Former chairman Lalit Modi was cleared in the principal proceedings arising from the 2009 Indian Premier League's staging in South Africa after the Appellate Tribunal under SAFEMA set aside the penalties imposed on him, rejecting the Enforcement Directorate's core case that the foreign remittances were capital account transactions.Announcing the verdict after more than 16 years of investigations, proceedings, and litigation, Modi said the tribunal found that the main remittances related to IPL 2009 were current account transactions. It also determined that he was not responsible for the BCCI's statutory FEMA compliance or given the financial authority as alleged by the Enforcement Directorate. Calling it the end of the largest legal dispute stemming from the 2009 South Africa edition of the IPL, Modi said, "This marks the end of what has been the single most significant legal matter arising from the 2009 South Africa IPL." He added, "For over sixteen year...
US-based IT firm Oracle is believed to have laid off approximately 12,000 staff in India, with another round of layoffs expected within a month, impacted employees said on Tuesday. Globally, the company has fired around 30,000 employees. "In India, around 12,000 employees have been laid off. The company is planning another mass layoff within a month," said two people impacted by the retrenchment, including one from the company's human resource department. The company has approximately 30,000 employees in India, including those affected by the layoffs. Oracle declined to comment on the development. Oracle, in an email sent to staff, said the employees were informed about certain organisational changes and "because of these changes, a decision has been taken to streamline the operations, and as a result, unfortunately, the position you currently hold will become redundant". The company has offered 15 days' salary to each employee who has completed a year...