The Kanimozhi Karunanidhi-led delegation is visiting five European nations to garner support for India's campaign against cross-border terrorism.
Nitish Kumar's decision to contest the Rajya Sabha elections signals the end of his long-standing tenure as Bihar's Chief Minister, paving the way for a potential BJP leader to take the helm.
Lalu had visited the EC in Delhi to request for a change in poll dates in Bihar.
Opposition parties are expected to announce their joint vice-presidential candidate, potentially leading to a 'south versus south' contest. Meetings and discussions have been held to finalize the candidate, with names from Tamil Nadu being considered. The opposition aims to field a non-political figure with national standing.
His inheritance was a double-edged sword because the NDA was understandably interested only in highlighting that part of the RJD's tenure in government that evokes kidnapping, extortion, and lawlessness.
The delegation will now head to Ljubljana, capital of Slovenia, where they are expected to arrive on Sunday. Member of the delegation, Brijesh Chowta left earlier for Ljubljana.
Both private and state-owned banks have told the government that tax deduction at source (TDS) certificates issued to Satyam by them between 2001-02 and 2006-07 were genuine.
Senior Congress leaders P Chidambaram and Digvijaya Singh will now occupy front-row seats after their reallocation by the party.
Continuing scrutiny of coal blocks which failed to meet development timelines, the Inter-Ministerial Group on Thursday recommended de-allocation of two more mines, raising to 13 the number of blocks against which such recommendation has been made.
Bidding guidelines for inviting a strategic investor in Satyam Computer Services Ltd are expected to be ready in 10-15 days, Corporate Affairs Minister Prem Chand Gupta has said. "It would be a transparent process," said Gupta. The Satyam board was in touch with the financial consultants and would take a decision soon, he added.
The prime minister's statement was 'distorted' and seen out of context, the minister said, adding that focus of the media is more towards the form and not the content... "towards the letter and not the spirit".
The government on Saturday asked the Institute of Chartered Accountants of India to ensure that accounting professionals strictly adhere to stipulated standards in order to avoid Enron-like cases in India.
The government has already ordered inspection by registrar of companies, Hyderabad, into eight subsidiaries of Satyam Computer and Maytas Infra and Maytas Properties, the companies promoted by the kin of disgraced Satyam founder B Ramalinga Raju.
The inspection would be conducted as per the provisions of section 209A of the Companies Act, corporate affairs minister Prem Chand Gupta told reporters on Thursday.
The impact of this move will be visible in the next three years. This is because manual filing will still continue for a smooth transition to the online filing system. During this period, 53 special kiosks will be set up to facilitate e-filing.
Different investigating agencies -- Securities and Exchange Board of India, Registrar of Companies and Serious Fraud Investigation Office -- are looking into the fraud and 'I assure you that those found guilty would be meted out severe punishment.'
The minister further said running the operations of the company and inquiry against people involved in the accounting fraud are two different things and should be viewed separately separately. The new board of Satyam met twice and appointed global accountancy firms KPMG and Deloitte to re-state the accounts of the IT company.
The meeting comes in the backdrop of Ambani's call to market regulator Securities and Exchange Board of India to maintain confidentiality of accounts while counter auditing the books of those companies that figure in stock trackers such as BSE sensex and Nifty-50.
The government ordered the probe by the SFIO after receiving a report from the Registrar of Companies (RoC), Hyderabad, which inspected the books of accounts of Satyam Computer Services and eight other companies belonging to the kin of the former chairman of the IT major, B Ramalinga Raju.
Moving quickly to stabilise the fraud-devastated Satyam Computer, the government on Sunday nominated noted banker Deepak Parekh, IT expert Kiran Karnik and former Sebi member C Achuthan to the infotech company's board.
In a written answer to Lok Sabha, Minister of Corporate Affairs Prem Chand Gupta said investigation reports have been received in 23 cases and instructions issued to Serious Fraud and Investigation Office to prosecute the concerned persons. Investigations against four entities having links with Parekh - Triumph securities, Nakshatra Softwares, Goldfish Computers and Luminant Investrade - have been completed.
