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Meta Appoints New India Head amid Global Restructuring

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Meta Appoints

Meta Appoints NASDAQ-listed Internet company Meta is appointing a new head for India amid a global restructuring. The firm has appointed Sandhya Devanathan, an engineer, to lead its India org and strategy. She comes from a strong engineering background and will spearhead the company’s India strategy, a move that will likely benefit the company in the country.

Meta Appoints: WhatsApp Pay has been the biggest failure as a tech product in India

Meta Appoints

Earlier this week, Ashneer Grover, co-founder of fintech unicorn BharatPe, proclaimed that WhatsApp Pay is the “biggest tech product failure” in India. Grover’s tweet – which he tweeted on November 11 – comes on the heels of former WhatsApp India head Abhijit Bose’s departure.

He resigned after a period of four years to focus on entrepreneurship, according to reports. Bose has also written a lengthy post on LinkedIn announcing that he is leaving the company.

During his tenure, Grover made a splash as the most popular judge on the country’s version of Shark Tank. As a result, the former BharatPe managing director became a national obsession.

Now, Grover has set his sights on social media platform WhatsApp, and seems to be taking aim at the top executives in India. While he is a flamboyant entrepreneur, Grover has been accused of not putting enough safeguards in place to protect the personal data of WhatsApp users.

Grover compared WhatsApp’s payments venture to other tech products such as Google Pay and Amazon Pay. Grover said that the payments system should be easier to use than its competitors, as well as easier to manage.

He also called out the company’s recent data localisation row, which led to the Centre for Accountability and Systemic Change filing a case against WhatsApp.

Meta Appoints: Sandhya Devanathan will spearhead the company’s India org and strategy

Earlier this month, Facebook parent company Meta announced that Sandhya Devanathan will be spearheading the company’s India org and strategy. A seasoned banking and technology veteran, Devanathan will lead the company’s gaming, payments, and e-commerce initiatives across the Asia-Pacific region, starting January

1. Devanathan is a veteran of Citigroup, having spent nine years in various senior-level positions. His responsibilities will include driving revenue growth and serving clients. Devanathan will report to Dan Neary, the company’s APAC Vice President.

Sandhya Devanathan has been involved in a variety of activities since joining the company in 2016. Previously, she served as Meta’s chief gaming officer, as well as its APAC gaming region, before moving to Indonesia in April of this year. During her time in Southeast Asia,

she helped to establish and expand the company’s e-commerce initiatives. In addition to her new role, Devanathan is also executive sponsor of Meta’s Women@APAC initiative.

Devanathan’s appointment follows a string of high-level departures from Meta’s India team. She replaces country lead for public policy Rajiv Aggarwal, as well as former head of the company’s India operations, Ajit Mohan.

Meta Appoints: Sandhya Devanathan holds an engineering degree

Having an engineering degree, Sandhya Devanathan is a well-known business executive who has a successful track record of building exceptional teams and scaling businesses.

She is also a keen advocate for women in leadership and promotes diversity at work. She has been actively involved in a mentorship project with UN Women. She has held several board positions with various companies.

She joined Citibank in 2000. She worked for the bank for nine years before leaving to join Standard Chartered. She was then Group Director for SEA in Singapore.

She also worked at the bank’s Singapore branch for six years. She has worked in the Philippines and the US. She is fluent in Hindi, Tamil and Telegu languages. She is an active volunteer and has received awards for customer retention.

Devanathan is now heading up Meta’s India division. She will be responsible for leading the company’s strategic relationships with India’s largest advertisers and brands.

She will also be responsible for driving Meta’s revenue growth in India. She will report to Dan Neary, vice president for APAC at Meta.

Sandhya Devanathan is a global business leader

Taking charge as Meta’s India head is Sandhya Devanathan. She replaces Ajit Mohan who had joined the firm from Hotstar earlier this year.

Meta’s announcement comes amid the company’s major restructuring. Last week, it laid off over 11,000 employees worldwide, including more than 11,000 in India. These layoffs are meant to restructure the business model.

Sandhya Devanathan comes to the firm with 22 years of global business leadership experience. She has worked in technology and finance domains, including payments, baking, and gaming. She is an advocate of women leadership, with a strong focus on diversity at the workplace.

She will focus on Meta’s business priorities, including revenue growth, strategic relationships with partners, and building an exceptional team. She will report to Dan Neary, the company’s Asia-Pacific vice president.

She will also help spearhead Meta’s India charter, which includes driving revenue growth in key channels in India. She will also work to strengthen relationships with leading creators and advertisers.

