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<ul><li>New deal saved 2.86% for the Indian exchequer, says India's federal auditor.</li><li>Latest report tabled in the Parliament will help Modi in fighting corruption charges from the opposition.</li><li>Opposition had hoped to corner the Modi government over the controversial defence deal.</li></ul> The Narendra Modi government struck a better deal than the Congress, that's the verdict from the <keyword id="6379775" type="UNKNOWN" weightage="20" keywordseo="Comptroller-and-Auditor-General-of-India">Comptroller and Auditor General of India</keyword> (CAG), the country's federal auditor, which tabled its report on the controversial 2015 deal to buy 36 Rafale jets from French company Dassault, according to news reports. "Compared to the 126 aircraft deal, India managed to save 17.08% money for the India-specific enhancements in the 36 Rafale contract," news agency ANI said, adding that,"the delivery schedule of the first 18 Rafale aircraft is better than the one proposed in the 126 aircraft deal, by five months." However, the full price of the jets have been redacted in the report based on the insistence of the Defence Ministry citing the Indo-French agreement of 2008 and the provisions of inter-government agreement, another news agency IANS reported. In April 2015, Prime Minister Narendra Modi had announced that India will buy 36 French-manufactured Rafale fighter jets off-the-shelf. This was a departure from the original plan, under the previous regime, under which India would buy 18 off-the-shelf jets and another 108 would be assembled by the state-run Hindustan Aeronautics Limited or HAL in Bengaluru. Modi , however, intervened and decided to buy 36 "ready-to-fly" fighters instead of trying to acquire technology from Dassault and make it in India. "A Defence Ministry team in March 2015 recommended the scrapping of the 126 Rafale deal saying that Dassault Aviation was not the lowest bidder and EADS (European Aeronautic Defence &amp; Space Company) was not fully compliant with the tender requirements," the CAG report said according to ANI. The opposition parties had cornered the incumbent Modi government alleging that the ₹590 billion deal was more expensive and it included kickbacks. It was also said that the deal was made to help Anil Ambani, whose Reliance Naval and Engineering was reportedly brought in to support Dassault. Both entities have denied this. Modi also faced a direct <a href="https://twitter.com/INCIndia/status/1093733762104524800/photo/1?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1093733762104524800&amp;ref_url=https%3A%2F%2Fwww.hindustantimes.com%2Findia-news%2Fdefence-ministry-note-proves-pm-bypassed-negotiations-with-france-on-rafale-deal-rahul%2Fstory-EUd4UAbFWTQ9lX6XODsLkM.html" data-type="tilCustomLink" target="_blank">charge</a> after news reports revealed that the Prime Minister's Office had intervened in the deal negotiations and in fact, dismissed the apprehensions of its own Defence Ministry. The latest report from CAG will be a big blessing for Prime Minister Narendra Modi who will be seeking re-election in the upcoming summer. However, the opposition was already prepared. Prior to the release of the report, the Congress party had pre-emptively dismissed the findings of the report, explaining that Rajiv Mehrishi, the current Comptroller and Auditor General of India, took part in the deal’s negotiations.

