SEBIReutersCapital market regulator Security Exchange Board of India (Sebi) will reportedly initiate a fresh probe into a corporate governance complaint against IT major Infosys in connection with the Panaya deal.According to Business Standard, the involvement of several board members of the Bangalore-based software exporter could come under the scanner of the regulator.In June, Sebi had closed a probe saying that were no merits in the charges made by an anonymous whistleblower against the IT giant’s acquisition deal. The whistleblower had alleged corporate governance lapse by Infosys board members when the company bought Israeli firm Panaya for $200 million in February 2015.The change in Sebi’s stance and its plan to reinvestigate comes at a time when Infosys is facing turbulence with the ongoing war of words between co-founder N R Narayana Murthy and the board.On August 18, Vishal Sikka had also resigned from his position as the Chief Executive Officer (CEO) and Managing Director (MD) of Infosys, citing personal attack.The company board too blamed Murthy for Sikka’s exit and said that the co-founder had put the CEO under “continuous assault” and made “inappropriate demands.”Murthy even claimed in an email to some of his advisers that he had been told by at least three independent directors of the company that Sikka was not a CEO material.Sebi’s change in stance could also be due to recommendations received from the Narendra Modi government, Business Standard reported.Murthy’s crusade against unsatisfactory corporate governance standards within the company has deteriorated his relation with the board and more importantly with Sikka.Murthy had flagged the issue related to the lapse of corporate governance, especially in the Panaya acquisition deal.An international law firm was later appointed by the company to investigate the deal, which gave a clean chit. Soon after that, Murthy had written a mail to the board, asking them to make the investigation reports public. The board refused.Infosys co-chairman Ravi Venkatesan had said that it would not be appropriate to make the investigation report public as it contained an enormous amount of details about the company.The co-founder also wanted an explanation for former CFO Rajiv Bansal’s objection to the deal and his subsequent exit from the company.The whistleblower’ letter had claimed that Panaya was struggling to raise money. Sources told Business Standard that the Infosys board overlooked several factors before going ahead with the decision to buy the firm.
Police arrested a Juba League leader along with 107 pieces of Yaba tablets from Cox’s Bazar airport here on Saturday morning.The arrestee was identified as Nazir Ahmed, son of Asraf Ali, a resident of Sabrang union of Teknaf upazila, and Information and Research Secretary of district Juba League.Nazir is also district correspondent of a private TV channel.Ranjit Barua, officer in-charge of Cox’s Bazar Model Police Station, said that the airport security guards found the Yaba tablets checking Nazir’s luggage while he was heading towards Dhaka in a flight of private airline around 11:00am.Nazir addressed him as prominent journalist to police after seizure of his Yaba.He also confessed to police that he is a Yaba taker.
US president Donald Trump kicked off a state visit to Britain Monday by branding London’s mayor a “loser” before heading for lunch with Queen Elizabeth II, following delicate comments about Brexit.Trump’s plane had not even touched down when he tweeted that Sadiq Khan, who has been highly critical of the red-carpet welcome laid on for Trump, had done a “terrible job” running London.The president called the mayor a “stone cold loser”, adding: “Kahn reminds me very much of our very dumb and incompetent Mayor of NYC, (Bill) de Blasio, who has also done a terrible job – only half his height.”In any event, I look forward to being a great friend to the United Kingdom,” he added.Queen Elizabeth II was scheduled to welcome Trump and his wife Melania to Buckingham Palace later Monday, where they will be treated to a guard of honour, a private lunch and a glittering banquet.But beneath the pomp and ceremony, Britain is in turmoil with Prime Minister Theresa May due to step down within weeks over her handling of her country’s exit from the European Union.Trump weighed in on the divisive issue of Brexit, declaring before he arrived that Britain’s former foreign minister Boris Johnson would make an “excellent” choice to succeed May.In a round of British newspaper interviews, he also recommended her successor walk away from talks with Brussels, refuse to pay Britain’s agreed divorce bill and leave the EU with no deal.The UK-US “special relationship” was already