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Deadline Extended: Link PAN with Aadhaar by March 31, 2023 or face penalties

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How to Link PAN with Aadhaar

The deadline to link your Permanent Account Number (PAN) and Aadhaar has been extended until March 31, 2023. Please be aware that there is now a penalty associated with linking PANs with Aadhaar; if you link them now, there will be an additional fee of Rs 1,000 as the last date without penalty was June 30th 2022 which has passed already.

Prior to the March 31st deadline for linking your PAN and Aadhaar, all non-exempt PAN holders who do not fall under an exemption category must link their PANs with Aadhaar. Without this link, inoperative status of your PAN will take effect as of January 1, 2023; thus, don’t wait – link it now!

Please be advised!According to the Income-tax Act of 1961, all persons holding a PAN who do not fall within an exempt category are required to file returns… https://t.co/qvF4FWKsQz

Income Tax India (@IncomeTaxIndia) 1677558673000

According to a Central Board of Direct Taxes (CBDT) circular dated March 30, 2022, “Rule 114AAA of the Income-tax Rules provides that if someone’s PAN becomes inoperative, they cannot furnish, intimate or quote it and shall face all consequences under the Act as a result.”

According to an advisory published in The Times of India on March 6, 2023 by the income tax department, here are six consequences of not linking your PAN with Aadhaar.

Your PAN card will no longer function.

Filing an ITR will not be possible.

Pending returns will not be processed.

No refunds can be issued once an order has been placed.

Pending proceedings, such as those related to defective returns, cannot be completed.

Tax will be deducted at a higher rate.

If you have not linked your PAN with Aadhaar yet, here is how to do so according to the Income Tax Department website.

How to Link PAN with Aadhaar

How to Link PAN with Aadhaar

How to Link PAN with Aadhaar

Step 1: Navigate to the Income Tax website (https://www.incometax.gov.in/iec/foportal/) for assistance with filing an income tax return.

Step 2: Navigate to the Quick Link section and click on ‘Link Aadhaar‘.

Step 3: Enter Aadhaar number and Permanent Account Number, then pay late fee of Rs 1000 using ePay tax functionality after following onscreen instructions.

Step 4: Once payment is complete, visit ‘Link Aadhaar’ section again and enter your name, mobile number, Aadhaar number and Permanent Account Number (PAN).

Step 5: Confirm the information by selecting ‘I agree to validate my Aadhaar details’ and clicking on the ‘Link Aadhaar’ option.

Step 6: Enter the OTP received on your mobile number and click ‘Validate’ to complete linking.

How to Verify Aadhaar-PAN Link Status

Are you uncertain if your Aadhaar and PAN numbers are connected or not? Here’s an easy way to verify.

Step 1: Navigate to the Income Tax e-filing website at www.incometax.gov.in to begin filing your taxes electronically.

Step 2: Under Quick Links, you will locate the ‘Link Aadhaar Status’ option.

Step 3: Enter your PAN and Aadhaar numbers, then click ‘View Link Aadhaar Status’.

Step 4: If your PAN is linked with your Aadhaar, a message will appear on your screen.

Here are essential FAQs regarding PAN (Pay As You Earn) and Aadhaar linking, according to the Income Tax website through March 31st 2023.

Who Needs to Link Aadhaar and Permanent Account Number (PAN)?

According to the Income tax website, Section 139AA of the Income Tax Act requires every individual who has been allotted a permanent account number (PAN) as of July 1st, 2017, and who is eligible for an Aadhaar number, to inform it in the prescribed form and manner before the prescribed date (31st March 2022 without fee payment or 31.03.2023). For further details regarding this requirement, refer to CBDT circular No.7/2022 dated 30.03.2022.”

Who does not require Aadhaar-PAN linkage?

The Aadhaar-PAN linkage requirement does not apply to anyone who is:

I) Living in Assam, Jammu and Kashmir, or Meghalaya.

II) A non-resident as defined in the Income-tax Act, 1961, if they reached eighty years or older at any point during the prior year;

III) Not a citizen of India as per the Income Tax website

(Originally Published March 06, 2023)

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Motilal Oswal Financial Services: Buy Tech Mahindra Targeted Price RS 1180 Lets Explain In Details

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Motilal Oswal Financial Services

Motilal Oswal Financial Services has issued a buy call on Tech Mahindra with an objective price target of Rs 1180. At present, the stock’s market value stands at Rs 1106.95. Motilal Oswal Financial Services advises investors to maintain their stop loss at Rs 1100.