CAG report on Rafale deal is a blessing for Modi government

<ul class="summary-list"><li><keyword id="6354427" type="ORGANIZATION" weightage="60" keywordseo="apple">Apple</keyword> on Saturday reportedly put <keyword id="1930805" type="PERSON" weightage="60" keywordseo="Wistron">Wistron</keyword> Corp, a <keyword id="6362048" type="UNKNOWN" weightage="60" keywordseo="manufacturing">manufacturing</keyword> partner, on probation after workers at a plant in <keyword id="3658" type="COUNTRY" weightage="60" keywordseo="India">India</keyword> caused rioted over reduced or unpaid salary. </li><li>Apple and Wistron both acknowledged lapses in payment in October and November, according to <a href="https://timesofindia.indiatimes.com/business/india-business/apple-wistron-admit-to-lapses-in-payments-to-workers-in-karnataka-facility/articleshow/79812917.cms">The Times of India</a>.</li><li>"We have place Wistron on probation and they will not receive any new business from Apple before they complete corrective actions," Apple said in a statement, according to multiple local news reports. </li></ul>Apple on Saturday reportedly said it would temporarily stop giving new business to Wistron Corp., putting its partner on probation after rioting workers at a plant in India caused about $7.1 million in damage.The riots were over reduced or unpaid salaries. "We have placed Wistron on probation and they will not receive any new business from Apple before they complete corrective actions," Apple said in a statement, according to multiple local news reports. Last weekend, about 2,000 workers coming off a night shift <a href="https://www.businessinsider.com/workers-riot-over-pay-factory-making-apple-iphones-in-india-2020-12">destroyed the lobby and other parts</a> of Wistron's <keyword id="6354606" type="COMPANY" weightage="60" keywordseo="iPhone">iPhone</keyword> facilities in Narasapura, India. Apple and Wistron both acknowledged lapses in payment in October and November, according to <a href="https://timesofindia.indiatimes.com/business/india-business/apple-wistron-admit-to-lapses-in-payments-to-workers-in-karnataka-facility/articleshow/79812917.cms">The Times of India</a>. "While these investigations are ongoing, our preliminary findings indicate violations of our Supplier Code of Conduct by failing to implement proper working hour management processes. This led to payment delays for some workers in October and November," an Apple statement said, according to <a href="https://www.newindianexpress.com/business/2020/dec/19/apple-puts-wistron-on-probation-afterpayment-delays-to-workers-in-karnataka-facility-2238464.html">The New Indian Express</a>.Wistron said it would remove its vice president in charge of India manufacturing, according to The Times of India.<div type="image" title="Wistron Apple India Closed Down.JPG" height="3732" width="5376" msid="79815343" hostid="261"></div>Wistron and Apple didn't immediately respond to requests for comment. Last Saturday, images of workers smashing windows, spraying fire extinguishers, and flipping cars spread online.The dispute in Narasapura, a suburb of Bengaluru, started as overnight workers left the Wistron factory early Saturday morning, according to <a href="https://timesofindia.indiatimes.com/city/bengaluru/violence-breaks-out-at-wistron-corps-iphone-manufacturing-plant-near-bengaluru/articleshow/79691511.cms">The Times of India</a>. Workers who had recently had their wages reduced - some by about a quarter - started discussing it on the factory floor overnight, the newspaper said.Some reportedly only received tiny fractions of the pay that had been promised. By morning, the discussion had turned violent."They breached the four main entrance gates, ransacked offices, smashed lockers and desks, and destroyed documents containing details of employees," a police official told <a href="https://www.thehindu.com/news/national/karnataka/iphone-factory-violence-wistron-estimates-43770-crore-in-damage/article33321871.ece">The Hindu</a> on Sunday. About 128 people were arrested, while another 300 were detained for questioning, the official said. <div type="image" title="Tim Cook Apple Congress Hearing.JPG" height="720" width="1280" msid="79815347" hostid="261"></div>After last weekend's riots, Apple sent a team into Narasapura. "We have teams on the ground and have immediately launched a detailed investigation at Wistron's Narasapura facility," Apple said in an email to <a href="https://asia.nikkei.com/Business/Technology/Apple-probes-Wistron-iPhone-plant-in-India-after-violence">Nikkei Asia</a> on Monday. On Tuesday, Wistron said damage at the facility totalled about $7.1 million, according to <a href="https://www.reuters.com/article/us-apple-india-wistron/apple-supplier-wistron-puts-india-plant-damage-at-up-to-7-million-idUSKBN28P054">Reuters</a>. Company and independent auditors have been "working around the clock" to investigate issues at the plant, the Times of India <a href="https://twitter.com/TOIBengaluru/status/1340230435645747205?s=20">reported</a> on Saturday. The Indian prime minister, Narendra Modi, was reportedly "very worried" about the ransacked factory. "We have taken action. It is a very important foreign company and this should not have happened. The PM is also very much worried about this development," BS Yediyurappa, chief minister of Karnataka, told India's <a href="https://www.businesstoday.in/current/corporate/pm-modi-very-worried-about-violence-at-wistron-factory-yediyurappa/story/425205.html">Business Today</a>. Wistron is just one of several foreign manufacturing companies that have chosen to open factories in the suburbs outside Bengaluru. Local politicians, including Yediyarappa, have pushed for it to become a global manufacturing hub. As Wistron scaled its operations in India this year, its HR practices failed to keep pace. "Though 10,500 workers are employed in the factory the HR department has not been adequately set up with personnel of sound knowledge of labour laws," said a government report, according to Reuters.

