CCI starts probe into alleged cartelisation in petrol pricesNEW DELHI: Fair trade regulator Competition Commission has started investigation into alleged cartelisation by oil marketing companies in fixing petrol prices.
The Director General, the investigation arm of the Competition Commission of India (CCI), is probing the issue.
Without divulging specific details a senior CCI official said: "The Director General is investigating the case".
This move follows the Petroleum Ministry clarifying that it was not responsible for petrol prices since it is deregulated.
Earlier, the Commission had written to the Petroleum Ministry to ascertain whether the pricing by companies is done in a particular manner under the guidance of the Ministry, since petrol prices are almost close to each other and they moved up or down at the same point in time.
"They (Petroleum Ministry) have given us a reply, which clearly indicates that they are in no way responsible. On petrol, which is deregulated, they said, whatever is done is being done on the basis of some pricing formula. It is not our concern, that is what the Petroleum Ministry has said," Commission Chairman Ashok Chawla had said in January.
The Commission refers cases to the Director General only when it is convinced that there is prima facie evidence of violating competition norms.
Li visits TCS, Mistry says China important for TatasNew Delhi: Chinese Premier Li Keqiang, who undertook a visit of TCS facility, was apprised of the USD 100 billion group's operations in his country by top officials that included Tata Group chairman Cyrus P Mistry. The Chinese entourage included Li, a battery of ministers and other senior officials, while the Tatas were represented by Mistry, TCS chief N Chandrasekaran and other senior Tata group officials.
The salt-to-software Tata Group was the only private enterprise on the itinerary of Li during his three-day official visit to the country, his first since taking office. “We are delighted with the visit of the Premier to our group and this facility."
"China is a very important geography for the future growth of the Tata Group and we continue to increase our investments and scale of operations in that country," Mistry said.
Li, who was taken on a tour of the TCS Software Delivery Centre at the Goregaon facility, was also presented with an overview of the Tata Group's operations in China with a special focus on Jaguar Land Rover's and TCS' growing investments and operations across that country.
The USD 11.6-billion TCS, which opened its first office in China way back in 2002, is present in six locations in China--Beijing, Shanghai, Shenzhen, Tianjin, Dalian and Hangzhou.
Li also spent some time interacting with TCS and Tata employees in China from the Shanghai Global Development Centre through live video conference. Li, who engaged closely with Tata Group officials in matters of mutual interest, also saw the exhibits of the latest Range Rover Evoque and Jaguar XF models.
It may be noted that JLR had formed a joint venture with China's Chery Automobile last November to assemble the marquee British models in China, which of late has become the largest market for the brand.
The total investment in the joint venture is RMB 10.9 billion, which includes a
manufacturing plant at Changshu. This will become JLR's first all-new manufacturing facility outside Britain as the auto giant considers China the focus of its global strategy.
In addition to providing great new products, over the past three years, Jaguar Land Rover has been investing in sales and after-sales infrastructure to develop an extensive dealer network in China with 163 authoriSed dealers. Noting that TCS is the first domestic software company to set up operations in China, Mistry said, “We have made substantial investments in many sectors across China. We believe that there can be tremendous cross learning between India and China in the field of technology.”
In 2005, TCS was invited by the Chinese government to form a joint venture supported by the National Development and Reforms Commission to create a large-scale global offshoring base in that country.
Today, TCS China has capabilities in providing services in nine ifferent languages including English, Mandarin, Cantonese, Japanese, Korean, Thai, Indonesian, Bahasa and Vietnamese.
TCS's core banking system is already being used by as many as 14 Chinese banks, including Bank of China, China Construction Bank and Macau Taifung Bank among others, in mainland China, Hong Kong, and also in Taiwan.
iGate sacks CEO Phaneesh Murthy after sexual harassment claimNew Delhi: iGATE Corporation, late on Monday (U.S. time), announced the sacking of its President and CEO Phaneesh Murthy for “violating” company policy by failing to report a “relationship” he had with a fellow employee.
A statement issued by the company’s board from its headquarters at Fremont, California, said the employee had also filed a complaint alleging “sexual harassment” by Mr. Murthy, who faced a similar charge a decade ago while at Infosys.
However, iGATE said an investigation by an external legal counsel “did not uncover(ed) any violation of iGATE’s harassment policy.”
The company said its “ongoing” investigation into the “facts and circumstances” of the relationship he had with Araceli Roiz, Head of Investor Relations at iGATE Corporation, revealed that Mr. Murthy “violated iGATE’s policy as well as Mr. Murthy’s contract”.
iGATE, which earned revenues of $1.2 billion in 2012, announced that Gerhard Watzinger would assume Mr. Murthy’s responsibilities as CEO “on an interim basis.”
Sunil Wadhwani, Co-founder and Co-chairman, iGATE, said the board recognised Mr. Murthy’s “significant contributions” to the company. “However, as a result of this violation of iGATE policy, we asked Mr. Murthy to step down,” Mr. Wadhwani said.