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- Tata Motors, India’s largest commercial vehicle maker, plans to offer employee stock options for the first time to 200 top-level executives, investing in talent as it enters the next phase of its turnaround strategy.
- The initiative is the first of its kind for a large manufacturing company in the $100-billion Tata Group and also a rarity in the Indian automotive space.
- The criteria for assigning stock options will be based on three key performance metrics in the domestic market gain in market share, EBIT margin improvement and free cashflow as a percentage of revenue, company officials said.
- Selected employees will be granted the stock options starting in the second quarter of the current financial year at an average of the share prices of the preceding 90 days. The options will vest with the employees in three tranches between FY21 and FY23, PB Balaji, group CFO, told analysts at a Q4 earnings call.
- The stock option plan will be presented for shareholder approval at the upcoming annual general meeting.
- VG Ramakrishnan, MD at consultancy firm Avanteum Advisors, said it is a good move by the company and underlines that the top management is willing to take accountability for the performance of the company.
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- A Delhi court today convicted gangster Abu Salem for demanding Rs 5 crore as protection money from a businessman in 2002.
- Additional Sessions Judge Tarun Sehrawat held Salem guilty of extortion and criminal intimidation and put up the matter for hearing arguments on quantum of sentence on July 21.
- In the extortion case lodged in Delhi, it was alleged that Salem had demanded Rs 5 crore as protection money from businessman Ashok Gupta, a resident of Greater Kailash in south Delhi, in 2002.
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- Fergusson University is how one of Maharashtra’s oldest and most iconic educational institutions will now be known. The Deccan Education Society’s Fergusson College, set up in Pune in 1885 by stalwarts such as Lokmanya Tilak and Gopal Ganesh Agarkar, will be converted into a state university.
- The Government Science College and St Joseph’s College, both autonomous institutes from Bengaluru, will also be upgraded as universities. Each institute will receive a grant of Rs 55 crore under the Centre’s Rashtriya Uchchatar Shiksha Abhiyaan (RUSA), it was announced on 25May.
- Two colleges from Mumbai, St Xavier’s and Mithibai, which had also applied for the university tag, have been kept in waiting. “Each of these institutions will receive Rs 55 crore subject to their states enacting a State Public University Act in three months and submitting an action plan for the institutions. If the same is not executed, institutes on the waiting list will be considered,” said B Venkatesh Kumar, national co-ordinator of RUSA, which is implemented by the HRD ministry.
- These will be unitary universities, which will not have any colleges affiliated to them. Fergusson’s principal Ravindra Singh Pardeshi said, “We want to upgrade our departments to schools, make our research stronger and build better labs.” Interestingly, Fergusson, when founded, was affiliated to the erstwhile University of Bombay. It started arts classes and later offered the science stream.
- The college held these classes, for almost ten years, in the old Gadre Wada and other locations in Pune. Founders Vishnushastri Chiplunkar, Tilak, Agarkar, Mahadev Ballal Namjoshi and Vaman Shivram Apte taught in these classrooms.
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- After a recent global launch in the United Kingdom, Royal Enfield is all set to launch the new Classic 500 Pegasus in India on May 30, at an expected price of about Rs 2 lakh.
- Internationally, Royal Enfield will sell only 1,000 units of its Classic 500's limited-edition model out of which 250 units will make their way into the Indian market.
- The Pegasus will not be sold through authorised dealerships in India. Instead, it will be exclusively available online, similar to the Royal Enfield Himalayan Sleet.
- The Classic 500 Pegasus is inspired by the Royal Enfield RE/WD 125 (Flying Flea), which was used by British paratroopers during the World War II. They were designed to serve behind the enemy lines and were air-dropped from the aircraft encased in a protective steel cradle.
- Globally, the Pegasus is available in two colours Olive Drab Green and Service Brown. However, in India, only the Service Brown shade will be available.
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- Apple won $539 million from Samsung Electronics in the final throes of the companies’ US court struggle over smartphone technology, seven years after the start of a global patent battle
- Apple sought about $1 billion in a retrial of a case that originally produced a verdict of that amount in 2012, while Samsung argued it should pay only $28 million this time.
- Jurors in a federal court in San Jose, California, decided only on damages on 24 May. It was already established that the South Korean company infringed three of Apple’s design patents covering the rounded corners of its phones, the rim that surrounds the front face, and the grid of icons that users view and two utility patents, which protect the way something works and is used.
- “26 May”s decision flies in the face of a unanimous Supreme Court ruling in favour of Samsung on the scope of design patent damages,” Samsung said in a statement after the verdict. “We will consider all options to obtain an outcome that does not hinder creativity and fair competition for all companies and consumers.”
- John Quinn, a lawyer for Samsung, told the judge the verdict isn’t “supported by the evidence”, and that the company would raise its objections in court filings.
- Apple said in a statement that the case “has always been about more than money”. “We believe deeply in the value of design, and our teams work tirelessly to create innovative products that delight our customers,” the company said.
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