2012 THE YEAR THAT WAS
December 28, 2012
; United States Attorney Preet Bharara
announced charges against Sandeep Goyal
and six other investment professionals, for
an insider trading scheme that allegedly
netted over $78 million in illegal profits.
; The bipartisan US Call Center Worker
and Consumer Protection Act was tabled
in the House of Representatives to make
companies that move call centers overseas
ineligible for grants or guaranteed loans
from the government, to stem the tide of
jobs heading to nations like India.
Bollywood superstar Amitabh Bachchan unveils India’s first supercar, Avanti, designed by automobile style guru Dilip Chhabria’s DC Design at the 11th Auto Expo 2012 in New Delhi, January 5
; An Illinois court halted operation of two
companies owned by an
Indian American after the
them with collecting
‘phantom loan debts’ from
American consumers, who
received collection calls
; BlackBerry set up its
server in Mumbai, following intense pressure from
the Indian government to
provide a mechanism for
lawful interception of its
; Ratan Tata gifted a
classroom at the Taj
Lands End hotel,
Mumbai, to his alma
mater, the Harvard
Business School, which
was looking to set up a
permanent facility to provide executive education programs in India.
; Sun Pharmaceutical Industries got an
approval from the Food and Drug
Administration for its drug application
Olanzapine, used in the treatment of schizophrenia and bipolar disorder.
; Naveen Selvadurai, the India-born co-founder of Foursquare, left the company
three years after he established it.
; Boutique investment bank Greenhill &
Company hired Vikram Gandhi, a veteran
banker with a history of deal-making in
; PepsiCo promoted its Americas Foods’
chief John Compton to PepsiCo president,
and Brian Cornell, a former executive, was
brought back from Wal-Mart to fill his position. Along with PepsiCo’s Europe head
VIVEK PRAKASH/REU TERS
The crash of Kingfisher Airlines began with major banks declining to
extend further loans after flight cancellations, resignations of pilots and
refusal of the income tax department to unfreeze its bank accounts
RAJESH KARKERA/REDIFF. COM
; Top Indian information technology firms started making
efforts to raise local hiring in the United States. Infosys would later
announce that it planned to hire about 2,000 people in the US this
year, while HCL Technologies would announce plans to hire
10,000 people in the US and Europe.
; The United States Citizenship and Immigration Services
Entrepreneurs in Residence Initiative was launched to boost immigration pathways for foreign entrepreneurs.
; The Department of Justice filed a consent decree, January 25,
for permanent injunction against Ranbaxy Laboratories Ltd, which
had several generic drugs in the American market — a major hurdle on its road to capturing a large slice of the generic drug market.
; India, which imports 12 percent of its oil from Iran, said it
would not scale down its petroleum imports from Tehran despite
United States and European sanctions against the Islamic republic.
; Giga Omni Media, Inc acquired ContextNext Media, including
the British and American paidContent sites, from Britain’s
Guardian News & Media to bolster presence in New York and
; The Walt Disney Co announced that it would acquire a controlling interest in Mumbai-based UTV.
; Sahara Group and Turner Construction International entered a
joint venture to undertake building work in India for the Sahara
group and elsewhere.
Sahil Lavingia, 19, launched Gumroad, becoming the youngest Indian American CEO
Zein Abdalla, they were being seen as
potential successors to Indra Nooyi, who
remains chairman and chief executive officer.
; Srilata Zaheer was appointed dean of
the University of Minnesota’s Carlson
School of Management.
; India’s National Association of Software
and Services Companies released a report
to quantify the trends and benefits behind
the investments by India-based information
technology and business process outsourcing companies in the United States in an
aggressive effort to counter some of the
misperceptions about outsourcing of jobs to
; John Bryson made his first trip to
India, as new commerce secretary, with a
business development mission.
; Vyomesh Joshi, a long-time Hewlett-Packard executive in charge of its printer
group, left the company amid a reorganization that folded HP’s printer group into its
; The government announced that those
Indians renewing B1, B2, C and D visas,
valid or expired, within four years were likely to get waiver for a personal interview.
; India’s Planning Commission reduced
poverty line to Rs 28.65 (56 cents) per capita daily consumption in cities and Rs 22.42
(44 cents) in rural areas, scaling down
India’s poverty ratio to 29.8 percent in
2009-2010, as per a controversial formula.
; Concerned about personal identity theft
of Californians, Attorney General Kamala
Harris announced that market leaders in
mobile applications — Amazon, Apple,
Google, Hewlett-Packard, Microsoft and
Research In Motion — had agreed to the
California law requiring mobile apps that