Nasscom seeks expedited spending of funds on IT projects

February 10th, 2009 MUMBAI - The National Association of Software and Services Companies (Nasscom) Wednesday signed an agreement with Colombia's Federation of Software and Related Technologies (Fedesoft) to enhance software trade between the two countries. The memorandum of understanding (MoU) was signed at the India Leadership Summit, organised by Nasscom here, by its president Som Mittal and his Fedesoft counterpart Alberto Pradilla Bermudez.

January 19th, 2009 HYDERABAD - Maytas Infra Tuesday denied it received any funds from scam-tainted Satyam Computer Services, and that there was a nexus between the two companies. The denial came a day after the central government extended the ambit of probe into Satyam fraud to Maytas Infra and Maytas Proprties, promoted by two sons of disgraced founder and former chairman of Satyam B.

January 6th, 2009 BANGALORE - Nasscom, the apex body of the IT-BPO industry in India, expressed its shock Wednesday at the confession made by Satyam Computers' erstwhile chief B. Ramalinga Raju, who admitted to a Rs.40 billion fraud before quitting his post.

February 10th, 2009 NEW DELHI - IT industry body National Association of Software and Services Companies (Nasscom) Wednesday said it will form a corporate governance and ethics committee, headed by Infosys Technologies chairman N.R. Narayana Murthy.

January 19th, 2009 HYDERABAD - Maytas Infra and Maytas Properties, promoted by the sons of disgraced founder and former chairman of Satyam Computer Services B. Ramalinga Raju, Tuesday denied that they received any funds from the fraud-hit IT bellwether.

January 14th, 2009 BANGALORE - The Rs.70 billion (Rs.7,000-crore/$1.43 billion) accounting fraud at Satyam Computer Services has forced the software sector's umbrella body Nasscom to defer its revised forecast on the IT industry's growth this fiscal (2008-09), a top industry representative said Thursday. 'Now that the numbers of Satyam are still in dispute, it will be unfair to come out with a revised forecast,' Nasscom chairman Ganesh Natarajan told IANS here.

February 3rd, 2009 NEW DELHI - The Indian software and services industry is expected to grow 16 percent this fiscal and log revenues of $60 billion despite the global slowdown, a top lobby for the industry said Wednesday. The National Association of Software and Service Companies (Nasscom) said together with the business process outsourcing (BPO) sector, the revenues are expected to top $71.7 billion with a growth of 17 percent.

April 24th, 2009 NEW DELHI/WASHINGTON - India's software industry has opposed a US bill that seeks to make it mandatory for American companies to fill vacancies with locals before turning to skilled foreign workers. 'The stated objective of the bill is to prevent fraud and visa abuse.

September 3rd, 2009 CHANDIGARH - India is expected to clock double-digit growth in the software and IT enabled services (ITeS) exports next year as the US and other markets are recovering from the meltdown, a top official of the trade association NASSCOM said here Thursday. "We are expecting IT exports to grow in double digits as the software markets of the US and other countries are recovering well.

July 13th, 2009 Company seeks return of seized poker winningsWASHINGTON — A payment processor that handles the accounts of online poker players wants a judge to order the return of about $14 million that the company says was illegally seized by the federal government. Account Services Corp.

January 26th, 2009 HYDERABAD - Founder and former chairman of Satyam Computer Services B. Ramalinga Raju has denied that he fudged number of employees in the company or diverted its funds.

January 15th, 2009 BANGALORE - The massive financial fraud by IT bellwether Satyam Computer Services has goaded the software industry's representative body into issuing a wake-up call to its members across India and abroad. In a directive to its 1,200-odd members, the executive council of National Association of Software and Services Companies (Nasscom) asked them, especially those listed and accountable to investors, to be transparent and disclose much more than they have.

September 1st, 2009 NEW DELHI - Film and television software production house K Sera Sera Tuesday said its board has approved the investment of surplus funds in buying the franchise of an Indian Premier League (IPL) team. "The board has constituted a committee headed by Sanjay Lai, the Managing Director of the Company and authorized him, to take all the necessary decision, actions pertaining to the IPL investment,", the company said in a regulatory statement.

January 20th, 2009 HYDERABAD - Disgraced founder and former chairman of Satyam Computer Services B. Ramalinga Raju has confessed that he diverted funds of the IT company to the two real estate firms promoted by his family, state police sources said here Wednesday.

September 16th, 2009 NEW DELHI - State-owned firms spent $3.1 billion on information technology in India during 2008 and the amount is expected to top $5 billion by 2011 at an annual growth of 19 percent between 2007-2011, says a new study by Springboard Research. More than two-thirds of the total spending will be led by the federal government, with states accounting for 22 percent and local governments for another 11 percent says the study on public sector IT opportunities in India by the market research firm.