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No Relief for Infosys: Indian Government Maintains ₹32,000-Crore Tax Demand Amidst Canadian Fine

/ Governance Community

Infosys is facing a substantial tax challenge from the Indian government, which has refused to reduce a ₹32,000-crore ($4 billion) tax demand related to GST regulations. The demand, issued last month, pertains to services received from Infosys’s overseas branches between July 2017 and the fiscal year 2021-22. This amount represents about 85% of Infosys’s revenue for the quarter ending June 30. Infosys has requested a ten-day extension to respond after recent discussions with Indian Income Tax department officials. Despite this, the Indian authorities have indicated they will not ease the demand. In a recent update, Infosys confirmed that the tax demand for the 2017-18 financial year, totaling ₹38.98 billion, has been resolved. The company maintains it has met all tax obligations and adheres to both central and state regulations. In addition to this domestic issue, Infosys has also faced scrutiny from Canada. In May 2024, the Canadian government imposed a fine of CAD 134,822.38 (₹82 lakh) on Infosys for underpaying the employee health tax for the fiscal year ending December 31, 2020. Infosys disclosed this penalty in a regulatory filing received from Canada’s Finance Ministry on May 9. The broader IT sector has also been impacted, with significant declines in stock prices for other major players like Tata Consultancy Services and Satyam Computer Services. This downturn follows Infosys’s stock performance, which saw profit-taking after meeting market expectations and experiencing a prior price surge. Reference by Mint

No Relief for Infosys: Indian Government Maintains ₹32,000-Crore Tax Demand Amidst Canadian Fine Read More »

ArdorComm – Education Leadership Symposium Friday, 30th Aug 2024 | Bhubneswar

/ Education

“ArdorComm – Education Leadership Symposium” – A RoundTable Meet RT Theme: The Role of Professional Qualifications in Enhancing Employability #ELS2024 #ELSBhubaneswar #EducationLeadershipSymposium In today’s competitive job market, professional qualifications have become increasingly vital for developing essential workplace skills. As industries evolve and demand specialized expertise, employees with relevant certifications and training stand out for their technical competencies and adaptability. This roundtable discussion will explore the role of professional qualifications in bridging the gap between academic knowledge and practical skills. It will delve into how certifications can enhance career prospects, support lifelong learning, and respond to employers’ evolving needs. Additionally, the discussion will address the challenges and opportunities in obtaining these qualifications, particularly in a rapidly changing global economy. KEY DISCUSSION POINTS How do professional qualifications complement traditional academic education in preparing individuals for the demands of the modern workplace? What role do industry-recognized certifications play in enhancing employability and career advancement opportunities for professionals? How can educational institutions and employers collaborate to design and offer relevant professional qualifications that meet industry standards and future skill requirements? What are the challenges and barriers individuals face in obtaining professional qualifications, and how can these be addressed to ensure equitable access? How can professional qualifications support lifelong learning and continuous skill development in an ever-evolving job market? What should a good finance education program include in professional qualifications, considering the rise of digital financial services? Importance of finance and accounting qualifications, especially in the digital age? Who Should Attend: Educators Academicians Chancellors Vice-Chancellors CEOs Directors Principals Deans Eminent Speakers AGENDA Time Topic 3:30 – 4:00 PM Registration & Networking Tea 4:00 – 4:30 PM Welcome Address by ‘ArdorComm Media Group’ Keynote Address by ‘ACCA’ 4:30 – 6:30 PM Roundtable session moderated by ‘ACCA’ 6:30 – 7:00 PM Closing remark & felicitation 7:00 PM Networking Cocktails followed by Dinner VENUE The Crown, Bhubaneswar – IHCL SeleQtions A1/(a, Indradhanu Market, IRC Village,Nayapalli, Bhubaneswar, Odisha 751015

ArdorComm – Education Leadership Symposium Friday, 30th Aug 2024 | Bhubneswar Read More »

