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A Big Bang I-T Raid

     

    The government is sitting hawk-eyed on black money peddlers. The IT department unraveled a nexus between doctors and medical labs that was worth a 100 crore rupees. In the tech world, Infosys got its sixth CEO. Virat Kohli is unstoppable, scored another double century yesterday. And Serious Fraud Office is probing companies for suspicious transactions after demonetization.

     

    6

    What is it? Indian IT major Infosys gets its CEO number six in the form of Salil Parekh, with the company making the announcement on Saturday.

    Why is it important? In the 37-year history of Infosys, Parekh will only be the second CEO outside the promoter group. He follows Vishal Sikka, who resigned this August after finding himself on the wrong side of some founder-promoters, notably NR Narayana Murthy, over a series of business decisions and approaches. Although these founder-promoters did not have a board presence then, Murthy was particularly vocal in his displeasure, resulting in Sikka quitting.

    Tell me more: Parekh, 53, will join Infosys from January 2 on a five-year term. He joins from Capgemini where he was a member of the group executive board, thus ending a three-month search.

     

    Rs 100 crore

    What is it? The undisclosed amount detected by the Income Tax (IT) officials after they unearthed a nexus between some doctors and medical centres in Bengaluru.

    Why is it important? It highlights the unethical measures adopted by some medical professionals at the cost of patients’ health and money. The IT department conducted a three-day search in two in-vitro fertilisation centres and five diagnostic centres, and found that doctors were being paid a commission to refer their patients to these centres for tests. The Health Ministry has asked all states to adopt and implement the Clinical Establishment Act, 2010, under which action can be taken against medical institutions indulging in unethical practices.

    Tell me more: According to the IT department, the commission varied from lab to lab, but the median rate was 35% for MRI (magnetic resonance imaging) scans and 20% for CT (computed tomography) scans and other tests. These payments to doctors were accounted for under the head of ‘marketing expenses’.

     

    6

    What is it? The number of double centuries scored by Virat Kohli in his test career so far. In the ongoing series against Sri Lanka, Kohli yesterday scored 243 runs, following a 213 in the previous test.

    Why is it important? With his latest double hundred, Kohli created or matched a series of records: most double centuries by captains in tests, beating Brian Lara who had five; sixth batsman to score consecutive double hundreds in tests; and fifth captain to hit multiple double tons in a series.

    Tell me more: Kohli’s 243 against Sri Lanka is his career best. This is the 14th time he has bettered his highest score—the maximum number of times any player has done so. He now matches Sachin Tendulkar and Virender Sehwag in double hundreds.

     

    18

    What is it?  The number of companies the Serious Fraud Investigation Office (SFIO) will probe for alleged suspicious transactions involving large sums of money during demonetisation.

    Why is it important?  News of this probe follows a series of government steps aimed at checking black money in the Indian economy. The government had recently removed the names of approximately 2.24 lakh companies for being dormant for a long time and removed 2 lakh directors of such companies.

    Tell me more: In its preliminary enquiry, the government was focusing on 35,000 companies involving 58,000 bank accounts where an amount of about Rs 17,000 crore was deposited and withdrawn post-demonetisation.

     

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