News digest: Flipkart-Walmart deal, staff addition by IT firms, and more

Employee addition by Indian information technology's Big 4 drops over 76%

Net employee addition by the top four Indian information technology (IT) services companies in 2017-18 dropped by more than three-fourths. Even though these companies showed good revenue growth during that period, the non-linearity drive the industry had undertaken had been clearly paying dividends. Read more

India Inc lines up to hedge forex exposures before it is too late

The recent movement in the rupee is being taken in all seriousness by corporates in India, and they are queuing up to hedge their foreign exchange (forex) exposures, say currency consultants. But there is still some way to go before Corporate India, particularly importers, can say it is fortified against sudden shocks. Read more

Flipkart goes private in Singapore ahead of Walmart deal

In a move seen as a precursor to US retail giant Walmart acquiring a majority stake in Flipkart, the Indian e-commerce player has bought back shares worth $350 million from investors in its Singapore-based parent to regain private limited status in the country. Read more

Resolution professional valued Binani Cement assets improperly: NCLT

The Kolkata Bench of National Company Law Tribunal (NCLT), in its order, has upheld the allegations filed by the promoter of Binani Cement against the company’s resolution professional, Vijay Kumar Iyer, of conducting an improper valuation of the firm’s stressed assets as well as violating rules laid down by the Insolvency and Bankruptcy Board of India (IBBI), which resulted in escalating the cost of the resolution process. Read more

Aadhaar doesn't pose any privacy issue and is worth emulating: Bill Gates

India's Aadhaar technology does not pose any privacy issue and the Bill and Melinda Gates Foundation has funded the World Bank to take this approach to other countries as it is worth emulating, Microsoft founder Bill Gates has said.

The 62-year-old multi-billionaire entrepreneur and philanthropist said Nandan Nilekani, Infosys founder who is considered as the chief architect of Aadhaar, was consulting and helping the World Bank on the project. Read more