Charging that the property was acquired from the proceeds of the Satyam scam, the Enforcement Directorate (ED) on Friday took possession of 4,000 acres belonging to Satyam founder B Ramalinga Raju and his family members in Loyapalli village near Ibrahimpatnam of Ranga Reddy district.
The ED, which has attached 347 such properties so far, gave some time to the Rajus for handing over these properties to them and when that didn’t happen, it began taking physical possession of the land. The property in Loyapalli is one among the 347 properties that has been attached but is the single largest asset. The ED began the process of physical attachment of the property after its adjudicating authority in Delhi last week confirmed the provisional orders issued by the ED on these properties.
Taking physical possession includes installing a board that carries a warning on it saying that this is now a property of the government and that trespassers will be prosecuted etc. Among the remaining assets which have been attached by the ED but where the physical possession is still to happen are the spacious Jubilee Hills residence of Teja Raju, son of Ramalinga Raju.
Saturday, August 28, 2010
Tech Mahindra CEO Sanjay Kalra quits firm after six years
In an unexpected development, Tech Mahindra CEO Sanjay Kalra has resigned from the firm after spending around six years in its management.
Vineet Nayyar, who is the vice-chairman, will take over the operational responsibilities of CEO, the company said in a late announcement on Friday. Mr Nayyar himself was set to retire last year but was prevailed on to stay and given an extension of his term.
Mr Kalra is quitting at a critical time when Tech Mahindra, which took over scam-hit Satyam Computer Services and the two are set to be merged after Satyam’s accounts are re-stated. Tech Mahindra’s revenues are also under pressure with its largest client, British Telecom (BT), ramping down business and contracts from other telecom clients, also under pressure.
In the quarter ended June 2010, the company saw revenues grow only marginally and profits at the operating level fall 24% over the year ago quarter. Mr Karla and CP Gurnani, who is now heading Satyam Computer Services, were the two key people that helped Tech Mahindra win business to become the country’s sixth-largest software exporter.
Mr Karla headed the BT business while Mr Gurnani had the responsibility for growing non-BT revenues. Mr Kalra, Mr Nayyar and Mr Gurnani — all former HCL employees — were the trio that formed the key part of the executive management team at Tech Mahindra.
The team was brought in from HCL before Tech Mahindra’s IPO in August 2006. “Sanjay has been a key player in Tech Mahindra’s growth. The board would like to acknowledge his vision, leadership and dedication in enabling the company achieve a premier position in the telecommunication vertical,” Tech Mahindra chairman Anand Mahindra was quoted as saying in a statement.
“Sanjay’s contribution to Tech Mahindra’s success is invaluable. His focus on building and managing large relationships with key customers has helped stabilise and take TechM to greater heights,” said Vineet Nayyar, vice-chairman and MD, Tech Mahindra.
Earlier, there was talk of rivalry between Mr Kalra and Mr Gurnani, but insiders said was no longer the case after Tech Mahindra took over Satyam Computer. “The combined entity is large enough to have room for both,” an executive told ET, speaking on condition of anonymity. Mr Kalra was elevated to the position of CEO in June last year.
Vineet Nayyar, who is the vice-chairman, will take over the operational responsibilities of CEO, the company said in a late announcement on Friday. Mr Nayyar himself was set to retire last year but was prevailed on to stay and given an extension of his term.
Mr Kalra is quitting at a critical time when Tech Mahindra, which took over scam-hit Satyam Computer Services and the two are set to be merged after Satyam’s accounts are re-stated. Tech Mahindra’s revenues are also under pressure with its largest client, British Telecom (BT), ramping down business and contracts from other telecom clients, also under pressure.
In the quarter ended June 2010, the company saw revenues grow only marginally and profits at the operating level fall 24% over the year ago quarter. Mr Karla and CP Gurnani, who is now heading Satyam Computer Services, were the two key people that helped Tech Mahindra win business to become the country’s sixth-largest software exporter.
Mr Karla headed the BT business while Mr Gurnani had the responsibility for growing non-BT revenues. Mr Kalra, Mr Nayyar and Mr Gurnani — all former HCL employees — were the trio that formed the key part of the executive management team at Tech Mahindra.
The team was brought in from HCL before Tech Mahindra’s IPO in August 2006. “Sanjay has been a key player in Tech Mahindra’s growth. The board would like to acknowledge his vision, leadership and dedication in enabling the company achieve a premier position in the telecommunication vertical,” Tech Mahindra chairman Anand Mahindra was quoted as saying in a statement.
