Arvind Thiagrajan of Chennai claims that he has come up with a image compression algorithm which achieves much better compression than JPEG without any losses.
However, when he starts to talk about his company is where is he the most uncomvincing. He claims that his company has been a huge success in Australia with an M-cap of Rs. 500 crore (USD 100m) and he is going to "introduce" it into the US and Indian Markets. I am not so sure if it works that way in Hi-Tech entrepreneurship -- I am sure if he had such an invincible technology he would ignore the US in the first place! and even if he did, two years is a long time in computing research.
Besides, if it was so good, we would have surely heard about it in the multimedia community!