ArdorComm – Education Leadership Symposium Friday, 23 Aug2024 | kota

/ Education

“ArdorComm – Education Leadership Symposium” – A RoundTable Meet Event Theme: The Future of Education in India #ELS2024 #ELSKota #EducationLeadershipSymposium The Future of Education in India is a critical topic as the country navigates the 21st century’s challenges and opportunities. With a young population and a rapidly evolving economy, India’s education system must adapt to foster innovation, critical thinking, and digital literacy. The introduction of the National Education Policy 2020 aims to revolutionize traditional teaching methods, integrate technology, and promote inclusivity. This roundtable discussion will explore these changes, the impact of globalization, and the role of public-private partnerships in shaping a future-ready workforce, ultimately aiming to bridge the gap between education and employability. The upcoming “ArdorComm – Education Leadership Symposium” – A RoundTable Meet on 23rd Aug at Kota, Rajasthan, we are inviting senior leadership from the education fraternity to have a meaningful brainstorming session. KEY DISCUSSION POINTS Bridging the Digital Divide: Ensuring Equitable Access to Education From Classroom to Boardroom: Cultivating Young Entrepreneurs Overcoming Digital Illiteracy: Preparing Students for a Tech-Driven World AI Tutors: The Future of Personalized Education Assistance Empowering Educators: Training Teachers for a Digital Future Rural Innovation Hubs: Bringing Technological Advancements to Remote Areas Who Should Attend: Educators Academicians Chancellors Vice-Chancellors CEOs Directors Principals Deans Eminent Speakers AGENDA Time Topic 3:30 – 4:00 PM Registration & Networking Tea 4:00 – 4:05 PM Welcome Note: ArdorComm Media Group 4:05 – 4:15 PM Samsung – Keynote Address 4:15 – 6:30 PM Roundtable Discussion – Moderated by ArdorComm Media 6:30 – 6:45 PM Samsung Presentation 6:45 – 7:15 PM Felicitation Ceremony 7:15 PM Onwards Networking Cocktails followed by Dinner VENUE Country Inn & Suites by Radisson Kota Plot No. 4 & 5, Rajeev Gandhi Nagar, Kota, Rajasthan 324005

ArdorComm – Education Leadership Symposium Friday, 23 Aug2024 | kota Read More »

Citius Pharmaceuticals Announces TenX Keane Shareholder Approval of Merger with Citius Oncology, Inc.

/ Human Resource Community

Citius Pharmaceuticals, Inc. (Citius Pharma) has announced that shareholders of TenX Keane Acquisition (TenX) have approved the merger with Citius Pharma’s oncology subsidiary. The new public company will be named Citius Oncology, Inc. The merger, approved by the boards of both companies, is expected to close soon, pending certain conditions. This merger aims to enhance Citius Oncology’s access to public equity markets, support the commercialization of LYMPHIR, if approved, and explore additional oncology opportunities. Leonard Mazur, Chairman and CEO of Citius Pharma, expressed optimism about the merger’s potential to unlock value in their oncology assets. The agreement involves TenX acquiring Citius Pharma’s oncology subsidiary, converting shares into common stock of Citius Oncology. Upon closing, Citius Pharma will hold about 65.6 million shares of Citius Oncology, representing roughly 90% ownership. Additionally, Citius Pharma will contribute $10 million in cash, with TenX’s remaining trust account cash aiding Citius Oncology’s working capital. The transaction is detailed in the merger agreement, filed in a Current Report on Form 8-K with the SEC. Advisors for the transaction include Maxim Group LLC for Citius Pharma, Newbridge Securities Corporation for TenX, and legal advisors Wyrick Robbins Yates & Ponton LLP for Citius Pharma and The Crone Law Group P.C. for TenX. Citius Oncology will focus on developing and commercializing novel oncology therapies, with LYMPHIR aiming for FDA approval to treat cutaneous T-cell lymphoma (CTCL). The market for LYMPHIR is estimated to exceed $400 million, with robust intellectual property protections supporting its competitive positioning. If approved, LYMPHIR could be available by Q4 2024.

Citius Pharmaceuticals Announces TenX Keane Shareholder Approval of Merger with Citius Oncology, Inc. Read More »

Lok Sabha Passes Bill to Allow Government Expenditure for FY 2024-25

/ Governance Community

The Lok Sabha on Monday approved about ₹140 lakh crore in expenditure demands by different ministries of the Central Government, completing two-thirds of the legislative approvals needed for the full Budget of 2024–25. The lower house, which last week debated the Budget, approved demands for grants as well as the Appropriation (No 2) Bill 2024, which authorizes the government to use certain sums out of the Consolidated Fund of India for the services of the financial year 2024-25. This followed a guillotine being applied after a discussion on grants for four ministries — Railways, Education, Health, and Fisheries. The Lok Sabha will now discuss the Finance Bill (No 2), 2024, which essentially contains the tax proposals in Finance Minister Nirmala Sitharaman’s Budget for 2024–25. The Rajya Sabha is also simultaneously discussing demands for grants for four other ministries — Agriculture, New and Renewable Energy, Cooperation, Housing, and Urban Affairs. It will also discuss the Finance Bill, but as per the Constitution, it can only return such bills to the Lower House. The budgetary exercise will be complete after the passage of the Finance Bill (No 2), 2024, by the Lok Sabha. While the guillotine is literally a large, weighted blade used for executing a condemned person, in legislative parlance, it means to bunch together and fast-track the passage of financial business. It is a fairly common procedural exercise in the Lok Sabha during the Budget Session. Reference from Business Standard

Lok Sabha Passes Bill to Allow Government Expenditure for FY 2024-25 Read More »

