<ul><li> <keyword id="191977" type="General" weightage="20" keywordseo="pratip-chaudhuri" source="Orion">Pratip Chaudhuri</keyword> was arrested by Rajasthan Police on Sunday (October 31) from his residence in Delhi.</li><li>The arrest was made in connection with an alleged sale of a non-performing asset, Hotel Gaudavan, to <keyword id="994351" type="General" weightage="20" keywordseo="alchemist-arc" source="Orion">Alchemist ARC</keyword> at a low value.</li><li>SBI, as well as his predecessor Rajnish Kumar, who took over as SBI chairperson in 2017, have come out in support of Chaudhuri calling his arrest wrong.</li></ul>The arrest of former State Bank of India (SBI) chairperson Pratip Chaudhuri will make banks risk-averse, World Bank’s former executive director CM Vasudev told Business Insider. Vasudev is a retired Indian Administrative Service (IAS) officer, who has served as the finance secretary of the Indian government and as non- of <a href="https://economictimes.indiatimes.com/c-m-vasudev-re-appointed-as-hdfc-bank-non-executive-chairman/articleshow/21151133.cms" data-type="tilCustomLink">executive chairperson</a> HDFC bank. “Public sector banks as it is are very risk-averse and this type of decision will make them even more risk-averse,” Vasudev said, adding that this will deter bankers to not make such crucial decisions and play safe. He explained that banks are the real intermediaries who write finances to the “real sector” of the economy and if the banks become risk-averse, then there is no financing for new ventures. “If such decisions are made criminally liable for individual decision makers, it is going to have a very adverse impact on the economy,” he added. Chaudhuri was arrested by Rajasthan Police on Sunday (October 31) from his residence in Delhi in connection with an alleged sale of a non-performing asset (NPA) — Hotel Gaudavan — to Alchemist ARC at a low value in 2014. The arrest was made on the basis of a protest petition filed by former directors of Hotel Gaudavan and he has been sent to judicial custody for 14 days. State Bank of India (SBI), as well as Chaudhuri’s predecessor Rajnish Kumar, who took over as SBI chairperson in 2017, have come out in support of Chaudhuri calling his arrest wrong. “This seems to be a case of highly motivated, high-handed action. This seems to be an error of judgment. There is a due process and set of rules laid out by the RBI for the sale of assets to ARCs [asset reconstruction companies]. Where is the corruption here?” Kumar <a href="https://www.moneycontrol.com/news/business/pratip-chaudhuri-arrest-former-sbi-chairman-rajnish-kumar-calls-the-move-a-motivated-high-handed-action-7662941.html">said</a> in an interaction with Moneycontrol. SBI has shared a detailed statement, highlighting the facts of the matter. Interestingly, SBI wasn’t even made party to this case even though the alleged “scam” happened while Chaudhuri was serving as the chairperson of this bank. “SBI would like to reiterate that all due processes were followed while making the said sale to ARC. The bank has already offered its cooperation to the law enforcement and judicial authorities and will provide further information, if any, that may be called for from their side," the bank said, adding that the sale to Alchemist ARC was done through a laid-down process. <div type="image" title="The arrest of former SBI chief Pratip Chaudhuri may prevent bankers from making any risky decisions, say experts" msid="87482644" hostid="261"></div> Abizer Diwanji, partner and national lead of financial services at EY, told Business Insider that the arrest of Chaudhuri was wrong, but the banking community needs to be “cautious that when they sell any asset they should not only aim to recover their loan amount, but get a fair value out of it.” The loan to Gaudavan Group was ₹24 crore, but the value of the properties were ₹200 crore. SBI, however, sold the assets to Alchemist ARC for ₹ 24 crore to recover their loans. <div type="image" title="The arrest of former SBI chief Pratip Chaudhuri may prevent banks from making any risky decisions, say experts" msid="87482320" hostid="261"></div> SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/logistics-startup-delhivery-files-for-a-nearly-1-billion-ipo/articleshow/87481889.cms" data-type="tilCustomLink">Logistics startup Delhivery files for a nearly $1 billion IPO</a> <a href="https://www.businessinsider.in/business/telecom/news/elon-musk-owned-starlink-forms-subsidiary-in-india-will-soon-apply-for-licenses/articleshow/87480590.cms">Elon Musk-owned Starlink forms subsidiary in India, will soon apply for licenses</a> <a href="https://www.businessinsider.in/stock-market/news/shares-of-tata-motors-gains-on-strong-demand-for-jlr-despite-14-fold-widening-of-loss/articleshow/87480018.cms">What Tata Motors investors are excited about — obviously not the huge loss</a>

