Sitting fees for directors increased, managerial remuneration norms eased
Mumbai: The central government has marginally hiked the sitting fees for board meetings from its current level of Rs. 2,000 per board meeting to Rs. 5,000 per board meeting. This revision becomes effective from April 1.

The government has also initiated another amendment to the Companies Act, which allows companies to pay remuneration to their managerial personnel even in the event of inadequacy of profits. The new rule allows for remuneration in the band of Rs. 75,000 to Rs. 200,000 per month depending on the effective capital of the company.
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Proposal for new internet domain names postponed
Mumbai: The Internet Corporation for Assigned Names and Numbers (Icann), the apex body that governs the realm of internet domain names, today announced that it was postponing the introduction of new top level domain names. The body had earlier announced the new top level domain names, which were to include .shop and .store, are put on the back burner till a legal mechanism for protecting globally renowned trademarks has been established.

This decision has to be seen in light of the serious problems faced by established companies in registering their domain names, because of cybersquatting. The general consensus among members of Icann is that introduction of newer top level domain names without adequate protection of intellectual property rights would only lead to further chaos.
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Mega merger in Japanese banking sector in the offing
Tokyo: The beleaguered Japanese banking industry, that is in the process of consolidation, is seeing yet another mega merger that will, it is hoped, bring about some stability in the industry.

Sanwa Bank, Tokai Bank and Asahi Bank, are likely to come together in a merger that will form the third largest banking group in Japan, with assets over JY 57.5 trillion. This merger follows similar merger attempts by large Japanese banks to bring in a modicum of stability in their operations.
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