Brands
Virtusa hands the reins to Nitesh Banga as president & CEO
MUMBAI: Change is in the air at Virtusa Corporation, as the company announces a leadership transition designed to propel it into the future of digital engineering and AI-driven business solutions. Nitesh Banga has been appointed as president & CEO, effective 3 February 2025, succeeding Santosh Thomas, who steps down to explore new opportunities. To ensure a smooth handover, Thomas will remain a strategic advisor during the transition.
Reflecting on his tenure, Thomas expressed pride in Virtusa’s transformation over the past four years. “I am immensely proud of the substantial growth we have accomplished together. It has been exciting to witness firsthand the positive impact on our people, clients, and their customers,” he said. Thomas positioned Virtusa as a global digital leader, spearheading strategic acquisitions, operational excellence, and technology expansion, while achieving record-high client and employee net-promoter scores.
Banga, the new face at Virtusa’s helm, joins from GlobalLogic, where he served as president & CEO. His leadership at GlobalLogic saw transformational growth, including the successful integration of the company with Hitachi. With nearly three decades in the technology services sector, including over 20 years at Infosys, Banga brings a wealth of experience in strategy, business development, service delivery, and mergers & acquisitions.
Banga sees Virtusa uniquely positioned to drive digital and AI-powered transformation for enterprises. “I am deeply honored to step into this role at such a pivotal moment of change in the industry,” he stated. “The future belongs to businesses that hyper-focus on customer needs, leveraging digital and AI technologies with a solid data strategy. Virtusa’s engineering DNA and domain expertise offer the perfect foundation to help brands transform and differentiate their businesses.”
Board of directors chair, Rajeev Mehta extended his appreciation to Thomas for his leadership since joining Virtusa in 2021. “Santosh expanded our global presence, grew our service offerings, and positioned Virtusa as a leader in Digital Engineering and AI. We thank him for his dedication and wish him continued success.” Looking forward, Mehta is confident that Banga’s deep expertise and passion for client success will drive Virtusa’s next wave of innovation. “With an AI-powered world ahead, I look forward to working with Nitesh to optimise our business and deliver transformative results for our clients,” he added.
Virtusa’s leadership transition signals a bold step forward, reinforcing its commitment to technology-led business transformation and AI-driven solutions. With Banga at the helm, the company is ready to tackle the next frontier of digital innovation.
Brands
Maharashtra panel orders Lodha to refund Rs 5 crore to homebuyers
Consumer court flags unfair practices in long-running property dispute case
MUMBAI: In a sharp rebuke to one of India’s biggest real estate players, the Maharashtra State Consumer Disputes Redressal Commission has directed Macrotech Developers to refund nearly Rs 5 crore to a senior citizen couple, Uttam and Anindita Chatterjee. The ruling, delivered on March 13, 2026, calls out the developer for “deficiency in service” and “unfair trade practices”, bringing closure to a dispute that has stretched over a decade.
The case traces back to 2015, when the couple booked a 3-BHK flat at World Towers in Lower Parel for Rs 12.22 crore, with possession promised within a year. What followed was a series of changes that complicated matters. After deciding to exit the project, they were persuaded to shift to a 4-BHK in another development priced at Rs 8 crore, with delivery scheduled for 2018. However, within months, the price was allegedly increased to Rs 10 crore. After demonetisation reshaped the market, similar flats were reportedly being offered at lower prices, but the couple were not given the benefit.
Despite paying over Rs 2.83 crore, the couple neither received possession nor clarity. Instead, in 2018, the developer unilaterally cancelled the booking, retained part of the amount as earnest money, and argued that the buyers were investors rather than consumers. The commission rejected this claim, observing that casual references to “investment” do not take away consumer rights when the purchase intent is residential.
The bench also held that the developer could not penalise buyers for payment delays while failing to meet its own delivery commitments. It noted the lack of formal documentation for revised terms and termed the prolonged retention of funds without delivering a home as exploitative.
As part of its order, the commission directed the developer to refund Rs 2.83 crore paid by the couple, along with interest at 10 per cent per annum, amounting to around Rs 2.12 crore. In addition, Rs 1 lakh has been awarded for mental agony and Rs 50,000 towards litigation costs, taking the total payout to over Rs 5 crore. The developer has been asked to comply within two months.
For now, the ruling serves as a reminder that in real estate, shifting terms and delayed promises can carry a significant cost.
