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Byju’s-Aakash Merger Application Withdrawn Amid Governance Dispute

/ Human Resource Community

The proposed merger between Byju’s and Aakash Educational Services Ltd (AESL) has hit a stumbling block as both companies withdrew their merger petition during a hearing at the National Company Law Tribunal (NCLT) on Tuesday. This move follows a series of governance disputes and challenges encountered since the acquisition. Initially structured as a cash-and-stock deal, Byju’s acquired AESL for $940 million, with the intention of integrating the brick-and-mortar test prep company into its digital education ecosystem. However, disagreements over governance issues and share-swap arrangements have led to a standstill in the merger process. The Chaudhry family, founders of AESL, along with private equity firm Blackstone, were slated to receive shares of Think & Learn, the parent company of Byju’s, as part of the acquisition deal. However, complications arose when the Chaudhry family refused to proceed with the share swap, citing governance concerns. Byju’s responded by issuing a legal notice to the founders of AESL, alleging resistance to complete the share swap. The Aakash saga took a new turn when Ranjan Pai, chairman of Manipal Education and Medical Group, emerged as the largest shareholder in Aakash Institute, holding a 39 percent stake. This shift occurred after the conversion of a $300 million investment made by Pai in 2023 into equity. Previously, Pai had invested $200 million to assist Byju’s in clearing its debts and interests to Davidson Kempner, further entangling the financial complexities surrounding the merger. Meanwhile, Byju’s is grappling with its own challenges, including a cash crunch and legal disputes. A group of investors has filed a case alleging ‘oppression and mismanagement’ against the company’s management. The NCLT’s directive to segregate proceeds from a rights issue underscores the legal complexities facing Byju’s, with investors seeking to halt the $200 million rights issue amid concerns over share dilution. The withdrawal of the merger petition underscores the complexities and challenges inherent in consolidating two prominent players in the edtech sector. Governance disputes, financial intricacies, and legal hurdles continue to shape the trajectory of Byju’s and Aakash Institute, highlighting the evolving landscape of India’s education technology industry.  

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Centre Raises Threshold for Merger and Acquisition Vetting by Competition Commission of India

/ Human Resource Community

The Corporate Affairs Ministry has announced revisions to the thresholds for mergers and acquisitions (M&As), altering the criteria for exemption from Competition Commission of India (CCI) approval. Under the new regulations, companies are not obligated to notify the CCI if the target entity’s assets, including subsidiaries, amount to less than Rs 450 crore, with a turnover below Rs 1,250 crore. This represents an increase from the previous thresholds of Rs 350 crore for assets and Rs 1,000 crore for turnover. The Ministry has concurrently revised the ‘de-minimis’ or small target exemption threshold, which absolves certain M&As from CCI scrutiny. This exemption now applies to transactions where the asset value in India does not exceed Rs 350 crore or the revenue from India does not exceed Rs 1,000 crore. Vaibhav Choukse, partner and head of competition law at JSA Advocates and Solicitors, hailed the move as a significant step towards facilitating M&As in India, aligning with the government’s agenda of promoting ease of doing business. He noted the 150% increase in the existing thresholds under Section 5 of the Competition Act and the adjustment of De Minimis thresholds. Amit Agarwal, partner at Nangia & Co LLP, echoed Choukse’s sentiments, emphasizing the positive impact of the revisions on the ease of doing business and the M&A landscape in India. However, analysts caution that raising exemption limits may present challenges, particularly for startups in their initial years, which may not meet the asset or revenue criteria but could contribute substantially to acquiring companies post-deal. The example of Facebook’s acquisition of WhatsApp in 2014, which escaped CCI scrutiny due to threshold limitations, highlights the potential implications for competition in relevant markets. While the revisions aim to streamline M&A processes and foster business growth, they also underscore the need for vigilant oversight to ensure healthy competition and market dynamics are preserved, particularly in the digital sphere where transformative deals can have far-reaching consequences.

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Nothing Appoints Yudhisthir Singh as Head of HR for India Operations

/ Human Resource Community

Nothing, a global consumer tech company, has appointed Yudhisthir Singh as the Head of Human Resources for its India operations, effective March 7, 2024. With over 18 years of HR leadership experience spanning various sectors including fintech, FMCG, retail, manufacturing, and banking, Yudhisthir brings a wealth of expertise to his new role. He will be tasked with aligning people’s priorities with the company’s business objectives in India and enhancing talent capabilities, all while fostering a high-performance culture to empower the India team for success. Prior to joining Nothing, Yudhisthir held the position of Senior Associate Director of HR and Talent Advisory at KPMG India. His professional journey also includes significant roles at Bharti Retail, Walmart, Swarovski, RPSG, and BharatPe. Yudhisthir is a graduate in BCom from Maharshi Dayanand Saraswati University and has completed an Executive Management Programme in Strategic Management from IIT Delhi. His core competencies encompass culture and team building, employer branding, talent management, performance management, succession planning, training and development, compensation and benefits, and HRIS. Pranay Rao, Marketing Director India at Nothing, expressed excitement about Yudhisthir’s appointment, stating, “We are thrilled to welcome Yudhisthir to our organisation. With his extensive experience and talent-building capabilities, he will be a valuable addition to our team.”

