Name: Wipro's Rishad Premji takes 50% pay cut in FY23
Uploaded: 2023-05-25T16:31:42.000+05:30
Duration: T00M32S
Channel: Editorji News Desk
Description: Premji made $951,353 in total annual compensation in FY23 which is 50% less than his earnings in FY22 which was $1,819,022

One more case regarding the default in loan payment is pending in the Delaware court in which Lenders had proposed a takeover of the company's US entity Byju's Alpha

Byju's defaults on $40 million loan payment; sues lender Redwood for predatory tactics 

One more case regarding the default in loan payment is pending in the Delaware court in which lenders had proposed a takeover of the company's US entity Byju's Alpha

Edtech Byju's has decided to not make anymore payments on a $1.2 billion loan and skipped paying $40 million on its due date of 5th June. This, after the startup had a fallout with the lenders and accused them of using predatory tactics.
The company has also filed a case against investment management firm Redwood, challenging the acceleration of a $1.2 billion term loan B (TLB) facility in the New York Supreme Court. Term loan B (TLB) is a form of term loan financing typically provided by institutional investors.&nbsp; One more case regarding the default in loan payment is pending in the Delaware court in which Lenders had proposed a takeover of the company's US entity Byju's Alpha.
&ldquo;Given that legal proceedings are now on foot in both Delaware and New York, it is clear that the entire TLB is disputed,&rdquo; the company said, referring to the $1.2 billion term loan B. &ldquo;As such, BYJU&rsquo;S cannot be expected to and has elected not to make any further payment to the TLB lenders, including any interest, until the dispute is decided by the court.&rdquo;
Byju's had been trying to restructure the loan after the pandemic era. However, creditors are forcing for an accelerated loan repayment.

IKIO Lighting has four manufacturing facilities with one located in the SIDCUL Haridwar industrial park in Uttarakhand and three in Noida in the National Capital Region

IKIO Lighting IPO: From dates to price band, here's everything you need to know 

IKIO Lighting has four manufacturing facilities with one located in the SIDCUL Haridwar industrial park in Uttarakhand and three in Noida in the National Capital Region

LED lighting solution provider, IKIO Lighting Ltd on Monday said it has mobilised Rs 182 crore from anchor investors.
IKIO Lighting's grey market premium (GMP) on Monday zoomed sharply ahead of the opening of its subscriptions from June 6th to 8th. The company plans to raise about ₹606 crore through the public offer.
About IKIO Lighting's IPO&nbsp;
The company fixed a price band of Rs 270-285 per share for its Rs 606-crore initial public offering (IPO).
The IPO consists of a fresh issue of equity shares worth up to Rs 350 crore and an offer-for-sale (OFS) of up to 90 lakh shares by promoters Hardeep Singh and Surmeet Kaur.
50% of the IPO size is applicable to qualified institutional buyers, 15% will be allotted to non-institutional investors, and the remaining 35% will be reserved for retail individual investors.
The proceeds will be used for repayment of debt; investment in wholly-owned subsidiary IKIO Solutions for setting up a new facility at Noida and general purposes.&nbsp;
About the company&nbsp;
IKIO Lighting is a manufacturer of light-emitting diode (LED) lighting solutions. It is primarily an original design manufacturer (ODM) and designs, develops, manufactures,s and supplies products to customers who then further distribute these products under its brands.
It has four manufacturing facilities with one located in the SIDCUL Haridwar industrial park in Uttarakhand and three in Noida in the National Capital Region. Motilal Oswal Investment Advisors is the sole book-running lead manager to the issue. The equity shares are proposed to be listed on the BSE and NSE.

Within a week, Go First anticipates receiving approval from the civil aviation authorities to resume operations. The airline stated in its business plan that it would restart with military charter flights. 

 Go First requests DGCA approval to resume operations with 22 planes

Within a week, Go First anticipates receiving approval from the civil aviation authorities to resume operations. The airline stated in its business plan that it would restart with military charter flights.&nbsp;