under strain over different approaches to Iran, the use of Chinese technology in 5G networks, climate change, and Trump’s personal politics.Labour’s Khan has led opposition to the three-day visit, writing a newspaper article on Sunday in which he compared the US leader to European dictators from the 1930s and 1940s.”Donald Trump is just one of the most egregious examples of a growing global threat,” Khan wrote.His spokesman called Trump’s tweets “childish” and “beneath the president of the United States”.Baby Trump blimpHuge protests are being organised in London, with organisers crowdfunding a bright orange “baby Trump” blimp depicting the US leader in a diaper — aiming for an even larger version than the one flown during his visit last year.The leaders of Britain’s main opposition parties and the speaker of parliament are boycotting the state banquet on Monday night.In an effort to brush past the controversy, May and Trump are expected to emphasise the wider benefits of their old alliance when they hold talks at Downing Street on Tuesday.On Wednesday, they will join other world leaders in the English port of Portsmouth to commemorate 75 years since the D-Day landings, which changed the course of World War II.”Our relationship has underpinned our countries’ security and prosperity for many years, and will continue to do so for generations to come,” May said ahead of the visit.No-deal BrexitMay announced her resignation last month after failing to get her Brexit deal through parliament and twice delaying Britain’s EU departure.She will formally quit as her Conservative party’s leader on Friday, but will stay on as caretaker prime minister while her successor is chosen.Three years after the referendum vote for Brexit, Britain remains divided.Trump recommended the new government make a clean break with the EU if necessary, adding that there was “tremendous potential” for Britain to trade with his country after Brexit.Causing more potential embarrassment for May, Trump said he might also meet with Johnson and pro-Brexit leader Nigel Farage during his UK visit.”They want to meet. We’ll see what happens,” he told reporters before he left the United States.Strained special relationshipMay was the first foreign leader welcomed to the White House after Trump’s election victory in November 2016, but their relationship has not always been rosy.They have clashed over Trump’s migration policies, while Britain still backs the Iranian nuclear deal and the Paris climate accord, both of which Trump has abandoned.Washington has also been putting pressure on Britain to exclude Chinese tech giant Huawei from its 5G network over security concerns, suggesting it might harm intelligence-sharing.Trump’s first official visit to Britain last year was overshadowed by criticism of May’s approach to Brexit, as well as large demonstrations.He is not expected to meet Prince Harry and his American wife Meghan Markle, after saying her previous criticism of him was “nasty”.
David J. Phillip, APGaston Kirby, right, and Juan Minutella leave Kirby’s flooded home in the aftermath of Hurricane Harvey, Monday, Sept. 4, 2017, near the Addicks and Barker Reservoirs, in Houston.THE LATEST:The House has passed a $7.9 billion Harvey aid package. Republicans and Democrats united behind help for victims of that storm even as while an ever more powerful new hurricane bore down on Florida.The 419 to 3 vote Wednesday sent the aid package — likely the first of several — to the Senate in hopes of sending the bill to President Donald Trump before dwindling disaster reserves run out at the end of this week.Texas Rep. John Culberson, whose Houston district was slammed by Harvey, promised that “help is on the way.”Senate Republicans hope to add an increase to the government’s borrowing limit, but Democrats announced Wednesday that they only support a short-term increase.Some New York Democrats reminded Texas Republicans of their votes opposing Superstorm Sandy aid five years ago.__Harris County officials say damage from Harvey will keep the county’s criminal justice center closed for at least eight months. The criminal justice center was damaged by water coming in windows, by sewage overflowing in bathrooms, and by burst air conditioning pipes.Harris County Judge Ed Emmett says there will be no civil jury trials in September and felony trials have been moved over to the civil courts building.The departments that call the building home, including the District Attorney’s office are being relocated, and case files, some of which were damaged, are being moved to the buildings where they’ll be needed.In 2001, the 20-story building was shut down shortly after it opened by flooding from Tropical Storm Allison. County