TCS is not anti-American, jury gives technology major clean chit in racism case By Jochelle Mendonca, Bloomberg|Updated: Nov 29, 2018, 11.21 PM IST

A US jury ruled in favour of Tata Consultancy Services (TCSNSE 0.39 %), clearing the company of discriminating against local Americans, a ruling that could help other Indian IT companies that are facing similar lawsuits. 

The case, the first discrimination suit against an Indian IT player to reach a jury, was being closely watched. An adverse result could have had knock-on effects on the sector. 

After one day of deliberations, the nine-member jury came to a unanimous decision that TCS did not have a ‘pattern or practice’ of discriminating against non-South Asian workers as a result of their race or national origin, Law360 reported. 

The law firm suing TCS, Kotchen & Low, argued that TCS fired 78% of its local workers benched between 2011 and 2014, while only 22% of benched South Asians were fired, even though they constituted half the company’s workforce in the country. TCS’ lawyers pointed out the company’s increased local hiring and that its retention rate of employees had increased. 

The TCS case is just one of the many that Kotchen & Low is fighting against Indian IT companies. It has also sued Infosys, Wipro, Cognizant, HCL Technologies and Tech Mahindra. 

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Government to bring bill to stop NRI husbands from deserting wives PTI|Updated: Nov 30, 2018, 03.19 PM IST

A group women have moved the apex court seeking reliefs including mandatory arrest of their estranged spouses and consular help in fighting cases in foreign land. 

The government would bring a bill in the coming winter session of the Parliament as part of its efforts to check the menace of NRI husbands abandoning their wives, External Affairs Minister Sushma Swaraj said Wednesday. 

"We have already launched an institutional mechanism, where you must have seen that 25 passports of such NRI husbands have been revoked. We are also bringing a bill in this session where some more measures are being taken against those husbands," she told reporters here. 

Swaraj, who was in Hyderabad in connection with the Bharatiya Janata Party's campaign for the December seven Telangana Assembly elections was replying to a query about Non-Resident Indian (NRI) husbands abandoning their wives. 

On November 13, the Supreme Court has also sought response from the Centre on a plea seeking mandatory arrest of NRIs deserting their wives and harassing them for dowry. 

A bench comprising Chief Justice Ranjan Gogoi and Justices S K Kaul and K M Joseph issued notices to the Centre on the plea seeking that the deserted women be accorded legal, financial help and their estranged NRI husbands be arrested after the filing of FIRs. 

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YES Bank promoter firms routed debt money as equity into private finance companies By Shilpy Sinha, ET Bureau|Updated: Nov 28, 2018, 12.16 PM IST

Yes Bank promoter Rana Kapoor’s investment companies borrowed from mutual funds and invested the money as equity in a finance company in a transaction that could be questioned by investors and possibly by the regulator as well. 

YES Capital, owned by the Rana Kapoor family, invested a part of funds borrowed from the market as equity in ART Capital Ltd, which in turn invested a portion of the money in ART Housing Finance through select subsidiaries. 

YES Capital’s balance sheet shows the investment of debt as equity in ART Capital. The ultimate beneficial ownership of both companies rests with YES Capital, which also owns shares in YES Bank, said people who did not want to be identified. 

“YES Capital is the ultimate owner of ART Housing Finance,” said RV Verma, non-executive director ART Housing Finance. “The business is done at an arm’s length from Rana Kapoor and YES Bank.” 

The transaction could be considered irregular and imprudent, though not illegal, said analysts and bankers. It also comes at a time when YES Capital and Morgan Credit, the other promoters of YES Bank, are under fire from investors for providing inadequate collateral, thereby putting public money at risk. “Out of YES Capital’s investment of Rs 712 crore, nearly Rs 697 crore went to ART Capital,” entries in YES Capital’s annual report show. About Rs 350 crore of that money was invested in ART Housing Finance. “ART Housing Finance is funded by money raised by Mr Kapoor’s family through privately owned firms which have raised funds with YES Bank as security,” the entries state. 

There’s no law that prohibits the use of debt disguised as equity, but it is considered imprudent by risk managers and regulators. This is more so in the case of finance companies which in general are more leveraged than manufacturers. 

