Probe Agency Order In Tech Mahindra Money Laundering Case, Set Aside

Probe Agency Order In Tech Mahindra Money Laundering Case, Set Aside

The agency provisionally attached the amount alleging that it was ill-gotten proceeds of Satyam Computers

Hyderabad: 

The Hyderabad High Court today set aside an Enforcement Directorate order provisionally attaching Rs. 822 crore worth of fixed deposits belonging to Satyam Computer Services Ltd, which was acquired by Tech Mahindra.

In 2012, the Enforcement Directorate (ED) had issued provisional attachment orders freezing fixed deposits of Satyam (now merged into Tech Mahindra) in connection with its probe in the money laundering case.

The agency provisionally attached the amount alleging that it was ill-gotten proceeds of Satyam Computers.

A bench of Justices V Ramasubramanian and J Uma Devi today set aside the ED’s orders.

Vivek Reddy, counsel for Tech Mahindra, told PTI they argued that there was no money when the Tech Mahindra took over the fraud-hit Satyam Computer Services Ltd (SCCL) in 2009 and on the other hand, the Mahindra group company had to infuse money to revive the B Ramalinga Raju-founded company.

“Our argument was that there was no proceeds of money when Tech Mahindra (TechM) took over the company (SCSL). There was no money in the company then and they (TechM) had to infuse money into the company.

“So where is the question of any ill-gotten money when the company had negative balance?” he said.

P V P Suresh Kumar, representing the ED, said the agency might approach the Supreme Court challenging the high court’s order.

“One of the strongest grounds (for an appeal in the top court) was that the CBI special court had earlier convicted Ramalinga Raju and brothers.”

“In view of that conviction, it clearly shows that there was a contravention of the Money Laundering Act and IPC provisions. In such a situation, the attachment order passed by the Enforcement Directorate was valid and correct, according to the contravention,” Mr Kumar said.

“The ED will approach the Supreme Court after going through the order copy,” he said.

Earlier, a single bench judge had stayed all further proceedings pursuant to the ED’s attachment order.

Challenging the single judge order, the probe agency had filed a writ appeal before a division bench.

The bench had in 2014 issued orders dismissing the ED’s appeal, saying the act of the agency was contrary to rules.

Tech Mahindra argued that it was a victim of fraud and no proceedings could go under the provisions of the PMLA against “victims of fraud”.

The ED had attached the accounts of SCCL as its probe claimed to have found that B Ramalinga Raju and his associates “wrongfully” offloaded inflated shares of the company by way of sale or pledging of shares.

[“source-ndtv”]

Free college is now a reality in nearly 20 states

Students who graduate from this tiny tuition-free college make more than Harvard grads

Students who graduate from this tiny tuition-free college make more than Harvard grads   8:30 AM ET Sat, 14 July 2018 | 03:38

“There was no way I could have gone to a university after high school,” said Emily Buckner, 20.

“My parents were laid off during the recession and it set us back a lot,” she said. “When I finished high school, there was nothing.”

Instead, Buckner took advantage of the Tennessee Promise — an offer of two years tuition-free at a community or technical college in the state.

In May, she completed her associate degree and is now enrolled as a junior at Tennessee Technological University, or Tennessee Tech, studying human resources.

Emily Buckner at her Volunteer State Community College graduation

Source: Emily Buckner
Emily Buckner at her Volunteer State Community College graduation

In addition to the state funding, Buckner has relied solely on academic scholarships to pay for school as well as a job at Waffle House, which covers additional expenses such as books and food. She has no student loan debt.

“I know a lot of people go to college and a lot of people don’t,” she said, “I just felt like it was for me.”

She credits the Tennessee Promise for opening the door.

Of the students who started in the program’s first year in 2015, more than 50 percent have been successful, according to Mike Krause, the executive director of the Tennessee Higher Education Commission and founding director of Tennessee Promise.

More than 20 percent have graduated, another 20 percent are still enrolled and 10 percent successfully transferred to a four-year institution.

Now in its fourth year, the number of applicants is still rising, according to Krause.

“There are students that may have counted themselves out and when they hear that you can go for free that provides a sense of momentum,” Krause said. (Students can use the scholarship at any of the state’s 13 community colleges or other eligible associate degree programs or vocational schools.)

Other states, including Arkansas, Indiana, Minnesota, Montana, Oregon and Rhode Island, have also rolled out statewide free community-college programs and more are expected to follow.

[“source=cnbc”]

Bosch Home Appliances to invest 100 mn Euro to expand in India

Bosch Home Appliances to invest 100 mn Euro to expand in India

Bosch Home Appliances will invest 100 million Euros over the next 3-4 years towards personalizing solutions, brand building, strengthening its technology centre, and setting up a robust refrigerator factory to bring its best-in-class German technology in India and magnifying India’s role globally, the company said in a statement.

In the coming years, Bosch will take its offerings from conventional to digital and transform businesses beyond mobility, by focusing on connectivity and new digital business models for customer value, as well as extending new employment opportunities in the space.

According to the company, India’s household appliances market is expected to grow at 14.5 percent annually (CAGR 2018-2022), resulting in a market volume of USD 2,028 million by 2022. Bosch India expects its business in this sector to grow significantly over the coming years. In line with this insight, Bosch has steadily expanded its product portfolio, with a major focus on localized offerings and India-first innovations built with the highest quality of German engineering, the company said.

BSH Household Appliances which started operations in the country in 2010, has launched new categories like fully automatic top loader washing machines, small appliances, and freestanding microwave ovens here this year. The company has also launched its luxury range Gaggenau in India this year which includes an entire range of built-in home appliances like refrigerators, dishwashers, cooking appliances.

“We want to remain the consumers’ first choice. Innovation and technology are the key pillars at BSH Household Appliances and we are constantly working towards simplifying the day-to-day lives of consumers by reinventing and regionalizing solutions and accessories including branded detergents for washing machines and dishwashers,” said Gunjan Srivastava, Managing Director, and CEO, BSH Household Appliances.

BSH sells its products through 55 exclusive Bosch outlets, 25 Siemens outlets, large format stores like Croma and Vijay sales along with hundreds of direct dealers. The company is still in the process of building its distribution channel and expanding its retail presence. BSH currently manufactures front-loading washing machines in its 42-acre facility around Chennai in Tamil Nadu. The company will soon start manufacturing other appliances in this facility as well.

[“source=forbes]

CAT 2018 Exam Concludes, Results In January; Read Slot 2 Analysis Here

CAT 2018 Exam Concludes, Results In January; Read Slot 2 Analysis Here

CAT 2018 analysis: Slot 2 over, results expected in January

New Delhi: The CAT 2018 slot 2 exams were started at 2.30 PM and by 5.30 PM today. With this, the CAT 2018 or Common Admission Test 2018 for the admission of various Indian Institutes of Management (IIMs) across the country is over now. While commenting on the difficulty level of the CAT 2018 slot 2, an expert said the both the slot 1 and slot 2 were similar in nature while VARC and DLIR sections were bit tougher in the afternoon session. A candidate who attended the exam said, in the CAT 2018 slot 2, the DLIR questions were tougher than other two sections.

IIM Calcutta, the official organisor or IIM CAT 2018, conducted this prestigious management entrance exam for more than 2 lakh students in various centres across the country in two slots or shifts. The first shift was concluded on 12.15 pm in the afternoon today.

[“source=cnbc”]