Before discussing India's information technology companies, I have to tell you a bad joke about Beethoven. It seems some people heard music emanating from the musician's grave after his body was buried, and it turned out to be the reverse of one of his symphonies. On closer examination, they found that Beethoven was, well, decomposing.

Ouch! Apart from apologising for a bad pun, I must say I was reminded of this joke for two reasons. Beethoven happens to be the writer of the Moonlight Sonata, and, as India's software companies furiously discuss <a href="https://www.wionews.com/videos/gravitas-the-gmoonlighting-debate-is-it-legal-to-work-2-jobs-in-india-511895">moonlighting</a> by their employees, I am just wondering if the industry, in its own way, is decomposing!

I have seen cycles come and go in India's codesmith industry, and admired its amazing capacity to adopt and adapt, and, in the process, turn adept. I am sure this will be the case again. But there is writing on the wall for geeks who want to eat the cake and have it too: Two can play this game.

Bangalore-based major software giant <a href="https://www.wionews.com/world/wipro-sacks-300-employees-for-moonlighting-518364">Wipro</a> has walked its talk by firing 300 employees on the ground that they were working part-time for competitors, and companies including industry leader Tata Consultancy Services and <a href="https://www.wionews.com/india-news/after-wipro-infosys-warns-employees-of-consequences-if-found-to-be-moonlighting-515717">Infosys</a> have made similar noises against moonlighting. It is only fair that employees do not work for competitors of their employers, but there is more to it than meets the eye, for which you need to understand both the evolution and the landscape of the industry.

I still remember my first visit to the Infosys campus circa 1995, when it had only 500 employees, and a company spokeswoman proudly showed me a bus that transported workers from central Bangalore to the suburban Electronic City. That was an innocent era in which employees were happy to get a well-paying job, job security, a company-backed home loan, a generous canteen, and free transport.&nbsp;

From there on to big bonuses, onsite work in the US that offered a route to the American Dream Green Card, get-rich-quick stock options, startup ambitions, and unusual perks (NIIT once offered a dating allowance, okay?), things have come a long way. The urge to eat the cake and have it too does not stop.

Employers are not babes in the wood either. From luring employees to putting in long hours by dangling onsite postings or inflating job titles, they keep doing their part. You could say it is par for the course, but technology and circumstances keep changing the landscape.

I remember visiting software facilities in which data protection was so strict that employees were not allowed to carry floppy diskettes or pen drives in or out. They were suitably frisked to ensure safety. Moving from there to the iPad-driven Bring Your Own Device (BYOD) culture for employees and then on to the Covid pandemic-driven Work From Home (WFH) era, software companies have cut costs and improved flexibility at the same time. But the flip side of the coin is the Moonlighting Syndrome. Now that the pandemic seems well on its way out, employers are discovering the downside of the WFH culture and doing something about it.

The Wipro move is certainly a wake-up call for employees because they cannot easily enjoy job security, WFH, and five-day weeks and then get some extra bucks from moonlighting. But equally so, it means that for the industry as a whole, employers have to compete for talent in a way that optimises their profits. Smart people can work faster and better, and incentivising them means giving them competitive salaries that are better linked to output than time. The IT industry has historically worked on the T&amp;M (time and materials) principle, which critics say was only sophisticated body-shopping. With bandwidth and devices now coming easy, creativity and loyalty also need to be properly priced by human resource professionals. Loyalty is difficult to calculate for employers. The war for talent is real, while high expectations among employees have become the new normal.&nbsp;

Just like Generation Z and Millennial relationships, the IT industry has moved from long-term marriages to "something casual" and on the way, it has become, in Facebookspeak, a case of the status becoming "complicated". &nbsp;

This is because IT companies have their own "employment models" that go with business models. Take for instance Tech Mahindra, which ranks below the bigger giants like Wipro.&nbsp;

Its CEO CP Gurnani does not mind employees moonlighting if they meet other criteria like productivity and is thinking of making it a policy! This is because a moonlight-inclusive policy may lower costs for a smaller company to compete with the giants.

Such a move is a potential time bomb for employees because, over time, every company may evolve its own strategy in which only the smartest employees can get away with flexible hours or higher salaries. What stops Wipro or Infosys from partnering with boutique companies and turning the tables on employees? I won't rule it out. Wipro's move is certainly a warning but it also means HR challenges in which IT companies can no longer treat employees like cyber coolies. They must explicitly recognise the men/women and separate them from the boys/girls. This involves management costs.

