It was in 2009 that the accounting regulator set up a special disciplinary committee, comprising six members, to look into the fraud in Hyderabad-based IT firm.
Twitter has started laying off employees in India as part of a global job cut ordered by the social media platform's new owner Elon Musk to attain economies of scale and make the USD 44 billion acquisition viable.
A chartered accountant by training, Bala understands the nuances of electoral politics.
Mark Zuckerberg, founder and CEO of Meta, summed it up well as he explained the reason for the company sacking 13 per cent of its employees. He said no one predicted that the boom for digital services during the Covid pandemic would die out. "Many people predicted this would be a permanent acceleration that would continue even after the pandemic ended.
Byju's, India's most-valued startup, has decided to put two of its key assets -- Epic and Great Learning -- on the block to generate $800 million-$1 billion in cash, with an aim to meet the edtech firm's various commitments, including repaying the entire $1.2 billion term loan B (TLB) within six months, according to sources. The cash-strapped company has proposed repaying $300 million of the $1.2 billion loan in the next three months, depending on whether the lenders accept Byju's amendment proposal, said the people familiar with the development. "This loan repayment proposal has been submitted to the lenders and conversations are going in the right direction," said a person in the know.
Both Jet Airways and Go First have met with a similar fate of landing up in insolvency, albeit for different reasons. Whether Go First will be able to avoid the sharp erosion in value like in the case of Jet, experts say, will depend on how quickly it is able to restart operations and retain its slots at airports. Go First, owned by the Wadia group, filed for voluntary corporate insolvency resolution on May 2 due to inadequate capacity utilisation that led to a cash crunch.
Geometric Software Solutions Co Ltd chief financial officer P Sriganesh resigned to pursue a career as an consultant.
SpiceJet has announced the appointment of Seema Chandra as Chief Financial Officer with effect from July 1.
Audit firm Deloitte has resigned as auditors of Byju's citing a delay in submission of financial statements while almost simultaneously three of the edtech firm's board members have quit in what is being seen as a deepening crisis at the decacorn. Deloitte Haskins & Sells, which was slated to audit Byju's until 2025, stepped down with "immediate effect" mid-term stating that "the financial statements of the company are long delayed. In a letter sent to the board of Think & Learn Pvt Ltd (known as Byju's), Deloitte said it has not been able to start an audit due to the delays and that will have a "significant impact" on its ability to "plan, design perform and complete" the audit as per standards.
'We created war rooms -- from an IT perspective and also a customer war room -- to address any challenges that come up.'
With a new chief executive officer (CEO) at the helm, the country's largest two-wheeler maker Hero MotoCorp is now looking to cut flab and move towards a leaner organisation. It has launched a voluntary retirement scheme (VRS) for its staff as it aims to make the organisation 'agile and future-ready'. Recently, the company's erstwhile chief financial officer (CFO) Niranjan Gupta was elevated as CEO.
Glimpses of Vijay Shekhar Sharma's joy during the IPO listing ceremony on the BSE.
A top management leadership team from SoftBank has been coming to India in the last few days to meet the founders of start-ups and other investors, signalling the country's emergence as a pivotal market for the global investment giant. Based on current estimates, India accounts for nearly 10 per cent ($20 billion) of SoftBank's invested assets under management (AUM) globally. That makes the country its third largest market after the US and China.
Global steel giant ArcelorMittal on Thursday announced the appointment of Aditya Mittal as its chief executive officer (CEO). Aditya Mittal, son of steel baron Lakshmi N Mittal, is the chief financial officer (CFO) of the company, and will succeed his father in the new role.
At a time when the overall narrative is around India being an attractive investment destination, the two American multinationals are more specific in projecting India as their centrepiece.
After a sequential fall in November, due to high base and waning of the festival season effect, credit card spends have picked up again in December, recording over Rs 1 trillion for the 10th consecutive month. Latest figures released by the Reserve Bank of India (RBI) show that credit card spends in December 2022 touched Rs 1.26 trillion, up 10.21 per cent compared to November. And, on a year-on-year (YoY) basis, spends were up 34.31 per cent during this period.
Last year, Ranbaxy Laboratories' managing director and chief executive officer Atul Sobti had stepped down from his positions effective August 19, and was replaced by Arun Sawhney, who was the then president of the company's global pharmaceutical business.
Housing sales have risen 49 per cent year-on-year to 83,220 units in the July-September period across eight major cities on pent up demand, despite rise in interest rates and property prices, according to PropTiger.com. Sales stood at 55,910 units in the same quarter last year. The sales have surpassed the pre-pandemic levels of 2019's Q3 (July - September), housing brokerage firm PropTiger.com said on Thursday in its quarterly report Real Insight Residential -- July-September 2022.
