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<keyword id="273154" type="PERSON" weightage="20" keywordseo="Arun-Duggal">Arun Duggal</keyword>, the 68 year old chairman of financial services major, <keyword id="4745298" type="COMPANY" weightage="20" keywordseo="Shriram-Capital">Shriram Capital</keyword> has resigned from the directorship of the company on November 15, 2014. Duggal was a non executive and non independent director as well as the chairman of the Board of Directors of the company. 
 
“ We are not aware of the reason behind his resignation. However, we know that he has resigned,” a senior official from the company told BI India on the condition of anonymity. 
 Duggal has also resigned from Board of Directors from other Shriram group ventures which include <keyword id="6355662" type="COMPANY" weightage="20" keywordseo="Shriram-Transport-Finance-Company">Shriram Transport Finance Company</keyword> and <keyword id="6474478" type="COMPANY" weightage="20" keywordseo="Shriram-City-Union-Finance">Shriram City Union Finance</keyword>. 
 
The company spokesperson confirmed the news. 
 It should be noted that Duggal is also the chairman of Shriram Properties and Shriram <keyword id="129822" type="ORGANIZATION" weightage="20" keywordseo="EPC">EPC</keyword>, and Bellwether Microfinance, a company which provides equity capital to micro finance organisations. 
 According to the website of the company, Duggal also serves as a senior advisor to the global private equity firm <keyword id="124318" type="COMPANY" weightage="20" keywordseo="TPG-Capital">TPG Capital</keyword>. His expertise includes financial strategy, merger and acquisition and capital raising. 
 At present, he is the vice chairman of International Asset Reconstruction Company and Indian Venture Capital Association. Previously, he has also been the chairman of the American <keyword id="6693414" type="ORGANIZATION" weightage="20" keywordseo="chamber-of-commerce">Chamber of Commerce</keyword>, India and was on the Board of Governors of the <keyword id="520714" type="ORGANIZATION" weightage="20" keywordseo="National-Institute-of-Bank-Management">National Institute of Bank Management</keyword>.

Shriram Capital Chairman Arun Duggal Resigns

At a time when new corporate rules have substantially changed the responsibilities of directors, there is a push in the Indian industry to improve the quality and effectiveness of corporate <keyword id="56788" type="UNKNOWN" weightage="20" keywordseo="Governance">governance</keyword>. 
 In a bid to improve the quality of board-level governance in Indian industry, corporate heavyweights including Keki Mistry of HDFC and <keyword id="162166" type="PERSON" weightage="20" keywordseo="Satish-Reddy">Satish Reddy</keyword> of Dr Reddy's Laboratories are coming together. The new group will be headed by <keyword id="273154" type="PERSON" weightage="20" keywordseo="Arun-Duggal">Arun Duggal</keyword>, former chairman of <keyword id="4745298" type="COMPANY" weightage="20" keywordseo="Shriram-Capital">Shriram Capital</keyword>. As per a news report by the Economic Times, Saroj Poddar of Adventz Group, Rashesh Shah of Edelweiss <keyword id="6354241" type="COMPANY" weightage="20" keywordseo="Financial-Services">Financial Services</keyword>, Shailesh Haribhakti of DH Consultants and Harsh Goenka of RPG Enterprises will also be a part to it. 
 
The financial daily has confirmed that the forum is being set up under the aegis of the FICCI Centre for Corporate Governance. 
"The objective of the forum is to enhance the corporate governance practice and standards by having better-informed and more-engaged board members," Duggal, who is the chairman of Ficci Centre for Corporate Governance told the ET. "The Companies Act 2013 and Sebi guideline have provided a structure and hardware for governance. What we want to provide is the software of information, knowledge, insight and peer learning for board members to be more effective." 
 
Membership will be strictly by invitation. The forum plans to start by inviting board members from the top 200 BSE companies. Among these programmes, the forum will offer an optional four-day board effectiveness course in association with the Indian Institute of Management-Ahmedabad, led by director <keyword id="1588161" type="UNKNOWN" weightage="20" keywordseo="Ashish-Nanda">Ashish Nanda</keyword>, and Harvard Business School, the ET report reads. 
 