Also, something must be said about teamwork. WFH reduces the scope for easy teamwork and focus that can enhance both the quality and quantity of output. The best companies encourage collaboration.

The giant-run boutique model is quite common in marketing, communications, and advertising. The London-listed WPP Plc is essentially a holding company that runs a global network of dozens of agencies. I don't rule out an IT major evolving into that model.

I can even imagine a dystopian scenario in which smarter employees turn into high-value gig workers or smart boutique owners while some companies turn into boutique aggregators to manage costs and boost creativity. That will leave your regular software army of low-end coding clerks in the lurch with less pay and less job security. I call it the double disruption scenario.

The fact is that, from IBM's mainframe computers that occupied whole buildings to smartphones with that kind of a capacity resting on your palm, the evolution in technology has thrown new challenges all the time. Neither employees nor employers can take anything for granted. Like in relationships, break-ups may become common.&nbsp;

But then, everybody is looking for love while dominating in a relationship or doing some plain old cheating. Someone somewhere has to face the music -- with apologies to Beethoven.

(Disclaimer: The views of the writer do not represent the views of WION or ZMCL. Nor does WION or ZMCL endorse the views of the writer.)

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Before discussing India's information technology companies, I have to tell you a bad joke about Beethoven. It seems some people heard music emanating from the musician's grave after his body was buried, and it turned out to be the reverse of one of his symphonies.

Before discussing India's information technology companies, I have to tell you a bad joke about Beethoven. It seems some people heard music emanating from the musician's grave after his body was buried, and it turned out to be the reverse of one of his symphonies. On closer examination, they found that Beethoven was, well, decomposing. Ouch! Apart from apologising for a bad pun, I must say I was reminded of this joke for two reasons. Beethoven happens to be the writer of the Moonlight Sonata, and, as India's software companies furiously discuss moonlighting by their employees, I am just wondering if the industry, in its own way, is decomposing! I have seen cycles come and go in India's codesmith industry, and admired its amazing capacity to adopt and adapt, and, in the process, turn adept. I am sure this will be the case again. But there is writing on the wall for geeks who want to eat the cake and have it too: Two can play this game. Bangalore-based major software giant Wipro has walked its talk by firing 300 employees on the ground that they were working part-time for competitors, and companies including industry leader Tata Consultancy Services and Infosys have made similar noises against moonlighting. It is only fair that employees do not work for competitors of their employers, but there is more to it than meets the eye, for which you need to understand both the evolution and the landscape of the industry. I still remember my first visit to the Infosys campus circa 1995, when it had only 500 employees, and a company spokeswoman proudly showed me a bus that transported workers from central Bangalore to the suburban Electronic City. That was an innocent era in which employees were happy to get a well-paying job, job security, a company-backed home loan, a generous canteen, and free transport. From there on to big bonuses, onsite work in the US that offered a route to the American Dream Green Card, get-rich-quick stock options, startup ambitions, and unusual perks (NIIT once offered a dating allowance, okay?), things have come a long way. The urge to eat the cake and have it too does not stop. Employers are not babes in the wood either. From luring employees to putting in long hours by dangling onsite postings or inflating job titles, they keep doing their part. You could say it is par for the course, but technology and circumstances keep changing the landscape. I remember visiting software facilities in which data protection was so strict that employees were not allowed to carry floppy diskettes or pen drives in or out. They were suitably frisked to ensure safety. Moving from there to the iPad-driven Bring Your Own Device (BYOD) culture for employees and then on to the Covid pandemic-driven Work From Home (WFH) era, software companies have cut costs and improved flexibility at the same time. But the flip side of the coin is the Moonlighting Syndrome. Now that the pandemic seems well on its way out, employers are discovering the downside of the WFH culture and doing something about it. The Wipro move is certainly a wake-up call for employees because they cannot easily enjoy job security, WFH, and five-day weeks and then get some extra bucks from moonlighting. But equally so, it means that for the industry as a whole, employers have to compete for talent in a way that optimises their profits. Smart people can work faster and better, and incentivising them means giving them competitive salaries that are better linked to output than time. The IT industry has historically worked on the T&M (time and materials) principle, which critics say was only sophisticated body-shopping. With bandwidth and devices now coming easy, creativity and loyalty also need to be properly priced by human resource professionals. Loyalty is difficult to calculate for employers. The war for talent is real, while high expectations among employees have become the new normal. Just like Generation Z and Millennial relationships, the IT industry has moved from long-term marriages to "something casual" and on the way, it has become, in Facebookspeak, a case of the status becoming "complicated". This is because IT companies have their own "employment models" that go with business models. Take for instance Tech Mahindra, which ranks below the bigger giants like Wipro. Its CEO CP Gurnani does not mind employees moonlighting if they meet other criteria like productivity and is thinking of making it a policy! This is because a moonlight-inclusive policy may lower costs for a smaller company to compete with the giants. Such a move is a potential time bomb for employees because, over time, every company may evolve its own strategy in which only the smartest employees can get away with flexible hours or higher salaries. What stops Wipro or Infosys from partnering with boutique companies and turning the tables on employees? I won't rule it out. Wipro's move is certainly a warning but it also means HR challenges in which IT companies can no longer treat employees like cyber coolies. They must explicitly recognise the men/women and separate them from the boys/girls. This involves management costs. Also, something must be said about teamwork. WFH reduces the scope for easy teamwork and focus that can enhance both the quality and quantity of output. The best companies encourage collaboration. The giant-run boutique model is quite common in marketing, communications, and advertising. The London-listed WPP Plc is essentially a holding company that runs a global network of dozens of agencies. I don't rule out an IT major evolving into that model. I can even imagine a dystopian scenario in which smarter employees turn into high-value gig workers or smart boutique owners while some companies turn into boutique aggregators to manage costs and boost creativity. That will leave your regular software army of low-end coding clerks in the lurch with less pay and less job security. I call it the double disruption scenario. The fact is that, from IBM's mainframe computers that occupied whole buildings to smartphones with that kind of a capacity resting on your palm, the evolution in technology has thrown new challenges all the time. Neither employees nor employers can take anything for granted. Like in relationships, break-ups may become common. But then, everybody is looking for love while dominating in a relationship or doing some plain old cheating. Someone somewhere has to face the music -- with apologies to Beethoven. (Disclaimer: The views of the writer do not represent the views of WION or ZMCL. Nor does WION or ZMCL endorse the views of the writer.) WATCH WION LIVE HERE × You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Moonlight Sonata in IT major: Why part-time work may cause a double disruption in India

