; It was announced that there would be no hike in fee for H-1B work visa for professionals next year. After two years of significantly lower demand for the H-1B visa, this
year saw a reversal of trend.
; Ajay Banga, president and chief executive officer, MasterCard Worldwide, became
the third Indian American to be named chairman of the United States-India Business
Council since its establishment in 1975.
; A California court allowed two former employees of Tata Consultancy Services Ltd to
proceed with a class action lawsuit against the information technology giant over wage
dispute and breach of contract. The case that started with two plaintiffs could then cover
13,000 TCS employees who worked in the US between 2002 and 2005.
; Glenmark Pharmaceuticals received final approval from the Food and Drug
Administration to market its oral contraceptive Desogestrel and Ethinyl Estradiol tablets
in the American market.
; Four years after being banned by the FDA, Ranbaxy Laboratories resumed exports of
finished drugs to the US.
; India dragged the US to the World Trade Organization over ‘wrongful’ imposition of
penal duties on its steel exports and an increase in the professional visa fee in the US.
The US sought similar consultations with India over the import ban imposed by the
country on poultry and poultry product imports because of the bird flu scare.
; Mukul Pal, Shefali Sarangal, Charu Malhotra and Vivek Puri won the grand prize at
NYC BigApps 3.0 for creating New York Trip Builder — a travel site that helps users personalize a trip in a few quick steps.
; Standard & Poor reduced India’s outlook to negative and gave it a rating of BBB(-)
due to slow progress on its fiscal situation and slow economic growth.
; The Indian civil aviation ministry allowed increasing utilization of foreign bilateral
rights for Indian carriers to 40 percent. Indian carriers were utilizing only 22.7 percent of
the total foreign bilateral rights; foreign carriers were much ahead.
; Air India faced one of its biggest
crises when pilots began to go on
strike. Adding to the labor dispute
were issues like rising fuel costs, competition, a beating to its reputation and
inability to pay employees on time. The
crisis would play out for 58 days — the
longest strike in Indian aviation history.
; Dunkin’ Donuts entered India with
its first store in Delhi.
; While Americans continued to
struggle to retain their home after the
economic downturn, a National
Association of Realtors report revealed
that a significant share of home pur-
chases were being made by people
whose primary residence was outside
the US. Indians were the third-largest
buyers on the list.
Yusuf Hamied’s Indian generic drug maker Cipla started looking to cut prices of its cancer drugs
rate of the
to the dollar
on a screen at
a trading firm
VIVEK PRAKASH/REU TERS
; Reema Shah, a California-based portfolio manager at an asset management firm
managing billions of dollars in mutual
funds and a hedge fund, pled guilty in a
Manhattan federal court to committing
; India-born Suma Chakrabarti became
president of the European Bank for
Reconstruction and Development.
; Automobile dealers from across the
United States filed a lawsuit accusing
India’s Mahindra & Mahindra of ‘fraud,
misrepresentation and conspiracy.’ The lawsuit alleged that M&M duped hundreds of
dealers and walked away with more than
$60 million in cash and trade secrets.
; Dr Reddy’s launched its generic ropini-
role hydrochloride XR tablets, used for
treating Parkinson’s disease, in the
; Tata Sons Chairman Ratan Tata was awarded a Lifetime Achievement Award by the
Rockefeller Foundation for innovation in philanthropy.
; The Internal Revenue Service announced a plan to help United States citizens living
overseas — including dual citizens — catch up with tax-filing obligations and provide assistance for people with foreign retirement plan issues.
; General Motors, which outsources 90 percent of its information technology requirement, planned to slash this to merely 10 percent over the next three years.
; Insider trading accused Anil Kumar, a former McKinsey and Co executive, was let off
with two years probation instead of a prison term. He had pleaded guilty and was the prosecution’s star witness in its biggest insider trading cases — against Galleon chief Raj
Rajaratnam and former Goldman Sachs board member Rajat Gupta.
; Chetan Kapur, the sole managing principal of ThinkStrategy Capital Management,
LLC, who allegedly deceived investors in two hedge funds he managed and advised, was
arrested with seven counts of indictment, including securities fraud, investment adviser
fraud, and wire fraud.
; Five Indian-American physicians of a Michigan-based holding company for a medical
professional liability insurer were charged for insider trading. They consented to the entry
of final judgments ordering them to pay disgorgement, prejudgment interest, and financial
penalties, and permanently enjoining them from violating the law.
; HSBC’s staff in India came under the Senate scanner for deficiencies in their role as
‘offshore reviewers’ of the banking giant’s compliance to safety mechanism against money
laundering and terrorist financing.
; Microsoft re-launched hotmail, co-founded by the India-born Sabeer Bhatia, to break
Rajiv L 'Raj' Gupta, erstwhile chairman and chief executive officer of the global specialty
materials giant Rohm & Haas — where he worked for 38 years on three continents — gifted
$1 million to his alma mater, Cornell University, in his parents’ memory.