 "News digest: Whistleblower questions Infy board, UCO Bank fraud, and more")
Whistleblower's heat on Infosys board, questions U-turn on Panaya
A whistleblower on Saturday wrote to regulators in the US and India seeking accountability of the Infosys board that in 2015 approved the decision to buy Panaya and Skava, two subsidiaries, which the information technology giant put on the block on Friday. These acquisitions have been described as “value-less”. Read more
Battle for Taj Mansingh: Saraf turns brand owner, may bid for iconic hotel
Saraf Hotel Enterprises, which owns 10 luxury hotels in the country (most of them managed by Hyatt), is keen to bid for Taj Mansingh Hotel in New Delhi. Saraf was not eligible to bid for the property under the tender norms issued by the NDMC, which said a bidder should own 500 rooms in five-star properties as well as a brand. The group launched its own luxury brand recently and that makes it eligible to bid for Taj Mansingh. Read more
Rs 6.21-billion fraud: CBI books former UCO Bank CMD Arun Kaul, others
The CBI has booked former chairman-cum-managing director of UCO Bank Arun Kaul and others in connection with an alleged Rs 6.21 billion loan fraud which has caused a loss of over Rs 7.37 billion to the bank, officials said on Saturday. Read more
Russia rues its declining role as arms supplier to India
For years, Russian equipment and defence firms were the highlight of Indian Defexpo and Aero India shows. After live displays, mainly featuring Russian aircraft, helicopters and armoured vehicles, the crowds would throng the glitzy, neon-lit Russian exhibits where executives in lightweight suits and improbably long-legged lady receptionists politely fielded the buzz surrounding the next big Russian contract. Read more
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