If Rs 10 equity is used to borrow Rs 50 for subsequent lending, the equity acts as a cushion if there are losses. But if that Rs 10 itself is borrowed, then the ability to take losses is substantially weakened. 

There was no reply to an email sent to YES Bank on the potential conflict of interest due to Kapoor being the head of a bank and also having private ownership in other lending companies. 

YES Capital’s ‘non-current investments’ in ART Capital rose to Rs 697.6 crore last fiscal, up from Rs 140.4 crore a year ago, its annual report shows. YES Capital raised Rs 630 crore from the sale of non-convertible debentures to mutual funds during the year, it shows. It has net worth of Rs 48.5 crore. “If these transactions and investments are seen in the three companies, it looks more like debt raised in one company going in as an equity in other companies,” said an analyst. 

Rana Kapoor and family own 10.7 per cent stake in YES Bank. Of this, Morgan Credit owns 3.05 per cent and YES Capital 3.28 per cent while Rana Kapoor directly holds 4.37 per cent. 

Rana Kapoor’s daughter Raakhe Kapoor Tandon is a director on the board of ART Housing Finance. The company provides long-term housing loans to customers belonging to the low- and middle-income groups in urban and semi-urban areas. 

“The business has gained momentum in the last financial year with the government’s focus on Pradhan Mantri Awas Yojana,” said Verma. “We are looking at rapidly growing our affordable housing book and are expecting capital investment from promoters this financial year.” 

Shares of YES Bank have crashed since the Reserve Bank of India turned down a proposal for another three-year term for Kapoor as the chief executive. On Tuesday, the bank’s shares ended 2.55 per cent lower at Rs 183.15 on the Bombay Stock Exchange. 

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Crude oil price may soon hit $50: What it means for Indian economy?

Every $10-per-barrel fall in oil prices boosts incomes by about 0.5 to 0.7 percent of gross domestic product in major emerging market oil importers, Capital Economics analysts estimate. 

By Enda Curran and Michelle Jamrisko 

Just a couple of months ago, major oil trading houses were predicting the return of $100 crude. Now, with oil prices at half that level, here’s a look at what the slump means for the world economy. 

Energy importers like India and South Africa will benefit; oil producers such as Russia and Saudi Arabia will hurt. Central banks under pressure to raise interest rates will get a reprieve; those looking to revive prices, such as the Bank of Japan, face another headwind. 

Ultimately, much depends on how world oil demand shapes up as it gets battered by a stronger dollar and global trade spats, and how the biggest producers react. 

Saudi Arabia sits between Russia on one side, its ally in managing production to support prices, and the US, where President Donald Trump is sending Twitter messages to the producer to get prices down. All eyes are on the Group of 20 meeting this week to see if a consensus on output emerges between the Saudis and Russians, and if that can carry through to the Opec gathering next week. 

Here’s a Bloomberg Economics chart showing net oil imports (or exports) as a per centage of GDP -- -- cheaper oil helps those at the top of the chart and hurts those at the bottom. 

What does it mean for global growth? 

With the northern hemisphere winter approaching, the oil-price slump will cushion households and businesses during a period of slowing economic growth. Countries that import oil and have current-account deficits, such as South Africa, will also stand to benefit. China is the world’s biggest importer of oil and is already battling a broader moderation in its economy amid a trade war with the US and domestic challenges. 

What does it mean for inflation? 

Lower oil prices mean less pressure on inflation and less pressure on central banks to raise interest rates. One example: Bloomberg Economics says the energy slump is a game changer for India and could mean the Reserve Bank of India shifts to a neutral outlook. 

How will emerging markets handle the price drop? 

Every $10-per-barrel fall in oil prices boosts incomes by about 0.5 to 0.7 per cent of gross domestic product in major emerging market oil importers, Capital Economics analysts estimate. The same discount will cause a 3 per cent to 5 per cent loss of GDP in most of the Gulf economies, and a slowdown of 1.5 per cent to 2 per cent of GDP in the U.A.E, Russia and Nigeria, all on an annualized basis, according to the analysts. 

What does it mean for the world’s biggest economy? 

Trump has described the slump in oil prices as the equivalent of a tax cut. Still, diminishing American reliance on imported oil due to the emergence of shale production will erode the positive economic consequences at the industry level. 

