Tag: Siemens

As 22.64% shareholders voted against him, here’s look at Deepak Parekh’s directorships

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Deepak Parekh, the non-executive chairman of Housing Development Finance Corporation Ltd (HDFC), has been re-appointed again at the annual general meeting (AGM) of the company held in Mumbai on Monday.

However, Parekh’s re-appointment was not that smooth as nearly 22.64 percent of the shareholders voted against his continuation.

Nearly a quarter of the shareholders, 22.64%, voted against Parekh and 77.36% voted in his favour.

Parekh currently holds directorships of 10 companies including HDFC Ltd.

According to the ministry of corporate affairs data, he is a part of the board of HT Parekh Foundation, Breach Candy Trust and Indian Institute for Human Settlements.

Out of these 10 companies, four are part of the HDFC Group including the flagship company HDFC Ltd.

Other directorships among the group companies include – HDFC Standard Life Insurance Company, HDFC Asset Management Company and HDFC Ergo General Insurance Company.

Among non-HDFC group companies, Parekh is the chairman of the board of GlaxoSmithKline Pharmaceuticals since 1994 and Siemens Ltd since 2003.

He is also a part of the board of Indian Hotels Company for 18 years as a non-executive independent director.

Parekh was inducted as an independent director on the board of Network18 Media & Investments in 2014 and also as chairman and member of Advisory Board for BAE Systems India (Services) in 2015.

The most recent appointment for Parekh is Bangalore International Airport, where he has been appointed as an additional director last year.

According to reports, US proxy advisory firm ISS had advised investors to vote against the resolution to reappoint Parekh as non-executive chairman of HDFC as he also sits on boards of many other companies and time constraints may prevent him from discharging his duties effectively.

However, according to the new Companies Act 2013, Parekh’s directorships are in line with the law.

According to the Companies Act, any director, including alternative directors, should not hold directorships in more than twenty companies at the same time the directorships in public companies should not exceed ten.

So, a person can hold directorships in a maximum of ten public companies out of the total limit of 20 companies.

Disclaimer: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Siemens inks deal with Alibaba to launch digital products in China

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Siemens has agreed with online giant Alibaba to use the Chinese company’s cloud infrastructure to roll out its digital operating system MindSphere, the German engineering group said on Monday.

The deal was among a raft of Sino-German commercial accords worth some 20 billion euros ($23.51 billion) signed on Monday, with the countries’ leaders reiterating commitments to a multilateral global trade order despite a looming trade war with the United States.

Siemens and Alibaba Cloud, the cloud computing arm of Alibaba, have signed a memorandum of understanding to launch so-called Internet of Things (IoT) products that connect hundreds of different manufacturing devices in China.

The deal will help upgrade China’s industry, Siemens said in a statement. Until now its digital products have been offered only through Amazon’s Web Services and Microsoft’s Azure online platforms.

The German company has been competing with other companies including Switzerland’s ABB in the fast-growing digital industries segment to offset weaknesses in other parts of its business like large gas turbines.

It hopes the tie up with Alibaba will help it make further inroads into China, already Siemens’s third-largest market.

“This cooperation is a landmark deal for bringing Industry 4.0-solutions to China as the world’s powerhouse of manufacturing,” said Siemens Chief Executive Joe Kaeser.

Siemens also flagged plans to work with China’s State Power Investment Corporation on heavy-duty gas turbines.

MindSphere is Siemens’s cloud-based, open IoT operating system that connects products, factories, systems and machines. By gathering information from an array of sensors installed in production lines it aims to siemens

increase efficiency and reduce down time for machinery.

It is part of Siemens’s booming Digital Factory division, which increased sales by 13% and profit by 40% in its latest quarter, supported by substantial growth in China.

Under the agreement, both companies will begin collaborating immediately and intend to make MindSphere on Alibaba Cloud available in 2019.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Siemens to merge industrial units in overhaul

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

German engineering group Siemens plans to trim the number of its industrial divisions to try to increase profitability, a person familiar with the matter said.

The Munich-based conglomerate will reduce the units in its core industrial operations to three from five and its supervisory board has already discussed the changes, the source told Reuters on Thursday.

Details of the long-awaited strategy dubbed “Vision 2020+” are to be disclosed in August, two sources said, declining to be identified because the matter is confidential.

The changes will take effect on Oct. 1, the start of Siemens‘ new financial year, one of the sources said.

“This will be an evolution rather than a revolution,” the source said.

Germany’s Manager Magazin reported on the changes earlier on Thursday, saying higher margin targets would be assigned to the new divisions.

The overhaul is part of Chief Executive Joe Kaeser’s attempt to loosen central control to enable subsidiaries to thrive, the magazine said, citing company sources.

Part of the plan is to merge the so-called Digital Factory unit with operations designed to automate process industries, and to combine overland high-voltage networks with the power plant business, Manager Magazin said.

The overhaul, sources said, would also involve energy management, building technologies and power plant engineering.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow