Infosys has fewer crorepati employees

In FY16, Infosys had 48 employees in India who were paid more than Rs 1 crore in annual compensation, as compared to 111 in FY15

The number of crorepati Infosys employees - those earning Rs 1 crore or more annually - residing in India came down to 48 in FY16 from 111 in the previous financial year.

This could be, said sources, because many of them have moved to the client sites in the US this year, and their remuneration is not reflected in Infosys India's books. A lower bonus paid to senior employees could also be another reason.

In FY16, Infosys stole the limelight with a better-than-expected performance.

According to its annual report for the financial year, the number of employees earning Rs 1 crore or more per annum was 48. These are senior management personnel whose details are disclosed by the company every year "as per Rule 5(2) of Chapter XIII, the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014."

In FY15, the number was 111.

While attempts to reach out to the company to find out the reasons behind this drop could not yield any result, sources in the company said the FY15 annual compensation for certain eligible managerial personnel was higher because of "changes in pay-out model for long-term bonuses". In FY15, a few eligible employees were paid long-term bonuses for three years as compared to just for one year in FY16. Read More

Mallya received part of Diageo funds in offshore accounts

Vijay Mallya, chairman of UB group, received part of the proceeds from the sale of shares in United Spirits Ltd (USL), including the sale of South African breweries from Diageo in his offshore accounts, banking sources said.

The USL sale proceeds were not used to repay loans to Indian banks in 2012 which lent Rs 7,200 crore to Mallya-owned Kingfisher Airlines.

Diageo had spent nearly Rs 11,000 crore for acquisition of United Spirits in November 2012. Besides, it spent another $58 million (approx Rs 394 crore) in two tranches for the acquisition of South African breweries from Mallya. Read More

Tata Motors' Sanand plant hit by strike

Click Here - Business Standard

At a time when Tata Motors is set to roll out its new hatchback Tiago from Sanand plant in Gujarat, around 400 workers at the site went on a flash strike on Tuesday demanding re-instatement of 28 suspended workers.