“Sanjay’s contribution to Tech Mahindra’s success is invaluable. His focus on building and managing large relationships with key customers has helped stabilise and take TechM to greater heights,” said Vineet Nayyar, vice-chairman and MD, Tech Mahindra.
Earlier, there was talk of rivalry between Mr Kalra and Mr Gurnani, but insiders said was no longer the case after Tech Mahindra took over Satyam Computer. “The combined entity is large enough to have room for both,” an executive told ET, speaking on condition of anonymity. Mr Kalra was elevated to the position of CEO in June last year.
Tuesday, February 23, 2010
Last-minute tax tips
Last February, Prem Kohli, 54, a government employee, realised that he was falling short of his Section 80C obligations by Rs 25,000. No wonder he was glad when an insurance agent offered him a unit-linked insurance policy (Ulip) with an annual premium of Rs 25,000. The agent said the policy would give him 12 per cent annually.
Later, he realised that the amount could have been used to pre-pay a part of his home loan and the benefit would have been the same. "I will be paying for this mistake for three more years. If I surrender the Ulip now, I will lose the entire money," said Kohli.
Tax planning is an annual exercise. Yet, the salaried do it in December-January when their companies seek investment details. If they do not provide the details, tax is deducted from their salary. The result: Many end up making investments they later regret.
It is best to start planning at the beginning of the year. But if you are late, here are some quick-fix tips. First, know your tax liability. Here are the basic tax slabs - for individuals, the basic exemption is Rs 1.6 lakh. There is 10 per cent tax on income from Rs 1.6 lakh to Rs 3 lakh. Between Rs 3 lakh and Rs 5 lakh, the tax rate is 20 per cent, while income above Rs 5 lakh attracts 30 per cent tax.
For senior citizens and women, the basic exemption is Rs 2.4 lakh and Rs 1.9 lakh, respectively. Other slabs are similar.
Existing investments, such as contribution to the Employees' Provident Fund, repayment of housing loan and premiums for life insurance and health insurance can be used for deductions under various sections. "For the Rs 1-lakh deduction under Section 80C, forced deductions such as contribution to the Employees' Provident Fund as well as insurance premiums qualify. As a result, most have to invest just Rs 40,000 - 50,000," said Malhar Majumder, a financial planner. Following are sections under which you can claim deductions.
Section 80C: This includes investments and expenses eligible for deduction from the total income. For most of these, the cumulative limit is Rs 1 lakh. There are many investment options -- equity-linked saving schemes, National Savings Certificate, Ulips and infrastructure bonds.
Section 80CCD: This allows an employee to deduct from the total income his contribution towards a pension scheme, subject to a cap of 10 per cent of the salary. An example is the New Pension Scheme or pension schemes for government employees run by the employer.
Section 80CCC: Under this, deduction is available for an investment in an annuity plan.
Section 80D: Premium for health insurance for spouse and children is eligible for a deduction up to Rs 15,000. Another Rs 15,000 can be deducted in case of mediclaim for parents. Health insurance bought for parents who are senior citizens is capped at Rs 20,000. "This is one area that remains unutilised as people don't buy medical insurance. The least one can do is to go for riders on existing insurance plans and claim deduction under this Section," said Majumder.
Source: Business Standard
Later, he realised that the amount could have been used to pre-pay a part of his home loan and the benefit would have been the same. "I will be paying for this mistake for three more years. If I surrender the Ulip now, I will lose the entire money," said Kohli.
Tax planning is an annual exercise. Yet, the salaried do it in December-January when their companies seek investment details. If they do not provide the details, tax is deducted from their salary. The result: Many end up making investments they later regret.
It is best to start planning at the beginning of the year. But if you are late, here are some quick-fix tips. First, know your tax liability. Here are the basic tax slabs - for individuals, the basic exemption is Rs 1.6 lakh. There is 10 per cent tax on income from Rs 1.6 lakh to Rs 3 lakh. Between Rs 3 lakh and Rs 5 lakh, the tax rate is 20 per cent, while income above Rs 5 lakh attracts 30 per cent tax.
For senior citizens and women, the basic exemption is Rs 2.4 lakh and Rs 1.9 lakh, respectively. Other slabs are similar.