Engineer John Blount says damage this time would have been far worse if it wasn’t for improvements made after that storm. They’re still assessing the damage from Harvey, but Blount says the price tag for repairs will be many millions. —Lawsuits have been filed by property owners affected by releases from the Addicks and Barker reservoirs. Plaintiffs say they did not experience flooding until the controlled releases from the reservoirs. Attorneys have said the suits do not accuse the government of any wrongdoing but rather the plaintiffs should be compensated. The Dallas Morning News has discovered a 2-decades- old report by Harris County engineers saying the county’s reservoir system was severely insufficient and imperiled thousands of properties. At the time, the report’s authors proposed a $400 million fix saying the alternative was “Do nothing and accept risk of flooding.”Andrew Schneider | Houston Public MediaEvacuees and volunteers at NRG Stadium shelters on Sep. 4th, 2017.With federal disaster reserves running out, the House is swiftly moving to pass President Donald Trump’s request for a $7.9 billion first installment of relief for victims of Harvey. GOP leaders also hope to use the urgent Harvey aid bill to solve a far more vexing issue: Increasing the U.S. debt limit to permit the government to borrow freely again to cover its bills. Wednesday morning’s vote comes as the government’s response to Harvey is draining existing disaster reserves, with Federal Emergency Management Agency’s disaster accounts hovering at $1 billion or less. FEMA is warning lawmakers that disaster funds run out on Friday, even as a much more powerful hurricane, Irma, is bearing down on the eastern U.S. This week’s measure is to handle the immediate emergency needs and replenish reserves in advance of Irma. Far more money will be needed once more complete estimates are in this fall, and Harvey could end up exceeding the $110 billion government cost of Hurricane Katrina. The Harvey aid bill is the first major item on a packed fall agenda. GOP leaders such as Speaker Paul Ryan hope it will allow lawmakers to quickly take on the more challenging job of increasing the government’s $19.9 trillion borrowing cap. That plan was gaining momentum Tuesday, with even some top House conservatives sounding resigned to the idea. “I think it’s a terrible idea,” said House Freedom Caucus Chairman Mark Meadows, R-N.C., who conceded that conservatives were getting outmaneuvered. “I think at this point there are bigger issues that we have to focus on,” Meadows said. House action on Wednesday would set up a Senate debate that, as of Tuesday, would follow an uncertain path. A spokesman for top Senate Democrat Chuck Schumer said the New Yorker is seeking assurances that minority party Democrats will be treated fairly as Congress advances through its lengthy to-do list, which includes extending a popular children’s health program, federal flood insurance, and, perhaps, a small-bore budget outline that would ease tight budget “caps” on both the Pentagon and domestic agencies. Schumer was a key force in winning aid of more than $50 billion to help New York and New Jersey recover from Superstorm Sandy five years ago. And he supported former President Barack Obama’s successful efforts in recent years to block Republicans from using debt limit increases as blackmail to win other GOP priorities. So Schumer is keeping his options open despite initially acting cool to the idea of pairing the debt limit with flood funding. Senate Majority Leader Mitch McConnell, R-Ky., said that increased Harvey costs show the importance of acting swiftly to increase the government’s debt cap to make sure there’s enough borrowed cash to pay out the surge in disaster aid. “In the case of the debt limit, we need to act quickly given the new uncertainty from the large costs of storm recovery,” McConnell said. Analysts at the Bipartisan Policy Center, a Washington think tank, say Harvey aid wouldn’t cause a cash crunch for weeks. Democrats recognize that their votes are needed to help GOP leaders pass any debt limit increase but they aren’t threatening to withhold those votes. “We’re dealing with all these things at this point in time anyway,” said House Democratic Caucus Chairman Joe Crowley of New York. “Democrats have said we’re for a clean debt ceiling and we’re also for making sure the people from Texas, Louisiana, and elsewhere who’ve been severely damaged by these storms — with one more on the way as well — that their needs need to be addressed as well.”—Houston neighborhoods wrecked with flood damage are faced with many issues.Mayor Sylvester Turner says he’s working to alleviate one of those problems: collecting debris. Share