The arrest of former SBI chief Pratip Chaudhuri may prevent bankers from making any risky decisions, say experts

<ul><li><a href="https://www.businessinsider.in/business/startups/news/logistics-startup-delhivery-files-for-a-nearly-1-billion-ipo/articleshow/87481889.cms" data-type="tilCustomLink"></a><keyword id="696009" type="General" weightage="20" keywordseo="policybazaar" source="Orion">PolicyBazaar</keyword> launched its public issue on November 1, at a price band of ₹940-₹980.</li><li>Investors have bid for 5.47 crore shares from 3.45 crore shares open for subscription.</li><li><keyword id="11111226" type="General" weightage="20" keywordseo="pb-fintech" source="Orion">PB Fintech</keyword> intends to raise ₹5,709 crore at a valuation of $6.1 billion (₹45,500 crore).</li></ul>The initial public offering (IPO) of PB Fintech — the parent company of insurance selling platform PolicyBazaar and lending platform PaisaBazaar — has been subscribed by 1.59 times in the first two days of its initial public offering (IPO). PolicyBazaar, which intends to raise ₹5,709 crore at a valuation of $6.1 billion (₹45,500 crore), launched its public issue on November 1 and today is the last date to subscribe. The shares are available at a price band of ₹940-₹980. The lot size has been set up at 15 shares, taking the value of one lot to ₹14,700. Overall, investors have bid for 5.47 crore shares from 3.45 crore shares open for subscription. Retail investors subscribed to PolicyBazaar’s IPO 2.04 times. Qualified institutional buyers (QIB) have subscribed to the Policybazaar’s IPO by 2.08 times and non-institutional investors have subscribed 23%. Overall, the IPO was subscribed 1,59 times. <div type="Video" msid="87578802" hostid="261" title="Here's why Policybazaar founders chose to go public" dataSource="BUSINESSINSIDER" thumbUrl="https://denmark.timesinternet.in/cmslite/api/app/images.jpg?msid=87578802"></div> According to <a href="https://www.livemint.com/market/ipo/policybazaar-ipo-gmp-subscription-status-other-details-should-you-subscribe-11635732095036.html">reports</a>, <keyword id="12401663" type="General" weightage="20" keywordseo="policybazaar-shares" source="Orion">Policybazaar shares</keyword> are available at a premium of ₹150 in the grey market. You can easily <a href="https://www.businessinsider.in/business/startups/news/policybazaar-ipo-will-open-today-here-is-how-to-apply-via-bank-and-apps-like-zerodha-paytm-money/articleshow/87370279.cms">apply to the Policybazaar IPOs </a>via mobile applications of new age investment platforms like Zerodha, Paytm, Upstox and others. PolicyBazaar’s IPO will include fresh issue of ₹3,759 crore and an offer for sale (OFS) of ₹1,959 crore from existing investors. According to PB Fintech’s red herring prospectus (RHP), the company will use ₹1500 crore of the proceeds to create brand awareness for PolicyBazaar and PaisaBazaar. Besides this, PolicyBazaar will also invest an additional ₹600 crore on funding strategic investments and acquisition. The company will also invest capital to grow its user base both online and offline as well as build its presence online. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/logistics-startup-delhivery-files-for-a-nearly-1-billion-ipo/articleshow/87481889.cms" data-type="tilCustomLink">Logistics startup Delhivery files for a nearly $1 billion IPO</a> <a href="https://www.businessinsider.in/finance/banks/news/former-sbi-chairman-pratip-chaudhuris-arrest-will-lead-to-policy-paralysis-say-experts/articleshow/87482347.cms" data-type="tilCustomLink">The arrest of former SBI chief Pratip Chaudhuri may prevent bankers from making any risky decisions, say experts</a> <a href="https://www.businessinsider.in/business/telecom/news/elon-musk-owned-starlink-forms-subsidiary-in-india-will-soon-apply-for-licenses/articleshow/87480590.cms">Elon Musk-owned Starlink forms subsidiary in India, will soon apply for licenses</a>