US recession fears are playing on the minds of all sectors of the world economy, India's shining IT sector is no exception. though it has handled Covid pandemic well, the industry still has multiple challenges ahead.

US recession fears don't look grave: Tech Mahindra

At the World Economic Forum Annual Summit 2022, India was represented by large number of Indian companies. WION's Business Editor Sumit Chaturvedi exclusively spoke to CP Gurnani, MD and CEO, Tech Mahindra Ltd. on the sidelines of the Davos meet.

India growth story becoming more prominent, powerful: CP Gurnani, MD and CEO, Tech Mahindra

Snapping its four-day losing streak, equity benchmark Sensex rallied over 1,627 points on Friday in line with global markets as governments across the world took drastic measures to combat the economic blowback of Covid-19.

Domestic sentiment turned positive on hopes of a stimulus package after Prime Minister Narendra Modi announced a financial task force to support sectors battered by the pandemic, experts said.

After starting on a volatile note and swinging over 2,485 points, the BSE barometer ended 1,627.73 points or 5.75 per cent higher at 29,915.96. It hit a high of 30,418.20 and a low of 27,932.67.

Similarly, the NSE Nifty zoomed 482 points, or 5.83 per cent, to close at 8,745.45. During the week, Sensex plummeted 4,187.52 points or 12.27 per cent, while Nifty sank 1,209.75 points or 12.15 per cent.

