Lost Arbitration Case: Infosys To Pay Rs 12.17 Crore to Its Former CFO

Arbitral Tribunal decreed a 12.17 crore compensation with interest to Rajiv Bansal, Former Chief Financial Officer of Infosys Limited after the latter lost the arbitration case over severance package.

Infosys said it will take legal advice for further action on the issue.

The IT firm had agreed to pay Bansal a severance amount of Rs 17.38 crore or 24 months of salary, but the company suspended payments after he got Rs 5 crore as co-founder N R Narayana Murthy and others objected to the severance package as excessive.

Following this, Bansal had dragged his former employer to arbitration to claim the remaining Rs 12 crore of his severance pay.

Bansal’s severance payout has been one of the issues that Infosys founders had raised to allege governance lapses at the Bengaluru-based firm.

When Bansal left Infosys in 2015, Infosys had agreed to pay him Rs 17.38 crore in severance pay, equivalent to 24 months of pay.

Imposition of $200B Taxes on Chinese Goods Intensified Conflict Between China and USA

On Monday USA announced additional taxes on Chinese goods which seems to be stimulant enough to worsen the tiff between these two world powers.

These taxes according to experts will directly impact the American consumers with increased prices and expenditure. Trump deems this revision in the tariff amount as favorable for American companies and workers in the long run.

Starting Monday, the United States is to begin charging a 10 percent tax on thousands of Chinese imports – tires, windshield wipers, baseball gloves, bicycles, snakeskin pants, backpacks, trombone cases, refrigerators and wooden furniture, among others. The list runs 194 pages.

Unless the administration reaches a truce with Beijing, Trump’s import tax will jump to 25 percent in 2019.

On the other hand companies have also expressed their suspicion regarding the additional imposition as it might target their operations and revenue.

” Trump’s tariffs, with their uncertain duration, make it difficult for companies to plan for the future. Ted Murphy, a trade lawyer and a partner at Baker McKenzie, said the president is signaling that many companies will need to rethink their operations.

Concurrently the new round of tariffs risks triggering a more alarming response by investors. The additional taxes suggest that the two countries are struggling to make progress in settling their differences. The issues include Chinese companies’ theft of US intellectual property and a widening trade gap as US consumers have become more dependent on comparatively cheap Chinese imports.

A prolonged trade war between the United States, the world’s largest economy, and China, the second-largest, potentially affect economies from Buenos Aires to Istanbul.

Tariffs could translate into less trade, which could hinder growth in smaller nations. The US dollar has already begun to rise in value as trade tensions have mounted. This has insulated the United States from higher prices.

Congress Leader Rahul Gandhi Mocked MP Chief Minister Shivraj Singh Chouhan

Congress Leader Rahul Gandhi on Monday scoffed Madhya Pradesh Chief Minister Shivraj Singh Chouhan for his announcements with the same speed as the Former Cricketer Sachin Tendulkar makes run.

“You all have known about Tendulkar. Whenever he played any innings, everybody was assured that he will score at least 50, 60, 70 or 100 runs. Here, in Madhya Pradesh, there is a run machine known as the state chief minister, Shivraj Singh Chouhan who makes announcements with the same pace,” said Gandhi.

The Congress president said Chouhan has made 21,000 announcements so far “but nothing happened”. Asking the gathering “What you have got? Gandhi alleged Madhya Pradesh ranks first in unemployment, rapes, malnutrition and crime against women. He was addressing a public meeting in Bhopal after holding an 18-km roadshow to kickstart the Congress’ campaign for the assembly polls slated for later this year.

Fresh Elections or New Government; Congress to Take Advantage of Parrikar’s Failing Health

Due to the prolonged illness of Goa Chief Minister Manohar Parrikar and his inability to continue his service has paved the way for the dissolution of the existing BJP led coalition government in Goa.

However, on Monday Congress leader Mr. Kavlekar along with his 15 other MLA’s grasped the opportunity and submitted a proposal in a letter to Governor Mridula Sinha’s office. In the letter “We have requested the Governor through our letter that the Assembly should not be dissolved and fresh election forced on the State. We have also asked her not to impose President’s Rule or keep the House in suspended animation. People have elected us for five years. Pushing for an election after a mere 18 months is not good for anybody,” Mr. Kavlekar said.

BJP on the other is looking for holding fresh elections in the state. Parikkar not only enabled the BJP’s growth and success in an unlikely state (think of its cultural roots and plural religious mix) but was the reason the party could form the government at all in 2017 despite losing its majority and coming second. Smaller parties and independents were willing to back the nimble-footed and resourceful BJP, while the Congress was caught napping despite being the single largest party, but on one condition: Parikkar’s return to the state from Delhi. This suited the then defence minister, who was always itching to get back home.

As Parikkar’s health remains fragile, Goa will continue to be politically turbulent. From the continuation of a government with a leader who is unwell to a change in power equations, from President’s Rule to early elections, all options are on the cards. But the decision will finally boil down as much to the machinations in Panjim as to the state of a man in a room in Delhi’s All India Institute of Medical Sciences. Sometimes then, leaders do determine the fate of the organisation.

Gulshan Homz plans to deliver 5 million sq. ft. by 2023

Gulshan Homz, a leading realty major in NCR, aims to deliver 5 million sq. ft. by 2023. The statistics includes the delivery of around 9.5 lac sq. ft of luxury segment and approx. 4.75 lac sq. ft in commercial segment. From constructing luxurious bungalows to creating living landmarks in the group housing sector, the company has already delivered landmark residential and commercial projects that accounts to an area of 4.5 million sq. ft in NCR.

Through the journey of two decades, Gulshan Homz has successfully launched multiple projects like Homes 121, Gulshan Vivante, and Gulshan Ikebana in Noida and GC Grand, GC Centrum, GC Emerald Heights in Indirapuram & Vaishali respectively. Each project of Gulshan Homz is developed with focus on luxury living. With all the residential projects across Noida, Greater Noida and Ghaziabad, the company has delivered 4,581 units. And keeping the tradition to build something unique and appealing alive, Gulshan Homz is developing Gulshan Botnia sprawling to an area of around 21,495 sq. mt and Gulshan Bellina spreading to an area of approx 28,374 sq. mt, with a modern twist to urban luxury living with 1888 units in Noida and Greater Noida (West) respectively.

Not only ruling the luxury residential, but also the commercial property development domain has led Gulshan Homz to where it is now. Venturing into the commercial luxury, the company has efficiently launched Grand Street, Shopick in Centrum in Indirapuram and Vivante Street, Ikebana Street & Bellina Street as stand-alone neighborhood shopping streets in Noida.

With context to further developments and deliveries, Mr. Deepak Kapoor, President, CREDAI Western UP and Director, Gushan Homz, said, “Our future oriented approach ensures that we infuse creative architecture with state of art luxuries to build good quality homes that last for generations. The use of quality products in construction being the basic requisites of customers, the characteristic that separates us from others in the real estate market is our commitment to quality and on time delivery. By working with full honesty with our patrons and entering into the new era of commercial and residential real estate has helped us making a reliable name in the sector.”