Go First requested permission from the Directorate General of Civil Aviation (DGCA) to resume flights using 22 aircraft for the upcoming five months. &nbsp;
In its plan, Go First stated that it will resume operations with military charter flights before moving on to commercial flights. According to The Economic Times, which cited a copy of the plan, the airline management informed the DGCA that it has 340 pilots, 680 cabin personnel, and 530 engineers to operate 22 aircraft.
Go First informed the regulator that it needs ₹200 crore to resume operations and that it has access to ₹400 crore in funding under the government's emergency credit line guarantee scheme (ECLGS) as well as undrawn credit.
The airline is also in talks with lenders to set up ₹200 crore in temporary funding. This will be used to pay employees' salaries for April and May as well as pay suppliers.
Go First resolution professional Abhilash Lal appointed Kaushik Khona, the airline's CEO, to oversee daily operations and serve as the accountable manager. People with knowledge of the situation said the airline anticipates receiving DGCA permission for the proposal within a week.&nbsp;
Financial problems at Go First&nbsp;
According to court documents submitted by the airline in May, the company owes around ₹11,400 crore, of which ₹6,520 crore is owed to financial creditors, as reported by The Economic Times.&nbsp;
Go First insolvency proceedings&nbsp;
Go First has been grounded since May 3rd when it initiated voluntary insolvency proceedings before the Mumbai bench of the National Company Law Tribunal (NCLT). The airline blamed Pratt &amp; Whitney (PW) engine supply chain delays for this action. When it ceased operations, the airline claimed that more than 50% of its aircraft were grounded owing to problems with engine supplies. &nbsp;

If Friday happens to be a holiday, the contracts would expire on the previous trading day. Rule to be effective from 14th July

Nifty Bank F&O expiry: NSE shifts expiry date to Friday from Thursday

If Friday happens to be a holiday, the contracts would expire on the previous trading day. Rule to be effective from 14th July

National Stock Exchange (NSE) has said that the expiry of Futures and Options (F&amp;O) of Nifty Bank will now take place on Fridays instead of Thursdays. This change will take effect on July 7, 2023 and the first Friday expiry of the Nifty Bank's contracts will take place on July 14.
"The above shall be effective from trade date July 7, 2023, Friday and accordingly, all existing contracts with Thursday expiry will be revised to Friday on July 6, 2023, EOD. The first Friday expiry will be on July 14, 2023," NSE said in a circular. In the event that Friday is a trading holiday, expiry will take place on the previous day, i.e thursday.&nbsp;
Similarly, monthly contracts will now have expiry on the last Friday of every month instead of last Thursday.&nbsp;
"Any new contract created for trading on / after EOD of July 06, 2023, shall be created as per the revised expiry days as mentioned in the aforesaid table. Members are requested to note that there is no other change in the existing contracts specifications of Nifty Bank," NSE said.
Currently, Nifty Bank weekly contracts expire every Thursday, while monthly and quarterly contracts expire on the last Thursday of the expiry month. These changes are for the bank nifty only, the expiry for Nifty will continue to remain thursday.&nbsp;
&nbsp;

As demat accounts reached 118.16 million, the rise is attributed to individual investors' renewed interest in the Indian equity markets after the recent market rally 

New demat accounts exceed the 2 million mark in May 

As demat accounts reached 118.16 million, the rise is attributed to individual investors' renewed interest in the Indian equity markets after the recent market rally&nbsp;

The number of demat account openings reached its highest level to date in 2023, with the opening of 2.1 million accounts in May.
Demat accounts exceeded 118.16 million, an increase of 1.8% from the previous month and a significant 25% increase from the same time last year.
But, only 1.60 million demat accounts were opened in April, given that market was quite volatile that time around, which was the lowest number since December 2020, according to data from NSDL and CDSL.
The increase in demat account openings is attributed by analysts to retail investors' renewed interest in the Indian equity markets as a result of the rally seen over the previous two months. The Indian markets enjoyed a rebound in optimism after a period of sluggishness brought by global attitudes.
The Reserve Bank of India's attitude on the interest rate situation is cited by analysts as a catalyst for this trajectory, as per Money Control.&nbsp;

WWDC 2023 failed to excite the investors and Apple's shares fell below $180 on Monday. The shares ended down 0.76% at $179.58

WWDC 2023: Here's how Apple shares did before and after the launch of Vision Pro AR headset & more

WWDC 2023 failed to excite the investors and Apple's shares fell below $180 on Monday. The shares ended down 0.76% at $179.58

Apple Worldwide Developers Conference saw an array of new products and exciting features across Apple's operating system. The tech-giant launched a series of products including Apple Vision Pro, MacBook Air 15-inch, M2 Ultra, iOS 17, iPadOS 17, macOS Sonoma, tvOS 17, watchOS 10.
However, this launch failed to excite the investors and Apple's shares fell below $180 on Monday. The shares ended down 0.76% at $179.58. But, before the launch, Apple's shares were rallying and rose to an all-time high in 17 months on Monday morning in the U.S. According to CNBC, shares of the company were up more than 1.5% on Monday morning and traded above $182.01. This was a closing high it hit on Jan. 3, 2022. Apple&rsquo;s stock is up more than 39% year to date, while the Nasdaq is up around 26.5% for the same period.
Apple became the only company to hit $3 trillion in Market capitalisation early last year. The tech-giant was valued last at $2.89 trillion. As per Economic Times, the iPhone maker's forward 12-month price-to-earnings ratio is 28.39, compared with the sector median of 12.79.
&nbsp;

