The department had sent a notice to the company seeking details and clarifications on a host of issues besides the original agreement between Hutch and Vodafone to establish the jurisdiction of the tax authorities to determine the tax liability. This follow an SC order in January 2009 to the effect that Vodafone should present its case to the tax authorities first and submit a copy of the share purchase agreement, the deadline for which expires by the end of this month.
The Satyam board may present prospective bidders for the troubled Satyam Computer Services with operating statements for two quarters - October-December 2008 and January-March 2009 - to help them arrive at a decision.
Global IT giant IBM is understood to be the front-runner to acquire Satyam Computer Solutions, a company it named as one of its main competitors in a filing to the New York Stock Exchange in February. The US major, said sources close to the developments, has begun discussions with Satyam's government-nominated board and expressed its desire to acquire a majority stake in the company. A team of investment bankers and lawyers from the US and Europe has been brought in.
The bid-pack for potential investors is ready and the government-appointed board has already sent it to the Company Law Board and Securities Exchange Board of India, according to sources close to the development.
Major investment plans for a fabrication facility have put off due to the slowdown. A full-fledged fab requires an investment of $3-4 bn. Moreover, even if a fab were to come up now in the country, the technology would be rendered obsolete by the time it starts production. "If the government was serious about making the electronics manufacturing ecosystem robust, why is it sitting on proposals? How can you sustain a company's interest for so long?" asks an industry source.
Low-cost computing is all set to grow, but if the Rs 500-Sakshat is also to be called a 'laptop', it confuses users and hurts the market
That the value of brand Satyam would be eroded many times over, following its former chairman Ramalinga Raju's admission that he had cooked the company's books, was a given.
The government has suggested that the new Satyam Computer Services board should also look within the company to appoint a CEO and CFO.
The Mumbai police, along with a group of enthusiastic citizens including Mumbai Sheriff Indu Shani, combed commercial complexes, malls, office buildings and residential premises in south and south-central Mumbai to identify and get rid of unsecured Wi-Fi connections in the city, following terrorist attacks last year.Terror mails were sent via unsecured Wi-Fi connections before the Delhi and Ahmedabad serial blasts also.
IBM's India Research Laboratory completes pilot project on 'spoken web' concept in Andhra.
Insurance, telecom, infrastructure, FMCG and energy are unlikely to downsize; Elsewhere, only top performers are safe.
Three major undersea cables -- the Sea Me We 4, Sea Me We3, and FLAG -- were cut, considerably slowing down India's internet and voice traffic. The extent of the damage is still being assessed.
If implemented, this will be music to the ears of shareholders and analysts who have been insisting that Satyam would be better off returning money to shareholders.
The crux of the problem it appears is one of "trust" and the perception that a unilateral decision was taken by the board, allegedly to favour Raju's sons' companies.
The last couple of months have dealt a severe blow to IT firms, which has even prompted the top listed Indian IT services providers to inform investors that they need to scale down their growth expectations from the sector that, on an average, has been growing almost 30 per cent year-on-year.
It all started with the advent and success of smaller laptops or netbooks, as they are called, in June 2008. Now, Indian and multinational PC makers like Asus, HCL Infosystems and Wipro are ready to give a push to the retail sales of even smaller desktops or Nettops, based on Intel Atom processors. Others like Dell, HP and Lenovo are expected to follow.
Terrorist attacks are becoming increasingly sophisticated and consistently exploiting India's gaping security loopholes -- both on terra firma and in cyberspace. Yet, India's seriousness about electronic surveillance as a preventive measure appears to be woefully inadequate.
"While telecom operators may get a licence for spectrum and have the money to build networks, they may not necessarily have the management skills. We are in talks to explore possibilities of knowledge transfer and help operators build capacities by lowering entry barriers," said Barry West, CTO, Sprint, and president, Xohm. Globally, Sprint is not doing well. It is now banking on WiMax to boost its revenues.
Days after NTT DoCoMo of Japan announced that it will buy 26 per cent in Tata Teleservices for $2.7 billion, NRI businessman C Sivasankaran has decided to put on the block his eight per cent stake in the company.
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