In the next two-three years, the forum expects to yield results in the form of more engaged and informed board members and provide a lot of motivation to people. 
 
(Image credits: indiatimes.com)

Now an ‘etiquette’ school for company directors?

After RBI Governor Raghuram Rajan pinned hopes on Budget loaded with reforms and less spending, the work for Finance Minister <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword>’s team becomes even more thoughtful and nail biting. 
 
But nothing to worry about as Jaitley has a reliable team, which can come out with flying colours. 
 Here’s a sneak peek into his team for <keyword id="2783177" type="UNKNOWN" weightage="20" keywordseo="Budget-2016">Budget 2016</keyword> 
 
Chief Economic Advisor Arvind Subramanian 
 
In the last budget, Arvind Subramanian’s idea of increased public expenditure was adopted and well executed. This time, he is planning to change the fiscal consolidation road map and continue with public spending. He will also make sure to meet the pay panel’s suggestions. 
 
Secretary, Department of Financial Services Anjuly Chib Duggal 
 
In the backdrop of Indra Dhanush plan, the finance minister will keep the steam building in banking sector reforms. Duggal would be assisting in reducing bad loans in the banking sector and give a boost to Jan Dhan-Jan Suraksha scheme. 
 
Secretary, Department of Economic Affairs Shaktikanta Das 
 
Das is not new in budget making process and is entrusted to trigger private investments. He will also ensure to pack a budget laden with economic reforms. 
 
Secretary, Department of Revenue Hasmukh Adhia 
 
He is the man to look out for regarding changes in direct taxes, reducing exemptions and reduction in corporate tax rate. 
 
Finance Secretary Ratan P Watal 
 
He has seen India's economic architecture change with 1991 reforms as private secretary to the then Prime Minister Narasimha Rao. Watal controls the spending and hence he will see if funds are there to meet the pay panel suggestions. 
 
Secretary, Department of Disinvestment Neeraj Kumar Gupta 
 
The Indian government is likely to miss the Rs 69,500 crore divestment target. With disinvestment become even more crucial, Gupta as a tough task to handle. 
 
(Image: Indiatimes)

Here is Arun Jaitley's dream team which is working on Budget 2016

<a href="http://www.businessinsider.in/searchresult.cms?query=Union+Budget+2017&amp;sortorder=effectivedate">Union Budget 2017</a> will be announced on Feb 1 and this year, people have quite a lot expectations from <a href="http://www.businessinsider.in/searchresult.cms?query=Finance+Minister+Arun+Jaitley&amp;sortorder=effectivedate">Finance Minister Arun Jaitley</a>. Jaitley’s team has been working tirelessly on the <keyword id="6599769" type="UNKNOWN" weightage="100" keywordseo="Budget-2017">Budget 2017</keyword> and they will be responsible of how it shapes up. 
 
Here are the people who are working to roll out the best Budget, especially after <a href="http://www.businessinsider.in/searchresult.cms?query=demonetisation&amp;sortorder=effectivedate">demonetisation</a> 
 
ASHOK LAVASA, <keyword id="46929" type="POSITION" weightage="100" keywordseo="Finance-secretary">Finance Secretary</keyword> 
Lavasa is a 1980-batch IAS officer of the Haryana cadre and has worked efficiently in the streamlining of approvals at the environment ministry and it, under the previous government, was blamed for tardy clearances and corruption. 
 
As a finance secretary, he is leading the budget-making exercise and keeps a balance between the expectations of ministries and departments seeking larger allocations and the fiscal deficit goals of the government. 
 
SHANTIKANTA DAS, Secretary, <a href="http://www.businessinsider.in/searchresult.cms?query=Department+of+Economic+Affairs&amp;sortorder=effectivedate">Department of Economic Affairs</a> 
Das knows the budget to its full and he has been seeing it for quite some time. Das’ duty is to deliver a problem free budget and he also checks that it has enough reforms to meet expectations. 
 