The average price of 1 gram of 22K Gold stood at ₹5,560 while the for 24K gold prices stood at ₹6,065 and 1 kg silver stood at ₹73,500

Gold, Silver Rates Today 6 June 2023: Check Prices in Mumbai, Delhi, Chennai, Kolkata

The average price of 1 gram of 22K Gold stood at ₹5,560 while the for 24K gold prices stood at ₹6,065 and 1 kg silver stood at ₹73,500

Gold prices today opened flat with substantial predictions that the Reserve Bank of India (RBI) will halt interest rates during its policy meeting from June 6&ndash;8, 2023.
The average price of 1 gram of 22K Gold stood at ₹5,560 while the 24K gold prices stood at ₹6,065.&nbsp;
The rate of 10 grams of 24-carat gold in Chennai stood at ₹61,100, which was followed by Delhi and Lucknow where the gold costs ₹60,800.&nbsp;
The average price of 10gm of Silver was at ₹735 and 1 kg of silver stood at ₹73,500.
However, in Chennai the metal was sold at ₹78,000, followed by Bengalure where silver costs ₹73,500.
Indian Major Cities 24 Carat Gold Rate per 10gm Today June 6
Delhi - ₹60,800 Chennai - ₹61,100 Mumbai - ₹60,650 Kolkata - ₹60,650 Bengaluru - ₹60,700
Indian Major Cities 1 KG Silver Rate Today June 6
Delhi - ₹73,500 Chennai - ₹78,000 Mumbai - ₹73,500 Kolkata - ₹73,500 Bengaluru - ₹73,500

IRDAI has asked the companies to have a designated offices or set up camps to ensure that the claim settlement is smooth. The details of these offices should be published through websites, media, and state government channels

Odisha Train Accident: IRDAI directs insurers to expedite, ease claim settlement process for victims

IRDAI has asked the companies to have a designated offices or set up camps to ensure that the claim settlement is smooth. The details of these offices should be published through websites, media, and state government channels

The Insurance Regulatory and Development Authority of India has directed all the insurance companies to proactively process, simplify and fast-track settlement claims of Odisha triple train clash victims. The companies include life, non-life and health insurance companies.
&ldquo;Claims shall be processed proactively, if the insured&rsquo;s name is in the list of deceased or injured persons&hellip;and was travelling in the trains which met with accident as identified by the appropriate government authorities,&rdquo; the IRDAI said in a circular issued to insurers on June 5. IRDAI has also directed the companies to fast-track disbursement of approved claims.
Apart from this, the insurance regulator has also asked the companies to display information related to the accident claims on their website on a daily basis for one week, and then on a weekly basis for a month. The information would include, every detail on claims received, settlement and outstanding under Pradhan Mantri Suraksha Bima Yojana (PMSBY), policies issued through Indian Railway Catering and Tourism Corporation (IRCTC), other individual or group personal accident policies, as well as health insurance claims.
&ldquo;There is an urgent need for the insurance industry to take immediate steps to mitigate the hardships of the affected insured population by ensuring immediate registration and settlement of eligible claims,&rdquo; the insurance regulator has said.
IRDAI has also asked the companies to have a designated offices or set up camps to ensure that the claim settlement is smooth. The details of these offices should be published through websites, media, and state government channels.
The insurance companies will have to set up a helpline number to deal with queries from victims and their families. This will be supervised by a senior officer, who would act as a nodal officer.
&ldquo;The nodal officer would be coordinating the receipt, processing, and settlement of all eligible claims. The details of the nodal officer and the helpline number of the insurer may be given due publicity including hosting on the website&rdquo;.
Insurers are also asked to undertake awareness programs elaborating on the simplified process of filing claims.&nbsp;

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Odisha Train Crash

Premji made $951,353 in total annual compensation in FY23 which is 50% less than his earnings in FY22 which was $1,819,022

Wipro's Rishad Premji takes 50% pay cut in FY23

Rishad Premji made $951,353 in total annual compensation in FY23 which is 50% less than his earnings in FY22 which was $1,819,022