Tech Mahindra, established in 1986, is a large-cap company (with a market cap of Rs 107651.26 Crore) operating within the IT Software sector.

Tech Mahindra’s key products/revenue segments for the year ending 31 March 2022 include Software Services.

Motilal Oswal Reports

Financials

For the quarter ended 31-12-2022, the company reported a Consolidated Total Income of Rs 13981.70 Crore, up 4.19 % from last quarter’s Total Income of Rs 13419.65 Crore and 19.77% higher than last year’s same quarter Total Income of Rs 11673.90 Crore. Net profit after tax for this latest quarter came to Rs 1294.30 Crore.

The company’s top management consists of Mr. Anand G Mahindra, Ms. Shikha Sharma, Mr. Haigreve Khaitan, Dr.Mukti Khaire, Mrs.M Rajyalakshmi Rao, Penelope Fowler, Manoj Bhat, Dr.Anish Shah, C P Gurnani and T N Manoharan; B S R & Co LLP is its auditors; as of 31-12-2022 the company had 97 Crore shares outstanding.

Investment Rationale

The stock has reversed its lower highs on both daily and weekly time frames, suggesting it may have broken out of consolidation mode on a monthly basis.

Promoters/FII Holdings

On 31 December 2022, promoters owned 35.19 percent of the company; FIIs held 27.95 percent and DIIs 23.54 percent stake respectively.

(Disclaimer: Any recommendations given in this section or reports attached herein have been authored by an external party and do not represent the views of Economic Times (ET). ET does not guarantee, endorse, or support any of their contents and expressly disclaims all warranties, express or implied, related thereto. We advise you to consult your financial adviser for independent advice before making any decisions.

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CEO faces backlash for crying selfie after layoffs announcement on LinkedIn

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CEO Crying Selfie Layoffs

CEO Crying Selfie Layoffs: A CEO of a US company is facing flak for the way he announced the firing of his employees on LinkedIn, with people deeming it reprehensible.

Braden Wallake, the CEO of HyperSocial, posted a photo of himself crying while trying to explain why few employees had to be laid off from his company.

CEO Crying Selfie Layoffs | Jump Two

CEO posts crying selfie on LinkedIn after firing employees

CEO criticised for his crying selfie after firing employees

CEO posts crying selfie on LinkedIn after firing employees

“I’ve gone back and forth whether to post this or not. We just had to layoff a few of our employees. I’ve seen a lot of layoffs over the last few weeks on LinkedIn. Most of those are due to the economy, or whatever other reason. Ours? My fault,” Wallake wrote.

LinkedIn/Braden Wallake

“I made a decision in February to stop selling our main services and focus on a new service. A higher priced service. It’s a great service, and something we will continue to offer, but it’s for the right kinds of companies,” he added.

“Now, I know my team will say that ‘we made that decision together’, but I lead us into it. And because of those failings, I had to do today, the toughest thing I’ve ever had to do.”

Wallake said despite the layoffs, the company has always been a people first business. “We’ve always been a people first business. And we always will be. Days like today, I wish I was a business owner that was only money driven and didn’t care about who he hurt along the way.”

“So, I just want people to see, that not every CEO out there is cold-hearted and doesn’t care when he/she have to lay people off. I’m sure there are hundreds and thousands of others like me. The ones you don’t see talked about. Because they didn’t lay off 50 or 500 or 5000 employees,” he said.

He further went on add that hoped his employees realised how much he loved them. “I know it isn’t professional to tell my employees that I love them. But from the bottom of my heart, I hope they know how much I do. Every single one. Every single story. Every single thing that makes them smile and every single thing that makes them cry. Their families. Their friends. Their hobbies,” he wrote.

CEO criticised for his crying selfie after firing employees

The post has gone viral and people have laid into Wallake for the crying selfie he posted.

Screengrab/LinkedIn

“Don’t worry everyone. Not every CEO is cold hearted. Some are attention seeking narcissists. it’s fine. Stop worrying,” one user commented.

“Taking a selfie while crying. I applaud your ability to multitask under distress,” another user said.

“Three things that disturb me about this post – one, this strikes as “how hard this is for me, pity the poor CEO” when people have just lost their jobs. A bit insensitive. Two, the authors replies to peoples comments seem in a tone that suggests he’s not exactly heart broken. And three, if you’ve laid people off and you are taking to LinkedIn to post about it, maybe link them, sing their praises and skills and let other companies know they would be amazing people to hire. This post just comes off as attention seeking,” a third user added.

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