ONGC was the top gainer in the Sensex pack on Friday, rallying 18.58 per cent, followed by UltraTech Cement (13.01 per cent), HUL (11.75 per cent), RIL (11.24 per cent), TCS (9.90 per cent), Tata Steel (9.60 per cent) and Asian Paints (8.91 per cent). 
&nbsp; 
Only HDFC Bank and IndusInd Bank settled in the red, shedding up to 1.39 per cent. 
&nbsp; 
Modi on Thursday announced setting up of a task force under Finance Minister Nirmala Sitharaman which will take necessary actions "shortly" after analysing the coronavirus pandemic situation. 
&nbsp; 
Experts were of the view that the Covid-19 task force may come out with concrete proposals very soon. 
&nbsp; 
The huge oil bounty from the crude crash can be used for this, said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, adding that PM's appeal is a curtain-raiser for the concrete actions to follow soon. 
&nbsp; 
Covid-19 cases in India rose to 195 on Friday after 22 fresh cases were reported from various parts of the country, according to the Health Ministry. 
&nbsp; 
"Tracking positive sentiments in the global markets, Indian indices closed up by around 6 per cent. It was in sync with Asian and European markets and was more of a relief rally driven by technicals rather than any fundamental change in outlook. 
&nbsp; 
"Hopes of further stimulus from Central banks across the world to contain the economic damage boosted global markets. The broader market indices were also up by around 4 per cent." said Vinod Nair, Head of Research at Geojit Financial Services. 
&nbsp; 
All sectoral indices ended with gains, with BSE energy, oil and gas, IT, FMCG, teck, metals and utilities rallying up to 9.96 per cent. 
&nbsp; 
Broader BSE midcap and smallcap indices surged up to 4.18 per cent. World over, market sentiments improved as governments stepped up measures to cushion the financial blow of the pandemic. 
&nbsp; 
Bourses in Shanghai, Hong Kong, Seoul closed up to 7 per cent higher.&nbsp;Stock exchanges in Europe too rallied up to 5 per cent.&nbsp;Meanwhile, the rupee appreciated 6 paise to 74.72 against US dollar intra-day. 
&nbsp; 
Global oil benchmark, Brent crude futures rose over 8.18 per cent to USD?30.80?per barrel.&nbsp;Globally, the death toll from the virus has risen to almost 10,000 with more than 2,32,000 cases in 158 countries and territories.

Snapping its four-day losing streak, equity benchmark Sensex rallied over 1,627 points on Friday in line with global markets as governments across the world took drastic measures to combat the economic blowback of Covid-19.

Snapping its four-day losing streak, equity benchmark Sensex rallied over 1,627 points on Friday in line with global markets as governments across the world took drastic measures to combat the economic blowback of Covid-19. Domestic sentiment turned positive on hopes of a stimulus package after Prime Minister Narendra Modi announced a financial task force to support sectors battered by the pandemic, experts said. After starting on a volatile note and swinging over 2,485 points, the BSE barometer ended 1,627.73 points or 5.75 per cent higher at 29,915.96. It hit a high of 30,418.20 and a low of 27,932.67. Similarly, the NSE Nifty zoomed 482 points, or 5.83 per cent, to close at 8,745.45. During the week, Sensex plummeted 4,187.52 points or 12.27 per cent, while Nifty sank 1,209.75 points or 12.15 per cent. ONGC was the top gainer in the Sensex pack on Friday, rallying 18.58 per cent, followed by UltraTech Cement (13.01 per cent), HUL (11.75 per cent), RIL (11.24 per cent), TCS (9.90 per cent), Tata Steel (9.60 per cent) and Asian Paints (8.91 per cent). Only HDFC Bank and IndusInd Bank settled in the red, shedding up to 1.39 per cent. Modi on Thursday announced setting up of a task force under Finance Minister Nirmala Sitharaman which will take necessary actions "shortly" after analysing the coronavirus pandemic situation. Experts were of the view that the Covid-19 task force may come out with concrete proposals very soon. The huge oil bounty from the crude crash can be used for this, said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, adding that PM's appeal is a curtain-raiser for the concrete actions to follow soon. Covid-19 cases in India rose to 195 on Friday after 22 fresh cases were reported from various parts of the country, according to the Health Ministry. "Tracking positive sentiments in the global markets, Indian indices closed up by around 6 per cent. It was in sync with Asian and European markets and was more of a relief rally driven by technicals rather than any fundamental change in outlook. "Hopes of further stimulus from Central banks across the world to contain the economic damage boosted global markets. The broader market indices were also up by around 4 per cent." said Vinod Nair, Head of Research at Geojit Financial Services. All sectoral indices ended with gains, with BSE energy, oil and gas, IT, FMCG, teck, metals and utilities rallying up to 9.96 per cent. Broader BSE midcap and smallcap indices surged up to 4.18 per cent. World over, market sentiments improved as governments stepped up measures to cushion the financial blow of the pandemic. Bourses in Shanghai, Hong Kong, Seoul closed up to 7 per cent higher. Stock exchanges in Europe too rallied up to 5 per cent. Meanwhile, the rupee appreciated 6 paise to 74.72 against US dollar intra-day. Global oil benchmark, Brent crude futures rose over 8.18 per cent to USD?30.80?per barrel. Globally, the death toll from the virus has risen to almost 10,000 with more than 2,32,000 cases in 158 countries and territories.

