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'New H1-B visa norms likely to isolate Indian IT'


CHENNAI: The National Association of Software and Services Company (Nasscom) has expressed its concern over the proposed amendment to the H1B

visa legislation and said the amendment is likely to isolate and unfairly target Indian IT companies, restricting the level-playing field.

A statement from Nasscom said on Tuesday that it is 'working closely with stakeholders and policy makers in the US Congress
' and the administration to ensure that the Indian IT industry is not disadvantaged in any manner due to this.

A team of six officials of Nasscom recently visited the US to prevail upon them over the visa
issue and also over the proposed 'Buy America' measure of the Obama administration.

The delegation met senator Charles Grassley, belonging to Iowa, who is spearheading the H-1 B legislation. Nasscom would be working with him to ensure that any fraudulent use of the H-1 B visas are apprehended and stopped and ensure legitimate business users are not affected.

The industry body said the only 11% of the total visas issued last year was to the Indian IT industry.

The delegation also met a large cross section of stakeholders from the US administration, elected representatives of the Congress, various associations, US headquartered companies and customer companies.

"Having met with various stakeholders and experts and discussed the protectionist measures with them, Nasscom does not see the "Buy America" clause or the discussion on removal of "tax breaks for US companies that create jobs offshore" provisions in their current forms having any impact on the Indian IT-BPO industry. We are confident that US will consider all factors as they have in the stimulus bill and other proposed initiatives for reviving the economy and employment," the statement said.

"The Indian IT-BPO industry has played a crucial role in helping US companies tap these benefits and remains committed to being a part of the solution to help tide over this crisis It is imperative that the US and all countries continue to be proponents of free trade. With more countries impacted with the slowdown, such protectionism would trigger similar protectionist measures. The world economy will find it difficult to reverse this trend quickly. Restricted trade affects businesses, incomes and employment in other countries thus resulting in lower spending and subsequently lower demand for US goods and services globally," it added.

Source from: http://timesofindia.indiatimes.com/Business/New-H1-B-visa-norms-to-isolate-India/articleshow/4251475.cms


Satyam's valuation may be hit

NEW DELHI: BK Modi's Spice Group has estimated that the liabilities from the dozen-odd class-action lawsuits against Satyam in the US could

range between $440-840 million, which could discourage aggressive bidding for the company, by lowering valuation. Spice, one of the early birds to have evinced interest in the scam-hit IT company, said this estimate has been given by its legal advisors.

"We have received a report from our legal advisors Gibson, Dunn & Crutcher LLP and they have said that the liabilities could range between $440-840 million. We have to factor this in," Modi told TOI. Spice Group plans to file expression of interest (EOI) for Satyam on March 12, the last day stipulated for registration for bidding.

A series of class action lawsuits on behalf of thousands of investors in the American Depositary Shares (ADS) of Satyam have been filed for violation of US securities laws after Satyam's disgraced founder B Ramalinga Raju confessed to having cooked up the company's financials for the last many years.

The lawsuits alleged that the misleading statements and inaccurate financial information
artificially inflated the value of the ADSs, thus duping American investors billions of dollars. A class action or a representative action is a form of lawsuit where a large group of people collectively bring a claim to court.

Huge liabilities arising out of lawsuits in US could mean lower bids by suitors, that include Larsen and Toubro, Hinduja group, Tech Mahindra and possibly IBM. This theory gains ground in the absence of a fair assessment of Satyam's valuation as the restatement of accounts would still take some more time and may not be available before bidding.

Modi, who has appointed Enam Securities as investment banker, refused to disclose the war chest earmarked for the bidding. "All I can say is that we will meet the stipulation of showing proof of availability of funds of at least Rs 1500 crore," he said.

Satyam would provide the shortlisted bidders with certain business, financial
and legal diligence materials with a non-disclosure agreement. However, Modi emphasised on the need for transparency in the entire process and said all such details should be put on the internet and company's website so that all stakeholders, including the company's ordinary shareholders, could access them.

"We want all the documents to be made public as there is no reason to hide them. This should include details regarding company's clients and loss of clients or staff, if any," he said. Also, he said that a process of e-auction should be followed for the bidding.

Source from: http://timesofindia.indiatimes.com/Business/Satyams-valuation-may-be-hit/articleshow/4251481.cms


Four held in ragging incident, Himachal govt orders inquiry

Four medical students accused of ragging a junior leading to his death were arrested and charged with culpable homicide as the Himachal Pradesh government on Tuesday ordered a magisterial probe into the shocking incident.

The four were remanded to police custody for varying periods by a local court in connection with the death of 19-year-old Aman Kachroo, a student of Dr Rajendra Prasad Government Medical College, Tanda.

Aman, an alumnus of DPS International, Delhi and a resident of Gurgaon, had died on Sunday night in a hospital in Tanda due to severe injuries. His family alleged that he was slapped, punched and kicked many times on the head and chest by his seniors who also shaved off his head.

Taking serious note of the incident, the state government ordered a magisterial probe into the incident and promised stern action against the guilty.

College principal Suresh Sankhayan was also replaced by Anil Chauhan, Head of Department of Opthalmology.

Chief Minister Prem Kumar Dhumal sought a detailed report on the incident from college authorities which suspended a hostel warden, manager and two guards.

While two second year students Ajay Kumar Verma and Naveen Verma, who were arrested on Monday, were remanded to police custody till March 13 by District and Sessions judge PS Rana, Abhinav Verma and Mukul Sharma surrendered today and were sent to police custody till March 16.

Sourcefrom: http://www.ndtv.com/convergence/ndtv/story.aspx?id=NEWEN20090086971&ch=311200964100AM



IIM-C sees average salary fall in 2009 placement

The all-pervasive global meltdown has not spared even headline-making placements of IIM grads, known for hefty-package offerings, as average salary in the 2009 placement season at IIM-C witnessed a fall of 23 per cent over the last year.

Director of IIM-C Shekhar Chaudhuri told reporters on Tuesday that the domestic average this year was Rs 12.7 lakh, with the highest offer at Rs 60 lakh per annum, while the average international package exclusive of bonus was $86,785 per annum.

Several public sector units and public sector banks had recruited from IIM-C this year, he said.

Public sector companies included IOC, NTPC, Coal India, and the nationalised banks were Bank of Baroda and Union Bank of India.

He said all the 265 students had got placement offers from various companies.

The foreign companies which recruited from IIM-C were Frost & Sullivan, BCG, A T Kearney, McKinsey, Barclays, Merrill Lynch and others.

Source from: http://www.ndtv.com/convergence/ndtv/story.aspx?id=NEWEN20090086969&ch=3112009121000AM