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Non-graduate CAs now eligible to become registered valuers: ICAI PTI|Nov 27, 2018, 12.52 PM IST

Previously a CA having three years of post-qualification experience and qualified as a graduate was allowed to become a registered valuer. 

Non-graduate chartered accountants with three years of experience can now become registered valuers, with the Ministry of Corporate Affairs amending the rules in this regard. 

Previously a CA having three years of post-qualification experience and qualified as a graduate was allowed to become a registered valuer. 

"Now, a chartered accountant is not required to be a graduate to become a registered valuer. 

"It was informed to the Ministry of Corporate Affairs that the chartered accountancy course that has been approved by the government, allows a 10+2 student to enroll for chartered accountancy course. It does not mandate a student to be a graduate for enrolling in the course. Hence, a CA may or may not be a graduate," ICAI said in a release. A registered valuer is required to carry out valuation of assets, net worth of a firm or its liabilities as required under the Companies Act, 2013. 

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Things just got a little worrying for India's Chartered Accountants :-Donning CA’s hat means being an accountant & be accountable 24x7 By Sachin Dave, ET Bureau|Updated: Nov 27, 2018.

Some CAs said the SC judgement will boost ICAI’s regulatory powers. 

Perhaps uniquely among white-collared professions, chartered accountants (CAs) are now confronted with a judicial diktat that behavioural ‘lapses’ even outside their field of work can be reason enough to face disciplinary action. 

A two-judge Supreme Court (SC) bench, comprising Justice Rohinton Fali Nariman and Justice Navin Sinha, in a recent judgement said that action can be taken against CAs if their conduct brought ‘disrepute’ to the profession — even if such an action was not related to his/her professional work. The judgement was published last Friday. 

CA licences are issued by the Institute of Chartered Accountants of India (ICAI). The SC judgement was given in a case that pitted the ICAI against a CA, Gurvinder Singh. The point of contention was Singh’s conduct following a sale of 100 shares. The specifics of the conduct Singh had allegedly indulged in were not mentioned in the order. An earlier Delhi High Court order had rejected the premise that action action can be taken against a CA for ‘lapses’ in conduct outside his/her field of work. 

People familiar with the profession said post SC judgement, CAs deemed to have brought the profession to ‘disrepute’ may end up losing his/her license to practice and face a ban from ICAI. 

Manoj Fadnis, former president of ICAI and the body’s head when the case was filed, told ET: “This judgement now settles and vindicates ICAI’s position. The example that we normally use is if a CA drinks and drives or creates a scene in public space that can bring disrepute to the profession, action should be taken against him whether or not it was in his professional capacity or not.” 

He added the ICAI council had removed Singh from its rolls for six months and as per the regulations the matter was referred to the Delhi High Court.

After the SC judgement, he said, “The position is now settled and will lead to more such disciplinary action.” 

ICAI president ND Gupta did not respond to multiple calls and messages, and ICAI vice-president Prafulla Chhajed refused to comment. 

Some CAs agree that expectation norms for their profession have changed. Dilip Lakhani, a CA, told ET: “CAs are expected to ensure that their behaviour in the profession or otherwise is in compliance with laws and also follow accepted accepted norms of social behaviour-…people look at CAs as watchdogs.” 

The SC bench had zeroed in on the high court’s reading of a critical section in the law governing CAs. “We are afraid that the high court has not correctly appreciated Section 21(3) of the Chartered Accountants Act, 1949,” SC observed. 

Section 21(3) says if a CA is accused of any crime that attracts penal code punishment of less than 6 months, disciplinary action can be taken against him by the 
institute. 

Some CAs said the SC judgement will boost ICAI’s regulatory powers. A new regulator, the National Financial Reporting Authority, is tasked with taking action against audit firms and CAs for professional lapses. ICAI’s responsibilities mainly include conducting CA examinations. 

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US announces $5 million reward for information on 26/11 perpetrators

The United States on Monday announced a $5 million reward for information leading to the arrest or conviction in any country of any individual who committed, conspired, aided or abetted the 2008 Mumbai attack.

The Trump Administration announced this major reward (of more than Rs 35 crore) on the 10th anniversary of the terror attack in which 10-Pakistan based Lashkar-e-Tayiba terrorists went on a shooting rampage in India's financial hub killing 166 people, including six Americans.

