Infosys to allot shares to its performing techies

Agencies
May 17, 2019

Bengaluru, May 17: The board of software company Infosys on Thursday approved allotting performance-based shares to its techies, linking employee incentives with shareholder value creation.

"The board of directors approved expanded stock ownership programme 2019, linking long-term employee incentives with shareholder value creation," the city-based IT major in a statement.

On shareholders' approval, about 5 crore shares of Rs 5 face value will be allocated to employees on the basis of their performance. The shares for allotment under the stock ownership plan are equivalent to 1.15 per cent of the company's total equity shares.

The $11.8 billion company has been a pioneer in rewarding its employees through stock ownership programmes since 1994, including the 2015 incentive compensation plan.

The grants to employees over seven years will be based on performance criteria of relative total shareholder return (TSR) against an industry peer group, relative TSR against domestic and global indices and operating lead performance metrics such as total revenue and digital revenue growth, and operating margins.

"As we have been a pioneer for many firsts in India, the performance-based stock ownership scheme is a milestone as it sets another benchmark in the industry," Chief Executive Salil Parekh said.

Through the scheme, the firm aims to recognise and reward those techies committed to driving value creation for stakeholders through consistent performance.

"By making employees owners, they get an opportunity to be beneficiaries in the long-term success of the company and realise the results of their work and dedication," Parekh added.

The company's blue-chip scrip gained Rs 17.70 per share to close at Rs 734.20 at the end of Thursday's trading on the BSE as against Wednesday's closing rate of Rs 716.50 and opening price of Rs 716.75.

The software major also granted blue-chip shares valued at Rs. 4 crore at market price to its Chief Operating Officer UB Pravin Rao as an incentive.

"The grant of stock incentives to Rao is to incentivise him to increase shareholder value and drive execution excellence of the business strategy," the city-based IT major in a regulatory filing to the BSE.

On approval by shareholders, Rao will be allotted the shares under the expanded stock ownership programme - 2019 annual performance equity grant.

The stock will vest with him for 12 months from the date of each grant, which is based on the performance criteria mentioned in the 2019 plan.

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News Network
January 10,2020

Bengaluru, Jan 10: The National Commission for Scheduled Tribes (NCST), which met with officials of the Social Welfare Department Thursday, has urged the state government to increase the reservation provided to the ST community.

The Commission's suggestion comes even as a committee headed by Justice Nagamohan Das is currently studying a demand for increase of reservation for the community from the existing 3% to 7.5%.

Addressing mediapersons on Thursday, Commission Chairperson Nand Kumar Sai, said the Commission had discussed the issue with the Social Welfare Department, Karnataka, asking officials to expedite the process.

In response to this suggestion, Social Welfare Department Principal Secretary G Kumar Naik said the government would take a call based on the Nagamohan Das Committee's report.

A meeting was held between members of the National ST Commission and the Social Welfare Department Thursday with regard to various projects taken up by the department.

In June last year, the then Kumaraswamy-led coalition government constituted the Justice Nagamohan Das Committee, after protests from members of the Valmiki community for an increase in reservation to 7.5%. At present, Karnataka provides 15% reservation for SCs, 3% for STs and 32% for other backward classes (OBC).

The national commission also urged the state government to ensure permanent faculty in all the 824 residential institutions run by the department. At present, as much as 50% of the faculty in these institutions have been hired on a contractual basis. "We have assured that the recruitment will be done in a short time," Naik told mediapersons.

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News Network
January 15,2020

Bengaluru, Jan 15: Srishti Institute of Art, Design and Technology in Bengaluru has decided to remain shut for two days after a group of BJP workers wiped out graffiti on its outer walls claiming it as anti-Modi and allegedly warned them against any anti CAA agitation there.

According to sources, the group led by Yelahanka MLA S R Vishwanath allegedly even towed away some vehicles of students and faculty parked in front of the institute alleging that they were blocking the road and causing inconvenience to the local people.

Some students have alleged that they were threatened by BJP workers and also the institute's authorities regarding the graffiti and the blocking of the road using traffic police.

They even claimed that BJP workers warned them against organising any anti-NRC or CAA protests.

A few local residents are also said to have joined the BJP workers and raised complaints about the conduct of the institute's students.

According to local BJP workers, the MLA and a few party men had gone near the institute on receiving complaints from locals about vehicles parked there blocking the road, and when they came across the graffiti they painted it with saffron paint to avoid any controversy, and there was no altercation as being alleged.

However, there is no clarity on who drew the graffiti regarding Modi, which according to BJP workers allegedly depicted the PM in poor light.

The institute has declared holiday on Thursday and Friday to avoid any further escalation, keeping the interest and safety of students in mind, sources said.

Interestingly, on Tuesday graffiti had appeared overnight on the shutters of some shops and walls on the Church Street against Modi, CAA and NRC, following which the city police have launched an investigation.

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News Network
April 10,2020

Kasaragod, Apr 10: The death of five cats in the general hospital-turned-Covid-19 isolation centre here recently has evoked a little bit of scare among the health authorities who are eagerly awaiting the viscera test results of the dead animals.

The death of the cats has evoked anxiety in the backdrop of a tiger in a zoo in United States tested positive for Covid-19 recently.

It was recently that the hospital authorities had noticed the death of the cats, which include two male and a female adult and two kittens, were long been seen in and around the hospital compound.

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