Monday, August 24
The US government has moved closer to changing how H-1B visas are allocated each year, with the Department of Homeland Security’s final rule on a weighted lottery system now under review by the Office of Management and Budget. The review by OMB marks the final stage of the federal rulemaking process. According to a Fragomen report, the review is expected to move quickly, and an advance copy of the final regulation could be released in the coming days. Weighted lottery based on wage levelsThe proposed rule would change the current random H-1B cap lottery by introducing a weighted selection system. Under this approach, registrations would receive different odds of selection based on wage levels set under the Department of Labor’s four-tier prevailing wage framework. This means H-1B benef
Jammu-based packaging company Phytochem Remedies was forced to withdraw its SME IPO after its Rs 38 crore issue was undersubscribed with just 62% subscription from only 797 applications."The decision to withdraw the Issue has been taken by the management due to unfavourable market conditions and volatility in the capital markets, impacting the overall investor sentiment. Accordingly, the Company shall not be proceeding with the Issue and requests you to kindly take note of the same," Phytochem Chairman and Managing Director Niranjan Surana said in a regulatory filing.After the completion of the three-day-long bidding process ending on Monday, Phytochem IPO saw 797 bids for about 23.1 lakh shares, garnering around Rs 22.63 crore. As this meant only about 62% subscription against the demand
