The investors, which include ICICI Venture, Azim Premji and ICICI Prudential, say that they do not hold more than 38 per cent in the retail company and do not have the requisite shareholding to amend the articles. ICICI Venture, which alone holds 23 per cent stake in Subhiksha, had earlier rubbished claims made by Subramanian that the private equity company 'controls' Subhiksha by virtue of its right to appoint a majority of the directors in the company.
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
The gap between the average fares of a full-service airline and a low-cost carrier for metro routes narrowed by a third in January, thanks to leading players cutting their fares quite dramatically to grab the market share.
Broad consensus is emerging within a Group of Ministers chaired by finance and external affairs minister Pranab Mukherjee on a proposal seeking comprehensive changes in the foreign direct investment policy. This includes scrapping automatic approval in sectors that have FDI limits and in which ownership or control is shifting to a foreign company, and a new definition for calculating indirect foreign equity.
And despite a slowdown, media planners say advertisers are pouring in over Rs 600 crore (nearly half the ad budget for cricket in 2009). This represents a more than 10 per cent increase over last year's spends on television, co-branding of teams and marketing, among others.
It's official now. Engineering giant Larsen & Toubro has sought management control of Satyam.
As companies find themselves in the midst of an unprecedented meltdown, the role and expectations from CEOs are changing, according to Spencer Stuart, one of the largest global recruitment agencies for senior directors and CEOs. It has made these findings from recruitments undertaken in India across sectors like financial services, telecommunications and FMCG, amongst others.
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.
It has rejected a proposal by Subash Chandra-promoted Wire and Wireless India, which has sought permission to issue partly paid-up equity shares, pursuant to its rights issue. WWIL is in the cable network business. The shares were to be issued to non-residents, which also included FIIs, venture capital funds, multilateral and bilateral development financial institutions, and eligible NRIs for cash aggregating up to Rs 450 crore (Rs 4.5 billion).
The dispute involves a UK-based hedge fund, Altima Partners, and the company's principal promoter Raghav Bahl, founder and largest shareholder of Network18, the broadcasting group which runs TV channels such as CNBC-TV18, Colors and Awaaz.
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.
Auctions for spectrum for 3G or third-generation telecom services could be delayed from an already rescheduled date of January 30 after the Department of Telecommunications sought legal opinion on whether it should send the finance ministry's suggestion on doubling the reserve price back to the Telecom Regulatory Authority of India for its endorsement.
IBM's India Research Laboratory completes pilot project on 'spoken web' concept in Andhra.
Will scrap bid if it falls below government's revenue expectations.
Insurance, telecom, infrastructure, FMCG and energy are unlikely to downsize; Elsewhere, only top performers are safe.
Bajaj family members are in the final stages of reaching a peace formula to their six-year-old dispute over the division of group companies and assets. Sources familiar with the developments said an announcement can be expected in the next 10 days, but did not want to divulge details.
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.
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