19 July 2013

Rajat Gupta fined $14m, barred from boards

A US court on Wednesday slapped a penalty of $13.9 million on former Goldman Sachs director Rajat Gupta for insider trading, and permanently barred him from holding a board position.

One-time global head of McKinsey, Gupta was convicted in 2012 of illegally tipping hedge fund owner Raj Rajaratnam and sentenced to two years in jail, with a penalty of $15 million.

India's TCS shares at record high on upbeat earnings

Shares in Tata Consultancy Services, India's biggest IT outsourcing firm, rose to a record high on Friday after reporting better-than-expected quarterly earnings.

TCS jumped as much as 3.84 % to Rs. 1,724.0 on the Bombay Stock Exchange after announcing on Thursday that net profit had risen 16.8 % to 38.31 billion rupees ($641 million) in the April-June quarter.

London B-school don Nirmalya is Tata group’s new lynchpin

In the latest in a series of high-profile appointments following Cyrus Mistry’s taking over as chairman of the Tata group, Nirmalya Kumar, professor of marketing at the London Business School, will join the holding company Tata Sons as a member of the group executive council (GEC).

P Sathasivam sworn in as Chief Justice of India

Justice P Sathasivam was on Friday sworn in as the 40th Chief Justice of India (CJI) by President Pranab Mukherjee.He took over the post from Justice Altamas Kabir, who served as the CJI for over nine months.

Justice Sathasivam, 64, took oath in the name of God at a brief ceremony at Darbar Hall of Rashtrapati Bhavan.

MU-7: strong engine, weak features

It is renowned for making some of the best diesel engines in Asia, and at last Isuzu is in India with its own sports utility vehicle (SUV) quirkly named MU-7. The late entry belies the company’s long association with the country having supplied engines for the Amabassador and erstwhile Contessa. It has also supplied diesel engines in the past to many other bigger automotive companies including Honda, Ford, Mazda and General Motors. A thoroughbred Isuzu SUV is therefore worth a look.

Deccan Chronicle director gets bail

MS Reddy, independent director of debt-ridden Deccan Chronicle Holdings Limited (DCHL), on Thursday got bail in a cheque-bounce case by furnishing a security bond of Rs. 20 lakh.
Judicial magistrate Ashok Kumar issued the bail order here. Reddy, director and one of the promoters of Deccan Chronicle, was arrested by the UT police and produced before the court on Thursday in the case registered on the complaint of Religare Finvest. On May 18, the court had issued non-bailable warrants against all directors of DCHL

John Buchanan quits as New Zealand's director of cricket

New Zealand Cricket (NZC) announced on Friday that former Australian coach John Buchanan was leaving his post as director of cricket effective immediately, after just over two years in the job. "(He) is disappointed to be leaving NZC at this time, as he has enjoyed his work there," the organisation said in a brief statement. "However, due to family circumstances, he has decided to return to Australia."
Buchanan had reportedly been sidelined at NZC since late last year, when he supported Ross Taylor after coach Mike Hesson sacked the batsman as skipper in favour of Brendon McCullum.

Satyajit Ray’s classics to be screened at Venice film festival

As the 70th edition of the world’s oldest film festival at Venice races towards its opening on August 28, the first of the selections are being unveiled.

The much sought-after Venezia Classics will include the Indian master, Satyajit Ray’s Mahapurush (The Holy Man) and Kapurush (The Coward). Both movies will be screened in their digitally restored versions.

Indian-American nominated for key post in Obama Administration

US state department’s heavy hitter for India will be an Indian origin bureaucrat, Nisha Desai Biswal, a first for both the community and the administration. President Barack Obama on Thursday sent a proposal to the senate to appoint Biswal assistant secretary of state for South Asia, top US diplomat for India.

If confirmed Biswal will replace Robert Blake, an impossibly gangly career diplomat who liked to joke at India-US events his speeches were almost always the same as Indian ambassador’s

ICC defends India stand on DRS

The BCCI does “have its own reasons” for opposing the controversial Decision Review System (DRS), according to International Cricket Council’s chief executive Dave Richardson who admitted that the DRS technology was not foolproof. The DRS has come under scanner in the wake of the controversial first Ashes Test which witnessed a number of umpiring howlers.

“India have got good reasons (for opposing) and some issues are debatable. Obviously we can improve and discuss on things like three reviews,” Richardson said.

Ashes Test: Bell tolls for Australia

England, after winning the toss, were 289 for seven against Australia at the close of the first day of the second Ashes Test at Lord’s on Thursday. Tim Bresnan was seven not out and James Anderson four not out after Ian Bell made 109. Bell became only the fourth Englishman to score centuries in three consecutive Ashes matches when he made a century in the second Test against Australia at Lord’s on Thursday.