Existing investments, such as contribution to the Employees' Provident Fund, repayment of housing loan and premiums for life insurance and health insurance can be used for deductions under various sections. "For the Rs 1-lakh deduction under Section 80C, forced deductions such as contribution to the Employees' Provident Fund as well as insurance premiums qualify. As a result, most have to invest just Rs 40,000 - 50,000," said Malhar Majumder, a financial planner. Following are sections under which you can claim deductions.
Section 80C: This includes investments and expenses eligible for deduction from the total income. For most of these, the cumulative limit is Rs 1 lakh. There are many investment options -- equity-linked saving schemes, National Savings Certificate, Ulips and infrastructure bonds.
Section 80CCD: This allows an employee to deduct from the total income his contribution towards a pension scheme, subject to a cap of 10 per cent of the salary. An example is the New Pension Scheme or pension schemes for government employees run by the employer.
Section 80CCC: Under this, deduction is available for an investment in an annuity plan.
Section 80D: Premium for health insurance for spouse and children is eligible for a deduction up to Rs 15,000. Another Rs 15,000 can be deducted in case of mediclaim for parents. Health insurance bought for parents who are senior citizens is capped at Rs 20,000. "This is one area that remains unutilised as people don't buy medical insurance. The least one can do is to go for riders on existing insurance plans and claim deduction under this Section," said Majumder.
Source: Business Standard
Monday, January 18, 2010
Boeing to invest $100 mn in Nagpur maintenance unit
US aircraft manufacturer Boeing Co will supply national airline, Air India, with its first 787 Dreamliner in 2011, and invest $100
million in building a unit to maintain it, its country chief said on Monday.
Boeing will supply the first Dreamliner 787 aircraft to Air India by the second quarter of 2011, said Boeing India President Dinesh Keskar, adding that more planes would be delivered to the national carrier at a later stage.
He added that the maintenance, repair and overhaul (MRO) facility in Nagpur should be up and running in two-and-a-half years. It will maintain the 787 and 777 aircraft, he added.
Boeing has completed initial airworthiness testing on the Dreamliner 787 and the aircraft has undergone 15 flights so far since the first flight in mid-December last year.
The first Dreamliner delivery is planned for the fourth quarter of this year, to All Nippon Airways Boeing officials said.
The Dreamliner twin-aisle, mid-sized plane, which can carry up to 330 people over very long distances, has initial orders of 840 aircraft from various airlines around the world.
Boeing has also received a request from the defence ministry for supplying six mid-air refuelling aircraft for its fighter jets, said Vivek Lall, India head of Boeing's Integrated Defense Systems.
Indian defence ministry officials said the refueller deal was valued at nearly $1.5 billion.
"We urgently need refuellers and we intend to speed up the acquisition process," a senior defence ministry official, who wished to remain unnamed, said.
The Indian Air Force initially selected the Airbus A-330 MRTT (multi-role tanker transport) aircraft, but the government said it wanted to float a wider tender before the six new aircraft were finally chosen.
million in building a unit to maintain it, its country chief said on Monday.
Boeing will supply the first Dreamliner 787 aircraft to Air India by the second quarter of 2011, said Boeing India President Dinesh Keskar, adding that more planes would be delivered to the national carrier at a later stage.
He added that the maintenance, repair and overhaul (MRO) facility in Nagpur should be up and running in two-and-a-half years. It will maintain the 787 and 777 aircraft, he added.
Boeing has completed initial airworthiness testing on the Dreamliner 787 and the aircraft has undergone 15 flights so far since the first flight in mid-December last year.
The first Dreamliner delivery is planned for the fourth quarter of this year, to All Nippon Airways Boeing officials said.
The Dreamliner twin-aisle, mid-sized plane, which can carry up to 330 people over very long distances, has initial orders of 840 aircraft from various airlines around the world.
Boeing has also received a request from the defence ministry for supplying six mid-air refuelling aircraft for its fighter jets, said Vivek Lall, India head of Boeing's Integrated Defense Systems.
Indian defence ministry officials said the refueller deal was valued at nearly $1.5 billion.
"We urgently need refuellers and we intend to speed up the acquisition process," a senior defence ministry official, who wished to remain unnamed, said.
The Indian Air Force initially selected the Airbus A-330 MRTT (multi-role tanker transport) aircraft, but the government said it wanted to float a wider tender before the six new aircraft were finally chosen.
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