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<a href="http://www.businessinsider.in/searchresult.cms?query=T+K+Kurien&amp;sortorder=effectivedate">T K Kurien</a>, the Vice Chairman of <a href="http://www.businessinsider.in/searchresult.cms?query=Wipro&amp;sortorder=effectivedate">Wipro</a>, has decided to quit after nearly two decades of handling different roles in the company. Kurien will be leaving ahead of the end of his current tenure, which ends in March and the announcement is expected to be made at the company's third-quarter results. 
 
Kurien was to continue also as member of the board until March 31. It is still not clear what his plans are, after he leaves the company. He has invested in a few startups in the <a href="http://www.businessinsider.in/searchresult.cms?query=artificial+intelligence&amp;sortorder=effectivedate">artificial intelligence</a> (AI) space and in mobile payments startup ToneTag. 
 Everyone around him called him a hardworker but despite the hard work and despite being the hard taskmaster that everybody in <keyword id="10862" type="CITY" weightage="100" keywordseo="Wipro">Wipro</keyword> said he was, Kurien struggled to make the company grow. Revenue growth was way short of those of its peers. He could never achieve his desire to demonstrate at least four successive quarters of 4%-4.5% sequential growth. 
 
"Previous Wipro CEOs had come up through the system, whereas TK had come up in other companies and was viewed as an outsider. One of the big challenges which TK inherited was that the other industry leaders had already made the changes to focus on industry, and TK was constantly playing catch up, having lost the first mover advantage that <a href="http://www.businessinsider.in/searchresult.cms?query=TCS&amp;sortorder=effectivedate">TCS</a> and <a href="http://www.businessinsider.in/searchresult.cms?query=Cognizant&amp;sortorder=effectivedate">Cognizant</a> gained. His focus on moving quickly, and impatience to catch up created a backlash in the Wipro culture which he had to constantly deal with," Peter-Bendor Samuel, CEO of outsourcing research firm <a href="http://www.businessinsider.in/searchresult.cms?query=Everest+Group&amp;sortorder=effectivedate">Everest Group</a>, told ET. 
 A chartered account by training, Kurien's penchant for numbers, cleaning up balance sheets, and bringing the GE-approach to operational efficiency was evident during his time with Wipro. This and his aggressiveness would have been what made chairman <keyword id="6419840" type="PERSON" weightage="20" keywordseo="Azim-Premji">Azim Premji</keyword> pick Kurien for the CEO's job but for all that, Wipro under Kurien failed to catch up with its peers. Even its closest rival, <keyword id="6354512" type="CITY" weightage="20" keywordseo="Infosys">Infosys</keyword>, surged ahead under CEO Vishal Sikka

Wipro Vice Chairman T K Kurien to quit

A group of minority shareholders of <keyword id="51758" type="General" weightage="100" keywordseo="dish-tv" source="Orion">Dish TV</keyword> has sent a notice to call an Extraordinary General meeting (EGM) of the direct-to-home service provider, raising concerns over corporate governance issues, seeking reconstitution of the board and removal of two independent directors questioning their independence. The notice sent by 77 shareholders of Dish TV, representing 10.15 per cent shareholding, proposed to nominate K Badri Narayanan, <keyword id="17427302" type="General" weightage="50" keywordseo="satis-kumar-yanmandra" source="Orion">Satis Kumar Yanmandra</keyword>, Jeet Sen Gupta as independent directors on the board of the <keyword id="60807" type="General" weightage="80" keywordseo="essel" source="Orion">Essel</keyword> Group firm. Besides, it has also sought the removal of two independent directors -- <keyword id="1624320" type="General" weightage="50" keywordseo="shankar-aggarwal" source="Orion">Shankar Aggarwal</keyword> and Rashmi Aggarwal -- from the board of the company. "The existing independent directors have a long-term association with Dish TV and Essel group which cast doubt over their independence," the shareholders wrote in the notice. Dish TV is embroiled in a tussle between its largest shareholder Yes Bank Ltd (YBL) and the promoter family led by its former chairman Jawahar Lal Goel over board representation in the company. The company is unable to pass its annual statements from the last two years and the feud has led to the departure of its former promoter-backed chairman Jawahar Lal Goel. Informing about the development to the stock exchanges, Dish TV said it is examining the communication from the minority shareholders. "... will take necessary steps as per applicable law and procedures," said Dish TV in a regulatory filing. Besides, the minority shareholders have also raised several other issues questioning the investments made by the company such as in its OTT platform Watcho. "Dish TV made a significant investment of Rs 1,218 crore (which is 20 per cent of total netblock of the fixed assets, intangibles, investments and capital WIP of Rs 6,012 crore) in the FY20 (Intangible Assets), for Watcho, its flagship OTT platform," they said. The investments were qualified in FY2020 (the year of the investment itself) and in FY2021. "Upon lenders and investors questioning the investments, the company had made an impairment of Rs 203 crore in FY2022," it said. During FY20, the Essel group companies defaulted with multiple lenders, including bank loans to Essel group companies secured by the pledge of Dish TV Shares, they said. "It is our apprehension, that anticipating a loss of majority shareholding due, to the invocation of pledged Dish TV shares from bank and other lenders, the aforesaid funds may have been diverted by the promoters for other purposes," the letter said. On the removal of the two existing independent directors, the minority shareholders said, "They have long-term association with Dish TV and Essel group which cast doubt over their independence." Rashmi Aggarwal held directorship in other Essel group entities -- Dish Infra, <keyword id="2682539" type="General" weightage="50" keywordseo="zee-media" source="Orion">Zee Media</keyword>, and Essel Forex -- till Feb 2019, while <keyword id="17427303" type="General" weightage="50" keywordseo="shankar-agganval" source="Orion">Shankar Agganval</keyword> held directorship in Essel Infraprojects Ltd till November 2018. Essel Infraprojects is a defaulter entity with YES Bank and several other lenders and his association is a "red flag", the notice added. Besides, they have also raised other corporate governance issues and alleged that the board is not acting in line with good corporate governance standards. It does not have a "fair representation" of the incumbent significant shareholders of banks and financial institutions holding 45 per cent shareholding in the company. "The board is purportedly acting at the behest of certain minority shareholders holding merely 4 per cent of the shares in the company," they alleged. Moreover, they also raised concerns over the continuation of Jawahar Lal Goel as additional director after a proposal for his re-appointment as MD was rejected by the shareholders. "It was only after the intervention of the shareholders that he subsequently resigned as additional director," they said. In December last year, shareholders of Dish TV again rejected the proposal for the adoption of audited standalone and consolidated financial statements for FY21 and FY22 in the AGM. Earlier, the shareholders of the Direct-to-Home service provider had rejected the proposals to approve the balance sheet of the company for the last two fiscals in the 34th AGM conducted on September 26, 2022. In June 2022, shareholders in an extraordinary general meeting rejected the proposal for the reappointment of Goel as its managing director. In September, shareholders of Dish TV rejected four resolutions in the AGM, including the adoption of the company's financial statements for FY21 and FY22, and the appointment of independent director Rakesh Mohan. Dish TV shareholders, on December 30, 2021, also rejected all three proposals, including the adoption of financial statements and the reappointment of Ashok Mathai Kurien as director. Goel resigned from the board of the company on September 19. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/heres-how-indians-paid-for-non-cash-transaction-in-fy22/slidelist/100274422.cms">Here’s how Indians paid for non-cash transactions in FY22</a> <a href="https://www.businessinsider.in/tech/apps/news/how-to-transfer-your-whatsapp-chats-without-using-google-drive/articleshow/100270586.cms">How to transfer your WhatsApp Chats without using Google Drive</a> <a href="https://www.businessinsider.in/tech/news/8-things-that-google-bard-can-do-but-chatgpt-cannot/articleshow/100187360.cms">8 things that Google Bard can do, but ChatGPT cannot</a>

