Delhi HC dismisses Turkish firm's plea against revocation of security clearance
'Dismissed,' Justice Tejas Karia said on Thursday, noting that similar pleas were dismissed earlier.
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News18
4 hours ago
- News18
HCLTech CEO C Vijayakumar earns $10.85 mn in FY25; more than TCS, Infosys heads
Agency: New Delhi, Aug 2 (PTI) HCLTech CEO C Vijayakumar earned USD 10.85 million (about Rs 94.6 crore) in the financial year 2024-25, making him one of the highest-paid executives in the Indian IT sector and surpassing the earnings of chiefs at larger rivals TCS and Infosys. The company's board has also approved an over 71 per cent increase in his current remuneration to USD 18.6 million (about Rs 154 crore) for the next financial year, according to the company's annual report. Vijayakumar's FY25 compensation places him ahead of his peers at India's top two IT firms. For the same period, TCS CEO K Krithivasan's remuneration was Rs 26.52 crore, while Infosys CEO Salil Parekh earned Rs 80.62 crore. Vijayakumar's earnings also topped those of Wipro CEO Srinivas Pallia (USD 6.2 million or about Rs 53.64 crore) and Tech Mahindra CEO Mohit Joshi (Rs 53.9 crore). According to HCLTech's annual report, Vijayakumar's total remuneration in the fiscal year ended March 31, 2025, comprised a base salary of USD 1.96 million and a performance-linked bonus of USD 1.73 million. The largest portion of his earnings came from long-term incentives, with exercised Restricted Stock Units (RSUs) valued at USD 6.96 million. An additional USD 0.20 million was provided in benefits and perquisites. Vijayakumar, who took over as the CEO in 2016, is based in the US and draws his remuneration from HCL America Inc., the firm's wholly-owned US subsidiary. 'Under C. Vijayakumar's leadership, HCLTech's market capitalisation has increased from Rs 1,15,000 crore on March 31, 2016, to Rs 4,32,000 crore on March 31, 2025, reflecting a growth of 3.8 times since FY16. Over the same period, the market capitalisation of the other four leading Indian listed IT services firms among the top five has grown by approximately 2.5 times," the company said. The company's board has approved a revised remuneration package for Vijayakumar, effective April 1, 2025. The proposed annual salary is set at USD 18.6 million, marking a 71 per cent increase from his FY25 earnings. The proposed structure significantly increases both fixed and performance-linked components. 'The revised compensation acknowledges C Vijayakumar's successful and long-tenured leadership as CEO, recognising his significant contributions to the company's growth and sustained performance over the years," the report said. HCL Technologies posted a 9.7 per cent drop to Rs 3,843 crore in consolidated net profit for the June quarter, hurt by higher expenses and one-time impact of a client bankruptcy, but raised the lower end of revenue growth outlook for the full fiscal to 3-5 per cent (from 2-5 per cent earlier) on booking expectations in coming quarters. Shares of HCLTech settled 0.98 per cent lower at Rs 1,452.95 apiece on the BSE on Friday. PTI ANK RHL RHL view comments First Published: August 03, 2025, 01:15 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Hindustan Times
4 hours ago
- Hindustan Times
Agra-born Arvi Bahal to join Blue Origin's space tourism flight on August 3
Arvinder "Arvi" Singh Bahal, a real estate investor born in Uttar Pradesh's Agra, is among the six crew members who will fly to space's edge on board Blue Origin's space tourism flight NS-34 on August 3. Arvinder "Arvi" Singh Bahal, a real estate investor born in Uttar Pradesh's Agra.(Facebook/Blue Origin) According to Blue Origin, billionaire Jeff Bezos' space venture, its next New Shepard crewed flight, NS-34, will lift off from Launch Site One in West Texas on Sunday, August 3. The launch window for the flight opens at 7:30am local time. This mission is the 14th human flight for the New Shepard program and the 34th in Blue Origin's history. So far, Blue Origin has flown 70 people above the Kármán line, the internationally recognised boundary of space. Bahal will be joined by Turkish businessman Gkhan Erdem, Puerto Rican meteorologist and journalist Deborah Martorell, English philanthropist Lionel Pitchford, entrepreneur JD Russell and Ambassador and former Permanent Representative of Grenada HE Justin Sun. Who is Arvi Singh Bahal? A real estate investor, Arvi Singh Bahal, is a naturalised US citizen. According to Blue Origin, Bahal is a lifelong traveller and has visited every country in the world. He has also been to the North and South Poles, skydived at Mount Everest, and visited the Pyramids of Giza. Bahal holds a private pilot's license and flies helicopters. According to his LinkedIn profile, Bahal is the president of Bahal Properties, a real estate company which he has led since 1975.
Economic Times
4 hours ago
- Economic Times
ED makes first arrest in loan fraud case linked to Anil Ambani
New Delhi: The Enforcement Directorate (ED) late Friday evening arrested the managing director of an Odisha-based company - its first arrest in an alleged bank loan fraud case involving the Anil Dhirubhai Ambani Group (ADAG). Partha Sarathi Biswal, MD of Biswal Tradelink Pvt Ltd (BTPL), is accused of arranging a fake bank guarantee of ₹68 crore for an ADAG firm. According to the ED, its investigation has revealed that BTPL fraudulently arranged and submitted the fake bank guarantee along with forged SBI endorsements and fabricated confirmations on behalf of Reliance Nu Bess Ltd for a tender floated by Solar Energy Corporation of India Ltd (SECI). For this, BTPL received ₹5.40 crore from Reliance Nu Bess' parent, Reliance Power Ltd, ED has ED carried out searches against Biswal Tradelink on Friday. Agency sources said the evidence gathered by ED confirmed the use of fake documents in the name of certain banks and fake email IDs in the name of SBI."Probe reveals BTPL, a small company incorporated in 2019, maintained multiple undisclosed bank accounts and carried out transactions disproportionate to its declared turnover. Many violations of the Companies Act are found," the probe agency said in a news release on Saturday. Statutory records such as books of accounts and shareholders' registers were not found at the registered address, it said, adding: " Dummy directors are found to be used just to sign the documents."At least seven undisclosed bank accounts of the company were found and "proceeds of crime, of crores of rupees, have been traced to these accounts", it claimed. Biswal was produced before a Delhi court, which sent him to ED's custody till August 6. ET was the first to report on Friday that the ED had summoned Anil Ambani for questioning in connection with its investigation into the ₹17,000 crore alleged loan fraud case. Ambani has been asked to appear before the agency on August 5. According to the Enforcement Directorat, Biswal Tradelink ran a racket that issued fake bank guarantees to business groups. As per the agency, the Delhi Police filed the first information report in the case based on a Reliance Nu Bess company, accusing Biswal Tradelink of cheating it by promising to arrange bank guarantees for a fee and then providing a fake bank guarantee. According to the ED, Reliance Nu Bess wrongly claimed that it was cheated. "Documentary evidence reveals that apparently the two parties acted in collusion. The directors of Biswal Tradelink were found to be previous directors of Reliance group," a senior official had told ET.A statement issued by the Reliance Group on Friday said: "The company and its subsidiaries acted bonafidely and have been a victim of fraud, forgery and cheating conspiracy. The company has made due disclosure on this to the stock exchanges on November 7, 2024," it further said "a criminal complaint in this regard has already been lodged with the Economic Offences Wing (EOW) of Delhi Police against the third party on October 16, 2024" and that the "due process of law will follow".
