The case of Cognizant Technology Solutions Corp. shows how a company can avoid criminal charges even if its C-Suite was involved in the alleged wrongdoing. Two former Cognizant executives—an ex-president and a former chief legal officer, who oversaw the company’s compliance program—were charged last week for allegedly approving illicit payments to help build a corporate campus in India. Not facing criminal charges: Cognizant itself. The Teaneck, N.J., company agreed to pay $25 million in disgorgement and civil penalties to settle its role in the case. The Justice Department said the company avoided criminal charges because it voluntarily disclosed the matter within two weeks of learning about it. The company’s internal investigation, its cooperation, remediation and the presence and effectiveness of Cognizant’s pre-existing compliance program also played a role, prosecutors said in a letter to Cognizant’s lawyers. Cognizant also agreed to … [Read more...] about Cognizant case shows how corporates can avoid charges even amid wrongdoing
RBI governor Das asks bankers to pass on rate cut benefits to consumers
Reserve Bank governor Shaktikanta Das Thursday met bankers and appealed them to pass on lower lending rates to consumers. The heads of Punjab National Bank, Bank of Baroda, Bank of India, Bank of India, ICICI Bank, Kotak Mahindra Bank and IDFC First Bank, among others attended the meeting, according to sources. "The governor said to us that there is a need to reduce our lending rates when the central bank lowers its policy rates, so that consumers benefit," said one of the bankers who attended the meeting. The meeting focused only on effective transmission of monetary policy, another banker who attended the meeting said without offering details. It can be noted that banks have been lagging in passing on the RBI rate cuts to end-borrowers, citing higher credit cost due to the massive NPA piles and the resultant curning of margins. Even after the last policy rate reduction, only two banks--SBI and Bank of Maharashtra--chose to do something, by lowering just one-fifth of what the … [Read more...] about RBI governor Das asks bankers to pass on rate cut benefits to consumers
Australia, Indonesia, Swiss tourism boards open new vistas for travellers
Draw your eye down some of the recent ads for visiting Australia, or Indonesia or even Switzerland and what you will miss are the tried and tested itineraries. Beyond the usual imagery of the Sydney harbour, or Bali beaches and the Alps, the tourism boards of these countries are promoting places and experiences that Indian tourists have stayed away from in the past. The objective is to get the attention of the affluent and millennial traveller. For instance, Tourism Australia's new ad urges tourists to try hot air balloon rides in Canberra. The Australian capital is a must visit ... … [Read more...] about Australia, Indonesia, Swiss tourism boards open new vistas for travellers
MSEs are becoming more optimistic about their business prospects: Survey
Micro and small enterprises (MSEs) are becoming more optimistic about their business prospects, shows the latest round of the CriSidEx survey. The CriSidEx index rose to 128 in Q3FY19, the highest score since its inception. In comparison, the index was at 107 in Q3FY18. The improvement in the index over the previous quarter was on account of an improvement “in the order book size and employee base for manufacturing MSEs and an increase in profit after tax margin and employee base for services MSEs,” states the report prepared by Crisil and Sidbi. Firms in both manufacturing and services sector indicated an improvement, shows the survey. Among manufacturers, 42 per cent reported a "good quarter"; in the services sector 41 per cent claimed a "good quarter". The granular analysis shows that in manufacturing, firms with an annual turnover between Rs 10 crore and Rs 25 crore were more positive about the business environment, and those the Rs 1 crore-Rs 4.99 crore bracket … [Read more...] about MSEs are becoming more optimistic about their business prospects: Survey
Gadkari tweets on ‘stopping’ water sharing with Pakistan, govt clarifies
In a series of tweets on Thursday, Union Minister for Water Resources Nitin Gadkari said the Narendra Modi government has decided to stop India’s share of water that flows to Pakistan and supply it to people in Jammu & Kashmir and Punjab. While Gadkari was merely stating a declared policy of the Modi government, first put forth in 2016 in wake of strain in ties with Pakistan, his office was forced to issue a clarification by evening lest the minister’s comments were to be misconstrued in light of the Pulwama terror attack on February 14. In his initial tweets, the minister had also said that the construction of a dam has started at Shahpur- Kandi on Ravi river. “Moreover, the Ujh project will store our share of water for use in Jammu & Kashmir and the balance water will flow from second Ravi-Beas link to provide water to other basin states. All the above projects are declared as the national projects,” he said. The government clarified that the … [Read more...] about Gadkari tweets on ‘stopping’ water sharing with Pakistan, govt clarifies