PolicyBazaar IPO — Today is the last day to subscribe, grey market premium at ₹150

<keyword id="747947" type="General" weightage="20" keywordseo="Telecom-major" source="Orion">Telecom major</keyword> <keyword id="117197" type="General" weightage="20" keywordseo="bharti-airtel-ltd" source="Orion">Bharti Airtel Ltd</keyword> has reported profit in the second quarter of current fiscal year on the back of stronger earnings from its mobile services in <keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword> and Africa. The company on Tuesday said that its net profit for the July-September quarter of FY22 stood at ₹1,134 crore, compared with a net loss of ₹763 crore in the same period of previous year. Profit from its mobile services in India more than doubled to ₹1,612.5 crore from ₹685 crore a year earlier, and profit from its mobile services in Africa increased 40 per cent to ₹2,809 crore. <keyword id="6354287" type="General" weightage="20" keywordseo="bharti-airtel" source="Orion">Bharti Airtel</keyword> reported consolidated Q2 revenues of ₹28,326 crore, a growth of 18.8 per cent YoY on a comparable basis and 13.0 per cent YoY on a reported basis largely on account of tariff hikes and increase in subscriber base. Consolidated mobile data traffic was at 10,943 PBs in the quarter with a healthy YoY growth of 47.8 per cent. India revenues for Q2 2022 also increased to ₹19,890 crore, up by 18.3 per cent YoY on a comparable basis, and 10.4 per cent YoY on a reported basis. Mobile revenues grew by 20.3 per cent YoY on comparable basis on account of increase in ARPU and strong 4G customer addition. ARPU for the quarter came in at ₹153 as compared to ₹143 in Q2 2021 on comparable basis, validating the strategy of focusing on quality customers. The company continues to gain a strong share of the 4G customers in the market. 4G data customers increased by 26.1 per cent YoY to 192.5 Mn. Over the last 4 quarters, the company has added 39.9 mn 4G customers to its network. ARPU continues to be the best in industry, average data usage per data customer at 18.6 GBs/month and voice usage per customer at 1,053 mins/month. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/tesla-boss-elon-musks-net-worth-crosses-300-billion-for-the-first-time/slidelist/87485525.cms">Tesla boss Elon Musk’s net worth crosses $300 billion for the first time</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/former-sbi-chairman-pratip-chaudhuris-arrest-will-lead-to-policy-paralysis-say-experts/articleshow/87482347.cms">The arrest of former SBI chief Pratip Chaudhuri may prevent bankers from making any risky decisions, say experts</a>

Bharti Airtel records 13% rise in its profits in second quarter of the current fiscal year

