India Event Diary – 7th September 2012, Friday
‘Cloud ecosystem hub’ by Infosys
While the cloud platform companies usually target the small and medium enterprises, Infosys is now eying on bigger clients with its new ‘cloud ecosystem hub’. This hub software allows a company to manage all its IT resources and third party cloud services from one single platform.
The fee is charged as per the usage and type thus serving as a revenue model for Infosys.
SC denies High Courts to pass interim orders in foreign arbitration cases
To be in consonance with the scheme of international instruments, a five jusge bench of the Supreme Court has held that the Indian courts have no jurisdiction to pass interim orders in foreign arbitration awards under the provisions of the Indian Arbitration and Conciliation Act, 1996. This applies when the awards are between an Indian company and a foreign company.
In 2002, the Supreme Court ruled in the Bhatia International case that Part I of the Arbitration Act, which deals with the power of a court to grant interim relief, could be applied to arbitration disputes with a foreign seat unless the parties specifically opt out of such an agreement. But the present judgement has overruled the 2002 ruling.
The law is applicable to all the arbitrations hereafter.
Cabinet approves creation of two subsidaries of AI
Air India will now be divided into two subsidaries – Air India Engineering Services Ltd. (AIESL) and Air India Transport Services Ltd. (AITSL). The cabinet has finally approved the creation of these new wholly-owned subsidaries of the airline major, which is a part of its turn-around plan. This decision has come after two years of Air India’s proposal, and now it can begin the transfer of manpower and assets to AIESL and AITSL.
Both the subsidaries will be treated as seperate profit centres, and AIESL would carry out the maintenance, repair and overhaul (MRO) business, not only for Air India but also for other airlines. By providing services to other airlines as well, it will be able to tap the potential of nearly $1.5-billion MRO business in the Asia-Pacific Region. As the Indian carriers currently need to send their planes to Europe, Dubai or Singapore for maintenance.
Dinaz sets new records
Dinaz Veratwala, a Hyderabad-based fitness and aerobics expert who recently set a Guinness World Record by performing aerobics non-stop for 24 hours, set two new records on Thursday with 1,800 children performing jump jack and star squats dances. She is gearing up to set these two new records in the Guiness Book, as informed by her later.