Networking solutions giant Cisco will lay off up to 6,000 employees globally, including India, after it reported a marginal decline in profits and revenues for the fourth quarter.
Does India's most valued company give hope to its investors that they, too, might drive a Jaguar some day?
Special audit report conducted by the PricewaterhouseCoopers on Multi Commodity Exchange has met with another opposition. Earlier FTIL, the promoter of MCX had opposed its contents and now Venkat Chary who is FTIL's non-executive chairman has sent a notice to PwC. PwC report submitted to the FMC in last April mentioned the names of Key Management Personnel of MCX and the name of Venkat Chary was mentioned in that list. Chary was Chairman, MCX, during that period. Chary who had in past also served as Chairman of FMC objected to the PwC mentioning his name as the key management personal of MCX. He wrote to the audit firm saying that he was FMC-nominated Non-executive Independent Director and Chairman on the Board of Directors of MCX till July 13 when he resigned following revised FMC guidelines which laid down 70 years as the maximum age for Chairman/Director. Chary sighted provisions of Companies act and Section 2(51) of the Companies Act, which defines " key managerial personnel" in relation to a company include CEO or MD, whole time director, CFO, company secretary and other officer as prescribed. "As non-executive independent director and Chairman nominated/approved by the FMC, I did not fall within any of the above categories," said Chary and hence blamed PWC for not showing due diligence in your special Report to the FMC. Chary has sent a notice to PWC asking it to take immediate steps to rectify this error. Since PwC Report was placed in the public domain, "it has caused serious damages to my reputation as a practising Advocate of the Bombay High Court." Chary has asked PWC if remedial action are not taken he will report the case to the Institute of Chartered Accountants of India for professional misconduct under the Chartered Accountants Act, 1949, by showing gross negligence in the in professional duties. Chary has said, "I also intend to resort to the civil and criminal courts for damages/action against PWC." When contacted PwC spokesperson said that, "Our work has been executed to the expected professional standards and we stand by the content of our report submitted to the Forward Markets Commission". Chary is not the first to oppose PWC, FTIL it self had said the report was prepared without giving them chance to respond and have not accepted contents. Recently, Riddhi Soddhi Bullion, had sent a legal notice for mentioning its name as 'indulging in wash trades on MCX.' The leading bullion trader had claimed damages in their defamation suit.
The Naukri Job Speak Index -- which tracks monthly hiring activities online -- stood at 1,300 showing a 1 per cent growth in hiring, when compared to October 2013.
Investors also appreciate the role being played by the founders; analysts, too, remain unperturbed.
The stock was the worst performer among the blue-chips on both Sensex and Nifty.
To outgoing Vodafone CEO Vittorio Colao, negotiating big deals was an art form, as an international report pointed out after the $130-billion sale of Vodafone's 45 per cent stake in Verizon Wireless, says Nivedita Mookerji.
Nissan' exit from the light commercial vehicle joint venture has helped speed up consolidation and growth for the company
Netflix plans local studio in India push. Move comes as rival Amazon Prime Video lines up as many as 18 original shows for India.
The agency has so far seized diamonds, gold jewellery and other precious stones worth Rs 5,716 crore in the case and summoned Modi and Choksi, the promoter of Gitanjali Gems, to appear before it on February 23 at its Mubai zonal office.
Infosys, as part of performance improvement programme, allows 'poor performers' to undergo training to get into shape.
Infosys added 10,997 employees (gross) in the last quarter of FY'14 and 39,985 during the fiscal to take its total headcount to 1,60,405 people.
India's most heavily indebted property firm, DLF has filed an appeal with the Securities Appellate Tribunal (SAT) against a ban from tapping capital markets for three years, a spokeswoman for the appellate told Reuters.
The rupee's fall against the dollar is bad news for companies which have increased their exposure to foreign currency loans in recent years.
Consolidated dollar revenue $1,321 million, up 4% q-o-q.
The country's largest software exporter Tata Consultancy Services on Monday reported a stellar 72.7 per cent growth in net profit at Rs 6,413 crore for the fourth quarter of last fiscal ended March 31.
Revenue rose 23.4 per cent to Rs 1,655 crore
In a complete defiance of the Supremer Court, the Board of Control for Cricket in India, on Saturday, rejected key recommendations of the Lodha Committee, like one-state one-vote, age limit of 70 years and cooling-off period of three years, setting the stage for another round of confrontation with the apex court.
The court had on July 21 issued summons to the firm, Maran and Natrajhen and directed them to appear today after taking cognizance of two I-T complaints filed against them.
PwC one of the big four audit firms, has expressed disappointment at the conviction of two former partners in the Satyam scam.
With swanky showrooms and VR-enabled sales platforms Maruti Suzuki, Tata Motors, and Skoda bet on shine and gloss,and place their faith in experiential branding.
'Indians are great savers, but they are lousy investors.'
RIL, Essar, Adani have sounded bankers to raise funds abroad in the coming weeks
Within six months of joining iGate as CEO, Ashok Vemuri will get a performance bonus of $175,000 (about Rs 1.10 crore) for his strategic initiatives, which helped the US-based outsourcer grow revenues by over 10 per cent in the December quarter.
US-based IT services major Cognizant on Wednesday reported a 16.3 per cent rise in net profit at $324.3 million for the fourth quarter ended December 31, helped by broad-based growth across industries and geographies.
Why top executives are trading cushy jobs for start-ups
'Right time, right place, right business and I could see I was the right person. It was a now or never moment in a sense. If I didn't do it then, then when? There is little point in entering a business as an entrepreneur when someone else has proven the concept.' BJP leader Yashwant Sinha's son started ReNew Power during the UPA II government to focus on clean energy.
This is the third consecutive profitable quarter for SpiceJet.
All the 10 accused in the case, including prime accused Satyam Computers founder and former chairman B Ramalinga Raju and his brother and Satyam's former MD B Rama Raju, appeared in the court, as per its direction.
After hearing the petition, filed by the country's largest real estate developer last week, the Tribunal adjourned the matter till October 30 next week, as it sought a response from capital markets regulator Securities and Exchange Board of India on DLF's plea for an interim relief.
HCL Tech is confident of sustaining margins in FY15.
Expressing disappointment over RBI's decision to hike the key policy rate, real estate developers said this would lead to increase in finance cost and also affect housing demand during the festive season.
'RBI and the economy will gain tremendously from Urjit Patel's experience in both private and public sectors'
The company's profit stood at Rs 292.79 crore (Rs 2.92 billion) in the year-ago period.
With future prospects being difficult to predict, hiring for a short period is proving to be cost-effective
Of the 243 listed flights, it claimed to have operated 75 across the country after 1600 hours on Wednesday.
New players show up after 3 years; northern states take lead in loan growth.
The president's moves will make it easier for entrepreneurs to work in the United States
This is one of the rare orders by Sebi where it has barred a bluechip firm and its top promoter/executives.
The stock fell by 24.5 per cent to its 52-week low level of Rs 111.25 in opening trade at the BSE.
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