Relief rally: Markets snap 4-day bloodbath on stimulus hopes

Equity benchmark Sensex <a href="https://www.wionews.com/business-economy/sensex-starts-over-500-points-higher-nifty-above-8200-level-287501">soared over 1,800 points in afternoon session</a> on Friday amid hopes of a stimulus package as Prime Minister Narendra Modi announced a financial task force to combat the Covid-19 pandemic's economic fallout.

After starting on a volatile note, the BSE barometer was trading 1,848.07 points or 6.53 per cent higher at 30,136.30 at 1330 hours.

Similarly, the NSE Nifty was trading 515.50 points, or 6.24 per cent, up at 8,778.95.

ONGC was the top gainer in the Sensex pack, rallying up to 15 per cent, followed by TCS, Infosys, HUL, Ultratech Cement, Tech Mahindra and Asian Paints.

On the other hand, IndusInd Bank was the only laggard.

According to traders, investor sentiment turned positive on hopes of an economic stimulus to support the economy in wake of coronavirus (Covid-19) pandemic.

Prime Minister Narendra Modi on Thursday announced setting up of a task force under Finance Minister Nirmala Sitharaman which will take necessary actions "in the near future" after analysing the coronavirus pandemic situation.

According to government sources, Finance Minister Nirmala Sitharaman will hold a meeting with MSME Minister Nitin Gadkari, Animal Husbandry Minister Giriraj Singh, Civil Aviation Minister Hardeep Singh Puri and Tourism Minister Prahlad Singh Patel on Friday to assess the situation in order to work out a package.

Calling for "resolve and restraint" to fight coronavirus, Modi asked the entire country to observe 'Janta curfew' on Sunday.

In a nearly 30-minute national broadcast, he asked people to stay indoors and work from home as much as possible while underscoring the dangers of coronavirus, saying the world has never seen a crisis as grave as this.

The novel coronavirus cases in India rose to 195 on Friday after 22 fresh cases were reported from various parts of the country, according to the Health Ministry data.

Globally, the death toll from the virus has risen to over 9,800 with more than 232,650 cases in 158 countries and territories.

"The PM had set the stage for more action to follow. The Covid- 19 Task Force under the FM's leadership can be expected to come out with concrete proposals very soon," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

The huge oil bounty from the crude crash can be used for this, he said adding that PM's appeal is a curtain-raiser for the concrete actions to follow soon.

World over, market sentiments improved as governments stepped up measures to cushion the financial blow of the pandemic, analysts said, adding that concerns over the rapid spread of the virus remained.

Bourses in Shanghai, Hong Kong, Seoul jumped up to 7 per cent.

Stock exchanges on Wall Street too ended on a positive note on Thursday.

Meanwhile, the rupee appreciated 30 paise to 74.81 against US dollar intra-day.

Global oil benchmark, Brent crude futures rose over 5.73 per cent to $30.10 per barrel.&nbsp;

Equity benchmark Sensex soared over 1,800 points in afternoon session on Friday amid hopes of a stimulus package as Prime Minister Narendra Modi announced a financial task force to combat the Covid-19 pandemic's economic fallout.