Apple puts iPhone partner Wistron on probation after rioting workers caused $7 million worth of damage at Indian plant

<ul><li>The unemployment rate in the country shrunk significantly to 8.5% during the week ending June 28 — showing improvement in terms of job prospects and economic recovery. </li><li>Every week, Business Insider collates interesting vacancies across marquee organisations. </li><li>This week we bring job openings across financial services companies in India. </li><li><a href="https://www.businessinsider.in/">Visit Business Insider India for more stories</a> </li></ul>As India resumed operations, the unemployment rate in the country shrunk significantly to 8.5% during the week ending June 28 — showing improvement in terms of job prospects and economic recovery, according to the<a href="https://unemploymentinindia.cmie.com/kommon/bin/sr.php?kall=wshowtab&amp;tabno=0002"> Centre for Monitoring Indian Economy (CMIE)</a>. This comes as businesses are slowly picking up pace and are hiring more talent to keep up with the operations. Every week, Business Insider collates interesting vacancies across marquee organisations. A few such vacancies are listed here. This week we bring job openings across financial services companies in India. Here are a few of those opportunities: EY Position: Azure Cloud Engineer Location: Bengaluru Experience: Minimum 6 years Eligibility: Bachelor of Technology (BTech) or Master’s degree in computer applications Audit major EY is hiring a senior software engineer in the IT Advisory Services team, who will be responsible for the delivery of cloud technology based projects. The selected hire will work on technologies like .net, No-SQL databases — Azure Cosmos, Mongo. To apply for the job, the candidate must have experience with Azure SDK (software development kit). That includes knowledge of Azure PaaS, SaaS and IaaS offerings, security. He will also perform software testing operations and end-to-end API development. The applicant must be skilled in Azure SQL, Azure functions and web applications along with good communication and presentation. Interested candidates can apply <a href="https://www.linkedin.com/jobs/view/1887457391/">here</a>. <keyword id="6361649" type="UNKNOWN" weightage="20" keywordseo="Goldman-Sachs">Goldman Sachs</keyword> Position: Tech Risk – Secure SDLC – Advisory Location: Bangalore Experience: Not Specified Eligibility: Not specified Goldman Sachs is looking to hire for its Global Application Security team that is responsible for identifying security flows and assurance advice to engineers for managing application risks. The candidate will be a part of the Technology Risk team and engineer automated security testing solutions in DevOps, facilitating adoption of security controls. They will work with engineers to come up with a security testing strategy and promote secure SDLC (Software Development LLifecycle) and application security. The candidate must have expertise in integrating software security controls to enhance user experience. Interested candidates can apply <a href="https://www.linkedin.com/jobs/view/1875843855/">here</a>. Deloitte Position: Analyst – Accounts Payable Location: Hyderabad Experience: 0-3 years Eligibility: Commerce graduate with accounting skills Deloitte is inviting applications for an analyst to join the financial and accounting team. The selected hire will be responsible for auditing, and posting of invoices submitted to the team, so as to ensure a smooth payment to vendors as per the compliance and policies. They will work to ensure timely resolution of customer queries. The applicant should have working knowledge of the account payable processes — both PO and Non-PO invoices to ensure the timeliness of processing invoices. They should possess strong customer service and analytical skills and have prior experience in SAP or other ERP processes. Interested candidates can apply <a href="https://www.linkedin.com/jobs/view/1925649481/">here</a>. Wells Fargo Position: Financial Plan and Control Analyst Location: Bengaluru Experience: Minimum 4 years Eligibility: Graduate in accounting or finance field American financial services giant Wells Fargo is looking for a financial plan and control analyst to work on regulatory reporting, finances and risk management. The selected hire will be responsible to monitor and assist internal control issues. They will provide subject matter expertise for process and IT control and work with external auditors, regulatorson control related matters. To apply for the job, the candidate must have understanding of regulatory agencies and working experience with Microsoft Office Word, Excel, Outlook, and PowerPoint. They will be required to have certification in CISA, CISM or CISSP along with experience in IT audit and testing. Interested candidates can apply <a href="https://www.linkedin.com/jobs/view/1899026100/">here</a>. KPMG Global Services Position: Graphic Designer Location: Bengaluru Experience: Minimum 5 years Eligibility: Fine Arts degree KPMG is hiring a Graphic Designer who will assist the company’s clients with creatives and visuals representing the key concepts in the KPMG brand document. The selected hire will interact with clients, discuss the requirements and creative prepositions. They will be responsible for the design and execution of graphics. To apply for the job, the candidate must have technical skills in powerpoint, word, excel and acrobat along with working experience with tools like indesign, photoshop, illustrator, aftereffects and premiere. The applicant should also possess good analytical skills and solution-oriented approach. Interested candidates can apply <a href="https://www.linkedin.com/jobs/view/1903009391/">here</a>.

