Reports say that law firms in the US have begun filing class-action suits against Satyam and its beleaguered executives for fraud. Two such class action lawsuits -- one by a US law firm Izard Nobel LLP and the other by an investor in Satyam ADS -- have been filed in a district court in New York.
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.
The International Financial Services Centres Authority (IFSCA) has proposed key exemptions to the current listing framework and measures for setting up holding companies (holdcos) and special purpose acquisition companies (SPACs) to encourage domestic startups list at GIFT City, the country's only international financial services centre (IFSC). Under the current framework, to be eligible to list on IFSC exchanges, an issuing company should have operating revenue of at least $20 million in the preceding financial year and average pre-tax profits of at least $1 million during the preceding three financial years. An expert committee has noted these conditions have acted as hurdles to listing new-age companies, and they need a relook.
The proposal for American Depository Receipts by Nasdaq-listed Internet and eCommerce major Sify is aimed at creating "liquidity" for its Indian shareholders, according to a top company official.
W L Ross & Co has acquired 1.8 million American Depository Receipts (ADRs) of Satyam (Mahindra Satyam) from NYSE Euronext for $4.6 million (over Rs 20 crore) at an average price of $2.5 per share, the parent firm of W L Ross, Invesco, said in a Securities and Exchange Commissions (SEC) filing.
HDFC Bank proposes to raise Rs 4,200 crore (Rs 42 billion) through a mix of preference shares to its promoters and domestic and overseas equity issues.
Shares of Tata Motors, which surged over eight per cent in morning trade, shed gains to settle up three per cent on the Bombay Stock Exchange and National Stock Exchange as the company launched the world's cheapest car 'Nano'.
The Nasdaq 100 index comprises the largest non-financial stocks on the exchange. In November 2006, Infosys went in for issue of $1.65 billion American Depository Receipts.
Global equity research firm Standard & Poor's has projected a significant jump in the American Depository Receipts
The sponsored ADR issue, which is equivalent to 4 million to 6 million ADRs, was approved at an extraordinary general meeting held in Bangalore.\n\n\n\n
Citi Group on Wednesday clarified that it owns 2.1 per cent equity stake in Tata-controlled Videsh Sanchar Nigam Ltd, which is less than 4.2 per cent that it had earlier reported with the US Securities and Exchange Commission.
Kicking-off the process of divestment in Bharat Petroleum Corp, government has invited bids for appointment of a global advisor for sale of 35.2 per cent stake in the oil PSU through public offer.
Software major Infosys Technologies Ltd is not pursuing its American Depository Receipt plans, as it feels the time is not conducive for another offshore listing and would opt for a "wait and watch" approach.
Budget may bring exemption for those backed by Indian securities other than shares
Exemption from minimum alternate tax for REITs & infrastructure investment trusts; Depository receipts on all securities eligible for tax benefit
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So far, RBI was granting Indian companies to issue non-convertible or redeemable preference shares or debentures to non-resident shareholders on a case-to-case basis.
IDR listing norms are to be changed to attract foreign companies and to make BSE more competitive.
India now has three companies in the global top 100 list in terms of market value: Reliance Industries (RIL) ranks 72, Tata Consultancy Services (TCS) is at 86 and HDFC Bank at 99.
Board has also accepted the resignations of Marans.
The PCA plan covers various suggestions or measures to recover non-performing assets (NPAs), reduce costs, boost capital, downsize risk-weighted assets, and improve profitability, among others. The LVB management is in the process of implementing all of these, said sources.
Every move that strengthens Cyrus Mistry's position in companies like Indian Hotels could prolong the uncertainty.
Budget this year has allowed PSBs to bring down govt stake to 51%
The two -- along with five other private sector banks -- are likely to get impacted by the new FDI policy as foreign shareholding in these entities in different forms like American depositary receipts and global depository receipts exceeds 50 per cent.
With Housing Development Finance Corporation's (HDFC's) merger with HDFC Bank becoming effective on July 1, the merged entity is set to become the top weight in the benchmarks S&P BSE Sensex and the National Stock Exchange Nifty indices, dislodging the country's most valuable company, Reliance Industries (RIL), from its perch. HDFC will stop trading after July 13. At present, RIL has a weighting of close to 12 per cent in the Sensex and 10.3 per cent in the broad-based Nifty. Meanwhile, HDFC Bank and HDFC have weights of 9.9 per cent and 6.8 per cent in the Sensex and 8.8 per cent and 6 per cent in the Nifty, respectively.
The bank had reported a net profit of Rs 2,325.70 crore in last FY.
SBI chief Rajnish Kumar said the focus going forward will be on cost reduction, rationalisation and reskilling of workforce, improving staff productivity and redeployment of workforce from admin offices to sales roles.
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