<ul><li>The Hyderabad-based manufacturer of cellulose-based excipients, Sigachi Industries, is looking to raise ₹125.43 crore.</li><li>Analysts believe the company’s consistency in paying a dividend continuously for the last three years bodes well.</li><li>The grey market premium of the company shares have risen to ₹160 per share from ₹150 earlier.</li><li>Overall, the IPO received bids for 4.94 crore as against 53.86 lakh shares offered for sale.</li></ul>The Hyderabad-based manufacturer of cellulose-based excipients, Sigachi Industries, has already been subscribed over 9 times on the second day of the initial public offering (IPO). Shares reserved for retail investors have been oversubscribed by 17.21 times on the second day of the IPO bidding process as of 1:38 p.m., on November 2. Overall, the IPO received bids for 4.94 crore as against 53.86 lakh shares offered for sale. Investors are excited about the IPO also because the shares of the company commanded a strong premium of ₹160 in the grey market today. The grey market premium rose to ₹160 per share on Tuesday from ₹150 earlier. The company is looking to raise ₹125.43 crore through the IPO with a price band of ₹161 to ₹163 per share. It is engaged in the manufacturing of microcrystalline cellulose, the polymer that is widely used for finished dosages in the pharmaceutical industry. “With over 30 years of continuous growth, three multi-locational manufacturing facilities and consistent focus on delivering premium quality products, the company is one of the leading manufacturers of cellulose based excipients in India, in terms of volume,” said a report by JM Financial. Brokerage firm Reliance Securities <a href="https://economictimes.indiatimes.com/markets/ipos/fpos/sigachi-industries-ipo-subscribed-11-8-times-so-far-on-day-2/articleshow/87481993.cms">reportedly</a> said, “Sustained demand for microcrystalline cellulose (MCC) from various industries and the expansion programme, earnings growth momentum looks sustainable. It has been paying a dividend consistently for the last three years, which bodes well.” Meanwhile analysts at Marwadi Shares and Finance <a href="https://economictimes.indiatimes.com/markets/ipos/fpos/sigachi-industries-ipo-subscribed-11-8-times-so-far-on-day-2/articleshow/87481993.cms">reportedly</a> said that, "The company is one of the leading manufacturers of MCC [cellulose-based excipient] in India with a presence across diverse industry verticals and is available at reasonable valuation on an absolute basis." Sigachi Industries operates through three manufacturing units in Hyderabad and Jhagadia, Dahej located in Gujarat. The proceeds from the issue will be used for expansion of production facilities of MCC at Dahej and Jhagadia in Gujarat. Net profit of the chemical manufacturer has been increasing steadily over the past three financial years. <table style="border-width: initial; border-style: none;"><colgroup></colgroup><col /><col /><col /><tbody><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Revenue </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Profit </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">FY21 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹255 crore </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹47 crore </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">FY20 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹221 crore </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹41 crore </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">FY19 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹240 crore </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹37 crore </td></tr></tbody></table> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/former-sbi-chairman-pratip-chaudhuris-arrest-will-lead-to-policy-paralysis-say-experts/articleshow/87482347.cms">The arrest of former SBI chief Pratip Chaudhuri may prevent bankers from making any risky decisions, say experts</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/logistics-startup-delhivery-files-for-a-nearly-1-billion-ipo/articleshow/87481889.cms">Logistics startup Delhivery files for a nearly $1 billion IPO</a>

Sigachi Industries IPO — Grey market premium rises to ₹160, here’s what analysts are saying about it