New Delhi's timing couldn't have been worse, both for India's fledgling electric vehicle (EV) sector and prospective electric bike buyers. It was hard to miss the perfect storm brewing for India's EV industry since early 2022. On one hand, you had several accidents involving battery fires that unnerved consumers; on the other, uncertainty had crept in over subsidies.
We think we have the right strategy in place in terms of our offerings in the US market, says i-flex CFO Deepak Ghaisas.
When Trudeau met Xi Jinping by chance in the G20 hall on Wednesday, the unscheduled encounter didn't go well for the young Canadian leader.
TCS will continue to play aggressive in the domestic market and has the requisite set of skills to execute complex projects, he said, adding the company would continue to hire in its on-shore division.
It has replacements ready even for senior managers, in case someone quits.
Grounded carrier Jet Airways on Friday announced the appointment of Sanjiv Kapoor as the chief executive officer. His appointment to the post comes days after the airline brought in former Sri Lankan Airlines CEO Vipula Gunatileka as the chief financial officer. Kapoor, who is currently the president of Oberoi Hotels and Resorts, has been associated with budget carriers SpiceJet and GoAir as well as with full-service carrier Vistara in various capacities in the past.
Congress MP and member of the panel Karti Chidambaram had requested Tharoor to take up the matter and call the officials of the Information and Broadcasting Ministry before the committee to seek clarification and remedial measures.
Earlier this year, Kingfisher Airlines had acquired 26 per cent stake in low-cost carrier Deccan Aviation for Rs 550 crore (Rs 5.5 billion). The company also made an open offer for another 20 per cent stake in Deccan Aviation. The open offer was oversubscribed. It received bids for 35 million equity shares against the issue size of 27 million shares.
In our mystery the watchdog agencies are silent, but it is the market that has barked and has not stopped barking. Till such time as it continues to do so, this headache will not go away, notes Aakar Patel.
Jet Airways, which is yet to resume operations under its new owner, will reduce salaries for various staff and send many employees on leave without pay, amid uncertainty over resumption of its operations. The measures, which will be effective from December 1, were revealed hours after the winning bidder Jalan-Kalrock Consortium (JKC) said it might take "difficult" near-term decisions to manage cashflows. The once-storied airline shuttered operations in April 2019 and JKC's resolution plan was approved under the insolvency process by the National Company Law Tribunal (NCLT) in June last year.
'India has a lot of potential, not just in commercial aspects, but also in hiring of people and sourcing of products.'
Hyderabad has possibly the best infrastructure for IT in India today, says Infosys chief financial officer T V Mohandas Pai.
An Indian-origin CEO of a US-based homeownership company has abruptly fired more than 900 employees, about 9 per cent of its workforce, on a Zoom webinar, citing market efficiency, performance and productivity as the reasons behind the move. On a Zoom webinar last Wednesday, Better.com CEO Vishal Garg abruptly announced that the mortgage company is laying off about 9 per cent of its workforce, CNN reported. Garg cited market efficiency, performance and productivity as the reason behind the firings, the report said.
Key drivers of profitability for Zomato has not witnessed remarkable growth, the management believes the venture will turn profitable in the long term.
The agency is also investigating the overall financial structure of Kingfisher Airlines.
Mphasis BFL Ltd on Wednesday announced the appointment of Alok Misra, as chief financial officer and Abnash Singh, as chief information officer of the company.
Credit card issuers saw significant erosion of their card base during the July-September quarter as the Reserve Bank of India's (RBI) norms mandated deactivation of cards that have been inactive for a year. The second quarter of the current financial year saw outstanding cards-in-force decline by 2.55 million to 77.7 million. Prior to this, the industry, on an average, was witnessing a net addition of over 1.5 million credit cards a month as players became aggressive on the unsecured lending business after the pandemic.
The diamantaire's counsel said there is a vigilance manual circular that the consortium can lodge only one FIR. Each consortium member cannot lodge separate FIRs, he said.
Former chief financial officer of Enron, Andrew S Fastow, is in advanced negotiations with the government on a deal under which he would plead guilty and agree to a 10-year prison sentence, The Washington Post reported.
A quick look at the Q1FY23 performance of top-tier IT services players shows that they are still far away from getting a grip on managing attrition. Talent retention has eroded not only their margins but also any gains they may have made from rupee depreciation. Despite robust growth numbers and strong deal pipelines, margins for all the players -- TCS, Infosys, HCL Technologies and Wipro -- have continued to shrink at a pace that has had the street surprised.
On the possibility of the company tapping banks for funds, he said, "We need a bank loan...as this is a viable commercial company. This is not a so called bailout". The board was given the tough task of protecting the interest of over 50,000 Satyam's employees and stakeholders following Raju's revelation of fudging accounts.
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