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<ul><li><keyword id="1410061" type="PERSON" weightage="20" keywordseo="Sanjeev-Krishnan">Sanjeev Krishnan</keyword> will be taking over the post currently held by <keyword id="200986" type="PERSON" weightage="20" keywordseo="Shyamal-Mukherjee">Shyamal Mukherjee</keyword>. </li><li>In his latest position, Krishnan was the Deals leader in the firm.</li><li>Mukherjee, who was appointed as the chairman of the firm in 2017, will step down from his position by December 31, 2020.</li></ul><keyword id="148915" type="COMPANY" weightage="20" keywordseo="PWC-India">PwC India</keyword> has appointed Sanjeev Krishnan as its new chairman, and he will be taking over the mantle from Shyamal Mukherjee. Krishnan, who started as an articled trainee at PwC India, has been working with the company for 29 years. In his latest position, Krishnan was Partner &amp; Leader - Deals. In 2006, he was made a Partner in the company and led the firm’s Transactions and Private Equity business. A graduate in Economics from the University of Delhi, Krishnan has also looked after sovereign wealth funds and stressed fund asset classes. “It is an honour to take on the Chairman’s role of this great organisation. As a purpose driven firm, we are constantly striving for opportunities to reinvent the future and help our clients create value for their stakeholders. People, technology and innovation would be at the core of all that I intend to do in the next few years, for responsible and sustainable growth for us as a firm, our clients and society,” said Sanjeev Krishan in a statement. Meanwhile, Mukherjee, who had been appointed as the chairman of the firm in 2017, will step down from his position by December 31, 2020. Mukherjee has been with the company for four decades. “Shyamal’s commitment to investing in people, clients and society has helped PwC gain greater mindshare and establish a strong culture, with ethics and quality as its backbone,” the company said in a media statement. SEE ALSO: <a href="https://www.businessinsider.in/defense/news/border-infrastructure-is-not-the-cause-of-friction-between-india-and-china-says-mea-spokesperson/articleshow/78681546.cms">Border infrastructure is not the cause of friction between India and China, says MEA spokesperson</a> <a href="https://www.businessinsider.in/finance/banks/news/pnb-yes-bank-central-bank-of-india-idbi-and-six-more-indian-banks-are-the-worst-performing-bank-stocks-in-asia-pacific/articleshow/78679569.cms">10 out of 15 worst-performing bank stocks in Asia-Pacific are Indian — PNB, YES Bank, Central Bank of India, IDBI among them</a>

PwC India's new chairman Sanjeev Krishnan has been with the company for 29 years and had started as a trainee

<ul><li><keyword id="8681398" type="General" weightage="20" keywordseo="urban-company" source="Orion">Urban Company</keyword> has appointed four independent directors.</li><li>The company reportedly plans to go public by the end of 2022 or mid-2023.</li><li>The company has raised close to half a billion dollars to date.</li></ul><keyword id="476451" type="General" weightage="20" keywordseo="deepinder-goyal" source="Orion">Deepinder Goyal</keyword> — the founder and chief executive officer (CEO) of restaurant aggregator business <keyword id="830092" type="General" weightage="20" keywordseo="zomato" source="Orion">Zomato</keyword> — has joined the board of Urban Company as an independent director. Mckinsey’s former partner Ireena Vittal, Helion cofounder Ashish Gupta and Shyamal Mukherjee, PricewaterhouseCoopers (PwC) India’s former chairperson and senior partner, have joined the Urban Company’s board as independent directors. “We are humbled to have esteemed industry leaders join our board as independent directors, as we step into our next phase of growth. They bring in a lot of experience and industry expertise that will guide us in our company building journey. We look forward to their mentorship in the years to come,” Abhiraj Singh Bhal, cofounder and CEO of Urban Company, said in a statement, Last June, Bhal in an<a href="https://economictimes.indiatimes.com/tech/startups/urban-company-joins-ipo-rush-after-latest-255-million-fundraise/articleshow/83165352.cms"> interview</a> with The Economic Times had mentioned that Urban Company plans to go public by the end of 2022 or middle of 2023. Founded by Abhiraj Bhal, Raghav Chandra and Khaitan in 2014, Urban Company has its offerings spread across the home and beauty segment in India, Dubai, Australia, Singapore and Saudi Arabia. The company has raised close to half a billion dollars to date, from investors like Tiger Global, Vy Capital, Steadview Capital and others. Urban Company’s board will now comprise three executive directors, three non-executive directors and four independent directors. Indian Institute of Management (IIM), Calcutta graduate Vittal — who was a partner at Mckinsey &amp; Co for 16 years — serves as an independent board member of several companies such as Compass Plc, Diageo Plc, Godrej Consumer Products Limited, HDFC Limited, Wipro Ltd. Gupta is a cofounder of venture capital firm Helion and serves as independent board director for organizations like InfoEdge, Hindustan Unilever, Pubmatic, Simplilearn and Gupshup. He had previously cofounded Tavant Technologies and Junglee, and has been associated with brands like Oracle, IBM research and Woodside Fund. He has also been an investor in Daksh (IBM), Infoedge, MakeMyTrip, MuSigma, Upwork, Redbus and Flipkart. Zomato’s Goyal is also on the board of Unacademy and Magicpin. He founded the food delivery firm in 2008 and took the company public last year. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/business/corporates/news/adani-power-crosses-1-lakh-crore-market-cap-to-become-the-sixth-adani-group-company-to-enter-the-special-club/articleshow/91064314.cms">Adani Power crosses ₹1 lakh crore market cap to become the sixth Adani Group Company to enter the special club</a> <a href="https://www.businessinsider.in/business/telecom/news/5g-in-india-who-what-when-why-and-how-much/articleshow/91004188.cms">5G in India – who, what, when, why and how much?</a> <a href="https://www.businessinsider.in/thelife/personalities/news/top-100-richest-people-in-the-world-some-interesting-facts/articleshow/91069161.cms">Top 100 richest people in the world: Some interesting facts</a>

