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<keyword id="6358977" type="General" weightage="100" keywordseo="swiggy" source="Orion">Swiggy</keyword> on Monday announced it has appointed three independent directors to its Board - Mallika Srinivasan, Padma Shri awardee and Chairman and Managing Director of TAFE; <keyword id="121995" type="General" weightage="50" keywordseo="shailesh-haribhakti" source="Orion">Shailesh Haribhakti</keyword>, Chairman of Shailesh Haribhakti &amp; Associates; and <keyword id="2257501" type="General" weightage="50" keywordseo="sahil-barua" source="Orion">Sahil Barua</keyword>, Managing Director and CEO at Delhivery. They are the first independent directors on Swiggy's board and join current members: ASriharsha Majety - CEO and Co-founder of Swiggy; <keyword id="2792820" type="General" weightage="50" keywordseo="nandan-reddy" source="Orion">Nandan Reddy</keyword>, Co-founder of Swiggy; Larry Illg, CEO of Prosus Edtech and Food; Ashutosh Sharma, Head of Investments- India, Prosus Ventures; <keyword id="1841701" type="General" weightage="50" keywordseo="sumer-juneja" source="Orion">Sumer Juneja</keyword>, Managing Partner, India and EMEA, SoftBank Investment Advisors; and Anand Daniel, Partner at Accel. "Getting these new and powerful perspectives and strengthening our governance will immensely benefit us as we march ahead in our mission to bring unparalleled convenience to consumers," said Majety. Srinivasan said that she is pleased to join the Board as the "company moves forward in pushing boundaries and redefining newer segments." "I look forward to supporting the Swiggy management team in their quest to build a world-class business that serves millions of customers in their everyday needs," added Barua. Swiggy connects consumers to over 200,000 restaurant partners in hundreds of cities. Its quick commerce grocery service Instamart is present in over 25 cities. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-shares-hit-25-upper-circuit-after-govt-agrees-to-convert-16133-cr-dues-into-equity/articleshow/97643006.cms">Vodafone Idea shares hit 25% upper circuit after govt agrees to convert ₹16,133 cr dues into equity</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/4-day-workweek-not-yet-feasible-in-india-but-companies-look-at-flexible-options/articleshow/97642858.cms">All about 'flex': 4-day workweek not yet feasible in India, but companies look at flexible options</a>

Swiggy appoints 3 independent directors to its Board

<ul><li>The <keyword id="6354335" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> is beginning to execute its enforcement framework announced in 2018 that brought non-banking financial companies (NBFC) under tighter scrutiny.</li><li>Under this framework, the central banker has barred <keyword id="4532818" type="General" weightage="20" keywordseo="haribhakti-co-llp" source="Orion">Haribhakti &amp; Co LLP</keyword> from auditing any entities regulated by the bank – this includes banks and NBFCs.</li><li>Earlier, <keyword id="30067" type="General" weightage="100" keywordseo="rbi" source="Orion">RBI</keyword> had banned EY member firm <keyword id="1921391" type="General" weightage="20" keywordseo="sr-batliboi-co" source="Orion">SR Batliboi &amp; Co</keyword> for one year for lapses in its statutory audit of specific banks.</li></ul>India’s central bank, the Reserve Bank of India (RBI), banned Haribhakti &amp; Co LLP, an audit firm, from undertaking any audits of banks, non-banking financial companies and other entities regulated by the RBI for a period of two years. “This action has been taken on account of the failure on the part of the audit firm to comply with a specific direction issued by RBI with respect to its statutory audit of a Systemically Important Non-Banking Financial Company (NBFC),” RBI said in a press release on Tuesday. The ban on Haribhakti &amp; Co LLP is amongst the first few under the RBI’s enforcement action framework for statutory auditors, <a href="https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=44357">announced in June 2018</a>, which has provisions to debar audit firms which have “serious” lapses in their audits of banks. The central bank’s release underlines that the auditors in question have not complied with a specific direction under this framework. According to the press release, Haribhakti &amp; Co LLP will not be allowed to audit any entity that is regulated by the RBI. This ban comes into effect from April, 2022 and will be in force for two years. The auditors will be allowed to complete their existing audit assignments in the financial year 2021-22. In this case, RBI has not specified the “systemically-important” NBFC. As of 2019, there were 275 such entities and the list includes the likes of Bajaj Finance and Bajaj Finserv, Shriram Transport Finance, Power Finance Corporation, among others. Some of the companies that have been audited by Haribhakti &amp; Co LLP include Birla Sunlife AMC, Axis Bank, IndusInd Bank and <a href="https://www.businessinsider.in/finance/news/rbi-has-taken-two-srei-companies-out-of-board-control-after-payment-defaults/articleshow/86754390.cms">SREI</a> Infrastructure Finance as well as SREI Equipment Leasing. <div type="Video" msid="86962810" hostid="261" title="The vicious circle behind bad loans. Should banks be revealing the names of the big loan defaulters?" thumbUrl="https://denmark.timesinternet.in/cmslite/api/app/images.jpg?msid"><payload><![CDATA[Banks blame ratings agencies who blame auditors who in turn blame the banks, the vicious circle behind bad loans]]></payload></div> It is worth noting that this is not the first action that RBI has taken against auditors. Earlier, it had banned SR Batliboi &amp; Co., one of the top auditors in the country and a partner of global audit firm Ernst &amp; Young (EY), for lapses in its statutory audit of banks. <a href="https://www.business-standard.com/article/companies/rbi-bars-ey-group-s-batliboi-from-auditing-bank-books-for-one-year-119060301662_1.html">Reports</a> at the time suggested the banks were Yes Bank and Axis Bank, and the lapse was in not correctly identifying the non-performing assets of the banks to the tune of over ₹13,500 crore. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/its-not-just-zostel-oyo-has-20-other-lawsuits-to-fight/articleshow/86959438.cms">It's not just Zostel, OYO has 20 other lawsuits to fight</a> <a href="https://www.businessinsider.in/tech/enterprise/news/infosys-may-beat-tcs-earnings-even-with-lower-deal-wins-in-september-quarter/articleshow/86952606.cms">Infosys may beat TCS earnings even with lower deal wins in September quarter</a> <a href="https://www.businessinsider.in/policy/legal/news/cloud-kitchens-are-restaurants-ice-cream-is-not-food-and-other-important-clarifications-that-will-affect-gst-rates/articleshow/86841614.cms">Cloud kitchens are restaurants, ice cream is not food and other important clarifications that will affect GST rates</a>