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RBI Approves Merger of Fincare Small Finance Bank with AU Small Finance Bank

/ Human Resource Community

The Reserve Bank of India (RBI) has given its approval for the merger of Fincare Small Finance Bank Ltd with AU Small Finance Bank Ltd, effective from April 1, 2024. Following the merger, all branches of Fincare Small Finance Bank Ltd will operate as branches of AU Small Finance Bank Ltd. This decision from the RBI comes after the Competition Commission of India (CCI) had previously approved the merger of the two banks. As per the CCI statement, the merger involves Fincare and AU, with AU being the entity resulting from the merger. Shareholders of Fincare will receive shares in the merged entity following the combination. AU Small Finance Bank offers a range of personal and commercial banking services, including deposits, loans, debit and credit card services, institutional banking, and digital banking services. Headquartered in Jaipur, AU Small Finance Bank operates under the AD-II bank category for foreign exchange transactions and provides ancillary services such as the distribution of insurance and investment products like mutual funds. On the other hand, Fincare Small Finance Bank offers deposit services like savings and current accounts, fixed deposits, and recurring deposits, along with lending services such as retail and microfinance loans. Additionally, Fincare provides digital banking services and distributes insurance products. The merger between Fincare Small Finance Bank and AU Small Finance Bank is expected to streamline operations and enhance the range of services offered to customers across the country.  

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Indian Army’s HR Policy Shifts Focus to Specialisation, Colonel Prasad Bansod Leads the Way

/ Human Resource Community

The Indian Army has ushered in a new era of specialisation with its revamped Human Resource (HR) policy, effective from January 1, 2024, aiming to retain expertise in critical fields. Under this policy, officers above the rank of Lieutenant Colonel are now permitted to continue working in specialized domains rather than transitioning to command positions, marking a significant departure from previous norms. Previously, the promotion to Colonel often necessitated officers to assume command roles, leading to a loss of specialized skills in fields such as Artificial Intelligence (AI), space technology, Information Technology (IT), nanotechnology, robotics, and weapons design. However, the new policy aims to retain specialist officers, bolstering the Army’s capabilities in emerging domains. In a landmark development, Lieutenant Colonel Prasad Bansod emerged as the first beneficiary of this policy shift, securing promotion to the rank of Colonel while serving on deputation with the Defence Research and Development Organisation’s (DRDO) small arms laboratory. Bansod’s expertise in weapon design culminated in the development of the ‘Asmi,’ a 9 mm carbine currently undergoing limited series production. Bansod’s promotion underscores the Army’s commitment to recognizing and harnessing specialist talent, enabling officers to pursue their areas of expertise without compromising on career advancement. His promotion signals a departure from the conventional trajectory, allowing officers to contribute significantly to technological advancements and defense capabilities. The ‘Asmi’ carbine, developed by Bansod, holds immense potential in modernizing the Army’s arsenal and bolstering India’s defense capabilities. With the capacity to potentially replace outdated firearms and facilitate defense exports, the carbine represents a significant leap in indigenous weapon development. Bansod’s elevation sets a precedent for other officers to pursue specialization, ensuring that the Army remains at the forefront of technological innovation and operational excellence. The HR policy overhaul aligns with the evolving needs of modern warfare, empowering officers to leverage their expertise for strategic advantage. As the Indian Army embraces a culture of specialization, Colonel Prasad Bansod’s pioneering journey serves as an inspiration for aspiring officers and underscores the Army’s commitment to fostering innovation and excellence in defense.

