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Ex-Cognizant COO to pay $50,000 penalty in bribery case

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BENGALURU: Former Cognizant COO Sridhar Thiruvengadam has agreed to pay a civil penalty of $50,000 following a Securities and Trade Fee (SEC) order that discovered that 4 firm executives, together with the previous, authorised a bribe cost in a video-conference, which violated the Overseas Corrupt Practices Act (FCPA).

The case pertains to Cognizant’s 2.7-million-sqft KITS campus on Outdated Mahabalipuram Street in Chennai that deliberate to make use of 17,500 folks. A senior authorities official of Tamil Nadu demanded a $2-million bribe from the development agency accountable for the campus. The bribery uncovered Cognizant to civil and prison legal responsibility with the corporate paying $25 million in penalties in addition to incurring $79 million extra in prices associated to its inner investigation.

The SEC order stated Thiruvengadam devised a scheme to cowl it up within the firm’s books. Thiruvengadam was Cognizant’s COO from late 2013 till he was positioned on administrative go away in late 2016. Cognizant accepted Schwartz. Coburn and Schwartz channelled funds to L&T, the development firm accountable for the KITS campus.

The lawsuit alleged that to disguise Cognizant’s reimbursement to L&T of the bribes the latter paid to authorities officers, Schwartz and Coburn agreed that L&T would submit many fraudulent change order requests on the finish of the undertaking totalling $2 million. TOI has seen a replica of the order that stated Cognizant engaged the contracting agency to construct the ability and procure all essential authorities permits. Thiruvengadam’s resignation final yr. The SEC order states that Thiruvengadam later helped to hide the cost by signing false sub-certifications. It discovered that Thiruvengadam violated the FCPA’s inner accounting controls and record-keeping provisions. “Without admitting or denying the findings, Thiruvengadam agreed to pay a civil penalty of $50,000,” the order stated.

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Iconic Bajaj Chetak returns in modern avatar

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New Delhi:  Over 13 years after it ceased production, Bajaj Auto has relaunched its iconic ‘Chetak’ scooter in an electronic configuration. In an event in Delhi on Wednesday, Union Minister Nitin Gadkari and NITI Aayog chief Amitabh Kant sat on two models of the electric Chetak, flanked by Rajiv Bajaj, the head of Bajaj Auto.

“We have decided to move towards electric vehicles (EV) and started its production in September at the Chakan plant,” Rajiv Bajaj, Managing Director, Bajaj Auto said at the event on Wednesday.

The electric scooter market in the country is probably the most viable option for automakers right now, with cars proving to be an expensive proposition to sell. This, however, comes naturally to Bajaj, and according to the company’s chief, “electric vehicles cannot be made at the click of a finger by anyone.”

The company plans to start selling electric scooters (e-scooter) under the Chetak brand January onwards from Pune and then move to Bengaluru; and after gauging the response, expand operations to other locations.

The e-scooter would be rolled out from the company’s Chakan plant and would be retailed from the company’s Pro-Biking dealerships.

The company also plans to export the model to various relevant markets in Europe from next year itself. The Electric Chetak offers a driving range of 95 km in ECO mode and 85 km in SPORTS mode.

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