Weekend Bites: A tale of two TCSes, and the life of Byju Raveendran

Rare is the acronym that applies to two distinct newsworthy articles. Still rarely is the week that both topics are trending. Ladies and gentlemen, we live in the time of TCS and TCS.

Story of the week

Tata Consultancy Services (TCS), India’s largest software services company, has been going through a turbulent time. It was unexpected for him Change at the top whose inside story might one day become a Netflix series, assuming there’s an inside story out there. that it transaction status It was dynamic. that it employment scenario It was messy. N Chandrasekaran was confirmed on Thursday. The TCS president, addressing shareholders, said he would be there Solid work Against employees who have violated the code of ethical conduct. The other TCS – tax collected at source – has been delivered on its own fare on the edge of the seat. In the end, it got so exciting that we asked AK Bhattacharya (AshokAkaybee on Twitter), who eats macroeconomic numbers for breakfast, what on earth is going on. It turns out this is what the government said on Wednesday: Spending abroad on international credit cards by an Indian individual would be outside the scope of the liberalized remittance scheme. Such transactions will not attract TCS provisions. Credit card spending within the country entailing foreign currency spending of less than INR 7 lakhs per annum per capita will be exempted from TCS. Foreign currency remittances abroad of less than Rs. 7 lakh per annum by an individual will be exempted from TCS. Foreign currency remittances above INR 7,000 per annum for educational expenses financed through an education loan will attract TCS at 0.5%. All other remittances above Rs 7 lakh will attract 20% TCS from 1st October.

Moral of the story: If you need clarity, come to Weekend bites. We may be without evidence, but we know where to find the clues. In other words, Just paas Akaybee hai.

In other news…

Housing Finance Development Corporation Ltd, popularly known as HDFC, which has been a pioneer in retail home loans in India for nearly half a century, has found a new home. in The merger that goes into effect today, it merged with HDFC Bank, in which it held a 19 percent stake as a promoter. After the merger, HDFC Bank will be the fourth largest bank in the world with a market capitalization of 14.73 trillion rupees, or approximately $180 billion.

The output of eight major infrastructure industries – also known as the primary sector – It expanded 4.3% in May, amid high base impact and positive growth in five of the eight segments. In May last year, the primary sector grew by 19.3 percent.

SEBI, the stock markets regulator, on Wednesday Disclosure requirements are tightened For foreign portfolio investors in an effort to get a better deal with them and prevent circumvention of the minimum rules of public ownership and takeover.

Sippy checks too Some deals in the shares of at least three companies led by Gautam Adani – Adani Power, Adani Green Energy and Ambuja Cement – suspected insider trading.

Influencers are in the spotlight during this survey season. Governments and political parties court them.

Watch it: who morning show

Can two-wheeled electric rickshaws thrive without government subsidies? This episode of morning show Came last week. But given the collapse in e2W sales this month, the question stares us even harder. Dive into it here.

What is obsessing over Suveen?

He was at least a daily headline for a while, sometimes more, than Byju. There was no difference this week. On Thursday, Byju Raveendran addressed the City Council where he told employees that the past few months have been tough, but that the company will soon be out of the woods.

Earlier in the week, he addressed shareholders about the sudden resignation of the company’s auditors and some members of the board of directors. He sought to reassure his investors by saying, “Peugeot’s business is not my business; it is my life.”

How cool that sounds! But is this the right way to run a business?

The author of your newsletter sought to dig deeper into this issue. It ended up being a letter addressed to the eponymous founder of Byju.

If you’re not too interested in finding cutting edge thought in a newspaper column — self-promotion alert — you might consider reading this: No, Byju, it’s about more than your life.

This is Suveen’s signature. Please send comments, news, or opinions about anything – about TCS, about TCS, or about self-promoting newsletter writers – to [email protected].

(Suveen Sinha is the Chief Content Editor at business standard)