Heatstroke Took 374 Lives, Over 67,000 Cases Till July 27: Health Ministry

/ Article/Stories
Article

India has reported 374 deaths and 67,637 cases of suspected heatstroke from March 1 to July 27 this year, according to Minister of State for Health Anupriya Patel. The alarming figures were disclosed in the Lok Sabha on Friday. The latest data reveals a significant increase from the earlier estimates provided by the Ministry of Health, which reported 110 deaths and 42,000 cases by June 18. The majority of these incidents occurred in rural areas, where strenuous outdoor work associated with agriculture and poor health infrastructure exacerbated the impact of the heatwave. Uttar Pradesh was the worst-hit state, recording 52 deaths. Bihar followed with 37 fatalities, while Odisha and Delhi reported 26 and 25 deaths respectively. These statistics were compiled under the National Heat-Related Illness and Death Surveillance by the National Centre for Disease Control (NCDC). Government Response and Measures The Integrated Health Information Portal has been receiving data on heatstroke cases and deaths from States and Union Territories since 2023, as noted by Minister Patel. State and UT health departments get yearly warnings from the Ministry of Health and Family Welfare (MoHFW) to put awareness, readiness, and response plans into place. The Union Health Ministry’s Secretary communicated with the chief secretaries of all states and UTs on February 29 in order to release this year’s advise. The warning included steps to improve community awareness of heat-related diseases and to bolster health sector readiness. Record-Breaking Temperatures and Weather Anomalies With a blistering 47 degrees Celsius, June 2024 witnessed the hottest temperature recorded in the month in a decade. The hottest temperatures ever recorded in June 2023 were 41.8 degrees Celsius, 44.2 degrees Celsius in 2022, and 43 degrees Celsius in 2021. This is a considerable rise above the prior records. Furthermore, July was the second warmest month overall in India since 1901 and the highest nighttime temperature ever recorded in the country. Significant flooding resulted from the abnormally high rains that followed the record temperatures in various states, including Gujarat, Kerala, and Uttar Pradesh. It was the hottest July on record for both mean and lowest temperatures in the east and northeast of India. The terrible heatwave has made it clear how urgently better infrastructure and readiness are needed to deal with extreme weather, especially in rural regions. The growing frequency and intensity of these occurrences highlight the significance of long-term policies to address climate change and its implications on public health, even if the government’s preemptive actions and advisories play a key role in lessening the impact of such heatwaves. Reference taken from the Hindu

Heatstroke Took 374 Lives, Over 67,000 Cases Till July 27: Health Ministry Read More »

Empty Desks at This Over ₹12 Crore Worth Govt Polytechnic in Nagaland

/ Education Community

Nagaland has nine government polytechnics offering a range of trade-specific diploma courses, but one institution, Government Polytechnic Peren (GPP), has had zero enrollment for three consecutive years. Established in 2021, GPP offers short-term certificate and diploma programs in interior design, but there have been no takers since its inception. Despite having all necessary facilities, including faculty and staff, the institution struggles with student enrollment. GPP consists of four blocks, including a boys’ hostel, academic block, principal’s quarters, and two staff quarters. However, the lack of a girls’ hostel and poor road conditions from nearby Jalukie town hinder accessibility. An anonymous source revealed that the institution faces issues such as inadequate water supply, poor electricity connectivity until recently, and lack of internet services. The staff, about 15 including the principal and faculty, often visit the campus on a rotational basis for meetings and maintenance. This year, three students were selected through the diploma entrance exam for the interior designing program, but none enrolled. Officials attribute the lack of interest to the institution’s location and inadequate prior survey of the course’s demand. GPP was established with central financial assistance to state governments for setting up new polytechnics in unserved and underserved districts under the scheme of sub-mission on polytechnics. The scheme provided ₹12.3 crore per polytechnic for capital costs, with the state government responsible for providing the land and bearing recurring expenses. Despite the challenges, professional interior designers see potential for growth in the field in Nagaland. Asen Ao, a Dimapur-based interior designer, and Soren Odyuo, a Kohima-based interior and landscape designer, believe the scope for interior design is expanding in the state and encourage young aspirants to pursue it as a viable career alternative. GPP is situated in New Peren, around 15 km from Jalukie town and 30 km from Old Peren town, with the nearest airport and railway station in Dimapur, a two-hour drive away.

