Lausanne (Switzerland), June 26 (IANS) The International Olympic Committee on Wednesday approved a round of reforms to the bidding process and hosting arrangements for the Summer and Winter Games.
The IOC has decided to revoke the seven-year time frame of choosing the hosting city and allow the Games to be spread out instead of being limited to mainly one city, Efe news reported.
"This is the evolution of the Olympic Agenda 2020 revolution, as we must continue to keep up with the fast pace of change in our current world," IOC President Thomas Bach said, according to the organization's website.
"Flexibility is a necessity to ensure good governance and to have sustainable Olympic Games in the future.
"We will do that while maintaining the magic of the Games, the fundamental principle of universality and our commitment to having athletes at the center of everything we do," he said.
The reforms, approved during the 134th IOC session in the Swiss city of Lausanne, represent a drastic change in the process of electing venues.
The new Olympic Charter says the host may no longer be a single location but rather "cities, regions and/or countries".
The changes also include the creation of two new bodies, namely the Future Host Commissions, to replace the evaluation commissions for each edition of the Games.
These commissions would approach possible hosts as well as recommend them to the IOC executive board.
The reforms were unanimously approved amid an Olympic crisis as more cities lose interest in hosting the Games due to the high cost it involves.
For example, only two candidates (Paris and Los Angeles) presented their bids in 2017 for the 2024 Games, which led the IOC to award the 2024 edition to the French capital and the 2028 one to the US city.
The 2022 and 2026 Winter Games were also settled between two candidates, Beijing and Milan respectively.
This reform in the bidding process is considered the most important since the major changes made in the wake of the 2002 Winter Games bid bribery scandal.
The organization not only expelled those involved in the bribery allegations, but also banned all members from visiting cities seeking to host Games.
Bengaluru, July 17 (IANS) Leading IT consulting firm Mindtree on Wednesday reported Rs 93 crore net profit for the first quarter of fiscal 2019-20 against Rs 158 crore in the same period a year ago, which is a 41 per cent annual decline.
Sequentially too, the city-based software services firm, reported 53 per cent plunge in net profit from Rs 198 crore a quarter ago.
Though revenue grew 11.8 per cent annually for the quarter (Q1) under review to Rs 1,834 crore from Rs 1,640 crore in the like period year ago, it remained flat (0.3 per cent) sequentially from Rs 1,839 crore a quarter ago.
In a hostile take-over, Mumbai-based infrastructure construction major Larson and Toubro (L&T) recently acquired controlling stake (61 per cent) in Mindtree from its promoters after it bought about 20 per cent stake of The Coffee Day founder V.G. Siddhartha for Rs 3,300 crore on March 18.
Subsequently, L&T increased its holding with more shares from the open market and an open offer on May 14 for an additional 31 per cent stake for Rs 5,030 crore at Rs 980 per share of Rs 10 face value to have full control over it.
The company had 346 clients by the quarter-end, including 46 clients in the $5-million price band.A
With 15 per cent annual attrition, the headcount at the quarte-end was 20,935.
A"Bots are a software that acts autonomously, free from interference, human or otherwise, to perform a specific task which will otherwise be performed by a human," said the statement.
The company has 674 bots or robots, an automated programme, that runs on the internet.
"Automation is playing a major role in modernising our technology service delivery, enhancing both efficiency and speed-to-results for our clients," said the company in a statement here.
The company's blue-chip scrip with Rs 10 face value per share gained Rs 2.60 at the end of day's trading to close at Rs 751.95 against Tuesday's closing rate of Rs 749.35 and opening price of Rs 755.85./Eom/335 words.