Indian Army’s HR Policy Shifts Focus to Specialisation, Colonel Prasad Bansod Leads the Way Read More »

Uttarakhand High Court Upholds Rights of Pregnant Women in Government Employment

/ Human Resource Community

The Uttarakhand High Court has delivered a groundbreaking ruling affirming that women cannot be denied employment due to pregnancy. This landmark decision, inspired by the case of Misha Upadhyay, who faced discrimination in a nursing officer position due to her pregnancy, represents a pivotal advancement in safeguarding fundamental rights and promoting gender parity within India’s workforce. Commenting on this landmark verdict, Dr. Rennie Joyy emphasized the historical discrimination faced by women, often using pregnancy as a pretext to exclude them from job opportunities or hinder their career progression. The court’s decision challenges this systemic bias, highlighting the importance of motherhood while asserting that it should never serve as a barrier to professional advancement. By deeming such practices a violation of constitutional rights under Articles 14, 16, and 21, the court sets a crucial precedent for fostering an inclusive and equitable society. Dr. Joyy further lauded the judgment, noting its role in rectifying past injustices and creating a more gender-sensitive environment where women can pursue their careers free from discrimination. This ruling underscores the necessity of cultivating workplaces that accommodate and respect women’s reproductive choices, aligning with global efforts toward achieving gender equality, including Sustainable Development Goal 5. Meanwhile, Advocate Faizan Mirza of the Bombay High Court – Nagpur Bench hailed the decision as a significant victory for fairness, emphasizing its role in promoting respect for women and equal opportunities in the workforce. He highlighted the absurdity of denying employment based on pregnancy and underscored the importance of treating all individuals with respect and providing them with equal opportunities for employment. Mirza applauded the court’s decision as a step in the right direction toward ensuring fairness and equal opportunities in the workplace, setting a positive example for future generations. He recognized women’s resilience and capability in balancing multiple responsibilities and urged society to acknowledge and support their contributions without discrimination.Top of Form

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Godrej Capital Appoints Bhavya Misra as Chief Human Resources Officer

/ Human Resource Community

Godrej Capital, a leading financial services company, has named Bhavya Misra as its new Chief Human Resources Officer (CHRO), effective immediately. With over 15 years of extensive experience across various sectors including finance, commercial, IT, electronics, and telecommunications, Bhavya brings a wealth of HR leadership expertise to her new role. Before joining Godrej Capital, Bhavya served as the Director and Head of HR at Lenovo, a global consumer electronics manufacturer, where she played a pivotal role in shaping HR strategies in India. Prior to that, she held the position of HR Director for Finance, Commercial, and IT at PepsiCo, overseeing regions spanning Africa, the Middle East, and South Asia. Bhavya also served as the HR Manager for Talent Management at Bharti Retail. Bhavya holds a BSc degree in Physics from St. Stephen’s College, University of Delhi, and an MBA in HR from the Management Development Institute, Gurgaon. She has also completed an exchange program in HR at the IAE Aix-Marseille Graduate School of Management. Her core competencies include talent acquisition, HR management, performance management, HR policies, diversity, equity, and inclusion (DEI), employee engagement, learning and development, and leadership. Expressing excitement about her new role, Bhavya stated, “Super excited to start this journey with Godrej Capital! A whole new world of learning, growing, and building a great place to succeed!” In a LinkedIn post, Godrej Capital welcomed Bhavya to the leadership team, highlighting her diverse HR experience and expressing confidence in her ability to drive the organization’s HR strategies and culture initiatives forward.

Godrej Capital Appoints Bhavya Misra as Chief Human Resources Officer Read More »

Senior VP of HR at Reliance Jio Launches Comprehensive Guide “HR Mastermind”

/ Human Resource Community

Harjeet Khanduja, Senior Vice President of HR at Reliance Jio, has unveiled his latest book titled “HR Mastermind,” aimed at providing invaluable insights to HR professionals and students alike. Collaborating with ZebraLearn, this book sets a new benchmark in HR management literature, offering practical guidance across various aspects of human resource management. Divided into three parts focusing on hiring, employee retention, and employee management, “HR Mastermind” addresses the complex challenges encountered by HR professionals and managers. With a strong emphasis on practicality and relevance, the book caters to individuals with a problem-solving mindset, aspiring to grasp the intricacies of HR management across organizations of all sizes. During the launch event, author Harjeet Khanduja expressed, “The book delves deep into the fundamentals of human resource management, offering technical insights into organizational dynamics, hiring processes, talent management, compliance, and technology optimization. I am confident that this book will receive a tremendous response from readers and HR personnel nationwide.” Anurag Sundarka, the Founder of ZebraLearn, remarked, “We take pride in introducing Harjeet Khanduja’s latest book, which serves as a treasure trove of knowledge and strategic insights. This launch underscores our commitment to equipping HR professionals, business leaders, and entrepreneurs with the requisite tools and knowledge essential for excelling in Human Resource Management.” Author Harjeet Khanduja is a renowned figure in the HR domain, currently holding the position of Senior Vice President at Reliance Jio. With extensive experience in HR management across multinational corporations and a track record of spearheading numerous greenfield projects, Harjeet brings a wealth of expertise to his role. His contributions have been recognized with over 30 prestigious awards, including honors such as Top 100 HR Minds and Top 100 Global Thought Leaders, affirming his profound impact and leadership in the field. Additionally, Harjeet actively contributes to academia and industry as a member of esteemed organizations such as the Federation of World Academics, CII HR IR Committee, and Nasscom Diversity Committee.  

