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iGate’s ex- CEO Phaneesh Murthy removed from board
Investor
guidance
Enterprise software market to touch $3.92 billion in 2013
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Economy has resilience to counter problems: Prez
President Pranab Mukherjee presents degree to a student at the convocation ceremony of IIT Indore on Saturday.
PTI
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iGate’s ex- CEO Phaneesh Murthy removed from board
New Delhi, June 8 “A majority of the shareholders of iGATE Corporation removed Phaneesh Murthy for ‘cause’ from the Board of Directors by written consent in lieu of a meeting. Murthy's removal is effective June 7, 2013,” iGate said in a filing to the US Securities and Exchange Commission (SEC) yesterday. No positions were held by Murthy on any committee of the Board of Directors at the time of his removal, it added. “Murthy’s removal was not due to a disagreement with the company on any matter relating to the company's operations or practices.” “Rather, the shareholders determined that it was in the best interests of the company to remove Murthy from the Board of Directors for 'cause' because he engaged in conduct detrimental to the company, including without limitation, violating company policy and breaching his duty of good faith in his dealings with the Board of the Directors,” it said. The filing further added: “As a result of this conduct, Murthy was previously terminated as the Chief Executive Officer and president of the company on May 20,
2013.” — PTI Murthy-gate
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No PPF term extension for HUFs
A.N. Shanbhag I have a public provident fund (PPF) account in the name of my HUF, which has completed its 15 years on 31-3-2013. I was advised that a PPF account in the name of HUF once having completed 15 years cannot be renewed and has to be closed. In other words, HUFs are not allowed to open new PPF accounts although the HUF may be taxable. Is it true that an HUF cannot continue a PPF account beyond 15 years or can I continue my HUF PPF account for the next five years by submitting necessary letter to the bank concerned? — Mukund A notification, GSR 291(E) dated May 13, 2005, has discontinued opening of the accounts on behalf of HUF, AOP or BOI. Such accounts opened by mistake after the respective date of notification shall be treated as void ab initio. As and when (and if) the error comes to light, the account shall be closed and the amount refunded to the depositor without any interest. The existing accounts can continue up to their maturity without the privilege of post-maturity continuation. Since your HUF account has already matured, you will have to close the account. If you desire to continue to enjoy the benefit of PPF for your HUF, you can legally play a trick. You may open a fresh PPF account in the name of any member of your HUF (including yourself) and make the payment through the HUF account. It may be noted that Section 80C(4) continues to allow the deduction for LIC premiums, PPF, ULIP of UTI and Dhanaraksha of LICMF in respect of subscriptions made by any member of HUF. Take care to ensure that such a person in whose name the fresh PPF account is to be opened does not have an existing account in his own name for claiming the deduction against his individual income. Again, note that the women belonging to an HUF are members of the HUF. * * * * * * * * * My wife sold some shares, which she held for more than 12 months and made a profit of Rs 40,000.She has also earned some short-term gain from sale of shares of Rs 93,000. Her other source of income is bank interest of Rs 43,500 during FY 2012-13. Does she need to file income tax return? — Rahul Assuming that your wife is not a senior citizen, her income as mentioned above is much lower than the basic exemption limit applicable to her. Note that even taxable capital gain can be included within the non-taxable limit to determine liability to tax. Therefore, your wife is not liable to pay tax and hence does not need to file a return.
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Enterprise software market to touch $3.92 billion in 2013
New Delhi, June 8 “Growing maturity of Indian users is an important driver for overall growth. Compounding the demand is the ongoing tendency for greater customer services along with the continued drive for IT cost savings, as well as the incorporation of emerging technologies into solutions, such as mobility, social, cloud and business process management,” said Asheesh Raina, principal research analyst at Gartner. “These new technologies and demand for agility, brings in additional urgency, and demand, for IT investments,” he added. According to Gartner, India will be the fourth largest enterprise software market in Asia and Pacific region in 2013. The country is forecast to account for 11.6 per cent of the region's total revenue of $33.73 billion in 2013, the equivalent to 1.32 per cent of the total worldwide software market of $296 billion. By 2017, India’s share of the software market in Asia and Pacific is expected to reach 13.11%, representing $6.7 billion in revenue, or 1.74 per cent of the total worldwide software market revenue of $383 billion. In comparison to other countries, the software market in India is still relatively small and evolving. “End users in Asia and Pacific are expecting to increase their spending on application and infrastructure software, with India and China being the most optimistic and leading the way. It is closely followed by Malaysia and Singapore,” said Raina. |
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Economy has resilience to counter problems: Prez
Indore, June 8 “Sometimes we find negative sentiments expressed in certain quarters, but being
in economic administration of this country as a minister for more than four decades, I
am not disappointed,” Mukherjee said in his address to the first convocation of IIT Indore. “If we have registered 5 per cent growth in 2012-13, we should feel concerned but we should not feel panicky because the Indian economy has resilience to overcome the problems,” he said. The President said the country's economy grew at 3% during the first Five-Year Plan and then reached 5.5% in the 80s. Subsequently, the figure went up to 6% in the 90s and in the past ten years, the country had achieved 7.9% growth. Except China and a couple of other economies, not many countries had grown at a pace of 7.9% over a span of 10 years, though the economy had to face the effects of global financial crises, the President said.
— PTI |
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US-based outsourcing firm iGate said majority of its shareholders have consented to the removal of former CEO Phaneesh Murthy from the firm's board for ‘cause’.
Murthy, who was sacked on May 20 this year as iGate’s chief executive for not disclosing a relationship with a subordinate, ceased to be its board member effective yesterday.
account in the name of my HUF, which has completed its 15 years on 31-3-2013. I was advised that a PPF account in the name of HUF once having completed 15 years cannot be renewed and has to be closed. In other words, HUFs are not allowed to open new PPF accounts although the HUF may be taxable.
The Indian economy has resilience to overcome its problems, President Pranab Mukherjee said today and asked people not to panic by negative sentiments expressed in certain quarters.
“Sometimes we find negative sentiments expressed in certain quarters, but being
in economic administration of this country as a minister for more than four decades, I
am not disappointed,” Mukherjee said in his address to the first convocation of IIT Indore.
