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<ul><li>Ravi Kumar S was appointed as the President in 2016 and he led the insurance, healthcare and cards and payments business before that.</li><li>He also oversaw <keyword id="6354512" type="General" weightage="20" keywordseo="infosys" source="Orion">Infosys</keyword> Business Process Management (BPM) and is chairman of the Board of Infosys BPM.</li><li>Infosys, which will announce its Q2FY23 results on October 13 also said the board is considering a share buyback.</li><li>The IT major is expected to report a 4% quarter-on-quarter revenue growth in constant currency for the second quarter of FY23, according to a <a href="https://www.businessinsider.in/business/corporates/news/infosys-to-lead-it-sectors-q2-show-with-4-revenue-growth-says-jefferies/articleshow/94606976.cms">Jefferies report</a>.</li></ul>Bengaluru based IT major Infosys informed the stock exchanges that Ravi Kumar S, president of the company has resigned, effective today. “The Board of Directors placed on record their deep sense of appreciation for the services rendered by Ravi Kumar S for his contributions to the Company,” Infosys said in a statement. No information was proffered in the filing on the reason for the resignation. He was appointed as the president in 2016 and before that, he was group head of the $1 billion insurance, healthcare and cards and payments unit. Kumar, who is based in New York, has led the Infosys global services organization across all global industry segments, driving digital transformation services, consulting services, traditional technology services, engineering services among other responsibilities. In addition, he oversaw Infosys Business Process Management (BPM) and is chairman of the Board of Infosys BPM. Kumar also wears many hats. As per his profile on Infosys website which was taken down on October 11, he was on the board of the US Chamber of Commerce as also on the Board of Governors of the New York Academy of Sciences in addition to being a member of the Young Presidents Organization (YPO) Manhattan Chapter, and more. “He regularly attends the annual meeting of the World Economic Forum Davos, actively writes about digital transformation, future of work, reskilling, talent transformation in the Harvard Business Review, Knowledge@Wharton, Forbes and other top tier publications,” the profile said. Infosys, which will announce its quarterly earnings on October 13 on Thursday, also announced yesterday that the board will discuss a proposal for a share buyback. Shares of the company today closed 2.57% lower at ₹1,425 in line with other IT sector stocks fearing recession. “The Board of the Company will consider a proposal for buyback of fully paid-up equity shares of the Company at its meeting to be held on October 13,” it said in an exchange filing on October 10. Infosys is expected to report a 4% quarter-on-quarter revenue growth in constant currency for the second quarter of FY23, according to a <a href="https://www.businessinsider.in/business/corporates/news/infosys-to-lead-it-sectors-q2-show-with-4-revenue-growth-says-jefferies/articleshow/94606976.cms">Jefferies report</a>. This growth will be driven by deal ramp ups and seasonal strength, the research report added. TCS, which has already declared its results, reported a 10% growth in July-September net profit to ₹10,431 crore and 4.8% growth in revenue to ₹55,309 crore, beating street expectations. However, this has not cheered the <a href="https://www.businessinsider.in/stock-market/news/tcss-commentary-on-demand-dynamics-pull-it-sector-stocks-into-the-red/articleshow/94781792.cms">stock exchanges as all IT sector stocks</a> slipped into the red amid worries of demand for IT services, globally. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/india-is-facing-the-worst-shortage-of-nurses-in-recent-years-says-kpmg-report/articleshow/94789539.cms">India is facing the worst shortage of nurses in recent years, says KPMG report</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/tcss-commentary-on-demand-dynamics-pull-it-sector-stocks-into-the-red/articleshow/94781792.cms">TCS’s commentary on demand dynamics pull IT sector stocks into the red</a>

Infosys president Ravi Kumar S resigns

Top Indian IT companies have started the process of overhauling the process of writing proposals to pitch clients and are hiring design specialists for the same. 
 Companies like <keyword id="6354512" type="CITY" weightage="80" keywordseo="Infosys">Infosys</keyword>, <keyword id="10862" type="CITY" weightage="80" keywordseo="Wipro">Wipro</keyword>, <keyword id="28721" type="CITY" weightage="80" keywordseo="Cognizant">Cognizant</keyword>, etc want to change the way proposals are written for multi-million dollar contracts and infuse a new look. 
 During a conference recently, Infosys Chief Executive <keyword id="6369763" type="PERSON" weightage="80" keywordseo="Vishal-Sikka">Vishal Sikka</keyword> emphasised on the need to change the way software companies pitch to clients. 
 