The ministry of corporate affairs said on Monday there is no move on the government's part to regulate salaries and other benefits given to directors and chief executives of companies.
The ministry of company affairs, now known as the ministry of corporate affairs, plans to set up an Indian Institute of Corporate Affairs. Apart from training officials, the institute will also work as a think-tank for the ministry.
Prioritising investor protection in the backdrop of corporate frauds and failures worldwide, Company Affairs Ministry said it will expedite the process of putting in place Competition Commission, NCLT and a comprehensive Companies Act.
Following the disclosure of fraud by Raju on January 7, Gupta said the share price of Satyam Computer on the bourses dropped from Rs 188 to Rs 30.70 before closing at Rs 38.40. "It (the share) has been traded at different prices since then," he added. The new board of Satyam, headed by former Nasscom president Kiran Karnik, is trying to ensure 'continuity of business and operations of the company in the interest of its stakeholders', the minister said.
Replying to supplementaries during Question Hour in the Rajya Sabha, corporate affairs minister Prem Chand Gupta said while the Serious Fraud Investigation Office under his ministry had been given three-months to wrap up its probe into the Satyam scam, no time-frame has been set for CBI.
The country's biggest ever corporate scam, currently being probed by the Serious Fraud Investigation Office in Hyderabad, is expected to be discussed in the Rajya Sabha on Tuesday, corporate affairs minister Prem Chand Gupta told PTI. Gupta said the government is open to all options in the case.
The government said on Wednesday that Satyam Computer Services' disgraced founder Ramalinga Raju created a network of about 300 companies and diverted funds from one company to another in a complex but carefully planned process. Speaking to Karan Thapar on the CNN-IBN news channel, Gupta said, "Our information is that there was a network of almost 300 compnaies and funds were diverted from one company to (another) and then to (a) third."
Sebi, which is probing charges of insider trading in the Satyam case, sought a day's custody of Ramalinga Raju and Rama Raju, who are currently in judicial custody. The regulator's request for a day's custody of the Raju brothers, however, was turned down by the sixth additional chief metropolitan magistrate on January 23.
Engineering giant Larsen and Toubro, which acquired little over four per cent stake in Satyam in less than a month, is believed to have approached the government on Tuesday, evincing interest to buy the troubled IT company.
Amid reports that education-focused IT firm Educomp too fudged accounts just like Satyam Computer did to inflate stock prices, the government on Tuesday said it would seek information from the company.
The government does not see any conflict of interest in HDFC chairman Deepak Parekh and former Nasscom President Kiran Karnik, who are directors on the board of Satyam's competitors, being on the troubled company's board.
The eight companies, against which the ministry of corporate affairs has ordered inspection on Thursday, include Maytas Properties and Maytas Infrastructure. Following the disclosure, the MCA has asked the Registrar of Companies, Hyderabad to investigate the company, while market regulator Sebi also ordered a probe.
The government is seeking to replace the 52-year-old Companies Act 1956 with new legislation, a bill for which was introduced in the Rajya Sabha in October. The proposed legislation is primarily aimed at updating corporate laws and reducing state control over the affairs of companies.
Noting that the market regulator Sebi and the Registrar of Companies are already on the job, the minister said, "As far as the auditors are concerned we have asked ICAI to take strictest possible action against the erring auditors." While a team of Sebi has already reached Hyderabad, headquarters of Satyam Computer, the government has asked the RoC to look into the matters concerning the erring company.
Companies Bill, 2008, once approved by Parliament, will replace the existing Companies Act, which was enacted in 1956. The Bill was introduced by Minister of Corporate Affairs Prem Chand Gupta in the Lower House amid objections raised by CPI-M member Varkala Radhakrishnan.
Corporate Affairs Minister Prem Chand Gupta on Monday said the government will introduce the new Companies bill this week, which seeks to replace Companies Act, 1956.
Over a period from 1992 to 1998, as many as 122 companies 'vanished' after making initial public offerings of their equity shares, Company Affairs Minister Prem Chand Gupta on Tuesday told the Rajya Sabha.
Acting seriously against fly-by-night operators, government has filed first information report against 76 vanishing companies, which are believed to have eloped with crores of investors' money.
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