Dish TV minority shareholders seek EGM, removal of two independent Directors

<keyword id="10862" type="CITY" weightage="20" keywordseo="Wipro">Wipro</keyword>, the country’s third largest IT firm, has promoted <keyword id="608152" type="PERSON" weightage="20" keywordseo="Anand-Padmanabhan">Anand Padmanabhan</keyword>, chief executive of the energy, natural resources &amp; utilities (ENU) vertical, as <keyword id="2540" type="POSITION" weightage="20" keywordseo="President">president</keyword>. He had played a pivotal role in globally structuring the ENU business of the company into one among the top three IT solution providers for the industry. 
 With over 27 years of diversified experience, he has been placed a level below <keyword id="5645" type="POSITION" weightage="20" keywordseo="CEO">CEO</keyword> T K Kurien in the management team. The other six business unit heads are senior vice-presidents designated as chief executives. 
 
Nearly four years after Kurien was elevated as CEO, Padmanabhan has been promoted as president of the company. As per media reports, it is still not clear if Wipro is preparing Padmanabhan to shoulder bigger responsibilities in times to come. 
 
According to TOI, Saurabh Govil, Wipro, HR head, said, "There will be no change in his role, responsibilities or the reporting structure (he will continue to report to Kurien). This is in recognition of his work." 
 
It is important to note that ENU, which contributes over a $1 billion to Wipro’s overall revenues, has been one of the best performing verticals of the IT firm.

Wipro Elevates Anand Padmanabhan As President

IT <keyword id="10862" type="CITY" weightage="100" keywordseo="Wipro">Wipro</keyword> has reported a 29.5% increase in its consolidated net profit at Rs 2,103.2 crore for the April-June quarter of FY2014-15. It had registered a net profit of Rs 1,623.3 crore in the same period last year, it said in a BSE filing. 
 
The Bangalore-headquartered firm’s consolidated net sales went up by 15.5% to Rs 11,245.5 crore in the April-June quarter of the current financial year from Rs 9,733.2 crore in the corresponding quarter of FY2013-14. 
 Wipro chairman <keyword id="6419840" type="PERSON" weightage="100" keywordseo="Azim-Premji">Azim Premji</keyword> said, "We see a significant rise in business confidence in developed markets as well as India." 
 
"We continue to win large deals particularly in the application and infrastructure space. We recently announced our largest ever total outsourcing deal," Wipro CEO T K Kurien said. 
 
These deals indicate the confidence of clients in Wipro's transformational capabilities and re-affirm their faith in its client engagement strategy, he added. 
 
"We continue to drive operational efficiency and invest in our strategy. Operating margins for the quarter was on expected lines, impacted largely due to wage hikes," Wipro CFO Suresh Senapaty said. 
 
"It’s been a lukewarm period overall for the IT industry at large, including Wipro. That said, few contracts over the last quarter has helped Wipro get access to more high-profile deals at a time when outsourcing demand looks stronger as compared to previous years," Greyhound Research CEO Sanchit Vir Gogia said.

You Searched For "T K Kurien" and got 4 results

Wipro Vice Chairman T K Kurien to quit

BI India Bureau

Dish TV minority shareholders seek EGM, removal of two independent Directors

PTI

Wipro Elevates Anand Padmanabhan As President

BI India Bureau

Wipro Q1 Net Profit Rises 29.5% To Rs 2,103 Crore

BI India Bureau

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