Earlier, in an interview with the Economic Times, Sikka had said that he was struck by the lack of imagination of engineers in India's $146-billion information technology industry. 
 
"From my perspective, what I did not expect, I guess on the negative surprise - I think I have mentioned that before - what I did not anticipate was the degree to which I find this mindset that we don't use our imagination, our creativity," he had told ET in February. 
 
To revamp proposal writing, Infosys has hired California-based design thinker Shabana Khan. With this move, Sikka hopes to bring about a change in the way the software exporter approaches key, strategic proposals where millions of dollars of potential revenue are at stake. 
 
Likewise, US-based Cognizant Technology Solutions is banking more on MBA graduates and business analysts for the same. 
 
Cognizant has a Strategic Engagement Team (SET), which is responsible for proposal-writing and also for understanding complex new-age business problems faced by clients. The team also suggests solutions that are best suited to the customer as members of this key team have expertise in areas such as consulting. 
 
Experts told ET that the days of using the same proposal for all clients were over. 
 
"There have been times when people have done a simple copy-paste job for proposals, and a really bad one at that, if I may add," CEO of a top Indian software firm 
told the financial daily. 
 
Ray Wang of Constellation Research told ET that elements like design thinking would play a crucial role in the way deal proposals are structured. 
"Rule 1: If you are responding to an RFP (request for proposal), you've already lost. Why? It means you are responding to the same set of requirements everyone else is. You have not been strategic enough to show what the art of possible could be. Rule 2: The goal is to do a conference room pilot with clients to identify what the art of possible is, help clients envision possible outcomes. When you do this, you bring innovation to the requirements of development process. Rule 3: Once you've shown how you can wire frame or mock up a potential solution, you are now in a better position to show the client how you understand, not only their requirements, but also how you will approach the problem and design a solution for them," Wang told ET. 
 
The move also underlines the broader shift taking place across a rapidly-evolving technology landscape. 
 
(Image: Reuters)

Infosys, Wipro and Cognizant are scripting unique ways of catching new clients

<keyword id="2808667" type="General" weightage="20" keywordseo="oyo" source="Orion">OYO</keyword>'s parent firm Oravel Stays has refuted all 'allegations' made by <keyword id="2232457" type="General" weightage="20" keywordseo="zostel" source="Orion">Zostel</keyword> Hospitality, which had requested the markets regulator Sebi to reject the draft red herring prospectus filed by OYO for its initial public offering. In a letter to the Securities and Exchange Board of India on October 11, 2021, Zostel had said "the IPO is non-maintainable as Oravel's capital structure is not final" and accordingly "Oravel's filing of the DRHP (Draft Red Herring Prospectus) in the circumstances, is illegal..." The DRHP is replete with material omissions and blatant misstatements, intended to mislead the public to invest in Oravel's shares without an appreciation of the risks involved, it had added. In a letter to Zostel, accessed by PTI, OYO said, "...we deny in toto all the allegations levelled by you against us in the Complaint. The Complaint is replete with patently false statements and self-serving half-truths, and is a deplorable attempt to adversely impact the proposed Offer and coerce the Company into granting Zostel's shareholders an entitlement to shareholding in the company that they failed to obtain in the arbitration proceedings between Zostel, its founders and shareholders and the company and the arbitral award dated March 6, 2021, issued by the sole arbitrator, Justice AM Ahmadi (Retd.)". The company has made adequate disclosures required under the applicable law in the DRHP filed with Sebi. No reasons or grounds, whatsoever, have been made out by you, warranting consideration of rejection of the DRHP or suspension of the proposed offer, it added. "The capital structure of the Company is firm and accurately reflected in the DRHP. As on date, there are no shares due to be issued to Zostel's shareholders as the Award does not direct issuance of the Company's shares to the shareholders of Zostel," the letter said. All outstanding litigation required to be disclosed in accordance with the ICDR Regulations and the materiality policy adopted by the board of directors of the company in relation to outstanding litigation, involving the company, its subsidiaries, its promoters and its directors have been disclosed in the DRHP, it added. Further, this matter has been disclosed in the section "Outstanding Litigation and Material Developments - Litigation involving our Company - Material litigation against our Company" of the DRHP. A risk factor in relation to the matter has also been disclosed in the DRHP, OYO said. "...the DRHP contains adequate disclosures of all pending litigations, in compliance with the disclosure obligations under the ICDR Regulations," it added. The DRHP or the proposed offer do not infringe upon or violate the terms of the Award or any judicial or quasi-judicial pronouncements. Adequate information and disclosures have been provided in the DRHP for the potential investors to make an informed decision in respect of investment in the equity shares and the proposed offer, OYO said. Comments from Zostel Hospitality Pvt Ltd could not be obtained at the time of filing the story. Zostel and OYO are involved in a legal battle over a deal between the two companies in 2015. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/irctc-infosys-interglobe-aviation-and-other-trending-stocks-on-october-29/slidelist/87352424.cms" style="">IRCTC, Infosys, InterGlobe Aviation and other trending stocks on October 29</a> <a href="https://www.businessinsider.in/thelife/news/zerodha-founders-rakesh-jhunjhunwala-zohos-radha-vembu-akshay-kumar-and-more-donate-up-to-50-crore-in-fy21/slidelist/87340238.cms" style="">Zerodha founders, Rakesh Jhunjhunwala, Akshay Kumar and more donate up to ₹50 crore in FY21</a>