Empty Desks at This Over ₹12 Crore Worth Govt Polytechnic in Nagaland Read More »

India Leads Asia-Pacific Region’s M&A Deals in Q1 2024: S&P Global

/ Human Resource Community

India showed impressive numbers in merger and acquisition (M&A) deals in the Asia-Pacific region’s financial sector in the first quarter (Q1) of 2024, with 27 deals closed. This outpaced other countries in the region, such as Japan with 13 deals, Australia with 12, South Korea with 11, and Mainland China with nine, according to S&P Global Market Intelligence. The number of deals in India in Q1 2024 was one more than the previous year, while other countries saw a decline or stagnation in deal volumes. Overall, deal volumes in the region fell by 14% year-on-year, ending March 31, 2024, due to economic uncertainties, higher funding costs, and increased volatility from geopolitical risks. Leigh Howard, Chief Executive Officer of AsiaLink Business, highlighted India as a bright spot with a strong forecast and resilience, suggesting a reasonable expectation for continued robust deal-making. China experienced a significant drop in deal numbers, falling to nine in Q1 2024 from 24 the previous year. Australia saw a decrease to 12 deals from 26 a year ago. Four of the top 10 deals in value were closed in India, with a combined deal value of $845.79 million. The largest was Sumitomo Mitsui Financial Group’s (SMFG) acquisition of SMFG India Credit for $700 million. Other notable deals included Piramal’s acquisition of Annapurna Finance, Rajiv Rattan’s purchase of a stake from Lonestar Americas in RattanIndia Finance, and Muthoot Finance’s investment in Belstar Microfinance.

India Leads Asia-Pacific Region’s M&A Deals in Q1 2024: S&P Global Read More »

Spring Health’s Valuation Jumps to $3.3 Billion After $100 Million Series E

/ Uncategorized

Mental health funding has been as hot as the weather these past few weeks. Spring Health became the latest startup in the sector to raise big, locking up a $100 million Series E at a $3.3 billion valuation — a 65% increase from the $2 billion valuation it received in 2021 after a $190 million Series C. The new round was led by Generation Investment Management, with participation from existing investors including Kinnevik, The William K Warren Foundation, RRE Ventures, and Northzone. Founded in 2016, the company has raised nearly $467 million, per Crunchbase. New York-based Spring Health partners with employers to provide mental health services to their employees. The company also uses artificial intelligence to help members get care faster. “Our continued growth trajectory means more people are getting the care they need and this new funding allows us to double down on our strengths, increase access, scale our impact, and continue to deliver even greater ROI to employers,” said co-founder and CEO April Koh in a release. Mental Health Funding Ticking Up Just in the past several weeks, mental health has seen its biggest raises of the year. Along with Spring Health, New York-based Talkiatry, a psychiatric care startup, picked up $130 million in mid-June. The round consisted of a combination of Series C equity financing led by Andreessen Horowitz, and debt financing from Banc of California. Then just last week, mental healthcare platform Headway closed a $100 million Series D led by Spark Capital. The new funding values the company at $2.3 billion — a 130% increase just from October when it raised a $125 million Series C at a $1 billion valuation. While well off its 2021 high, mental health funding has remained relatively stable this year.

Spring Health’s Valuation Jumps to $3.3 Billion After $100 Million Series E Read More »

Crescent Finalises $2.1 Billion Acquisition of SilverBow Resources

/ Human Resource Community

US oil company Crescent Energy has completed its $2.1 billion acquisition of SilverBow Resources, becoming the second-largest operator in the Eagle Ford. After integration, the combined entity’s production capacity is expected to be around 250,000 barrels of oil equivalent per day (boepd). The cash and stock deal, announced in May this year, concluded ahead of schedule. This acquisition enhances Crescent’s status as a leading mid-cap exploration and production company with a diverse, high-quality asset portfolio. The merger is expected to yield substantial free cash flow and has been structured with a disciplined capital allocation framework. Crescent noted that this move will facilitate further growth through accretive, returns-driven mergers and acquisitions. Following the integration, the combined entity’s production capacity is estimated to reach around 250,000 boepd. SilverBow shareholders have received approximately $358 million in total cash consideration, with Crescent issuing around 52 million shares of Class A common stock to cover the non-cash portion of the transaction. Post-acquisition, former SilverBow shareholders now hold about 23% of the combined company on a fully diluted basis. Crescent CEO David Rockecharlie said, “Today is an exciting day for Crescent. We are well positioned to create value, and I am grateful for the trust from our original Crescent and new SilverBow shareholders, each of whom voted with an overwhelming majority to approve our merger and to take equity consideration and participate in the go-forward company.” “Through disciplined investing and operations, we have delivered profitable growth, tripling the size of our business over the last four years. We have created a premier growth through acquisition platform by executing on our cash flow and returns-oriented strategy. Today, we are focused on rapidly integrating our new assets and personnel and continuing to deliver on the significant synergies we’ve identified to strengthen returns.” Crescent has announced plans to provide pro forma guidance for the second half of 2024 to reflect the acquisition’s impact. Additionally, the company is set to issue its financial and operating results for the second quarter of 2024 after the market closes on August 5, 2024. Source: Offshore Technology

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