Whistleblower letter alleges accounting irregularities in Infosys
An alleged group of employees at Infosys who recognise themselves as 'Ethical employees' have levelled allegations for the first time against current CEO Salil Parekh and CFO Nilanjan Roy of 'wilful misstatement' and 'accounting irregularities' to make the company's performance look good. They also claim to have the required evidence to prove their claim which they intend to submit during the course of investigation. Infosys in its statement to Business Today said "The whistleblower complaint has been placed before the Audit Committee as per the Company's practice and will be dealt with in accordance with the Company's whistleblowers policy".
Make in India boost! Defence Ministry clears projects worth Rs 3,300 crore
Giving a push to the 'Make in India' initiative, Defence Acquisition Council (DAC), chaired by Defence Minister Rajnath Singh, on Monday cleared the deck for procurement of indigenous defence equipment worth Rs 3,300 crore. Maintaining its impetus on the 'Make in India' initiative, the DAC accorded approval for three projects to be indigenously designed, developed and manufactured by the Indian industry.
Paytm founder Vijay Shekhar Sharma to get Rs 3 crore in remuneration in FY20
Paytm founder Vijay Shekhar Sharma's net worth has been making headlines since 2017, when Forbes ranked him as the youngest Indian billionaire. And his salary for this fiscal stands at Rs 3 crore, as per regulatory filings with the Ministry of Corporate Affairs. The proposal pertaining to Sharma's remuneration was approved by members of One97 Communications Ltd - Paytm's parent - at their Annual General Meeting on September 30
Apple starts selling locally assembled iPhone XR in India
Apple Inc has started selling its popular iPhone XR phones assembled in India, as it looks to expand its share in the world's second-largest smartphone market where it has struggled against cheaper products from rivals. The phones are being assembled at Taipei-based contract manufacturer Foxconn's India factory, helping Apple avoid high levies on the import of fully-built devices as well as meet local sourcing norms for opening its own retail stores in India.
Banking services to be hit today as 2 employee unions plan strikes across India
Banking services are likely to be hit on Tuesday (October 22) as two bank unions have called for a 24-hour strike . The protest call, given by All India Bank Employees' Association (AIBEA) and the Bank Employees Federation of India (BEFI), could see disruption in banking and ATMs operations across the country. These employees are protesting against recent bank mergers, falling deposit rates and over job security in the banking sector.
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