He is looking over the ideas that are needed to be provided so as to put the economy back on track post demonetisation and something extra so that the private sector starts to invest. 
 
HASMUKH ADHIA, Secretary, Department of Revenue 
Adhia is facing the difficult task of delivering big tax collections through the disclosure scheme announced during demonetisation. He is a trusted person of Prime Minister Narendra Modi from Gujarat and his key focus soon after coming to the revenue department from financial services was to reduce complaints against tax authorities. 
 
He has been able to move swiftly against the black sheep in the department and also take steps to reduce litigation. 
 
NEERAJ KUMAR GUPTA, Secretary, Dept of Investment and Public Asset Management 
To dilute government’s stake in as many as six companies, strategic asset sales are expected to be the top agenda. This financial year, Gupta has managed to prevail on cash-rich companies to go for buybacks, which fetched the government Rs 15,982 crore, and the year could end with all-time high disinvestment receipts. 
 
With his help, the government is looking for monetizing stakes held through the Specified Undertaking of the Unit Trust of India and push for listing of profitable subsidiaries of state-run companies. 
 
ARVIND SUBRAMANIAN, Chief Economic Advisor 
Though, he wasn’t figured prominently in the demonetisation process, but Subramanian can create a big impact on the budget. While he could not get the government to relax the fiscal goals last time, a bigger idea of his could find a place in the budget. 
 
ANJULY CHIB DUGGAL, Secretary, Department of Financial Services 
Post demonetisation, the government is aggressively trying to catch its dream of cashless economy, with state-run financial institutions at the forefront. Bad loans plague the banking sector and the government may need to find additional resources to meet their capital needs and lessen their burden and this where she comes in. The listing of state-run general insurers will keep Duggal busy. After the merger of State Bank of India with its subsidiaries, some action could be seen on the merger of public sector banks.

Meet Team Arun Jaitley, which is working on Budget 2017

New Delhi, Mar 29 () Metals and mining magnate Anil Agarwal has for the first time taken a board position on his flagship Indian firm, Vedanta Ltd, replacing his brother Navin.Agarwal, 66, who turned a tiny scrap metal business into a mining conglomerate, had so far headed the board of London-headquartered Vedanta Resources.The Indian flagship Vedanta Ltd houses its oil and gas, aluminium, power, iron ore, steel and copper business.In a statement, the company said Agarwal has been appointed "as the non-executive chairman of Vedanta Ltd".He replaces his brother Navin, who will now be the Executive Vice Chairman of the Board.The changes followed chief executive officer S Venkatakrishnan resignation. He was replaced by Sunil Duggal, current head of Vedanta unit Hindustan Zinc Ltd."The company will be run by a management committee comprising of CEO, CFO, CHRO and CCO who will take all key decisions collectively under the guidance of Chairman," the statement said.Besides the Agarwal brothers, Vedanta Ltd also has Anil's daughter Priya as a board director. His trusted lieutenant Tarun Jain is also on the board.Former Hindustan Unilever executive Arun Kumar GR is Chief Financial Officer.Anil Agarwal's other listed firm Hindustan Zinc Ltd is headed by his wife Kiran. He is the non-executive chairman of Sterlite Technologies Ltd, the only other Indian listed company in the group.All other group firms, Cairn Oil and Gas, Sterlite Cooper, Balco, Sesa Goa Iron Ore, Vedanta Aluminium and Electrosteel Steels Ltd are headed by chief executive officers.Ethnically a marwari from Patna, Agarwal came down to Mumbai as a scrap dealer in 1976 and went on to build an empire in copper, zinc, aluminum and iron ore. A school dropout, he founded Vedanta Resources and has been its Executive Chairman since March, 2005.In October 2018, Agarwal took Vedanta Resources private after paying more than USD 1 billion for the one third of the metals firm that he didn't already own.In 2017, he bought a 19 per cent stake in London-listed miner Anglo American through his family trust and sold it in 2019.Vedanta has previously stated that it would invest Rs 60,000 crore expansion of its zinc, silver and oil and gas business. ANZ BALBAL

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