A Delhi court sent former Ranbaxy promoters Malvinder Singh and Shivinder Singh to four-day police custody.
EOW and RFL.
Singhvi argued that the SFIO was already investigating the issue of diversion of funds on a complaint by Religare Enterprises Ltd (REL) and therefore, EOW “could not have jumped the gun”. He said the SFIO had initiated investigation on February 17, 2018 on the direction of the ministry.
EOW, represented by Delhi government additional standing counsel (criminal) Avninder Singh, opposed the contentions and argued that the SFIO was only given the mandate to investigate REL and Fortis Healthcare and a fresh notification would have to be issued by the Centre to allow it to probe RFL.
The contention was supported by the SFIO, represented by additional solicitor general (ASG) Maninder Acharya, which said presently it has not been directed by the government to investigate RFL and it cannot probe the company without prior approval.
EOW also told the court that according to a forensic report from the Reserve Bank of India, it has been found that ₹1,260 crore was diverted from RFL.
The agency also contended that an accused cannot choose which agency would investigate it and that even if the SFIO was investigating them under the Companies Act, it cannot save them from being prosecuted under the IPC.
India’s second-largest IT services company Infosys on Friday said its consolidated net profit declined by 2.2% to ₹4,019 crore for the July-september 2019 quarter.
This is against a net profit of ₹4,110 crore in the same period last fiscal, Infosys said in a regulatory filing.
The Bengaluru-based company’s revenue rose by 9.8% to ₹22,629 crore in the quarter under review from ₹20,609 crore in the year-ago period. In constant currency terms, this translates into an 11.4% increase.
Infosys also raised the lowerend of its FY2019-20 revenue guidance and the revised forecast now stands at 9-10% growth in constant currency terms.
At the beginning of the fiscal,
US President Donald Trump said the first day of high-level trade negotiations between the US and China on Thursday went “very well” and that he plans to meet with the top Chinese negotiator on Friday.
The talks between Chinese vice premier Liu He, US trade representative Robert Lighthizer and treasury secretary Steven Mnuchin are expected to resume on Friday, Trump told reporters as he left the White House. It’s the first senior-level in-person talks since late July to try and end an 18-month trade war that is taking a toll on the global economy and US manufacturing.
“We just completed a negotiation with China, we’re doing very well, we’re having another one tomorrow. I’m meeting with the vice premier over at the White House, and I think it’s going really well,” Trump said Thursday. “We’re going to see them tomorrow, right here, and it’s going very, very well.”
The US and China have both appeared willing to work toward a partial deal, and leave the more controversial issues for later discussions. However, Trump Infosys had said it expects revenue growth of 7.5-9.5% for FY2019-20. Subsequently, while announcing its first-quarter numbers, the company raised its revenue growth guidance for the fiscal to 8.5-10%.
“Our performance was robust on multiple dimensions—revenue growth, digital growth, operating margins, operational efficiencies, large deal signings and reduction in attrition,” Infosys chief executive and managing director Salil Parekh said.
All these are clear signs that the company is progressing well repeated on Wednesday that he would prefer a complete agreement.
The core US demands would commit China to cracking down on the alleged theft of intellectual property and stop forcing US companies to hand over their commercial secrets as a condition of doing business in China.
Without progress, the US is due to increase tariffs on about $250 billion of Chinese imports to 30% from 25% on October 15. More duties on $160 billion of Chinese imports are due December 15.
“Unlike much of this week’s noise, the announcement of a meeting tomorrow is significant,” Clete Willems, a partner at Akin Gump who served previously served as a trade adviser to Trump. “I’ve been in that room in the past, and the president’s direct involvement has always helped move things forward.”