Wipro's executive chairman Rishad Premji has taken a voluntary cut of 50% in his compensation for this year. In a filing to the US securities and exchange commission, Wipro said that Premji made $951,353 in total annual compensation in FY23. This is 50% less than his previous year compensation, when his earnings was $1,819,022.
Premji's compensation comprised $861,620 as salary and allowances, $74,343 in long-term compensation benefits. $15,390 comes under other incomes. For the fiscal year 2023, no stock options were granted to him. His compensation also includes a cash bonus which is a part of his fixed salary.
Based on the incremental consolidated net profits, Rishad Premji is entitled to 0.35% of the net profit as commission. However, as the profit was negative this year, he wasn't paid the commission. Earlier, Premji took a pay cut of 31% in FY20.
Rishad Premji became Wipro's Chairman in 2019 after working as the chief strategy officer in the company. His current five-year term as its executive chairman will conclude on July 30, 2024.

Prior of the Reserve Bank of India's interest rate announcement later this week, investors opted to stay on the sidelines, causing the benchmark market indices Sensex and Nifty to close flat

Equity markets settle flat in volatile trade; IT stocks play spoilsport

Prior of the Reserve Bank of India's interest rate announcement later this week, investors opted to stay on the sidelines, causing the benchmark market indices Sensex and Nifty to close flat

Benchmark equity indices Sensex and Nifty faced heavy volatility on Tuesday to settle flat as investors preferred to stay on the sidelines ahead of the Reserve Bank of India's interest rate decision later this week.
Selling pressure in IT counters, foreign fund outflows and weak trends in global equities also dented sentiments in markets, traders said.
Rising for the third straight session, the 30-share BSE Sensex eked out marginal gains of 5.41 points to settle at 62,792. During the day, it hit a high of 62,867 and a low of 62,554.
The NSE Nifty went up by 5.15 points to end at 18,599.
Both benchmark indices oscillated between highs and lows in a highly volatile trade during the day.
UltraTech Cement was the biggest gainer in the Sensex chart, climbing 3.13 per cent, followed by Kotak Mahindra Bank, Tata Motors, Axis Bank, Maruti, Bajaj Finserv, Bajaj Finance and Mahindra &amp; Mahindra.
In contrast, Infosys, Tech Mahindra, Tata Consultancy Services, Wipro, Bharti Airtel, HCL Technologies, ICICI Bank and Nestle were among the laggards.

In May the average cost of a veg thali was Rs 25.1, while the cost of non veg thali stood at Rs 60.6. In April a veg thali in average costed Rs 25 and non veg costed Rs 58.3

Veg and Non-veg thalis' cost rise in May, after a steady decline since October

In May the average cost of a veg thali was Rs 25.1, while the cost of non veg thali stood at Rs 60.6. In April a veg thali in average costed Rs 25 and non veg costed Rs 58.3

The cost of both vegetarian and non-vegetarian thalis has increased in May, after a steady decline since October 2022, shows a report by Crisil.&nbsp;
In its monthly report RRR: Roti, Rice, Rate, Crisil has observed that in May the average cost of a veg thali was Rs 25.1, while the cost of non veg thali stood at Rs 60.6. In April a veg thali in average costed Rs 25 and non veg costed Rs 58.3. However, on a year on year basis, the prices of both the thalis have dropped. In May 2022, the average cost of a veg thali was Rs 27.6 and non-veg thali costed Rs 63.&nbsp;
As per Crisil, the average cost of a thali is calculated based on input prices prevailing in north, south, east, and west India.&nbsp;
The cost of veg and non-veg thalis declined 9% and 4%&nbsp; respectively year-on-year in May. This due to steep decline in the prices of vegetables and cooking oil. Though these two items constitute 25% of the total cost of a veg thali,&nbsp; an increase in the prices of cereals, pulses capped the reduction.
The vegetable prices saw a decline of 35% and cooking oil prices declined 19% in May. However, an 8% year-on-year increase in wheat prices in May limited the decline in the Thali's total cost. The price of rice too jumped up 10% and pulses went up 4% year-on-year in May.
Similarly, broiler cost inched up 2% year-on-year, limiting the cost of non-veg thali. However, chicken prices are estimated to have risen 5% to 7% month-on-month and hence increasing the non-veg thali price by 4%.
&nbsp;

The new SEC lawsuit, which is suing Binance, Binance.US and CZ on thirteen charges, accuses the exchange of offering unregistered securities to the general public, naming the BNB and BUSD tokens

Cryptos prices crash after US regulators charge Binance with violating securities laws

