The ICAI president said that the auditors would be interrogated mainly on accounting and auditing aspects and to check whether they followed the right methods of accounting. The Institute of Chartered Accountants of India has obtained permission from a local court to interrogate the two auditors and examine and record their statements.
Infosys Technologies is looking for acquistion of companies within $50 and $100-million revenue range in the segment of banking and financial services, besides health and life sciences, Infosys COO Kris Gopalakrishnan said.
The recession hit IT industry would show positive signs of recovery by mid-2010 and Infosys will diversify into new markets then, a top IT company official said in Chennai on Tuesday.
'The current financial year will see the full impact of this crisis, and we will start seeing the recovery in the next financial year.'
The gap between operation and inspiration created by the premature exit of Infosys Technologies' key founder, Nandan Mohan Nilekani, is being filled by his colleagues.
Price Waterhouse's S Gopalakrishnan was involved in the Satyam case. The other two auditors who have been found guilty by the ICAI's disciplinary committee in the Global Trust Bank case, five years after the bank had collapsed, are Price Waterhouse partner P Ramakrishna and Lovelock & Lewes employee Manish Agarwal. ICAI President Uttam Agarwal said punitive action against the erring auditors would depend upon the gravity of offence.
The report published by an English daily said the promoters wanted to sell their entire stake as they were unhappy over the manner in which the company was being run.
Satyam Computer Services founder B Ramalinga Raju, ex-CEO B Rama Raju and ex-CFO Vadlamani Srinivas in window-dressing the company's accounts, according to the remand case diary filed by the Economic Offences Wing of the Andhra Pradesh Crime Investigation Department.
The Fourteenth Additional Chief Metropolitan Magistrate has granted permission to the Enforcement Directorate, a central government wing, to record the statements of the accused in the Satyam scam from June 9 to 16.
'Most probably we will be going to campuses in January after we assess the situation. Since there is a slowdown and if the situation improves, we will be going to campuses,' says Infosys CEO and Managing Director S Gopalakrishnan.
The Tata group is strengthening the management super-structure within its group companies by extending the post of vice-chairman to three more companies - Tata Motors, Tata Steel and Tata Consultancy Services.
It is really unfortunate that this happened during a downturn. We think that in the short term, customers will ask for higher comfort level, which will enable us to go in for more trust-building, says S (Kris) Gopalakrishnan.
The company has invested Rs 193 crore ($45 million) in Infosys Consulting, which includes an investment of Rs 81 crore (Rs 810 million) in FY 08. During fiscal 2005, the company established Infosys Consulting, a wholly-owned subsidiary in Texas, US, to add high-end consulting capabilites to its Global Delivery Model.
Tata Jagriti Yatra 2008 will be an inspirational train journey undertaken by around 400 young and enterprising participants, between 18-25 years, from India and overseas, Tata Sons' Executive Director, R Gopalakrishnan, said on Wednesday.
The company would focus only on expanding its existing facilities at an investment of around Rs 600 crore (Rs 6 billion), said S Gopalakrishnan, chief executive officer and managing director.
Infosys Technologies Limited, the Bangalore-based consulting, IT services and business process management company, is leveraging its human resource (HR) development strategies to bring new business into its fold, said company's chief executive officer and managing director S Gopalakrishnan (Kris).
Technology infrastructure solves many problems, but it cannot build roads or bridges and provide clean water. However, such activities are essential for human progress, and their creation provides jobs, says R Gopalakrishnan.
The Central Bureau of Investigation on Thursday obtained specimen signatures of former Satyam Computer chairman B Ramalinga Raju and four others accused in connection with the multi-crore rupee fraud in the IT company.
A local court in Hyderabad on Tuesday allowed the CBI to obtain specimen signatures and handwriting of former Satyam chairman B Ramalinga Raju and four other accused in the Satyam fraud case, all of whom are now in the Chanchalguda jail.
A court allowed the Serious Fraud Investigation Office (SFIO), a central government body, to question Satyam Computer Services founder B Ramalinga Raju, former managing director B Rama Raju, former chief financial officer Srinivas Vadlamani and two Price Waterhouse auditors, S Gopalakrishnan and Srinivas Talluri, for six days from March 29.
The latest updates from the Malayalam film industry.
'Fresh recruitments would start only after demand picks up.'