OYO writes to SEBI, denying all allegations raised by Zostel

House Republicans aren't the only people rooting for the death of the Senate immigration bill. Ten thousand miles away, almost the entire Indian subcontinent is cheering on the bill's demise.
That’s because a coalition of domestic high-tech companies and pro-labor Democrats has twisted the worthy goal of knocking down America’s barriers to technical foreign talent into blatant protectionism.
Companies like <keyword id="10875" type="CITY" weightage="60" keywordseo="IBM">IBM</keyword> and <keyword id="6370971" type="CITY" weightage="60" keywordseo="Accenture">Accenture</keyword> have managed to rewrite the H-1B visa program so as to allow themselves to add foreign workers to their U.S. payrolls while forcing Indian companies in the U.S. to subtract Indian workers from theirs.
Not only is this unfair but it sends the dispiriting message that America is not interested in abiding by the rules of free trade that it preaches to the rest of the world.
The Senate bill would raise the cap on high-skilled H-1B visas from 85,000 to potentially 185,000. But without naming them, it targets four companies—Tata Consulting Services, Wipro, <keyword id="6354512" type="CITY" weightage="60" keywordseo="Infosys">Infosys</keyword> and Cognizant—and bars them from taking advantage of the extra visas. (All are India-based except Cognizant, which is headquartered in New Jersey but was founded by an Indian.)
All four have a majority of their U.S. workers on H-1Bs or the equivalent. But the proposed visa rules would bar any 50-employee strong company with over 50% of its U.S. workforce on H-1Bs from applying for any more visas after 2016. In the interim, they will have to pay up to $15,000 in visa fees for every additional applicant compared to the $5,000 for other companies.
Even worse is the so-called outplacement restriction that would bar these companies from placing their H-1B workers on client sites in America, rather than having them work in-house.
Why are these companies being targeted for such outrageous treatment? Allegedly, because they are abusing the high-tech visa program to replace American workers with cheaper Indian workers.
“Americans would be shocked to know that the H-1B visas are not going to Microsoft; they’re going to these firms, largely in <keyword id="3658" type="COUNTRY" weightage="60" keywordseo="India">India</keyword>, who are finding workers, engineers, who will work at low wages in the US for three years,” fumes Sen. Dick Durbin (D-Ill.) who, along with Sen. Chuck Schumer (D-N.Y.), championed these restrictions.
Cognizant President Gordon Coburn allows that such allegations might apply to “body shops” or employment agencies that rent out H-1B workers on a contractual basis so that American companies don't have to hire permanent staff. But that’s not what Cognizant or the others do.
They offer not workers but services, insists Coburn. These services include IT support or computer programming for non-core business functions such as payroll processing, tracking employee records, data analysis. And the supply chain for these services spans the globe.
For example, Indians have developed an unparalleled expertise in writing glitch-free software for old mainframe systems that American companies need to maintain as they transition to more cutting-edge web-based technologies, notes Vivek Wadhwa, Vice President at Singularity University.
