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Raids on Cafe Coffee Day chief VG Siddhartha unearth Rs 650 crore

Income Tax Department, in an official statement said that following the raids on VG Siddartha, owner of Cafe Coffee Day and son-in-law of former External Affairs minister SM Krishna, which ended on Sunday, he admitted to having more than Rs 650 crores of undisclosed income. The IT Department, who began raids on Thursday, revealed that the detection of undisclosed income ... Read More »

IT raids on former external affairs minister S M Krishnas son-in-laws firms

Income Tax today raided over 20 locations in Bengaluru, Mumbai, Chennai and Chikmagalur, including premises of former Karnataka Chief Minister SM Krishna’s son-in-law VG Siddhartha. The Coffee Day Square in Bengaluru, the headquarters of Cafe Coffee Day owned VG Siddharta, was searched. VG Siddhartha is founder-owner of Cafe Coffee Day chain of coffee houses. Siddhartha founded Amalgamated Bean Coffee Trading ... Read More »

400 top Cognizant executives accept VRS

IT firm Cognizant said around 400 of its senior executives have accepted its voluntary separation package which will help the multi-national corporation save around $60 million dollars annually. The international company had pitched the package, which offers up to nine months of salary, to some of its senior executives based in the United States and India in May. The firm has ... Read More »

I-T Dept raids Bengaluru Resort where Gujarat Congress MLA’s are holed up

The income tax department conducted raids Wednesday morning on the Eagleton Golf Resort where the Gujarat Congress MLAs are holed up.  A raid was also conducted on Karnataka energy minister D Shivakumar’s home. Mr Shivakumar is the energy minister in the Siddaramaiah government. The raid comes at the time when Congress is trying to save their MLA’s votes in the upcoming ... Read More »

2 Lakh IT Jobs At Risk, But Some Hope For Laid-Off Techies

All over the world,  jobs in the IT sector are under threat due to increasing automation and new digital technologies. With nearly 2 lakh jobs expected to be slashed in the IT sector in next two years and more than 50 percent of the laid -off employees will be transferred to other opportunities, a survey said. The survey was conducted ... Read More »

Sahara’s Amby Valley receives Income Tax notice

The Income Tax department has issued a Rs 24,646-crore tax demand notice to Sahara Group’s Aamby Valley Limited after conducting a special audit of the company. During the scrutiny of records,the department, as part of a special investigation and audit into the account books of AVL, found that an income of over Rs 48,000 crore for a particular assessment year ... Read More »

Wipro sacks 600 employees after performance appraisal

The technology giant Wipro has sacked 600 employees after the performance appraisal. An unconfirmed news says that the numbers can go as high as 2000 employees. Wipro which is the 3rd largest IT Solutions provider had over 1.79 lakh employees by December 2016. Wipro said it always undertakes a “rigorous performance appraisal process” to align its workforce with business objectives, strategic ... Read More »

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