<ul><li>The company’s founders Sahil Barua and Kapil Bharati will get appraisals ranging between ₹2.5 crore to ₹10 crore.</li><li>However, three of <keyword id="11931339" type="General" weightage="20" keywordseo="delhivery" source="Orion">Delhivery</keyword>’s founders are missing from this appraisal process.</li><li>It spent ₹85.6 crore on employee benefits costs in the financial year 2021.</li></ul>Top executives and founders of logistics company Delhivery are set to get multi-crore hikes in their salaries pretty soon, the Gurugram-based startup revealed in its draft red herring prospectus (DRHP) filed earlier on Tuesday. Delhivery — which was valued at $3 billion in March 2021 — intends to raise<a href="https://www.businessinsider.in/business/startups/news/logistics-startup-delhivery-files-for-a-nearly-1-billion-ipo/articleshow/87481889.cms"> ₹7,400 crore ($1 billion) with its IPO</a>. The proceeds of this issue will be used to strengthen the company’s technology stack, network and operations. The company’s DRHP has revealed that Delhivery has planned out appraisal for three of its top executives — Cofounder and Chief Executive Officer (CEO) Sahil Barua, Chief Business Officer (CBO) Sandeep Kumar Barasia and Kapil Bharati, who is the cofounder and chief technology officer (CTO) of Delhivery. Barua and Bharati’s new salary will be in the range of ₹2.5 crore to ₹10 crore. Meanwhile, Barasia is scheduled to get an increment in the range of ₹4 crore to ₹12 crore. The appraisal does not include gratuity, medical insurance and other benefits the company offers. There will be additional benefits offered to the three executives on top of this. Delhivery cofounder’s salary and remuneration have increased in the first quarter of FY2022. Both the cofounders’ — Barua and Bharati — salary for Q1 of FY2022 was nearly as much as the remuneration for the entire FY2021. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"><colgroup></colgroup><col /><col /><col /><col /><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Executive </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Designation </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Salary in financial year ended in March 2021 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Salary in April to June quarter </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sahil Barua </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cofounder and CEO </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹4.3 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3.5 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kapil Bharati </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cofounder and CTO </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3.9 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3.4 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sandeep Kumar Barasia </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">CBO </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹12.9 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹4.7 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Amit Agarwal </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">CFO </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹4.5 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3.3 crore </td></tr></tbody><tbody></tbody><tbody></tbody></table>Source: <keyword id="12455579" type="General" weightage="20" keywordseo="delhivery-drhp" source="Orion">Delhivery DRHP</keyword> *Note: This includes salary and additional benefits This appraisal in accordance with the shareholders’ resolution dated October 15 and employment agreement dated October 13. The bonus would finally be decided by Delhivery’s Nomination and Remuneration Committee. Three of Delhivery’s founders are still missing from the appraisal process Delhivery was founded by Mohit Tandon, Sahil Barua, Bhavesh Manglani, Kapil Bharati and Suraj Saharan in 2011. Two of the company’s cofounders — Manglani and Tandon — <a href="https://www.businessinsider.in/business/startups/news/these-were-the-biggest-co-founder-exits-in-the-indian-startup-ecosystem/slidelist/84224683.cms">decided to step away</a> from the company, reportedly to meet regulatory requirements before starting their initial public offering (IPO) process. Cofounder Suraj Saharan, who is the head of New Ventures at Delhivery, was on a sabbatical in the financial year 2021. He did not receive any compensation from the company for fiscal 2021. Delhivery reported a revenue of ₹806.7 crore in the financial year 2021, with its loss mounting to ₹27.3 crore. It spent ₹85.6 crore on employee benefits costs, which includes salaries and wages, gratuity and more. The company has over 12,600 employees. Operations and network design is the biggest workforce in Delhivery’s employee mix. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"><colgroup></colgroup><col /><col /><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Function </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Employees </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Operations and network design </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10,942 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sales and business development </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">499 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Engineering, data sciences and product </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">474 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Customer services </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">375 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Other corporate functions </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">275 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">12,665 </td></tr></tbody><tbody></tbody><tbody></tbody></table> SEE ALSO <a href="https://www.businessinsider.in/finance/banks/news/former-sbi-chairman-pratip-chaudhuris-arrest-will-lead-to-policy-paralysis-say-experts/articleshow/87482347.cms" data-type="tilCustomLink" style="">The arrest of former SBI chief Pratip Chaudhuri may prevent bankers from making any risky decisions, say experts</a> <a href="https://www.businessinsider.in/business/startups/news/logistics-startup-delhivery-files-for-a-nearly-1-billion-ipo/articleshow/87481889.cms" style="">Logistics startup Delhivery files for a nearly $1 billion IPO</a> <a href="https://www.businessinsider.in/business/telecom/news/elon-musk-owned-starlink-forms-subsidiary-in-india-will-soon-apply-for-licenses/articleshow/87480590.cms" style="">Elon Musk-owned Starlink forms subsidiary in India, will soon apply for licenses</a>

IPO-bound Delhivery’s top executives are set to get an appraisal of up to ₹12 crore soon

