A team of CBI officials searched the office and residence of Yogendra Mittal, an IRS officer of the 2006 batch, in connection with allegations that search operations conducted by him in the Stock Guru scam were not genuine
NEW DELHI: The Central Bureau of Investigation (CBI) on Monday carried out searches at the office and residence of a deputy director at Income Tax (I-T) in connection with allegations that search operations conducted by him in the probe of the Rs500-crore Stock Guru scam were not genuine, reports PTI.
A team of CBI officials searched the residential premises of Yogendra Mittal, an IRS officer of the 2006 batch, at Kaushambi, Ghaziabad as well as his office on Monday, CBI sources said.
According to media reports, Mittal allegedly received Rs57 crore from promoters of StockGuruIndia to suppress the investigations.
The action came after registration of a case against the officer on the allegation that searches led by him in connection with the Stock Guru scam were not carried out with complete honesty and were aimed at extracting illegal gratification, they said.
The I-T department had carried out searches at various places during the probe of the scam which was also investigated by the Delhi Police, they said.
The Stock Guru scam involves Ulhas Prabhakar Khaire and his wife Raksha who were arrested last year by the Delhi Police from Maharashtra for allegedly duping around two lakh investors from seven states of nearly Rs493 crore by promising them high returns on their investment through their firm Stock Guru dealing in the share market.
After Delhi Police's Economic Offences Wing (EOW) exposed the scam, the I-T department and Enforcement Directorate (ED) also joined the probe.
The couple had had floated Stock Guru India in 2010 under false identity of Lokeshwar Dev and Priyanka Saraswat Dev.
They lured several people to invest in the firm promising them highly lucrative returns of 20% per month up to six months on the principal amount followed by a subsequent refund of the principal amount in the seventh month, through prudent and source based investments in the share market.
During the December quarter TCS' net profit rose 27% while total revenue increased 21% on productivity gains and expanded operating margins
Mumbai: Tata Consultancy Services (TCS), India’s largest software company, on Monday reported a 26.7%jump in its consolidated net profit to Rs3,550 crore for the quarter ended December 2012, reports PTI.
The Tata group company had posted net profit of Rs2,803 crore in the same quarter of the previous fiscal (2011-12).
During the third quarter its total revenues rose 21.7% to Rs16,070 crore from Rs13,204 crore in the year-ago period, TCS said in a statement.
“We have had an excellent quarter of well-rounded performance and have driven a higher quality of revenue and increased profitability through focus on productivity and innovation," TCS chief executive officer and managing director N Chandrasekaran said.
The company had good revenue growth, balanced across service lines, industries and geographies, he added.
“The overall performance has been in line with what we had outlined at the beginning of the year. Our superior execution in this seasonally weak quarter has delivered productivity gains and an expanded operating margins,” TCS CFO and executive director S Mahalingam said.
TCS operating margin expanded by 56 basis points to 27.3%.
The company saw addition of 17,145 (gross) and 9,561 (net) people, taking its total headcount to 2.63 lakh.
“We have hired almost 50,000 professionals in the first three quarters of this financial year to support business growth and we continue to forecast a healthy growth in the workforce numbers going forward," TCS Executive VP and Head (Global HR) Ajoy Mukherjee said.
According to the information provided by telecom companies, around 20 crore SIMs have been inactive for over a certain period and the total balance on that account is Rs128.9 crore
New Delhi: Telecom Regulatory Authority of India (TRAI) on Monday said it expects to finalise the recommendations for deactivating services of inactive mobile phone connections by March, reports PTI.
“In normal course, it (recommendations) should take one-and-a-half-month more from now,” TRAI secretary Rajeev Agrawal said.
Last month, TRAI had initiated a debate on the issue of operators arbitrarily disconnecting services of customers on grounds of “non-usage of numbers” or “inactive SIM connections”.
“Deactivation of a SIM without prior intimation and on arbitrary grounds deprives the subscriber of his mobile number which might have been an identity for him for a long time,” TRAI had said in its consultation paper titled “Deactivation of SIMs due to Non-usage”.
Consumers suffer from a potential loss of activity in both personal and professional set-ups causing an adverse impact on livelihood, it had added.
According to the information provided by telecom companies to the regulator, around 20 crore SIMs have been inactive for over a certain period of time and the total balance on that account is Rs128.9 crore.
Telecom operators in their meetings with TRAI have said that they have to deactivate SIMs to efficiently manage the number series (mobile phone numbers) allocated to them by the Department of Telecom (DoT).
The last date for submitting written comments on the issues raised in the consultation paper was 21 December 2012, while that for receiving counter comments was 28 December 2012.