India TV walks out of News Broadcasters Association after questioning the decision to penalise the channel.
Nearly 80 per cent of the buyers opting for the more expensive variants instead of the base-level car which is priced at Rs 1.23 lakh (ex showroom, Delhi). The trend is based on responses from dealers and banks that took bookings in Delhi, Mumbai, Pune, Bangalore, Chandigarh and Kolkata on Thursday. The Nano CX costs Rs 1.48 lakh and the top-end LX Rs 1.72 lakh.
"Tech Mahindra is way too dependent on one sector, telecom, and one client," said an analyst. Satyam will not only give it access to different business verticals but also key clients. But Tech Mahindra have been concerned over the recent client loss Satyam has witnessed. Another big concern is the liabilities Satyam will have to face due to the 13 US class-action suits, the unresolved Upaid case, as well as lack of clarity on client and employee details.
"The amount payable to the company at the time of booking is Rs 95,000, and the bank would lend this money to the applicant at a less than 10 per cent interest," said S K Goel, chairman and managing director of UCO Bank. He said the scheme offered by UCO was different from that of the State Bank of India, in the sense that UCO would lend any amount less than Rs 95,000 to the customer depending on their need.
On the back of the Satyam episode, the ICAI is planning to seek more power for chartered accountants so that they are not mere qualifiers. In case they see any divergence in the numbers provided by the company, there must be a way to compel a restatement of accounts, according to the ICAI. It has asked its members to 'to be much more vigilant and rely on external information than be dependent on what the management provides.'
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.
Nasdaq-listed Cognizant Technology Solutions, which did not complete the due diligence process for Satyam Computer Services, is understood to be back in the race to acquire the troubled software company.
Some banks made it clear that banks have to make commercial decisions. "There is a limit to which we can reduce the deposit rates because of competing investment products such as small savings instruments," said a bank chief. With banks unable to lower deposits rates, lending rates were unlikely to drop significantly. A banker is said to have talked about the fact that companies that are unable to sustain themselves during the present downturn would face many risks.
"The situation is bad. Some people are leaving and some are being asked to leave. And more important, several positions are remaining vacant. The selected candidates for these posts are not coming," said an associate, as the employees are called. "There is talk now that the new company, whichever that is, will cut at least 10,000 jobs gradually. We are praying that this is unfounded," a senior associate said.
Prime Minister Manmohan Singh said India is in favour of sharing tax information and monitoring tax havens more closely.
The buzz refuses to die down even though other PE players, investment bankers and analysts say such an alliance is highly unlikely. Wilbur Ross, meanwhile, is understood to have completed the due diligence of the scam-tainted IT company. When contacted, a company official declined comment.
While a company spokesperson said Bharti would either dilute its stake or exit the venture, the fund house is trying to rope in a bank to strengthen its distribution network. In addition, an asset management venture is seen to have closer links with banks, which are looking to offer a wide range of financial products.
The bank, which had announced a similar cut in January, will see its mortgage prime rate fall to 13.75 per cent from April 1. In a statement, the bank said that the benefit will be available to all its existing customers on floating rate loans. A bank spokesperson said that, depending on loan tenure and amount as well as the customer's relationship with the bank, he could get a loan at up to 50 basis points lower than the benchmark rate.
Industry estimates show that the business news channels generate about Rs 300 crore a year in advertising. However, with the economic slowdown, ad revenue is expected to drop by about 15-20 per cent this year.
The bidders had started sending teams from departments like human resources, finance and legal, who were holding discussions with their counterparts at Satyam, the sources added. The Satyam stock was up 4 per cent at Rs 42.20 on BSE. It had dropped a little over 10 per cent in the past month. "Between this week and next week, there will be several meetings between various bidders and company officials," confirmed Satyam's Hari Tallapalli.
The Satyam board said corporate governance, a clean record, management and organisational ability in operating a global company will be considered, apart from the financial bid and other technical criteria. The bidders will furnish an irrevocable and unconditional performance bank guarantee of Rs 100 crore to guarantee the deposit of funds required for the preferential allotment and the requisite escrow amounts for the public offer within four days of being selected.
The financial meltdown and heavy taxes on works of art imported or sold in India has caused many art galleries to shut down in recent times.
Board to meet investment advisors Goldman Sachs and Avendus today.
The supply of Tata Motors' much-awaited small car, the Nano, is going to be well below the demand for quite some months.
The newly appointed (by the government) board members, O P Vaish and Ved Jain, said the company and its lenders were expected to reach an agreement in this regard by March 25. The board met in Hyderabad under the chairmanship of Vaish and sought information on the state of the company and the various projects it was implementing and negotiating. Vice-Chairman B Teja Raju and Additional Director B Narasimha Rao were present.
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