Govt extends sugar export deadline till December Kochhar offers to be reappointed as director on ICICI Securities board
BENGALURU: Disruption in e-commerce category has been because of Flipkart for the last 10 years and it would continue so for another decade, Chief Executive Officer of Flipkart Kalyan Krishnamurthy said on Thursday.
Flipkart does not strategise business matters based on the behaviour of their competitors, but on their strategy to woo customers to make purchases from their technological platforms, the CEO told PTI.
"We are not here to prove things based on how our competitors behave in a particu
lar way. We are entirely led by our own strategies to woo customers to make purchases from our technological platforms,"" he said.
"This is the way we look at it. We don't strategise looking at our competitors", he added. NEW DELHI: The food ministry on Thursday extended the deadline for exporting 2 million tonne of sugar by three months to December as only a fourth of it has been shipped so far.
In March, the government had allowed sugar export in view of record domestic output of 32 MT. Mill-wise, Minimum Indicative Export Quotas (MIEQ) were allocated by the ministry in May.
"The date of export of MIEQ allocated to sugar mills is extended by three months up to December 31," an official order said. Mills can export either sugar produced in the current 2017-18 season or the next 2018-19 season (Octoberseptember), it said.
As per the official data, only about 5 lakh tonne sugar has been exported so far. The shipments have been lower due to non-availability of raw sugar which is in demand in the global market.
The industry made a representation that it does not have raw sugar for export and requested the ministry to consider extending the deadline so that fresh raw sugar from the 2018-19 cane crop can be produced for overseas shipment.
The government has taken slew of measures to bail out cash-starved sugar mills as well as cane farmers. Record sugar production in 2017-18 season ending September depressed local prices resulting in huge cane arrears which touched the peak of Rs 23,232 crore in May-end. NEW DELHI: ICICI Bank CEO Chanda Kochhar, who is on indefinite leave pending a probe against her in an alleged quid pro quo in loan sanctioning case, has offered herself to be reappointed on the board of ICICI Securities.
Kochhar is set to retire from the board of ICICI Securities, a subsidiary of ICICI Bank.
"In terms of section 152 of the Act and Articles of Association of the Company, Chanda Kochhar would retire by rotation at the forthcoming AGM and is eligible for re-appointment. The annual general meeting (AGM) of ICICI securities is on August 30.
"Chanda Kochhar has offered herself for re-appointment," said the annual report for 2017-18 of ICICI Securities. Kochhar is the Chairperson of the bank's subsidiary.
There are allegations of impropriety on part of Kochhar in ICICI Bank extending loans to some companies and enjoying reciprocal benefits.
It has been alleged that her family members, including her husband Deepak Kochhar, got financial favours from the borrowers against the loans sanctioned by the bank.
Sebi has already served a notice on Kochhar on dealings of the bank with Videocon Group and Nupower. An independent probe has also been launched by ICICI Bank board to look into the matter.
There are eight members on the board of ICICI Securities of which four are independent directors, two are non-executive non-independent directors who are nominated from ICICI Bank and two are whole time directors.
Two members--managing Director & CEO Shilpa Kumar and Executive Director Ajay Saraf are the wholetime directors on the board of ICICI Securities.
ICICI Securities, Headquartered in Mumbai, offers financial services including brokerage, financial product distribution and investment banking, catering to both retail and institutional clients.
During fiscal ended March 2018, the company was listed on the stock exchanges through the IPO. The IPO was completed through an offer for sale by holding company ICICI Bank.