Zomato’s Deepinder Goyal joins Urban Company's board

<ul><li>In a LinkedIn post <keyword id="148915" type="COMPANY" weightage="20" keywordseo="PWC-India">PwC India</keyword> head Shyamal Mukherjee said that the company is taking interim measures in light of Covid-19. </li><li>This includes “deferment of promotions, increments and bonus till a point in time one gets certainty around business”.</li><li>Sources also say that PwC India announced a complete <keyword id="6357342" type="UNKNOWN" weightage="20" keywordseo="Hiring">hiring</keyword> freeze while its partners will take a 25% pay cut. But it won’t cut any <keyword id="11018" type="COMPANY" weightage="20" keywordseo="Jobs">jobs</keyword>.</li></ul>The impact of the coronavirus pandemic on people’s jobs has begun. One of the Big 4 accounting firms – PwC India is deferring all appraisals, promotions and increments of its employees. In a LinkedIn post PwC India head Shyamal Mukherjee said that the company is taking interim measures in light of Covid-19 which includes “deferment of promotions, increments and bonus till a point in time one gets certainty around business.” 
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 According to sources, PwC India also announced a complete hiring freeze while its partners take a 25% pay cut. The firm has paid March salaries will be paid on time, but April salaries could be delayed as a call will be taken when cash positions of the company are better. However, the company has said it won’t cut jobs. Business Insider has sent an email to PwC with queries but hasn’t got a response yet. With the coronavirus pandemic, fear of whether people will be able to keep their jobs has set in. GoAir has cut salaries of all of its employees as the lockdown has seen the suspension of all flights. Meanwhile, another tech major Cognizant has said that it will give two-thirds of its employees 25% of their base salary as additional payment to help them deal with the crisis situation. See also <a href="https://www.businessinsider.in/finance/news/home-loans-education-loans-and-business-loan-interest-payments-deferred-for-three-months-by-rbi/articleshow/74841767.cms">No EMI payments for home, car, and corporate and other loans for 3 months says RB</a>I.

PwC India defers appraisals and promotions, freezes hiring and partners to take a 25% pay cut – but jobs are safe

