US lawsuit against iGate
NEW DELHI, 18 JUNE: Outsourcing firm iGate has been slapped with class action lawsuit in the USA for alleged violations of federal securities laws in view of its sacked CEO Phaneesh Murthy’s “improper relationship” with a subordinate employee. The suit has been filed on behalf of persons or entities who purchased or acquired securities of iGate between 14 March 2012 and 21 May 2013. The New York-Based law firm, Pomerantz Grossman Hufford Dahlstrom & Gross LLP, filed the class action lawsuit against US-based iGate Corporation and some of its officers in the US District Court of Northern District of California on 14 June. pti
Haldia Petro MD
KOLKATA, 18 JUNE: Haldia Petrochemicals managing director Mr Sumantra Chowdhury’s term is expiring tomorrow. However, since West Bengal government is in the process of divesting its stake held through West Bengal Industrial Development Corporation, Mr Chowdhury may get an extension as it would be difficult to find a replacement in the short time, sources said. sns
Banking licence
KOLKATA, 18 JUNE: Infrastructure financing company IDFC today said its board has cleared a proposal to apply for banking licence from the RBI. "The board of directors of the company, at its meeting held today, has approved a resolution for making an application to the Reserve Bank of India for obtaining a banking licence, based on the guidelines for licensing of new banks in the private sector dated 22 February 2013 and the associated clarifications issued by the RBI on 3 June 2013," the company said in a filing to the Bombay Stock Exchange. sns
Nasscom concern
CHENNAI, 18 JUNE: Software services industry body Nasscom today raised concerns over proposed discriminatory restrictions in the draft US Immigration Bill. “Surely, we have got huge concerns on the restrictions that are being proposed in the Senate Bill. There is discrimination because it is based on visa dependent companies versus non-visa dependent companies,” Nasscom president Som Mittal told reporters here. He said: “It puts restrictions on our ability to service our customers and prevents our ability to have a level-playing competition in the USA." pti
Restricted trade
MUMBAI, 18 JUNE: Leading stock exchanges the National Stock Exchange and the Bombay Stock Exchange have decided to transfer stocks of several companies to the restricted trading segment with effect from 21 June, in a move to safeguard investor interests. pti