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If you think <keyword id="10387" type="CITY" weightage="60" keywordseo="Microsoft">Microsoft</keyword>’s prolonged search for the next <keyword id="5645" type="POSITION" weightage="100" keywordseo="CEO">CEO</keyword> is getting a bit nutty, especially with a disgruntled <keyword id="62333" type="PERSON" weightage="60" keywordseo="Steve-Ballmer">Steve Ballmer</keyword> waiting on the sidelines to hand over the mantle, you are not far from the truth. But then, that is the actual state of the coveted C-Suite nowadays – volatile is the right word if you want to sum it up. There is no job security at the top and even the best performer for years can get redundant within the span of a few weeks. The issues could be many – right from <keyword id="646347" type="UNKNOWN" weightage="100" keywordseo="poor-performance">poor performance</keyword> to <keyword id="610960" type="UNKNOWN" weightage="100" keywordseo="business-restructuring">business restructuring</keyword> to alleged <keyword id="6375736" type="UNKNOWN" weightage="100" keywordseo="corruption-charges">corruption charges</keyword>. But the biggest factor is relevance, a perfect future-fit that can take companies ahead, according to <keyword id="67736" type="UNKNOWN" weightage="100" keywordseo="Industry-experts">industry experts</keyword>. In a difficult <keyword id="34412" type="ORGANIZATION" weightage="100" keywordseo="economy">economy</keyword>, companies are compelled to twist and turn to keep track of profitability and their requirements change accordingly. Hence, their leaders have to adapt, shape up or ship out, as the case might be. 
 India is no exception and business leaders across the country have been frequently ‘released’ by industry giants. Many of them leave with ‘immediate effect’ while others are on garden leave or worse still, waiting for their predecessors to turn up (just like Ballmer). Yet, most of the C-Suite executives are tight-lipped about their departures, at least here in India. We are yet to come across an announcement like the one made by <keyword id="384914" type="PERSON" weightage="60" keywordseo="Groupon">Groupon</keyword>’s founder and former CEO <keyword id="488139" type="PERSON" weightage="60" keywordseo="Andrew-Mason">Andrew Mason</keyword>. But exit happens all the same – be it discreet or blatant. Here’s a quick look at some of the top-notch C-Suite executives from India who parted ways with their respective companies in 2013, their official exit lines and what happened behind the scene.

Strife At The Top: These
11 C-Suite Execs From India
Were ‘Let Go’ In 2013

New Delhi, Mar 12 () The National Company Law Appellate Tribunal on Thursday set aside the government's plea to supersede the board of 63 Moons Technologies (formerly known as Financial Technologies (India) Limited). An NCLAT bench headed by Chairperson Justice S J Mukhopadhaya, however, upheld the directions of the Chennai bench of the National Company Law Tribunal (NCLT) to appoint three government nominees on the board of 63 Moons. The appellate tribunal also dismissed the plea of the company's three directors, which include Jignesh Shah and Divang Narela, challenging their disqualification. "The directors (including govt nominees) would remain on the board," the NCLAT said. Earlier, on June 2018, the NCLT had set aside the Centre's plea to supersede 63 Moons. The NCLT has, instead, allowed the government to nominate three directors to the board of 63 Moons Technologies to take care of the interest of all stakeholders as well as protect the company's investments in its subsidiaries. It had also barred Jignesh Shah and nine others from holding directorship in 63 Moons. The government had moved to the NCLT to take over the board of the company under section 397 and 398 of the Companies Act after Rs 5,600-crore NSEL scam came out. NSEL is a subsidiary of 63 Moons. Commenting on the development, 63 Moons MD &amp; CEO S Rajendran said, "We are extremely happy to note that the NCLAT has rejected MCA's prayer to supersede the board of 63 Moons in connection with the payment default crisis that occurred at one of our subsidiaries, National Spot Exchange Ltd (NSEL) in 2013. "The order has also given a clean chit to the current Board of 63 Moons of any alleged misconduct or wrongdoing against the interest of its shareholders," he added. KRH MRMR