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New Delhi, May 13 () Channelising a major chunk of the stimulus package for vulnerable segments like micro, small and medium enterprises (MSMEs) and non-bank lenders will go a long way in protecting jobs and reviving country's economic growth, experts said on Wednesday. Measures like emergency credit line of collateral-free Rs 3 lakh crore from banks and non-banking financial companies (NBFCs) and a Fund of Funds with a corpus of Rs 10,000 crore will help the sector protect jobs and revive country's economic growth which is impacted the lockdown imposed to contain the spread of COVID-19 disease, . Experts also said that reduction of TDS/TCS rates by 25 per cent for non-salary payments to residents will leave more money in the hands of professionals and businesses. Deloitte India Partner, Leader (Government and Public Sector) Arindam Guha said, "Channelising a significant part of the government financing support for vulnerable segments like MSMEs and NBFCs/ housing finance companies (HFCs) in the form of credit or investment guarantees to achieve a multiplier effect and also limit the actual outflow to the extent of default." He said there is a clear focus on structural reforms and ease of doing business as it is evident from the measures around increasing the investment and turnover thresholds for MSMEs to enable them to grow bigger. Guha also lauded steps like advising the state governments and Real Estate Regulatory Authorities to leverage force majeure provisions for providing an additional 6 months to real estate companies and exempting them from the need to obtain a fresh registration certificate or renegotiate contracts with their buyers. Another significant measure was allowing contractors involved in highway/infrastructure construction to avail a standstill period of 6 months without any penalties, he added. JLL CEO and Country Head (India) Ramesh Nair said that the fundamental of any economy is employment generation and the Government of India has made the right interventions by providing the requisite support to MSMEs. The revitalisation of MSMEs will play a major role in the overall revival of the economy, he said adding, this in turn is expected to have a positive impact on the consumer sentiment, which has an important bearing on the real estate sector. "These measures provided to MSMEs will also go a long way in protecting jobs and ensuring income continuity. This in turn will have a positive bearing for potential homebuyers especially in the affordable and mid segments," Nair said. Snapdeal co-founder and CEO Kunal Bahl said these measures will help the MSMEs get back on their feet as additional collateral and guarantee-free loans, equity funding options, better access to government procurement, e-market linkage and higher thresholds are strong enablers. KPMG in India Chairman and CEO Arun Kumar said MSMEs are critical for employment preservation and growth and firing up the MSME sector is the surest way to accelerate job creation. "The finance minister's schemes announced today will provide relief for MSMEs that need immediate succour for their survival as well as help those enterprises that need a fillip to grow. Expanding the definition of MSMEs and introducing new thresholds based on turnover while elevating the investment ceilings for each segment are welcome," Kumar said. The broad focus on enhancing liquidity is timely, including the measures for NBFCs, HFCs and MFIs (micro-finance institutions) and those for the power sector to ease the situation of distribution companies and cash-strapped independent power producers, he said adding that the measures to ease liquidity for lenders and businesses will make a tangible difference. Finance Minister Nirmala Sitharaman on Wednesday announced about Rs 6 lakh crore package comprising Rs 3 lakh crore of collateral-free loans for small businesses and a Rs 30,000 crore lifeline to non-bank and housing finance companies as part of measures to help the economy tide over disruptions caused by the coronavirus lockdown. The minister also announced cut in tax rate on non-salary payments by 25 per cent, support to companies to meet statutory liability on employees' retirement fund, provided a Rs 90,000 crore bailout to cash-starved electricity distribution companies and gave construction firms up to six more months to complete the government projects. Shardul Amarchand Mangaldas &amp; Co Partner Pooja Ramchandani said PF contribution is calculated at 12 per cent of basic wages + dearness allowance + retaining allowance. "The announcement on provident fund reliefs is a positive one. The percentage of PF contribution has been reduced to 10 per cent. Prior to this, the rate of 10 per cent was applicable to establishments with less than 20 employees, sick industries, establishments where losses exceed networth, jute, beedi, brick, coir and gum industries," she said. PwC India Chairman Shyamal Mukherjee said the profound measures to boost liquidity and enable MSMEs to take centre stage in making India self-reliant and play a significant role in the government's vision of Make in India. Nangia Andersen LLP Director Sandeep Jhunjhunwala said the reduction of TDS and TCS rates on non-salaried payments by 25 per cent will set free additional cash in the hands of the vendors and help increase liquidity in the economy. This reduction is estimated to release about Rs 50,000 crore in the hands of people, he said. Consulting firm AKM Global tax Partner Amit Maheshwari said the TDS rate reduction will leave more money in the hands of deductees, especially professionals where the TDS rate is as high as 10 per cent. Kotak Institutional Equities VP and Senior Economist Suvodeep Rakshit said the fiscal measures announced draws strongly upon the aim of providing liquidity and easing the functioning of key sectors. JD MKJ

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PwC India's new chairman Sanjeev Krishnan has been with the company for 29 years and had started as a trainee

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