RBI has barred one of the country's top auditors from looking at the books of any company regulated by the central bank

New Delhi, Apr 14 () Donation platform GiveIndia on Tuesday said it has launched the 'India COVID Response Fund' (ICRF) with initial donations worth Rs 75 crore to support the on-ground COVID relief efforts being carried out by its network of verified non-profits.Some of the early donors to the fund include the Bill &amp; Melinda Gates Foundation, Google.org, HSBC India, Omidyar Network India, UBS Optimus Foundation, Marico, Uber India (through Uber Care driver fund), Binny Bansal and A.T.E. Chandra Foundation.The fund will use a data-backed approach to identify the most critical areas of intervention and scale the relief efforts pan India, a statement said.The donation platform is aiming at creation of a larger corpus that can support up to 10 million people nationally, it added."Since we started fundraising for COVID relief work on March 22, we have received donations from more than 2 lakh people globally, raised Rs 75 crores, partnered with over 40 organisations, onboarded more than 100 non-profits, and these initial efforts will impact one million people," GiveIndia Director and ICRF Advisor Govind Iyer said.However, the on-ground requirement is much larger and the fund is an open platform for all to come together and support the most critical need of the hour, he added.Other partners in the collective are CSIP (Centre for Social Impact and Philanthropy) from Ashoka University, Bridgespan, Indiaspora, Sattva, Dasra and IIFL Wealth, the statement said.An expert advisory group has been set up to guide fundraise and allocations, including Dr Devi Shetty, (Chairman, Narayana Health), Kiran Mazumdar-Shaw (Chairman, Biocon), Sanjiv Mehta (Chairman, HUL), Surendra Rosha (CEO, HSBC India), Binny Bansal (Co-founder, Flipkart), Manoj Kohli (Country Head, Softbank) and Amitabh Chaudhry (CEO, Axis Bank).Shilpa Kumar (Investment Partner, Omidyar Network India), Ingrid Srinath (Director, CSIP, Ashoka University), Arun Seth (former Chairman-BT), Amita Chauhan (Chairperson, SVP Mumbai), Shailesh Haribhakti (CA), Haigreve Khaitan (Managing Partner, Khaitan &amp; Co), V Vaidyanathan (MD &amp; CEO, IDFC First Bank), Neeraj Aggarwal (Head APAC, BCG) and Karan Bhagat (MD &amp; CEO, IIFL Wealth) are also part of the effort."ICRF will focus on preventing the spread of the coronavirus, providing humanitarian aid, supporting our health workers and enabling the COVID-hit families to rebuild their livelihoods. GiveIndia will be working with and supporting non-profits across health, disaster relief, rural livelihoods, etc including Akshaya Patra, Goonj, HelpAge India, ActionAid, Oxfam, CRY, Srijan and many others through this fund," the statement said. SR RSN RUJ

GiveIndia starts India COVID Response Fund with Rs 75 cr in initial donations

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)

You Searched For "Shailesh Haribhakti" and got 4 results

Swiggy appoints 3 independent directors to its Board

IANS

RBI has barred one of the country's top auditors from looking at the books of any company regulated by the central bank

Rounak Jain

GiveIndia starts India COVID Response Fund with Rs 75 cr in initial donations

PTI

Now an ‘etiquette’ school for company directors?

BI India Bureau

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