Hiring this week — Well Fargo, EY, Goldman Sachs and others are looking for technical analysts and finance professionals

<ul><li>Coffee baron VG Siddhartha built the iconic chain Cafe Coffee Day in India but the business had come under pressure in recent years.</li><li>The company's net debt was over two and a half times its net worth at the end of March 2019.</li><li>ANI, a news agency, put out a letter allegedly written by the founder VG Siddhartha before went missing on Monday night. </li></ul>The founder of the Cafe Coffee Day chain, VG Siddhartha, has gone missing mysteriously. Reports suggest that the Mangaluru Police suspects that Siddhartha may have jumped off Ullal bridge. VG Siddhartha came from a coffee-growing family, which owned 15,000 acres of coffee estate in Chikmagalur in Karnataka. He launched the first Cafe Coffee Day (CCD) outlet on Brigade Road in Bengaluru in 1996. The chain currently has 1,750 outlets and over 60,000 vending machines spread over Nepal, Malaysia, Czech Republic, and Egypt, <a href="http://www.coffeeday.com/PDF/Coffee_Day_Annual_report_2018.pdf">aside from 245 cities in India. </a> However, the business had come under severe pressure in recent years. The company's net debt was over <a href="https://www.business-standard.com/article/companies/coca-cola-in-talks-to-pick-stake-in-cafe-coffee-day-after-pocketing-costa-119062700063_1.html" data-type="tilCustomLink" target="_blank">two and a half times its net worth</a> at the end of March 2019. A news agency ANI put out a letter, which it said was written by Siddhartha to his employees before he went missing. 
	
	<div type="twitter" handle="ANI" handlename="ANI" image="http://pbs.twimg.com/profile_images/1497864299/ani_mic_logo_normal.jpg" favoritecount="144" retweetcount="94" status="Founder &amp; owner, Cafe Coffee Day (CCD), #VGSiddhartha's letter to employees and board of directors of CCD, states,… https://t.co/LJeAe1sxdR" createdat="1564460286000" id="1156056347328294913"></div>





