New Delhi, Aug 1 (): IT industry feels that the US House of Representatives proposed US Immigration Reform Bill is not likely to have clauses affecting the Indian companies. The bill would be different from the legislation passed by the Senate according to Nasscom.
Som Mittal, Nasscom president said that the bill will not have the outplacement and displacement clause. Any firm whose workforce consists of 15% coming on H-1B visa cannot use these people for work in US companies. This is called outplacement clause that would badly hit IT.
US lawmakers have assured Nasscom and the Indian Ambassador that the draft differs from the one passed by the senate. The new bill will come up after August as Senators go on vacation.
Mittal feels that the sector gains are only temporary as the rupee decline against dollar as good for short-term contracts. Most of the five-year contracts are pegged at Rs 54 to a dollar. This takes away any advantage of rupee decline. Mittal felt that industry should concentrate on the timely delivery and quality instead of stressing on rupee-dollar management.
Yesterday, HCL inducted Shiv Nadar’s daughter Roshini as HCL Tech‘s non-executive director. Roshini is daughter of Shiv Nadar, HCL Founder & Chairman. She is HCL Corp ‘s chief executive, the holding company for HCL Infosystems and HCLTech.
Nadar Foundation,which works for the promotion of education, has Roshini leading it. IT industry says that Roshini’s induction was because Shiv Nadar’s family holding 60% stake did not have a representation in the board. It is unlikely that Roshini will head the company.
In a similar situation, Rishad was inducted in the Wipro board which is seen as move to groom him for leadership. Azim’s family has a majority share in the company while induction of Murthy’s son Rohan in Infosys is not significant as they are minority stake holders.