This is partly because it was not cost-effective for American companies to deploy software engineers drawing top dollars for basic programming. So companies like Infosys have created entire campuses in India to train young graduates to fill this programming niche, among other things.
But these companies also need some portion of their staff on-site in the U.S. to understand the systems and specifications of their American clients, which is why they are heavy H-1B users. In fact, their clients—which include 480 of Fortune 500 companies—often contractually require them to place employees on site to troubleshoot.
The outplacement restriction deals a body blow to this whole business model. “It basically tells us not to do business in America,” says Som Mittal, President of India’s National Association of Software and Service Companies.
Durbin and Schumer maintain that these visa restrictions will force American companies to invest more in American talent and raise American wages. But good programmers already command up to $200,000 in wages, notes Wadhwa. Raising these salaries further will only prompt American companies to offshore their whole operations.
Microsoft supports these restrictions for the simple reason that in a world of finite visas, fewer visas for Indian companies means more for itself. But IBM and Accenture have even more insidious motives.
Both companies have been expanding their IT operations in India and are directly competing with Indian companies for American “offshore” business. IBM now generates about a third of its revenues in India where it employs over 100,000 people. The visa restrictions are simply an effort to cripple their foreign competitors and capture their offshore market share, something that won’t save a single American job.
None other than Ronil Hira, a professor at the Rochester Institute of Technology, whose work was instrumental in triggering the jihad against alleged visa abuse, pointed this out during his Congressional testimony. Because IBM and Accenture have a large American workforce, they will be able to hire even more H-1Bs than the Indian companies without running afoul of the new visa regime.
“Therefore, we will simply see the outsourcing shift from a company like Cognizant, which will face restrictions, to an Accenture, which will not,” he noted.
The Indian government is working behind the scenes to kill these discriminatory measures. Its effort now will be to replace the Senate provisions with a much cleaner H-1B bill proposed by Republican Congressman Darrell Issa that has already passed House Judiciary Committee.
If this effort fails, backlash would be inevitable. Infosys, TCS and Wipro are a pillar of India’s $100 billion IT industry and a source of national pride. Watching them be mistreated after they have worked hard and played by the rules is already igniting calls for retaliation, including giving Indian companies preferential access to government contracts over IBM and other American companies.
How ironic it would be if <keyword id="124780" type="UNKNOWN" weightage="60" keywordseo="immigration-reform">immigration reform</keyword> that was meant to knock down America’s existing walls to foreign talent ends up erecting new walls against American business abroad. Protectionism has a way of backfiring. Both Durbin and IBM should bear that in mind.
Shikha Dalmia is a Reason Foundation Senior Analyst and a Reason magazine columnist.

US Tech Firms Are Using A Sneaky Provision In The Immigration Bill To Screw Their Indian Competitors