Infosys CEO S Kris Gopalakrishnan on Wednesday said that the IT major was looking at acquisitions in various geographies and has earmarked $450-500 million for the purpose.
Long before Resul Pookutty's Oscar blast, Malayalam filmmaker Adoor Gopalakrishnan used sound as a leitmotif in his films. For Adoor, known world over as one of the finest filmmakers ever from India, sound is as important as any other factor in a film.
Infosys Technologies will delay its visit to campuses for recruitment this year. The software major normally starts the recruitment process during April or May.
Dismissing the bail petitions of Raju brothers and V Srinivas, a local court in Hyderabad granted permission to the I-T department to examine and record the statement of B Ramaling Raju in the Rs 7,800 crore (Rs 78 billion) Satyam fraud case.
A local court in Hyderabad dismissed the bail petitions of S Gopalakrishnan and Talluri Srinivas, former partners of auditing firm Price Waterhouse, who are in judicial remand in the Rs 7,800-crore Satyam fraud case.
A court in Thiruvananthapuram has issued an arrest warrant against former Kerala chief minister E K Nayanar quite late--five years after his death--with the police failing to inform the magistrate about the Marxist leader's demise. Additional Chief Judicial Magistrate S Gopalakrishnan issued the warrant for the second time on Tuesday as police had not informed the court that Nayanar had died when the court issued the warrant for the first time in the case in January 2007.
The company's total income stood at Rs 5,821 crore, showing an over six per cent rise, at the end of the September quarter of the current fiscal.
Amidst the outrage among certain Satyam employees to Infosys Co-Chairman and Chief Mentor N R Narayana Murthy's statement last week that Infosys would not recruit employees from the disgraced IT firm based in Hyderabad, top Infosys executives on Tuesday stood by their stand. They also couched their views on the Satyam scam in decidedly softer terms. Infosys said that the accounting scandal at Satyam did not call into question the competence of its (Satyam) employees.
India's efforts at improving the chances of becoming a force in global IT industry depend on factors such as IT policies, infrastructure-building, education, innovation and investment, said Kris Gopalakrishnan, CEO, Infosys.
'It took a 75-year-old director to teach the reformist set of Facebook users that Evil is not an aberration, but something that resides in the most regular seeming of human beings,' says Sreehari Nair.
Looking at the forthcoming year, while there will be macroeconomic challenges, industry in India is better off because we are still growing. If we manage the next 12-18 months, we should emerge stronger, says S Gopalakrishnan.
The latest whistleblower complaint accusing him of pressuring finance team members to inflate profitability has come right out of the blue. There's another allegation that he made racist remarks against some board colleagues. For a man with a singular focus on the business and clients, all of this must have blindsided him.
Software Major Infosys today said all 18,000 students selected by it from various engineering colleges across the country in 2009-10 would join the company in July this year.
India must take urgent measures like issuing sovereign guaranteed bonds and exempting FIIs from short term capital gains tax to stem the rupee's slide, India Inc said.
In an interview with the local media, Infosys chief executive Kris Gopalakrishnan, who is currently in Seattle for Microsoft's CEO Summit this week, said that the company plans to add more than 100 new employees as part of a big US expansion in anticipation of growth resuming in 2010. Altogether, Infosys plans to hire about 1,000 people across the US over the next 12 to 18 months, he said. Already, 14,000 of the company's 1,04,000 employees are based in the US.
The last couple of months have dealt a severe blow to IT firms, which has even prompted the top listed Indian IT services providers to inform investors that they need to scale down their growth expectations from the sector that, on an average, has been growing almost 30 per cent year-on-year.
Infosys Technologies generates over 60 per cent of its revenue from the US, which is witnessing a slowdown. A falling rupee did help the company tide over the quarter, and S Gopalakrishnan (popularly addressed as Kris) says that new opportunities, geographies and centres of excellence will have to be balanced against billing cycle delays and other pitfalls of the market.
"There will be no layoffs in the Indian context and, as said before, we will be recruiting 25,000 people gross. We will make our people prepared for the upturn, which will happen. We are focusing on recruiting people and training them. We are focusing on education as this is a great opportunity to make a positive brand and image for the company. We are still seeing opportunities in the market," said Kris Gopalakrishnan, CEO, Infosys.
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