Equity benchmark Sensex soared over 1,800 points in afternoon session on Friday amid hopes of a stimulus package as Prime Minister Narendra Modi announced a financial task force to combat the Covid-19 pandemic's economic fallout. After starting on a volatile note, the BSE barometer was trading 1,848.07 points or 6.53 per cent higher at 30,136.30 at 1330 hours. Similarly, the NSE Nifty was trading 515.50 points, or 6.24 per cent, up at 8,778.95. ONGC was the top gainer in the Sensex pack, rallying up to 15 per cent, followed by TCS, Infosys, HUL, Ultratech Cement, Tech Mahindra and Asian Paints. On the other hand, IndusInd Bank was the only laggard. According to traders, investor sentiment turned positive on hopes of an economic stimulus to support the economy in wake of coronavirus (Covid-19) pandemic. Prime Minister Narendra Modi on Thursday announced setting up of a task force under Finance Minister Nirmala Sitharaman which will take necessary actions "in the near future" after analysing the coronavirus pandemic situation. According to government sources, Finance Minister Nirmala Sitharaman will hold a meeting with MSME Minister Nitin Gadkari, Animal Husbandry Minister Giriraj Singh, Civil Aviation Minister Hardeep Singh Puri and Tourism Minister Prahlad Singh Patel on Friday to assess the situation in order to work out a package. Calling for "resolve and restraint" to fight coronavirus, Modi asked the entire country to observe 'Janta curfew' on Sunday. In a nearly 30-minute national broadcast, he asked people to stay indoors and work from home as much as possible while underscoring the dangers of coronavirus, saying the world has never seen a crisis as grave as this. The novel coronavirus cases in India rose to 195 on Friday after 22 fresh cases were reported from various parts of the country, according to the Health Ministry data. Globally, the death toll from the virus has risen to over 9,800 with more than 232,650 cases in 158 countries and territories. "The PM had set the stage for more action to follow. The Covid- 19 Task Force under the FM's leadership can be expected to come out with concrete proposals very soon," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. The huge oil bounty from the crude crash can be used for this, he said adding that PM's appeal is a curtain-raiser for the concrete actions to follow soon. World over, market sentiments improved as governments stepped up measures to cushion the financial blow of the pandemic, analysts said, adding that concerns over the rapid spread of the virus remained. Bourses in Shanghai, Hong Kong, Seoul jumped up to 7 per cent. Stock exchanges on Wall Street too ended on a positive note on Thursday. Meanwhile, the rupee appreciated 30 paise to 74.81 against US dollar intra-day. Global oil benchmark, Brent crude futures rose over 5.73 per cent to $30.10 per barrel.

Sensex rallies over 1,800 points; Nifty reclaims 8,700 level

IT major Tech Mahindra Tuesday said it has signed a defence contract worth Rs 300 crore, its biggest till date.

As part of the 'Armed Forces Secure Access Card' (AFSAC) Project, Tech Mahindra will implement RFID (Radio Frequency Identification) based access control system across all naval bases and ships, a statement said.

The new AFSAC card will replace the existing paper-based identity card for all Navy personnel, including dependents and ex-servicemen, it added.

The Mumbai-based company will develop a secure application to manage the access control devices, network devices and the AFSAC card through a data centre, it said.

"Scheduled to be implemented over the next two years, the project will ensure smooth issuance, handling, administration, management and life cycle support of AFSAC Cards on a turnkey basis," it added.

Tech Mahindra President, India Business and Corporate Affairs Sujit Baksi said the order further cements the company's role as one of the leading system integrators globally.

"With our proven expertise in tech enablement and digital transformation, we look forward to collaborating with the Indian Navy in ramping up the national security infrastructure," he added.

Tech Mahindra is already working with entities like Coal India, India Ports Association, Kanpur Smart City and others.

Commodore Atul Kumar, Project Director, Indian Navy, said, "The security of Indian Naval establishments against unauthorized access, is a thrust area and the AFSAC Project will be an important step towards achieving this aim."&nbsp;

IT major Tech Mahindra Tuesday said it has signed a defence contract worth Rs 300 crore, its biggest till date. As part of the 'Armed Forces Secure Access Card' (AFSAC) Project, Tech Mahindra will implement RFID (Radio Frequency Identification) based access control system across all naval bases and ships, a statement said.