 Here's the full text off the letter as put out by the agency. To our Board of Directors and Coffee Day Family, After 37 years, with strong commitment to hard work, having directly created 30,000 jobs in our companies and their subsidiaries, as well as another 20,000 jobs in technology company where I have been a large shareholder since its founding, I have failed to create the right profitable business model despite my best efforts. I would like to say I gave it my all. I am very sorry to have let down all the people that put their trust in me. I fought for a very long time but today I gave up as I could not take any more pressure from one of the private equity partners forcing me to buy back shares, a transaction I had partially completed six months ago by borrowing a large sum of money from a friend. Tremendous pressure from other lenders lead me to succumbing to the situation. There was a lot of harassment from the previous DG Income Tax in the form attaching our shares on two separate occassions to block our Mindtree deal and taking position of our Coffee Day shares, although the revised returns have been filed by us. This was very unfair and has led to a serious liquidity crunch. I sincerely request each one of you to be strong and to continue running these businesses with a new management. I am solely responsible for all mistakes. Every financial transaction is my responsibility. My team, auditors, and senior management are totally unaware of all my transactions. The law should hold me and only me accountable as I have withheld this information from everybody including my family. My intention was never to mislead or cheat anybody, I have failed as an entrepreneur. This is my sincere submission, I hope some day you will understand, forgive me and pardon me. I have enclosed a list of assets and tentative value of each asset. As seen below our assets outweigh our liabilities and can help repay everybody. Regards, VG Siddhartha SEE ALSO: <a href="https://www.businessinsider.in/vg-siddhartha-founder-of-cafe-coffee-day-and-son-in-law-of-ex-karnataka-cm-sm-krishna-is-missing/articleshow/70443830.cms" data-type="tilCustomLink" target="_blank">Coffee baron VG Siddhartha, the founder of India's iconic chain Cafe Coffee Day, is missing</a>

Full text of the letter written by Cafe Coffee Day founder VG Siddhartha before he went missing

The boom of the startup ecosystem in India has caught everyone’s attention, including <a href="http://www.businessinsider.in/searchresult.cms?query=chartered+accountants+">chartered accountants</a> (CAs), some of whom are seeking an equity stake for the <a href="http://www.businessinsider.in/searchresult.cms?query=non-audit+">non-audit</a> services they offer. 
 Most of such <keyword id="6362476" type="ORGANIZATION" weightage="60" keywordseo="investments">investments</keyword> are done via family offices of the CAs and <a href="http://www.businessinsider.in/searchresult.cms?query=tax+advisors">tax advisors</a>. 
 Auditors are not allowed to pick up stakes in the company they audit due to certain regulations. "Our family office works independently and has invested in around six <keyword id="6362513" type="ORGANIZATION" weightage="100" keywordseo="Startups">startups</keyword> till date," Jeenendra Bhandari, partner at tax firm MGB and Co LLP told the Economic Times. 
 
These advisors provide a complete non-business support to a startup from structure, business plan, corporate law, ESOPs documentation, agreements, fund raising to angel round. 
 
Therefore, this proves to be a win-win situation for both the startup and the investor. While the startup gets all the services, including ideation on technical grounds, <a href="http://www.businessinsider.in/searchresult.cms?query=incubation+">incubation</a> and mentoring, the investing CA can see the upside of an investment if the startup makes it big. 
 
Bhandari said: "It's an independent group that evaluates to take equity in startups that are referred or where we advise." 
 According to industry executives, most of the time techies who are starting their own venture are not comfortable around <keyword id="6383566" type="PERSON" weightage="60" keywordseo="Taxation">taxation</keyword> and legal issues. This is where the CAs and tax experts step in. 
 Zophop founder <keyword id="2989292" type="UNKNOWN" weightage="60" keywordseo="Vinayak-Bhavnani">Vinayak Bhavnani</keyword> said: "It also helps that there is also a relationship that we enjoy with our advisors." 
 
Most of the CAs, who take stake in startups, also pump in funds. However, it helps during valuation negotiations that the advisors have a relationship with the founder. 
 
Like Bhandari, Chennai-based CA Manish Mardia has mentored several startups, such as myPenworld.com, Coveritup.in, Tooney.in and Easybikes.co.in, and picked up small stakes in some of them. 
 
"With a CA, a startup gets holistic advice on all <a href="http://www.businessinsider.in/searchresult.cms?query=incubation+">corporate law</a>, accounting, tax and legal matters. A CA is a generalist and can manage all non-business services for a startup, which can then focus on the business and operations," he said. 
 
In certain cases, the investing opportunity comes in different forms for the advisors. For example, there was a dispute between two promoters in a Bengaluru-based medical software company. The promoters approached their tax advisor for resolution and amicably parted ways. 
 
One of the partners who inherited the company and bought out the other for cash needed some funds to take the business to the next level. "Having spent much time with the promoters, our family office decided to invest in this company and recently exited part of the investments at 3X," said a Mumbai-based owner of a CA firm. 
 
(Image: Indiatimes)

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