The company had approached banks with a CDR request for about Rs 1,700 crore. However, according to company sources, the banks felt that Maytas must shed the flab, which includes dilution of stake in the Bangalore elevated tollway to raise funds before the CDR is granted. It has also been reportedly told that it should disengage from various projects which it cannot take forward.
There are jobs for MBA graduates, particularly in sales, FMCG, telecom and consulting areas. The jobs, according to industry experts, are unfolding in new areas and domains in Tier-II and-III cities and in rural areas. Treating the first job as an extension of the college would be the best approach with the job situation in today's market. Good academics, soft skills, computer skills and learning on the job would be the primary requirements for candidates to find a job.
The company failed to achieve financial closure for the Rs 12,100-crore (Rs 121 billion) metro project in March and had sought extension of the deadline by another six months. The decision on it is pending with the state government. Doubts were also expressed about its capabilities to execute the Rs 1,650-crore (Rs 16.5 billion) Machilipatnam project.
The Nagarjuna group incorporated NFL as an NBFI and accepted fixed deposits with a minimum amount of Rs 5,000 for periods of 12, 24, 36 and 54 months by promising an interest rate of 14, 14.25, 15.5 and 18.5 per cent respectively. It collected deposits of Rs 98.3 crore from 85,160 depositors for the year 1997-98. Deposits of 16,122 depositors amounting to Rs 23.02 crore matured on December 31, 1999. But the company defaulted on repayment of the matured deposits.
"The results, new client wins and business orders show good signs of our jobs being intact. With the media reports indicating that the company's annualised revenue run-rate would be much higher than expected, we are now confident that Satyam and its new owner will keep the people on the bench busy with new client engagements in the coming months," said a Satyam associate. A top official added, they're especially happy with the announcement of $380 million worth of new orders.
More trouble is brewing for Maytas Properties Ltd, the unlisted company promoted by the family of Satyam Computer Services Ltd founder B Ramalinga Raju.
The Andhra Pradesh government would develop a tourism project on about 2,000 acre at Gandikota in Kadapa district under public private partnership, said tourism minister J Geeta Reddy.
For instance, Dr Reddy's Laboratories has six active pharmaceutical units in Andhra Pradesh. The waste streams from the API units mostly contain potassium sulphate, caustic lye, potassium chloride, potassium sulphate and sodium sulphate salts.
The satisfaction of serving the masses is proving to be a bigger lure for some management graduates.
The Central Bureau of Investigation, investigating the financial scam at Satyam Computer Services, is finding it difficult to crack the content of the two laptops that belong to the company's founder, B Ramalinga Raju. It is now sourcing special accessories to unearth the data stored in them.
Digital technology major, Samsung Electronics, strengthened its touch screen mobile phone portfolio by launching three new products Star, Star 3G and BeatDJ in the Indian market recently.
Wipro BPO, the business process outsourcing division of global IT services provider Wipro Technologies, would add about 1,000 people at its Hyderabad centre in six to eight months.
Within a week of Tech Mahindra emerging the successful bidder for Satyam and depositing the entire amount in two escrow accounts on Tuesday, Satyam employees appear in a jubilant mood. Even those who thought job losses were inevitable now see growth. Tech M depositing the amount for acquiring the stake in Satyam has given assurance to the employees. "This is swift and concrete action. We are now sure our jobs are protected," said a Satyam employee.
One associate feels rebuilding trust in existing and prospective clients will take six months to a year. "Currently, it's business as usual for those who are involved in project development but not for those in business development. We don't have financials and without it we cannot convince clients about our capabilities. Now that we have come under the umbrella of Tech Mahindra, things may change for the good soon," he said.
IBM's exit leaves the field open for engineering giant Larsen & Toubro, which owns 12 per cent in Satyam, Tech Mahindra, Cognizant Technology and private equity firm Wilbur L Ross. Satyam currently faces 13 class action suits by holders of the company's ADRs in the US. An investment banker close to the deal said IBM was a big name and could, therefore, be vulnerable to more lawsuits.
Even as most of the 50,000-odd employees at Satyam Computer Services remain concerned about job and pay cuts, 250 to 300 employees working on the Merrill Lynch project have accepted an offer from Bank of America (BofA), the bank that bought the sub-prime meltdown-hit investment bank in September last year.
Election 2009 is revitalising the Indian gaming companies' interest in developing games based on political and election themes for online and mobile platforms.
This is to ensure that the amount paid by its customers was not used for other purposes, according to customers who have invested in company projects. The customers wanted the company to execute the Maytas Hill County project at the earliest. The delay was causing inconvenience to them due to soaring interest rates, they said, adding that a lot of people had paid the amount in full.
"The @Box costs a fraction of a PC and can connect to all existing Internet delivery media, enabled by a keyboard and trackball as a user interface device," said Ichip India Limited's President and CTO Kota Bhaskar. The box, the retail price of which is pegged at Rs 6,990, is sold in a standard package with a keyboard, track ball, power adaptor and a cable to connect to the television. Optional accessories include WiFi Stick, Ethernet Stick, wireless keyboard and head set.
Tower Tube is a self-contained fully-encapsulated site with a five-metre diameter room at the base to house all equipment. Ericsson claims that Tower Tube consumes 40 per cent less electricity and produces 30 per cent less carbon emission when compared with traditional towers.
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