IT major Tech Mahindra Tuesday said it has signed a defence contract worth Rs 300 crore, its biggest till date. As part of the 'Armed Forces Secure Access Card' (AFSAC) Project, Tech Mahindra will implement RFID (Radio Frequency Identification) based access control system across all naval bases and ships, a statement said. The new AFSAC card will replace the existing paper-based identity card for all Navy personnel, including dependents and ex-servicemen, it added. The Mumbai-based company will develop a secure application to manage the access control devices, network devices and the AFSAC card through a data centre, it said. "Scheduled to be implemented over the next two years, the project will ensure smooth issuance, handling, administration, management and life cycle support of AFSAC Cards on a turnkey basis," it added. Tech Mahindra President, India Business and Corporate Affairs Sujit Baksi said the order further cements the company's role as one of the leading system integrators globally. "With our proven expertise in tech enablement and digital transformation, we look forward to collaborating with the Indian Navy in ramping up the national security infrastructure," he added. Tech Mahindra is already working with entities like Coal India, India Ports Association, Kanpur Smart City and others. Commodore Atul Kumar, Project Director, Indian Navy, said, "The security of Indian Naval establishments against unauthorized access, is a thrust area and the AFSAC Project will be an important step towards achieving this aim."

Tech Mahindra inks defence contract worth Rs 300 crore

The Securities and Exchange Board of India (SEBI) late on Wednesday barred Price Waterhouse from auditing listed companies in the country for two years, after a probe into a nearly decade-old accounting fraud case in a software services company that became India&#39;s biggest corporate scandal.

Ramalinga Raju, founder and former chairman of the erstwhile software services exporter Satyam Computer Services, stunned Indian markets and investors in January 2009, when he admitted that the firm had overstated earnings and assets for several years, in a fraud of more than $1 billion sometimes referred to as &quot;India&#39;s Enron&quot;.

Price Waterhouse was Satyam&#39;s auditor during the period in which the fraud was perpetrated.

In its order, the SEBI, on Wednesday said any entities or firms practicing as chartered accountants in India under the brand and banner of PW, shall not directly or indirectly issue any certificate of audit of listed companies, or their intermediaries that are registered with the regulator for a period of two years.

&quot;The network structure of operations adopted by the international accounting firm should not be used as a shield to avoid legal implications arising out of the certifications issued under the brand name of the network,&quot; SEBI said in a 108-page order.

In India, all audit functions within the group are conducted under the Price Waterhouse (PW) brand, with a network of local firms operating under the banner. The broader PwC entity handles consulting, tax advisory and other businesses.

&quot;The SEBI order relates to a fraud that took place nearly a decade ago in which we played no part and had no knowledge of,&quot; Price Waterhouse said in a release.

&quot;There has been no intentional wrong doing by PW firms in the unprecedented management perpetrated fraud at Satyam, nor have we seen any material evidence to the contrary,&quot; said Price Waterhouse, adding it was confident of getting a court to stay the order before it becomes effective.

To avoid operational difficulties, SEBI said its order will not impact audit assignments relating to the ongoing 2017-18 financial year, already undertaken by firms forming part of the PW network.

SEBI also ordered Price Waterhouse, Bangalore and two of its erstwhile partners to jointly forfeit &quot;wrongful gains&quot; of about 131 million rupees ($2.06 million) plus interest within 45 days.

Indian IT firm Tech Mahindra, part of the Mahindra Group, bought control of Satyam in an auction in April 2010.

Satyam and PricewaterhouseCoopers agreed in 2011 to pay a combined $17.5 million to settle U.S. probes into the accounting fraud.

In India, all audit functions within the group are conducted under the Price Waterhouse (PW) brand, with a network of local firms operating under the banner.

