2012 THE YEAR THAT WAS
; After a gap of about four years, P
Chidambaram returned as finance minister
after the country’s earlier finance minister
Pranab Mukherjee became India’s new
; Satya Dev Tripuraneni, a US citizen
who worked as an accounts manager at
Infosys’ California office, sued the company
over alleged abuse of visa rules.
; Keshub Mahindra exited as chairman
of Mahindra & Mahindra, a post he held for
48 years. Anand Mahindra took over.
; Cognizant pipped Infosys Technologies
to become India’s second largest software
company. It continued delivering higher-than-expected numbers, widening its revenue gap with Infosys.
; Mumbai-based Wockhardt received the
Food and Drug Administration’s approval
to market clopidogrel bisulfate tablets used
for reducing the risk of heart attack in the
US market. The company would receive
nods for other drugs through the year.
; Without going for a trial, an Alabama
judge dismissed whistleblower employee
Jack Palmer’s lawsuit, alleging misuse of H-
1B and business visas, against Infosys.
; An Indian-American woman, a former
owner of two Donut shops, sued the company in a New Jersey court for discrimination.
; Neurosurgeon Dr Arvind Ahuja was
convicted for hiding $8 million in secret
offshore accounts in India,
; Ranbaxy Laboratories withdrew 27
drugs from the United States market due to
; The North Carolina-headquartered
Krispy Kreme Doughnuts set out to open
its first Indian store.
; India and Pakistan agreed to allow two
banks each from both countries to set up
branches across the border.
; Budget carrier GoAir decided to launch
RAJESH KARKERA/REDIFF. COM
Starbucks inaugurated its first store in India in October a joint venture with
Tata Global Beverages
; Intel Corp’s former managing director Rajiv Goel, charged with
providing inside information to Galleon founder Raj Rajaratnam,
was spared jail time as he turned government witness.
; Gururaj ‘Desh’ Deshpande, one of the top desi tech entrepreneurs in Silicon Valley, decided to shut his company Sycamore
; Remittances from non-resident Indians in the current fiscal
year were likely to exceed $75 billion, up from $66 billion in 2011-
; A study led by Professor Vivek Wadhwa and published by the
Kauffman Foundation, America’s New Immigrant Entrepreneurs:
Then and Now, found that Indian immigrants were the leading
group of new entrepreneurs.
Carrying forward the big-ticket reforms agenda, the Indian government hiked the foreign investment ceiling in the insurance sector to 49 percent from 26 percent and green signaled FDI in pension funds, setting the limit at 49 percent.
; Treasury Secretary Timothy Geithner and Federal Reserve
Chairman Ben Bernanke visited India for the 3rd Cabinet Level
Meeting of the Indo-US Economic and Financial Partnership.
; Imprisoned hedge fund founder Raj Rajaratnam sought
reversal of his conviction on insider trading charges.
; Mathew Martoma was arrested on insider trading charges
for helping C R Intrinsic Investors, where he worked as a
portfolio manager till he was fired in 2010, avoid losses of
about $276 million.
; Liquor baron Vijay Mallya lost his billionaire tag with the
trouble with his aviation business dragging down his net
worth to below the $1 billion mark, according to Forbes.
; America Inc complained to the Obama administration
regarding constraints on H-1B and L-1, intra-company transfer visas and said it had become the bane of its members at an
event in Washington, DC.
; Sun Pharmaceutical Industries announced it would
acquire Massachusetts-based DUSA Pharmaceuticals to gain
an entry into dermatological treatment devices.
; Indra Nooyi, chairman and chief executive officer,
PepsiCo; Neera Tanden, president, Center for American
Progress; and Deepak Bhargava, who heads the Center for
Community Change, were invited by President Barack Obama
for consultations to help fix the country’s economic malaise.
; 5-Hour Energy, the popular energy drink produced by a
company founded by Manoj Bhargava, one of the richest
Indian Americans, came under the scanner after reports of 13
deaths possibly linked to the energy shots.
; India launched the second version of the world’s cheapest
computer tablet, Aakash 2. It was also unveiled at the United
; Neha Juneja and Ankit Mathur and their Greenway
Grameen Infra won the 2012 Intel Global Challenge.
; Vivek Bantwal, Amol Naik and Gaurav Seth were among
Goldman Sachs 70 new ‘partnership managing directors’.
; India’s Enforcement Directorate began probing alleged
violation of foreign direct investment regulations by Wal-
; The first-ever business delegation from Jammu and
Kashmir visited the United States.
; Delhi entrepreneur Sharik Currimbhoy, who studied at
Columbia University from 1998 to 2002, pledged $12.12 million — the largest donation from an alumnus in India — to
his alma mater.
; Kingfisher Airlines announced it was discussing a stake
sale with Abu Dhabi-based Etihad Airways.
; Ratan Tata was to retire as chairman of the Tata Group,
December 28. Cyrus Mistry is to take over the mantle. Tata
will be conferred the title of chairman emeritus.
; Former International Monetary Fund chief economist Raghuram G Rajan, known for predicting the 2008
global financial crisis, assumed charge as India’s chief
; Kaushik Basu, a former government of India chief
economic adviser, was appointed the World Bank’s chief
economist and senior vice president.
; General Motors began initial production of its first
Chinese-designed car for the Indian market.
; The Indian government cleared 51 percent foreign
direct investment in multi-brand retail, 49 percent FDI
in civil aviation, and approved FDI in broadcast and
; Vikram Sakhuja was appointed the global chief executive of Maxus, a leading GroupM media agency network.
; Billionaires Romesh Wadhwani and Manoj Bhargava
committed to the Giving Pledge, the campaign spearheaded by the Microsoft’s Bill Gates and Berkshire
Hathway’s Warren Buffet to get the rich to pledge half
their money to charity.
Air-India’s long wait for the Boeing 787 Dreamliner ended with the first of the long-haul planes arriving in India. The Indian national carrier placed orders for 27 of these aircraft six years ago
MANSI THAPLI YAL/REUTERS