NCLAT sets asides govt plea to supersede 63 Moons Technologies board

A complex web of 393 shell companies used for allegedly diverting funds unscrupulously to the tune of Rs 2900 crore has been unearthed by the CBI during its probe into such cases over the last three years, according to PTI. CBI sources said the shell companies were allegedly being used by the accused to divert loan funds meant for specified purposes, creating fake invoices, and "round-tripping" of funds to evade taxes and generate black money. Round-tripping is sending money abroad to tax havens in the guise of payments for fake imports through shell companies and bringing back that money showing it as foreign investment. The findings of the CBI are just a tip of the iceberg as these are only those cases where the agency has been able to find legally-tenable evidence of money trail, cheating and diversion of funds to cheat the banks, said the sources not willing to the named. The murky activities have been exposed during the CBI probe into various loan fraud cases involving 28 public sector banks and one private bank, the sources said. Besides this, the agency is probing about 200 cases involving funds of at least Rs 30,000 crore, the sources said. The CBI is prosecuting these companies for corruption and scheduled offences associated with it. In addition, it will also refer these cases to other investigating agencies for action under other laws like Companies Act, Prevention of <keyword id="6355008" type="UNKNOWN" weightage="20" keywordseo="money-laundering">Money Laundering</keyword> Act, Benami Transactions (Prohibition) Act and the <keyword id="6354751" type="COMPANY" weightage="20" keywordseo="Income-Tax">Income Tax</keyword> Act etc, the sources added. The agency has not only "exposed" these shell companies but also gathered enough material which would "plug" the possibility of them being used for any further operation, the sources claimed. The sources said it is likely that these shell companies have been used to abfinancial crimes by other offenders too which will be probed by other agencies. The companies are spread across the country as also the 'tax-haven' countries facilitating transfer of black money which makes the investigation even more difficult, they said. Some important cases which have been probed by the CBI include the one against <keyword id="4504226" type="UNKNOWN" weightage="20" keywordseo="century-communication-group">Century Communication Group</keyword> which used to run Mahua Channel. According to the figures mentioned in the agency's charge sheets and FIRs, the group allegedly committed fraud to the tune of Rs 3000 crore. It used over 98 shell companies to allegedly divert bank loans for setting up digital studios in Noida, Mumbai, <keyword id="6354925" type="COMPANY" weightage="100" keywordseo="Kolkata">Kolkata</keyword> and other locations, the CBI has said. These companies were allegedly used to divert funds showing fake equity infusion to the tune of Rs 802 crore. The Kolkata-based shell companies named in the case were allegedly controlled by one Muralidhar <keyword id="108547" type="PERSON" weightage="20" keywordseo="Lahoti">Lahoti</keyword>. Three chartered accountants have also been charge sheeted. Zoom Developers faces 14 cases for allegedly swindling bank funds worth Rs 2600 crore involving a consortium of 26 banks. It allegedly collateralised foreign bank guarantees issued by Indian banks in favour of foreign aggregators. The CBI had registered two cases against Jignesh Shah and Anjani Sinha of National Spot Exchange Limited, also known as "NSEL scam", in which funds of Rs 342 crore were allegedly swindled. Nine shell companies surfaced during the probe which were trading on the exchange platform allegedly without having actual possession of the commodities, they said. The company is accused of increasing its paid-up capital to Rs 500 crore by round-tripping and routing bank funds to the extent of Rs 460 crore through six shell companies. In a recent case, the agency has found that a dental college existed only on paper while a bank was told that the construction was completed and loan funds were diverted for purposes other than for which these were issued. In many cases, the CBI found that companies have peons, drivers, sanitation workers, personal staff, cooks etc as the directors of the shell companies created by the masterminds who divert funds using them, the sources said. Recently, the government expressed concern over the working of shell companies in the country. Revenue Secretary Hasmukh Adhia had said that out of 15 lakh companies registered in India, nine lakh are not filing any returns and some among them may be acting as shell companies.

Here’s how Rs 2900 crore was diverted through shell companies of Noida, Mumbai and Kolkata

You Searched For "Jignesh Shah" and got 3 results

Strife At The Top: These 11 C-Suite Execs From India Were ‘Let Go’ In 2013

Sanghamitra Mandal

NCLAT sets asides govt plea to supersede 63 Moons Technologies board

PTI

Here’s how Rs 2900 crore was diverted through shell companies of Noida, Mumbai and Kolkata

BI India Bureau

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