The move comes less than a fortnight after Vice President Mike Pence had a meeting with Prime Minister Narendra Modi in Singapore, during which he is believed to have himself raised this issue and rued that even 10 years after the Mumbai terrorist attack its perpetrators have not been brought to justice.

State Department's Rewards for Justice Program on Monday said it is offering a reward of up to $5 million for information leading to the arrest or conviction in any country of any individual who committed, conspired to commit, or aided or abetted the execution of the 2008 Mumbai attack.

From November 26 to 29, 2008, 10 terrorist associated with the LeT carried out a series of coordinated assaults against multiple targets in Mumbai, it said. "The United States is committed to working with our international partners to identify and bring to justice those responsible for the 2008 Mumbai attack," it said. 

Today's announcement marks the third RFJ reward offer seeking information on the perpetrators of the Mumbai attack.

 In April 2012, the Department of State announced reward offers for information that brings to justice LeT founder Hafiz Mohammad Saeed and Hafiz Abdul Rahman Makki, another senior LeT leader.

In December 2001, the Department of State designated LeT as a Foreign Terrorist Organisation.  This designation plays a critical role in the fight against terrorism and is an effective means of curtailing support for terrorist activities and pressuring groups to get out of the terrorism business, the State Department said. 

A big earthquake might be waiting to strike Delhi NCR IANS|Nov 25, 2018, 02.33 PM IST

If a large magnitude earthquake occurs in the near future in the northwest (NW) Himalayas region as predicted by a recent study, the National Capital Region (NCR) of Delhi would suffer very heavy damage. 

The 2001 earthquake in Bhuj in Gujarat, which claimed about 10,000 lives, had shown that the destruction by an earthquake is caused by two different types of waves: Shear Waves, confined to about 70 to 100 km from the epicentre and which adversely affect the foundations and basements of of structures; and Rayleigh Waves that travel with a velocity between 2.5 to 3 km per second and produce a different type of destructive effect. 

These Rayleigh Waves from earthquakes of magnitude above 7.5 become active at a distance beyond 150 to 200 km or more from the epicentre and adversely affect tall structures (height more than 17 meters) as was observed at Ahmedabad city located at a distance of about 320 km from the Bhuj earthquake's epicentre. Another very important observation was that all structures with "stilted" floors (where the ground floor is used for vehicle parking) were severely damaged. A similar damaging effect by Rayleigh waves was observed in Mexico City, located about 500 km from the epicentre of the 1985 earthquake. 

The Himalayan states had been visited by a number of large magnitude earthquakes and a recent study suggests the NW region (mostly Uttarakhand, Himachal Pradesh and parts of Kashmir) is ripe for one. The Delhi NCR escaped major damage from the destructive Rayleigh Waves from past earthquakes because, prior to 1950, there were no high rise buildings there. 

But the situation is now different. With its satellite townships of Noida, Greater Noida, Gurugram, Ghaziabad and Faridabad, NCR Delhi forms a big cluster of high-rise buildings with flyovers, bridges and elevated roads. It is also known that some of the high-rise structures have collapsed during construction itself. Many high-rise buildings have stilted floors. As was witnessed in Ahmedabad after the Bhuj earthquake, all these structures could suffer heavy damage in case of a large magnitude earthquake in the NW Himalayan region with its epicentre in the range of 270 to 350 km from NCR Delhi. 

The Himalayan fault is known to have a potential to generate earthquakes up to a magnitude of 8 or more. The foundations in Delhi are not on solid rock but there is excess of soil and crushed rock (murrum) on the ground. In case of a powerful earthquake in the Himalayas, the long scissors of Rayleigh Waves could wildly chop the tall concrete structures in Delhi and neighbouring areas.The possibility that these buildings may collapse like a pack of cards in "Ahmedabad Fashion" cannot be ruled out. 

In the opinion of some international expert seismologists, the world could see an increase in the number of strong earthquakes in 2018 and the next few years due to the periodic slowing of the Earth's rotation. There is a clear correlation between the speed of the earth's rotation and global earthquake activity, said Roger Billham of the University of Colorado and Rebecca Bendick of the University of Montana, who recently presented their research at a conference in the US. 