The new SEC lawsuit, which is suing Binance, Binance.US and CZ on thirteen charges, accuses the exchange of offering unregistered securities to the general public, naming the&nbsp;BNB&nbsp;and BUSD tokens

Cryptocurrency markets experienced a big intraday drop, a day after US authorities charged cryptocurrency giant Binance with securities law violations and lying to regulators as per a Bloomberg report.&nbsp; Bitcoin fell over 6% and was trading around the $25,800 mark. This after having just hit its lowest levels since March under $25,500. Meanwhile, Ethereum, fell around 4%.&nbsp;
According to Bloomberg, Binance Coin, the native token of the ecosystem of the world&rsquo;s biggest digital asset exchange, fell as much as 13%. Bitcoin accounts for almost 50% of the value of the $1.2 trillion crypto market, according to data from CoinMarketCap. Binance Coin is the fourth-largest token, with a market value of around $43 billion. Binance handles around 50% of all crypto trading volume. Binance violating securities Binance allegedly permitted US residents to trade, even though the platform is not registered in the United States as a securities exchange. The case also alleges Binance misused customer funds.
The Securities and Exchange Commission filed a civil complaint listing 13 charges involving platforms and other investment entities controlled by founder Changpeng Zhao, who was once seen as the archrival of disgraced crypto tycoon Sam Bankman-Fried.
The SEC case comes on the heels of charges in March by another US regulator, the Commodities Futures and Exchange Commission.
Zhao and Binance publicly claimed that US customers were barred from transacting on Binance.com, but the platform "secretly" allowed high-value customers to keep trading, the SEC said.

As per Reports, BBC must take the formal route to comply by filing revised returns and paying all dues, penalty and interests, which runs into several crores

BBC admits paying lower taxes, underreporting ₹40 cr in India: Reports

As per Reports, BBC must take the formal route to comply by filing revised returns and paying all dues, penalty and interests, which runs into several crores. The BBC has so far not issued any official comment or statement in response to this

BBC has reportedly acknowledged that it may have been paying lower taxes in India than its liability, reported Times of India quoting sources. The broadcaster, however, is yet to file revised returns or make a written submission to the I-T department.&nbsp;
As per Hindustan Times, BBC has apparently confessed to paying lower income tax in a mail to the income tax department. The publication cited a source and reported that BBC must take the formal route to comply by filing revised returns and paying all dues, penalty and interests, which runs in several crores. Hindustan Times also mentioned that the mail acknowledged that the company had underreported some ₹40 crore of income in its tax returns.
The Income Tax department surveyed its offices at Delhi and Mumbai in February for three staright days. The Income Tax department on 17th February had said that during the course of operations, evidence indicated that tax was not been paid on certain remittances. The group's foreign entities had not disclosed the remittances as income in India. A survey is an exercise of checking books and other documents.
While the income tax officials were surveying the BBC offices in February, the broadcaster had said that it was &ldquo;fully cooperating&rdquo; with the authorities and it hoped to have this situation resolved as soon as possible.&nbsp;
The BBC has so far not issued any official comment or statement in response to this.
&nbsp;&nbsp;

Experts expect that tomato prices may remain high for up to two months due to the damage caused to crops after unseasonable rainfall

 Unseasonal rain causes ginger-tomato prices to shoot up

Experts expect that tomato prices may remain high for up to two months due to the damage caused to crops after unseasonable rainfall

In the past two weeks, the prices of tomato and ginger have skyrocketed. While the recent unseasonal rains in northern India have impacted the tomato crop, ginger producers are delaying their harvest and allowing prices to soar in order to make up for the losses they suffered last year.
From ₹40 per kg in the retail market a fortnight ago, tomatoes now cost about ₹80 per kg.
'Tomato supply to the Azadpur mandi (in Delhi) has dwindled as rains have damaged the crop. Prices will remain firm for some time now, till the new crop comes,' said Ashok Kaushik, president of the Tomato Traders Association at Azadpur market. There is a huge demand for tomatoes from southern India, which too is pushing up prices, Kaushik said. 'Tomatoes are now coming from some parts of Haryana and UP. Prices are likely to remain firm for at least two months,' he added to The Economic Times
Prices for ginger, which were earlier ₹30 for 100 gms, have risen to ₹40.
Shriram Gadhave, president of the All India Vegetable Growers Association, said: 'Last year, the farmers suffered due to a lower price. This time they are offloading the crop carefully. Now that the prices have gone up, they will start offloading their crop in the market', as reported by The Economic Times

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