<ul><li>CommerceIQ to hire 250 people globally and across India as well next year.</li><li>It intends to significantly scale its India operations, with additional key hires in software and product development, data science and analytics, product operations and support.</li><li>Some of the positions available across India currently.</li></ul>CommerceIQ, which is a US based <keyword id="12456764" type="General" weightage="20" keywordseo="e-commerce-management-platform" source="Orion">e-commerce management platform</keyword>, is looking forward to hiring 250 people globally next year, out of which 125 people will be in India (Bengaluru). The <keyword id="35621" type="General" weightage="20" keywordseo="e-commerce" source="Orion">e-commerce</keyword> management platform is planning to increase its headcount by 50% in India and looks to further accelerate growth in the coming year. It intends to significantly scale its India operations, with additional key hires in software and product development, data science and analytics, product operations and support. “The demand for e-commerce management solutions that are artificial intelligence (AI)-driven is unstoppable given the acceleration that the pandemic has brought on in this space. We are not only growing revenues, however, we are expanding our product capabilities, doubling down on our commitment to customer success”, said Guru Hariharan, co-founder and chief executive officer (CEO) of CommerceIQ, to Business Insider in an interaction. The company supports two offerings: sales and advertising and uses machine learning, analytics and automation to aggregate data across sales, marketing and supply chain operations. Kellogg’s, Mondelez International,Nestle,Whirlpool, Colgate, Johnson &amp; Johnson are some of its popular clients. He further added, “In addition, based on strong customer demand, we began expanding our offering to existing customers who wanted to leverage our technology across their global operations and we will be making some key announcements in this area soon. The fact is the e-commerce market is nearing $5 trillion on a global scale, with growth coming not just in the US, and we want to be there to capture the lion’s share of the opportunity. Asia in particular, will experience a near doubling of growth, and the fact that we have such robust operations in India gives us a strong foundation for growth in the region” These are some of the positions available across India currently — 1. Business analyst Eligibility criteria — 1-2 years of prior experience both performing and structuring advanced analyses with extensive experience with data manipulation using Excel and SQL. Key responsibilities — Analyse and identify deeper patterns in data and weave a story from the data at hand. 2. Customer operations manager Eligibility criteria — Minimum 5-7 years experience in operation management, managing mid and small size projects in pre-sales, client onboarding/kickoff, product operations, support and software implementations. Key responsibilities — Answer questions from Fortune 500 consumer brands and help uncover product opportunities that help brands win. 3. Director of e-commerce strategy and advertising Eligibility criteria — Around 8 years in total of professional work experience with 6 years experience in running enterprise-level media and advertising engagement with customers, in a consulting/agency role and 3 years of people and team management experience Key responsibilities — Lead a team of advertising managers and serve as a subject matter expert on all aspects of e-commerce advertising across channels such as Amazon, Walmart etc. 4. Senior recruiter Eligibility criteria — 5 years of recruiting experience in e-commerce or software-as-a-service (SaaS) companies. Key responsibilities — Partner with hiring teams to develop aggressive, achievable staffing strategies to fill openings through direct sourcing efforts. 5. Engineering manager Eligibility criteria — 6 years of relevant engineering work experience with 5 years software design, coding in Java/equivalent and a good understanding of frontend technologies. Key responsibilities — Manage the performance and career development of a team of engineers, and own significant parts of the company’s applications that require design, architecture, and coding (both frontend and backend). 6.Software development engineer III Eligibility criteria — 5 Years in designing and developing complex and scalable software modules. Key responsibilities — Candidate will be responsible for developing, testing and releasing features within time and with high quality that will drive revenue and margin impact to top brands. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/former-sbi-chairman-pratip-chaudhuris-arrest-will-lead-to-policy-paralysis-say-experts/articleshow/87482347.cms">The arrest of former SBI chief Pratip Chaudhuri may prevent bankers from making any risky decisions, say experts</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/policy/news/indian-government-is-reportedly-working-on-a-package-to-push-semiconductor-production-in-india/articleshow/87482038.cms">Indian government is reportedly working on a package to push semiconductor production in India</a>

E-commerce management platform CommerceIQ will be hiring 250 people next year across various domains

