Markets regulator Sebi ordered attachment of bank accounts as well as share and mutual fund holdings of Rana Kapoor, former MD and CEO of Yes Bank, to recover dues of over £100,000. The decision was taken after Kapoor failed to pay the fine. In September 2020, Sebi had levied a fine of £100,000 on Kapoor for not making disclosures regarding a transaction of Morgan Credit, which was an unlisted promoter entity of Yes Bank. By not disclosing about the transaction to Yes Bank’s board of directors, Kapoor created an opaque layer between him and stakeholders and violated the provision of the LODR (Listing Obligations and Disclosure Requirements) Regulation, Sebi had said in the order. Further, Sebi issued a demand notice to Kapoor in February this year, although he did not pay any dues. The pending dues include an initial fine of £100,000 and an interest of Rs 456,000 and a recovery cost of Rs 1,000. In the notice, Sebi has asked banks, depositories and mutual funds not to allow any debit from the accounts of Kapoor.
Tata Starbucks to open 40 new stores
At a time when the pandemic has forced lockdowns and store closures in the retail industry, Tata Starbucks is set to mark its fastest expansion in India by opening 40 new stores in FY21, making it the highest number of stores opened in a year by the cafe chain. India, where Starbucks operates 218 outlets through a 50:50 joint venture with Tata Consumer, continues to be one of the most rapidly-growing markets for the Seattle-headquartered company globally. Despite taking a hit to its topline due to Covid-19, the chain decided to go ahead with its expansion plans by opening new stores and launching formats such as ‘drive thru’ and ‘all-women’ outlets. The cafe chain has no plans to reduce the size of its outlets in India, Navin Gurnaney, CEO at Tata Starbucks, said. This is contrary to its largest competitor in India, Cafe Coffee Day, which not only consolidated its number of outlets across India but also changed several of them into convenience stores on the lines of 24Seven, which is operated by Godfrey Philips.
Citigroup CEO bans Friday Zoom calls
Citigroup CEO Jane Fraser has barred internal video calls on Fridays and encouraged vacations in an effort to combat workplace malaise brought on by the coronavirus pandemic. Fraser, who replaced Michael Corbat earlier this year, said the final day of the working week shall be known as ‘Zoom-Free Fridays’, according to an internal memorandum. She also designated May 28 as a holiday to be known as ‘Citi Reset Day’. Staff are also encouraged to avoid scheduling meetings outside of what were normal working hours before the outbreak of Covid. “I know the blurring of lines between home and work and the relentlessness of the pandemic workday have taken a toll on our well-being,” Fraser wrote in the memo. “It’s simply not sustainable.”