Former Vungle CEO has been cleared of crimes seeks $100 million compensation

New Delhi: Zain Jaffer’s charmed, Silicon Valley life was about to collapse beneath him. It was October 2017 and Jaffer, founder of a promising mobile ad startup, was suddenly arrested and charged with a series of crimes, including assault and sexual abuse. His company, Vungle Inc., promptly dismissed him.

But the case, it turned out, wasn’t what it seemed. And now that the charges have been dropped, Jaffer, 31, is taking Vungle to court. His unusual lawsuit is testing the limits of redemption in Silicon Valley after a run of troubling revelations about personal conduct at companies from Google to Uber.

Jaffer’s case hinges on a provision in California’s labor code that’s designed to protect people who’ve been exonerated of crimes. His lawyers have cited a suit brought by an insurance salesman who was fired after admitting to striking his girlfriend, even though he’d avoided criminal conviction. A jury subsequently awarded the salesman almost $20 million.


Asia To See The Fastest Billionaire Population Growth In The World Over The Next Four Years

New Delhi: Despite economic uncertainties in the region triggered by the China-US trade war, Asia will see the fastest billionaire population growth in the world over the next four years.

The number of Asian billionaires will rise by 27 percent to 1,003 between 2018 and 2023, making up more than a third of the world’s total billionaire population of 2,696, according to a report released Wednesday by Knight Frank LLP. The billionaire population growth rates for North America and Europe are 17 percent and 18 percent respectively.

Asia will also see the biggest increase in ultra-high net worth individuals (people with net assets of $30 million or more). India leads the world with an expected 39 percent surge, followed by the Philippines and China.


Reserve Bank of India Faces Trouble Getting Banks To Cut Rates To Pass On Benefits To Borrowers

New Delhi: Lenders haven’t fully passed on the central bank’s latest interest rate cut to borrowers, pressuring the monetary authority to loosen policy even more to support economic growth.

A mismatch between deposits and credit growth, and competition from the government for small-savings mean banks face a high cost of capital, limiting their ability to transmit monetary policy easing. Bankers say the Reserve Bank of India’s 25 basis-point reduction in the repurchase rate to 6.25 % in February was a start, but was probably too little to have any impact on lending rates just yet.

Latest data from the central bank shows the main overnight lending rate offered by commercial banks has been sticky in a range of 8.15 percent to 8.55 percent since the beginning of the year. Most banks have trimmed lending rates by a ‘token’ 10 basis points, said Ashutosh Khajuria, chief financial officer at Federal Bank Ltd. in Mumbai, adding that the RBI needs to move by a bigger-than-usual 50 basis points to spur lending.


CBIC Says, TCS Amount will Be Excluded From The Value Of Goods For Computing GST Liability

New Delhi: The Central Board of Indirect Taxes and Customs (CBIC) has said that the TCS amount would be excluded from the value of goods for computing GST liability in a relief to buyers of high value cars and jewellery.

Under the Income Tax Act, tax collection at source (TCS) is levied at 1 per cent on purchase of motor vehicles above Rs 10 lakh, jewellery exceeding Rs 5 lakh and bullion over Rs 2 lakh. TCS is also levied on other purchases at different rates.

The Central Board of Indirect Taxes and Customs (CBIC) in a circular said that the TCS amount would be excluded from the value of goods while computing the Goods and Services Tax (GST) liability.


A Survey Suggests, MSMEs Sector Sees A Growth Of 13.9 Per Cent In The Past Four Years

New Delhi: The industry survey claims that Job creation by the micro, small and medium enterprises (MSMEs) sector saw a growth of 13.9 per cent in the past four years. Findings are contrary to the official and other industry data which show that there was massive job losses since the note-bank and GST implementation in this very sector.

While private sector economic think-tank has found that as many as 13 million jobs were lost in 2018 alone, the official NSSO data show that unemployment rate touched a 46- year high in 2018.