The Securities and Exchange Board of India (SEBI) late on Wednesday barred Price Waterhouse from auditing listed companies in the country for two years, after a probe into a nearly decade-old accounting fraud case in a software services company that became India's biggest corporate scandal. Ramalinga Raju, founder and former chairman of the erstwhile software services exporter Satyam Computer Services, stunned Indian markets and investors in January 2009, when he admitted that the firm had overstated earnings and assets for several years, in a fraud of more than $1 billion sometimes referred to as "India's Enron". Price Waterhouse was Satyam's auditor during the period in which the fraud was perpetrated. In its order, the SEBI, on Wednesday said any entities or firms practicing as chartered accountants in India under the brand and banner of PW, shall not directly or indirectly issue any certificate of audit of listed companies, or their intermediaries that are registered with the regulator for a period of two years. "The network structure of operations adopted by the international accounting firm should not be used as a shield to avoid legal implications arising out of the certifications issued under the brand name of the network," SEBI said in a 108-page order. In India, all audit functions within the group are conducted under the Price Waterhouse (PW) brand, with a network of local firms operating under the banner. The broader PwC entity handles consulting, tax advisory and other businesses. "The SEBI order relates to a fraud that took place nearly a decade ago in which we played no part and had no knowledge of," Price Waterhouse said in a release. "There has been no intentional wrong doing by PW firms in the unprecedented management perpetrated fraud at Satyam, nor have we seen any material evidence to the contrary," said Price Waterhouse, adding it was confident of getting a court to stay the order before it becomes effective. To avoid operational difficulties, SEBI said its order will not impact audit assignments relating to the ongoing 2017-18 financial year, already undertaken by firms forming part of the PW network. SEBI also ordered Price Waterhouse, Bangalore and two of its erstwhile partners to jointly forfeit "wrongful gains" of about 131 million rupees ($2.06 million) plus interest within 45 days. Indian IT firm Tech Mahindra, part of the Mahindra Group, bought control of Satyam in an auction in April 2010. Satyam and PricewaterhouseCoopers agreed in 2011 to pay a combined $17.5 million to settle U.S. probes into the accounting fraud.

SEBI bars Price Waterhouse from auditing listed firms for two years

Tech Mahindra Ltd, India&#39;s fifth-biggest software services exporter, will buy US-based healthcare IT consulting firm CJS Solutions Group for an enterprise value of $110 million.

Tech Mahindra, which will acquire CJS through a unit, will make an upfront cash payment of $89.5 million for the acquisition of 84.7 per cent stake in CJS with the remaining 15.3 per cent to be acquired over three years, the company said in a statement.

CJS, which operates as the HCI Group, specialises in the implementation of electronic medical records (EMR) software.

Healthcare and life sciences business, which accounts for around 7 per cent&nbsp;of Tech Mahindra&#39;s revenues, has been a key focus area for the Indian company and the acquisition of CJS will help it consolidate its position, the company said.

Ernst &amp; Young acted as the due diligence advisor to Tech Mahindra while Allen &amp; Company LLC were the financial advisors to HCI Group.

The transaction is expected to close before the end of April.

Indian companies are speeding up acquisitions of US&nbsp;firms with local staff as they try to beat challenges posed by an expected tightening of visa rules in their biggest market.

India&#39;s $150 billion information technology industry uses H-1B visas to fly engineers and developers to the United States to provide services to clients.&nbsp;

Any tightening of the visa scheme rules could restrict the companies&#39; ability to send staff to the United States.

President Donald Trump&#39;s administration last week announced it would temporarily suspend expedited applications for H-1B visas.

(Reuters)

Indian companies are speeding up acquisitions of US?firms, trying to beat challenges as Visa rules are expected to tighten under Trump

Tech Mahindra Ltd, India's fifth-biggest software services exporter, will buy US-based healthcare IT consulting firm CJS Solutions Group for an enterprise value of $110 million. Tech Mahindra, which will acquire CJS through a unit, will make an upfront cash payment of $89.5 million for the acquisition of 84.7 per cent stake in CJS with the remaining 15.3 per cent to be acquired over three years, the company said in a statement. CJS, which operates as the HCI Group, specialises in the implementation of electronic medical records (EMR) software. Healthcare and life sciences business, which accounts for around 7 per cent of Tech Mahindra's revenues, has been a key focus area for the Indian company and the acquisition of CJS will help it consolidate its position, the company said. Ernst & Young acted as the due diligence advisor to Tech Mahindra while Allen & Company LLC were the financial advisors to HCI Group. The transaction is expected to close before the end of April. Indian companies are speeding up acquisitions of US firms with local staff as they try to beat challenges posed by an expected tightening of visa rules in their biggest market. India's $150 billion information technology industry uses H-1B visas to fly engineers and developers to the United States to provide services to clients. Any tightening of the visa scheme rules could restrict the companies' ability to send staff to the United States. President Donald Trump's administration last week announced it would temporarily suspend expedited applications for H-1B visas. (Reuters)

Tech Mahindra to buy US healthcare IT firm CJS for $110 million

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