Career
Cognizant probes graft charges as senior executive quits
US-based software major Cognizant Technology Solutions Corporation on Friday announced an internal investigation under the US Foreign Corrupt Practices Act into certain payments made to facilities in India.
 
The probe led the company to appoint its IT Services Chief Executive Rajeev Mehta on September 28 as its President, a day after incumbent Gordon Coburn resigned on September 27.
 
"The investigation is being conducted under the oversight of the audit committee and is focused on a small number of company-owned facilities," Cognizant said in a regulatory filing with the US Securities and Exchange Commission (SEC).
 
The company has notified the Justice Department and the SEC and is cooperating with both agencies.
 
"The internal investigation is in its early stages, and the company is not able to predict what, if any, action may be taken by the Justice Department, SEC or any governmental authority in connection with the investigation or the effect of the matter on the company's results, cash flows or financial position," it said in the filing.
 
Mehta, 49, who has been with the company since 1997, was Chief Executive of its IT Services since December 2013.
 
"For the past decade, Mehta has been responsible for leading our market-facing teams in delivering industry-leading growth. He has a deep understanding of new technologies and new delivery models and their potential to transform businesses," said Cognizant Chief Executive Officer Francisco D'Souza in a statement.
 
As Chief Executive of IT Services, Mehta was responsible for market-facing activities across the company. His prior roles include Group Chief Executive, Industries & Markets, where he led its industry vertical and geographic market operations on a global basis.
 
"I am honoured to assume this new role at an exciting time in Cognizant's history. Over the past year, we have designed and introduced a new operating model to support our strategic vision and growth," said Mehta in the statement.
 
Co-founded by Indian-origin Kumar Mahadeva and D'Souza two decades ago, the Nasdaq listed $12.4-billion IT major has its largest software development centres in Chennai, Bengaluru and Hyderabad.
 
In its previous avatar, the company was an IT arm of Dun & Bradstreet Satyam Software in Chennai and was spun off as Cognizant Corporation in 1996 after it bought 24 per cent equity stake of Satyam for $3.4 million. Its headquarters was shifted to the US in 1997.
 
With about 100 development and delivery centres worldwide and 244,300 employees, Cognizant is ranked among the top performing and fastest growing firms globally.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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India's April-August fiscal deficit at 76% of full-year target
India's fiscal deficit in the April-August period of the current fiscal touched Rs 4.08 lakh crore - or 76.4% of Budget estimates for fiscal 2016-17 - as against 66.5% of Budget in the same period of last year, government data showed on Friday.
 
As per the Controller General of Accounts, the deficit, or the gap between expenditure and revenue for the entire current fiscal, has been pegged at Rs 5.34 lakh crore, as compared to the deficit of Rs 5.35 lakh crore in the last fiscal as per revised estimates of 2015-16.
 
The exchequer's tax revenue during the period in question yielded Rs 2.80 lakh crore, or 26.6% of the estimates, while total receipts, from revenue and non-debt capital, during the fiscal's first five months, were 3.93 lakh crore, or 27.3 per cent of the estimates for the current year.
 
Total expenditure during the April-August period was Rs 8.01 lakh crore, or 40.5% of the entire fiscal's estimate.
 
Of the total expenditure, money spent on plan was over Rs 2.36 lakh crore, while non-plan expenditure came to more than Rs 5.64 lakh crore.
 
The revenue deficit during April-August was over Rs 3.25 lakh crore, or 91.8%, of the estimates.
 
Major revenues, including income tax and dividends from state companies, are mostly received towards a financial year's end.
 
The government has set the target of restricting the current fiscal's deficit at 3.5% of the GDP or to Rs 5.34 lakh crore.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Petrol price up by 28 paise/litre, diesel down by 6 paise
Amid the recent fluctuation in global oil prices, state-run Indian Oil Corp (IOC) moved in different ways on transport fuels, increasing the price of petrol by 28 paise a litre and decreasing diesel by 6 paise effective Saturday -- both at Delhi, with corresponding changes in other states.
 
"The current level of international product prices of petrol and diesel and INR-USD exchange rate warrant increase in selling price of petrol and decrease in selling prices of diesel, the impact of which is being passed on to the consumers with this price revision," IOC said in a release here.
 
Making its previous fortnightly revision in fuel prices on September 15, IOC had hiked prices of petrol by 58 paise a litre and decreased diesel by 31 paise, effective both at Delhi, with corresponding changes in other states.
 
Petrol per litre from Saturday will cost Rs 64.58 in Delhi, Rs 67.61 in Kolkata, Rs 71 in Mumbai and Rs 64.13 in Chennai.
 
Similarly, diesel per litre will cost Rs 52.51 in Delhi, Rs 54.83 in Kolkata, Rs 58.03 in Mumbai and Rs 53.98 in Chennai.
 
The Indian basket of crude oils closed trade on Wednesday at $43.48 a barrel, as per official data.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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