<ul><li>The State Bank of India overstated its profits by as much as ₹9,500 crore for three years in between 2012-13 to 2014-15, according<a href="https://www.moneylife.in/article/exclusive-rbi-inspection-reports-on-sbi-reveal-evergreening-window-dressing-cover-ups-and-worse/57631.html"> </a>an expose by Moneylife.</li><li>The revelations came out of a Right To Information (RTI) application.</li><li>The country’s largest bank has suppressed employee fraud, covered bad loans, flouted anti-money laundering rules, covered up bad loans by a mechanism referred to as ‘window dressing’.</li><li>In many cases, the bank has not enforced securities provided on a loan, and loans were disbursed even before a charge was created on the collateral.</li></ul> A fourth of the country’s bank deposits are making their way to State Bank of India (SBI). But, how safe is it there? According<a href="https://www.moneylife.in/article/exclusive-rbi-inspection-reports-on-sbi-reveal-evergreening-window-dressing-cover-ups-and-worse/57631.html"> to an expose by Moneylife</a>, the bank has overstated its profits by as much as ₹9,500 crore for three years in between 2012-13 to 2014-15. What makes it worse is that all this information is available with the banking regulator, Reserve Bank of India (RBI), and the dated details came out after a petition was filed under the Right to Information (RTI) Act, by an activist Girish Mittal. <table style="border-width: initial; border-style: none;"><colgroup></colgroup><col /><col /><tbody><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">Year </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">Overstated profit </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">2012-13 </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">₹1,220 crore </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">2013-14 </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">₹5,038 crore </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">2014-15 </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">₹3,252 crore </td></tr></tbody></table> Source: Money Life There were two chairpersons running the bank during the period-- Pratip Chaudhuri was the chairman from 2011 to 2013 as Arundhati Bhattacharya too charge to stay on till 2017. SBI’s box of troubles The annual inspection of banks’ accounts by RBI has opened a Pandora’s Box where many evils came out—where the country’s largest bank has suppressed employee fraud, covered bad loans, flouted anti-money laundering rules, covered up bad loans by a mechanism referred to as ‘window dressing’, according to the report. An e-mail sent to SBI seeking answers on the revelations, did not elicit any response. Most Indian banks were found guilty of trying to hide the rising problem of bad loans. They would either give fresh loans to pay old ones or book the losses in a different year to soften the blow on the company’s financials. In SBI’s case, the RTI response reportedly revealed that these factors were seen in the loans given out to diamond trading and power sector. Loans to diamond traders have brought down banks, especially Punjab National Bank scam where diamantaire Nirav Modi made away with unpaid loans of ₹2 billion and is now in the UK. Yet, SBI is not in as much trouble, not from RBI who is aware of the situation, not from its 435 million customers --- that’s over 30% of India’s population! Like Goldman Sachs, it is everywhere and, probably, too big to fail. Flouting Norms The report says that the bank also flouted norms laid down by the Reserve Bank of India (RBI) itself with regards to Know Your Customer (KYC), lending limits set on sectors and individuals. The bank, as per the report, was also lax with its loans. In many cases, the bank has not enforced securities provided on a loan, wherein assets of defaulters are taken over. In some cases loans were disbursed even before a charge was created on the collateral. And, the suppression of data has happened at every level since most of the credit problems were never taken to the board as well. Scrubbing it clean In all, the bank performed a clean-up exercise every time a new chairman took over. The first year a new chairman comes in, huge amounts are written off the books, and has become a common practice with the bank. This leaves the chairman of the bank concentrating on ‘managing profits’. The owner of the bank however is the government. And it seems to be doing its part too. As non-performing assets as a result of bad loans increased and credit growth slowed down, the government is looking to recharge public sector banks (PSBs) with fresh funds. In the latest Budget 2019, the Finance Minister Nirmala Sitharaman said that they would be giving out as much as ₹75,000 crore to re-capitalise government banks, so that they can kickoff growth in the country, with renewed interest. The mistakes of the past have been conveniently forgotten. SEE ALSO 
 <div type="NEWSINCONTEXT" target="false" refhostid="261" refmsid="69557477" refmstype="2" refmssubtype="0"><cdata><![CDATA[An Indian bank is still making the same mistake of hiding the worst and hoping for the best]]></cdata></div>


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You Searched For "pratip chaudhuri" and got 7 results

The arrest of former SBI chief Pratip Chaudhuri may prevent bankers from making any risky decisions, say experts

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