COAI seeks cancellation of Tata Tele’s 19 GSM licences Phaneesh Murthy, the once upon a time blue-eyed boy of the information technology (IT) industry has been sacked by iGate Corp, after having to quit Infosys over a sexual harassment scandal. India pays 12.67% of the international oil rate plus $0.26 per mmBtu to Qatar. The Perennial Bestseller, reads like a Thriller! Infosys paid $570,000 to Phaneesh Murthy as part of the final settlement of his dues when he resigned in July 2003 as head of Infosys' worldwide sales and marketing and from the company's board of directors. Amidst the innovation crunch, Nandan Nilekani, co-founder of Infosys, decided to hire a young graduate by the name of Phaneesh Murthy. He's been acquitted. Liquefied natural gas (LNG) currently is imported at about $14 per mmBtu. However, Murthy has denied all charges and allegations levelled against him. The verdict on the sexual harassment suit against Phaneesh Murthy, the former marketing whizkid of Infosys, is finally out.
iGATE will continue to focus on creating value for our customers and shareholders, while upholding the highest ethical standards in every area of our business. Earlier, in 2003, Infosys, India's second largest IT company, paid $3 million or about Rs15 crore for an out of court settlement in the sexual harassment lawsuit against Murthy who was the company's member of the board at that time. The body said it had sought the opinion of former solicitor-general Rohinton Nariman on the matter.
Speaking with reporters, he said, "I have not violated iGate policy and the charges against me are completely false." The impact of every US dollar increase in gas price would be about Rs10,040 crore per annum on the power sector for 28,000 MW of electricity generating capacity. They want domestic gas prices to be freed and benchmarked to the rate at which gas in its liquid form (LNG) is imported into the country. Murthy then joined iGate Global Solutions (formers Mascot Systems) as a CEO and has grown the company rapidly after restructuring it. He endorsed the view that the spectrum allocated to TTSL was quashed by the Supreme Court’s order, COAI said. The oil ministry has moved a Cabinet note to raise the price of natural gas produced by state-owned ONGC and OIL as well as private firms like Reliance Industries to $6.7, less than $8-$8.5 hike previously expected. Phaneesh Murthy has revived a partnership with his wife Jaya for the business advisory services company Primentor Inc. Telecom spectrum was bundled with licences earlier. In August 2003, he became chief executive officer of iGate Global Solutions.
Phaneesh Murthy is an alumni of the Indian Institute of Management (IIM), Ahmedabad, and Indian Institute of Technology (IIT), Chennai. Also, the price determined shall be applicable to all consuming sectors uniformly. He chooses his words carefully, contemplating what he is going to say and how he is going to say it. The high point of his career in iGate was the acquisition of Patni Computers in 2011, which was the company from which NR Narayana Murthy and his friends exited to form Infosys Technologies and went on to create history.
The gas price based on average of April-June rates would come to $6.775 per mmBtu, much less than doubling of rates previously expected.
In a statement, iGate said, "The board’s decision was made as a result of an investigation by outside legal counsel, engaged by the Board, of the facts and circumstances surrounding a relationship Murthy had with a subordinate employee and a claim of sexual harassment. Sources said the ministry said the Rangarajan panel report needs to be accepted so that domestically produced natural gas prices are fixed in a fair manner and in a way that incentivises production. The Cellular Operators Association of India (COAI), and industry body of GSM operators, is planning to approach the Department of Telecommunications (DoT) in the next few days, asking it to cancel 19 licences awarded to Tata Teleservices (TTSL) five years ago. The Infosys lawsuit was filed by Phaneesh's executive secretary Reka Maximovitch, a Bulgarian American national, complaining of sexual harassment and wrongful termination of her employment.
Two years ago, Phaneesh Murthy helped iGate acquire Patni Computer services, one of the oldest IT company from India, for $1.22 billion. Previously, RIL had from April 2014 wanted to price KG-D6 gas at the rate India pays for importing LNG on a long-term contract from Qatar.
Oil ministry proposes gas price hike to $6.7 per mmBtu
TTSL is present in both CDMA and GSM space.
However, Cairn India's eastern offshore Ravva gas, which is currently priced at $3.5-$4.3 per mmBtu, may be revised as per the committee recommendations. Gas from nominated fields, called APM gas, was last revised in June 2010 to $4.2 from $1.79. Hiring Murthy … This essentially meant that RIL would get the new price only from 1 April 2014 upon expiry of the fixed five-year term of current rate of $4.205 per mmBtu. The investigation, which is ongoing, has reached the finding that Murthy’s failure to report this relationship violated iGATE’s policy, as well as Murthy’s employment contract.
No details are available as yet, but the exit will provide plenty of debate. While iGate used non-disclosure of information about relationship as reason to sack him, Murthy on the other hand claimed that he had informed the company chairman about his relationship with a female colleague.
The Rangarajan panel suggested rates may also not apply to BG Group-operated Panna/Mukta and Tapti fields in the western offshore as the current rates of $5.57-$5.73 per mmBtu for the fuel produced from these are derived from a pre-defined formula detailed in the PSC.
The panel headed by C Rangarajan —chairman, Economic Advisory Council to the Prime Minister—also suggested gas-on-gas competition after five years. Phaneesh Murthy has a slow and measured way of speaking. Pathbreakers 1 & Pathbreakers 2 contain deep insights, unknown facts and captivating events in the life of 51 top achievers, in their own words. Watzinger possesses deep knowledge of iGATE’s business and he assumes his responsibilities as our Interim President and CEO with the full support of the Board.” The Supreme Court cancelled allocation of spectrum through these press releases and other subsequent allocation.