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Reliance Industries and Walt Disney Near Finalization of Mega Merger, Creating India’s Largest Media Entity

/ Human Resource Community

Reliance Industries Limited (RIL), led by Mukesh Ambani, and Walt Disney are on the brink of finalizing a significant stock-and-cash merger, aiming to forge India’s largest media and entertainment conglomerate, according to a report by Economic Times (ET). The negotiations, under an exclusivity period, are slated to conclude by February 17. With an anticipated ownership stake of 42-45% in the merged entity, Viacom18 is poised to emerge as the leading shareholder. RIL plans to infuse up to $1.5 billion in cash into the new venture, securing a direct stake. The conglomerate as a whole is slated to retain a 60% ownership interest, while Walt Disney will possess the remaining 40%. According to sources cited by ET, Reliance executives are currently devising a comprehensive three-year capital allocation strategy encompassing all business sectors, with the media segment earmarked as pivotal for the company’s growth trajectory. The proposed strategy entails the establishment of a subsidiary of Viacom18 Media, which will subsequently merge with Star India through a stock swap. Both entities are assessed to be of comparable value, ranging between $4-5 billion each, with RIL leveraging cash to acquire a controlling interest. As part of the deal, Jio Cinema, a division of Viacom18, will be seamlessly integrated. However, Disney’s valuation of its India operations has witnessed a significant decline since its 2019 acquisition, primarily attributable to mounting losses incurred by its sports franchise in the country, as highlighted by analysts. Viacom18’s entertainment network in India represents a collaboration between Ambani’s TV18 Broadcast, Paramount Global, and Bodhi Tree Systems, an investment fund established by James Murdoch and former Disney India chief Uday Shankar. Contrary to some reports, Bodhi Tree will indirectly hold shares in the new entity as a Viacom18 stakeholder. As negotiations approach a climax, the merger’s diligence is being diligently conducted by leading firms from both sides, accompanied by multiple law firms and company executives. While the deadline for exclusivity may be extended, the concerted effort is geared toward finalizing the deal by the fiscal year-end, reflecting the dynamic nature of the Indian media landscape and the imperative for consolidation. The forthcoming entity’s board is slated to feature three Disney representatives among its eight or nine members, underscoring the collaborative nature of the venture.

Reliance Industries and Walt Disney Near Finalization of Mega Merger, Creating India’s Largest Media Entity Read More »

Snap Implements Workforce Reduction, Targeting DE&I and HR Analytics Teams

/ Human Resource Community

Snap Inc. has initiated a workforce reduction, impacting approximately 10% of its employees, with a focus on roles related to Diversity, Equity, and Inclusion (DE&I) and HR analytics. This move underscores the company’s broader push towards a Return-to-Office (RTO) model, aiming to foster in-person collaboration and flatten organizational hierarchies. Reports from Business Insider indicate that employees engaged in internal employee analytics, including surveys and diversity initiatives aimed at enhancing talent diversity, are among those affected by the layoffs. This decision mirrors recent trends in the tech industry, where HR-related roles have faced scrutiny, with instances of job cuts observed at major firms like Google and Meta in 2023. Despite the prevailing belief among industry leaders that the future of DE&I efforts should leverage HR analytics, Snap’s strategic realignment diverges from this perspective. The company, justifying the layoffs impacting around 500 employees, emphasizes the importance of eliminating hierarchy and fostering face-to-face interactions. Snap’s RTO mandate, requiring employees to spend 80% of their time in the office, has been met with resistance. Business Insider reports that managers informed employees in November about monitoring compliance through WiFi connections and badge tracking systems. Similar policies have been adopted by tech giants like Meta and Amazon, with non-compliance potentially leading to termination. In an SEC filing, Snap framed the restructuring as a strategic move to align resources with key priorities and support future growth initiatives. The company anticipates incurring costs ranging from $55 million to $75 million due to the layoffs. CEO Evan Spiegel addressed the workforce reduction, highlighting the company’s commitment to adaptability and long-term success. However, reports suggest that members of the tech team, including engineers and content moderation staff, were already let go preceding the official announcement. The decision reflects Snap’s evolving organizational strategy amidst changing workplace dynamics and underscores the challenges faced by companies navigating the transition to hybrid work models. As Snap repositions itself for the future, the implications of its workforce restructuring remain a focal point for industry observers.

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