Fluctuations in the Earth's rotation are tiny -- changing the length of the day by several milliseconds -- but could be enough to release vast amounts of underground energy, they have said. It has been reported that on five occasions in the past century, a 25-30 percent increase in annual number of earthquakes (of magnitude 7 or greater) coincided with a slowing in the mean rotation velocity of the Earth. 

The slowing down of Length of Day (LoD) normally lasts for six years, after which the earth enters a period of enhanced seismicity. In this century, the LoD started in 2011 and now the year 2018 could be considered a period of higher seismic activity. While the research did not indicate precisely when and where these future earthquakes will occur, it showed that most of the intense earthquakes that responded to changes in day length seemed to occur near the equator. 

A destructive earthquake is an extreme geophysical event and 2018 had already been witness to some climatic and atmospheric extremities. These include no water in Johannesburg and to some extent in Rio de Janeiro; thermal high of 48.2 degrees (C) in Churu (Rajasthan) and Gadchiroli (Maharashtra); and an all-time high value (45 degree C) in Vancouver (Canada) that claimed 28 lives. It has also been a record year of snowfall in Europe, America and China-Japan, with 20 causalities. 

Currently, Himachal Pradesh and Uttarakhand in India are experiencing heavy snowfall up to about 1-1.5 meters. The year 2018 also appears to be an extremity as far as air accidents go. Until June, there were four accidents in Havana (Cuba), Algeria, Kathmandu (Nepal) and Moscow (Russia) together taking 488 lives. 

Considering the expert opinions accounting for climatic and atmospheric extremities and keeping in view the reduction in the length of day due to slowing down of earth rotation, it could be assumed that the predicted large magnitude earthquake in the Himalayas could occur most probably in 2018 or its proximity. 

(Arun Bapat is a research seismologist and former chief of earthquake research at the Central Water and Power Research Station in Pune. The views expressed are personal. He can be contacted at arunbapateq@gmail.com) 

Used here for educational purposes only

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WEEKEND CARTOON:-HOW INDIAN MATRIMONY CONDITIONS ARE FAST CHANGING AS PER CHANGES IN TECHNOLOGY

World Boxing Championships: Mary Kom wins record sixth go

NEW DELHI: 
India's MC Mary Kom won a historic sixth gold in the World Championships on Saturday, the mother-of-three  doing, without breaking a sweat, what no other woman boxer has done or known before. 

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Here is how this Karachi woman police officer foiled a terrorist attack

Updated: 24 Nov 2018, 11:55 AM IST

Who is Suhai Aziz Talpur?

A fearless woman officer of Karachi Police, who was once abandoned by relatives in her village for joining a private school, on Friday saved the lives of many Chinese diplomatic staff when heavily-armed terrorists stormed the mission in the Pakistani city. Senior Superintendent Police Suhai Aziz Talpur led the security operation that foiled the brazen attack by members of the Baloch Liberation Army, or BLA, in Karachi.

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How Suhai foiled a terriorist attack

Suhai ensured the terrorists, armed with nine hand-grenades, assault rifles, magazines and explosives, did not reach the diplomatic staff inside the consulate building. Police said the terrorists were carrying food supplies and medicines, suggesting they had planned to take hostages.

But as as soon as they reached the gates of the consulate, the police team took positions and retaliated. Two police officials were killed in the gunfight in which all the attackers were also neutralised.

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The struggle

Suhai said her family wanted her to become a chartered accountant but she found the job to be very dull as it had no social value. That is when she appeared for CSS and cleared it in the first attempt.

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Suhai's father and her mentor

Her father Aziz Talpur, a political activist and writer, always dreamt big for his daughter.

"My relatives cut off ties with me because I wanted Suhai to study as they were only in favour of religious education," Aziz told the daily. "But I vowed to provide my daughter quality education."

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The secret to success

She credited her success to hard work and her upbringing. "My parents are nationalists. As a child, they used to emphasise that I memorise Sindhi poetry. This developed my interest in literature and history, leading me to secure top marks in both the subjects in the CSS (Central Superior Services) exams."

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The saviour's education

Suhai started her primary education at a private school in Tando Muhammad Khan and joined Bahria Foundation for her intermediate studies.

Her educational path then led her to pursue B.Com from the Zubaida Girls College, Hyderabad in Sindh province.