<ul><li>A host of users, led by a Twitter user called FatManTerra, have accused the founder of draining the network before its crash.</li><li><keyword id="619274" type="General" weightage="100" keywordseo="kwon" source="Orion">Kwon</keyword> had earlier been accused of siphoning off $80 million per month from the network.</li><li>South Korea’s government has summoned Kwon as part of an investigation into the crash.</li></ul><keyword id="11973832" type="General" weightage="20" keywordseo="terra" source="Orion">Terra</keyword> founder <keyword id="13955406" type="General" weightage="20" keywordseo="do-kwon" source="Orion">Do Kwon</keyword>’s plans to revive his beleaguered blockchain platform aren’t going too well. After a rough start to his revival plans last month, Kwon has now been accused of draining liquidity out of the network artificially before it crashed and left hundreds and thousands of investors worldwide in the lurch. The allegations began after a Twitter user who goes by FatManTerra posted a detailed thread allegedly explaining how Kwon and other Terra influencers drained the network to buy <keyword id="7616853" type="General" weightage="20" keywordseo="stablecoin" source="Orion">stablecoin</keyword>s like Tether (USDT), which are pegged on the US dollar. The Terra stablecoin, in turn, was pegged on Bitcoin to maintain its value. “Some of you thought $80m per month was bad. That's nothing. Here's how Do Kwon cashed out $2.7 billion (33 x $80m!) over the span of mere months thanks to Degenbox: the perfect mechanism to drain liquidity out of the <keyword id="216973" type="General" weightage="20" keywordseo="luna" source="Orion">LUNA</keyword> &amp; UST system and into hard money like USDT,” he wrote in the first of 13 tweets. <div type="twitter" handle="FatManTerra" handlename="FatMan" image="http://pbs.twimg.com/profile_images/1525464919579164672/LPYmLOrn_normal.png" favoritecount="5917" retweetcount="1760" status="🧵 Some of you thought $80m per month was bad. That's nothing. Here's how Do Kwon cashed out $2.7 billion (33 x $80m… https://t.co/26UihwfcXK" createdat="1654956186000" id="1535623662153437185"></div><cmsannotation type="cmsannotation" annotationid="Luna’s value plummets" comment="subhead" text="Luna’s value plummets">Luna’s value plummets</cmsannotation> Kwon’s revival plans for the Terra network haven’t been going very well either. After the Luna cryptocurrency fell to nearly zero last month, the founder had proposed a revival plan that would include reworking the system and issuing new tokens. The Luna token has lost 54% value in the last two weeks, according to crypto market trackers. On May 30, the token was priced at $11.33, but its price had fallen to around $2 at the time of writing. Which is a sign that the platform hasn’t been able to regain investor interest after the crash. He also posted screenshots, claiming to show the funds outflow, and the tweets were followed by a plethora of other users who accused Kwon of the same. <cmsannotation type="cmsannotation" annotationid="Not the first time" comment="subhead" text="Not the first time">Not the first time</cmsannotation> This is not the first time Kwon has been accused of siphoning off funds from the Terra network either. On June 9, South Korean news agency Naver, <a href="https://n-news-naver-com.translate.goog/mnews/article/088/0000761820?sid=101&amp;_x_tr_sl=auto&amp;_x_tr_tl=en&amp;_x_tr_hl=es">reported</a> that Kwon had withdrawn 100 million won (approximately $80 million) per month before the crash of his coveted cryptocurrency. The report said that the US Securities and Exchange Commission apparently had proof of the same. Kwon has also been asked to appear before a government committee in South Korea over the crash. To be sure, Kwon has denied the allegations, repeating his earlier claims that he doesn’t care about the money. “This should be obvious, but the claim that I cashed out $2.7B from anything is categorically false,” he <a href="https://twitter.com/stablekwon/status/1535811517546786816?s=20&amp;t=bhEUyRkynffAr8nI2WiTkA">wrote</a> on Twitter. “To reiterate, for the last two years the only thing i've earned is a nominal cash salary from TFL, and deferred taking most of my founder’s tokens because a) didn’t need it and b) didn’t want to cause unnecessary finger pointing of “he has too much,” he said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/investment/news/some-crypto-investors-say-terrausd-and-lunas-60-billion-crash-pushed-them-to-the-brink-and-led-to-thoughts-of-self-harm/articleshow/92126768.cms">Some crypto investors say TerraUSD and Luna's $60 billion crash pushed them to the brink and led to thoughts of self-harm</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="http://www.businessinsider.in/stock-market/news/sensex-tumbles-over-1400-points-as-ril-hdfc-infosys-drag-the-market-down/articleshow/92171099.cms">Sensex tumbles over 1,400 points as RIL, HDFC, Infosys drag the market down</a>

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Infosys president Ravi Kumar S resigns

Bhakti Makwana

Infosys, Wipro and Cognizant are scripting unique ways of catching new clients

BI India Bureau

OYO writes to SEBI, denying all allegations raised by Zostel

PTI

US Tech Firms Are Using A Sneaky Provision In The Immigration Bill To Screw Their Indian Competitors

Shikha Dalmia

Terra’s Do Kwon accused of siphoning funds from network before the crash, again

BI India Bureau

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