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
February 14,2020

Bhuj, Feb 14: In a horrifying incident, as many as 68 undergraduate girls were paraded through their college into the restroom and forced to individually remove their undergarments to prove that they were not menstruating. 

This shameful exercise was conducted at Shri Sahjanand Girls’ Institute (SSGI) in Gujarat’s Bhuj under the supervision of principal and other teachers. 

It all began after the hostel rector complained to the principal that some of the inmates had been violating the Hindu religious norms specifically for menstruating females.

According to the sect’s norms, menstruating females are barred from entering the temple and kitchen. They are even forbidden from touching other students. However, the hostel administration reportedly complained to principal Rita Raninga that some girls who were having their periods not just mingled with other hostel inmates, but also entered the kitchen and ventured near the temple on the premises. 

“It was sheer mental torture and we don’t have words to describe it,” a student who underwent the traumatic experience said, adding that there were total 68 girls who were forced to pass through the test.

“The hostel administration levelled this allegation and insulted us on Wednesday. On Thursday, when we were attending lectures, rector Anjaliben called the principal and complained about this. We were forced to leave our classrooms and queue up outside in the passage. The principal abused and insulted us, asking which of us were having our periods. Two of us who were menstruating stepped aside,” said another victim.

“Despite this, we were all taken to the washroom. There, female teachers asked us to individually remove our undergarments so they could check if we were menstruating,” she added.

Another teenage undergraduate said, “We come from farflung villages. The college campus houses a school that runs classes from Class 1to 12. They provide hostel facilities to the school students. The college does not have its own hostel. We live with the school-kids in their hostel.”

She added, “The principal, hostel rector and the trustees harass us regularly over the issue of menstruation. We are punished for having periods. This happens even if we follow their religious rules. They made us remove our undergarments because they thought some of us were lying about not having periods, and mingling with the others against rules. But the humiliation meted out to us on Thursday was the last straw. When we protested against this, trustee Pravin Pindoria told us that we could take legal action if we wanted but we would have to first leave the hostel. He also forced the students to sign a letter saying nothing happened in college. But enough is enough.”

Kutch University authorities have, meanwhile, swung into action and a five-member team including in-charge vice-chancellor, Darshna Dholakia, and two other senior female professors visited the college on Thursday. “We will speak to the students and the college authority and later initiate appropriate action based on the findings,” Dholakia said.

Run by followers of Swaminarayan Mandir, the college was set up in 2012 but moved into a new building on the premises of Shree Swaminarayan Kanya Mandir in 2014. The college which offers BCom, BA and BSc courses has about 1,500 students of which 68, who come from remote villages, stay in the hostel on campus. The college is known for its pro-Hindutva stance.

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News Network
May 7,2020

Ujire, May 7: A child was killed and four people were injured after a car they were travelling in rammed a stationary truck near Ujire, on Tuesday night.

The deceased is nine-month-old Madhavi, the daughter of Pramod, a resident of Panyalu Ujire.

Pramod, his wife Ashwini and relatives Mamatha and Swati, have been grievously injured in the incident, and are being treated in a private hospital.

The incident took place around 11pm. According to police, the victims had gone to a relative’s house at Vamadapadavu. On reaching Ujire, Pramod wanted to stop the car beside the road, but failed to notice the stationary truck.

The car was completely mangled as a result of the impact. A case has been registered at the Dharmasthala police station in this regard.

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News Network
March 14,2020

Mangaluru, Mar 14: In a bid to prevent the coronavirus spread in the city, Mangaluru City Corporation on Saturday disallowed the street vendors to continue their business activities until further notice.

MCC Commissioner Shanady Ajith Kumar Hegde, in an order released today, warned that any vehicles, carts or trolleys that would be seen violating the order will be towed away.

The development comes in the wake of state wide ban on all shopping malls. In Mangaluru too all the malls remained shut today.

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