ZERO TOLERANCE FOR IMPROPER, ILLEGAL CONDUCT: COGNIZANT CEO
NEW DELHI: Advocating the company’s “zero tolerance” for illegal and improper conduct, Cognizant CEO Francisco D’souza has told employees that the firm continues to ensure that its staff is trained on anti-corruption and made fully aware of compliance policies and procedures. The move comes at a time when the US company has announced it is settling charges related to bribery case in India. Cognizant, which has a majority of its employees based in India, will pay $25 million to the US Security and Exchange Commission to settle the charges. The US department of justice (DOJ), on the other hand, has filed criminal cases against two of its former top executives.
Emami promoters divest 10% stake for ₹1,600 crore
NEW DELHI: Kolkata-based
Emami Group on Monday said that its promoters have sold a 10% stake in its consumer goods business Emami Ltd for an estimated ₹1,600 crore in a block deal to help lower promoter debt. SBI Mutual Fund, Premjiinvest, Amundi, IDFC, L&T Mutual Fund, and others participated in the stake sale, Emami said. The transaction was executed on the stock exchange. Funds from the stake sale will be used to lower promoter debt, as well as help fund the expansion of the company’s cement and solar businesses, Emami said. Post the divestment, the promoter shareholding in Emami Ltd will stand at 62.74% compared with the current 72.7%.