehta said the company will focus its capital on product innovation, technology development, and brand building. Ather will avoid investing in asset-heavy areas such as cell-manufacturing and semiconductors, which he described as 'highly volatile and subject to rapid technological changes.' He added, 'We believe suppliers are in a better position to handle that kind of volatility.'ChatGPT's head of product, Nick Turley, revealed that OpenAI would be interested in acquiring Google's Chrome browser should the tech giant be forced to sell it as part of an ongoing antitrust also disclosed that OpenAI had approached Google about integrating its search technology into ChatGPT's AI assistant, but the request was plans to lay off more than 20% of its staff in a sweeping move to streamline operations and refocus on engineering, according to a Bloomberg cuts mark the first major decision under new CEO Lip-Bu Tan, who has criticised the company's sluggish, bloated middle quick-service restaurant (QSR) and café sector is witnessing a resurgence in deal activity after a lull lasting five consecutive quarters The sector's growth has been driven by low-cost operating models, value-for-money pricing, and evolving consumer behaviour, said Sagar Daryani, president of the National Restaurant Association of India (NRAI). This, he added, is reinforced by people ordering in, choosing OTT platforms over cinemas, and preferring house parties to going for GenAI skills is rising rapidly in India's global capability centres (GCCs), increasing by 32% year-on-year in 2024 Early adoption in sectors such as BFSI, retail, and tech is driving this trend, according to a report by Quess. Positions in AI and data science now offer salaries that are 25–40% higher than those for traditional software engineers.
