An young IT executive discusses how would-be employers duped him and left him without a job.
Chrysler and General Motors each annually outsource $200-300 million (around Rs 10-15 billion) worth of projects to different vendors, which may be hit by 20-25 per cent, says Avinash Vashistha, chairman and CEO, Tholons, a research and advisory firm. While Chrysler has filed for bankruptcy, there is talk that GM may follow suit.
The compulsory peer reviews of auditors' notes for Sensex and Nifty companies for Q3 results of the last fiscal and full-year results of 2007-08 have proved a virtual non-starter, owing to confusion over its scope and the appointment of auditors.
Ironically, the laws of the land seem to have given him breathing time from the interrogation of various investigation agencies, which plunged into action soon after the Rs 7,800 crore (Rs 78 billion) scam was exposed.
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.
Within hours of Company Law Board orders, the government on Thursday appointed its nominees on the boards of Maytas Infra and Maytas Properties, the companies promoted by the kin of disgraced founder of the Satyam Computer Services B Ramalinga Raju.
Earlier, the Sebi had interrogated and recorded the statement of Raju and his brother and Rama Raju for three days from February 4 in Chanchalguda Jail. In a petition filed in the court of 6th Additional Chief Metropolitan Magistrate, the I-T department sought three days time to examine and record the statement of Raju.
Maytas Infra was entrusted with the task of constructing a township colony at Rs 233 crore (Rs 2.33 billion) in Jharsuguda following a contract in March 2008, a Vedanta official told PTI.
On the possibility of the company tapping banks for funds, he said, "We need a bank loan...as this is a viable commercial company. This is not a so called bailout". The board was given the tough task of protecting the interest of over 50,000 Satyam's employees and stakeholders following Raju's revelation of fudging accounts.
T R Prasad, former cabinet secretary and ex-independent director of scandal-hit Satyam Computer Services on Wednesday said, he is in Delhi at present and is ready for interrogation by any investigative agency.
By giving himself over to the police, Satyam Computer's former chairman B Ramalinga Raju may have pre-empted an extradition to the United States, where several lawsuits have been filed against him, says a section of legal experts.
The team first went to Raju's house for an inspection, but returned on finding it locked. It had earlier issued summons for him to appear before the team.
It took the man from Bhimavaram over two decades to become the posterboy of India's Information Technology industry and less than two weeks to turn into the rogue who personifies all that is defective with the country's outsourcing industry. The former entrepreneur icon's plans started falling apart when he tried to acquire two companies promoted by his family for $1.6 billion.
December 16, 2008 is a day two high-profile corporate honchos from Andhra Pradesh will not forget in a hurry.
2009: A year of scandals and tragedy for Andhra.
US Senate's rejection of a bailout package for auto firms to impact revenues. None of the IT firms give any break-up of the exposure to the auto industry, but analysts said TCS offers services to clients such as Chrysler, Ferrari and Nissan.
Some top Indian information technology firms such as Tata Consultancy Services, Satyam Computer and Polaris could feel the heat if Citigroup decides to sell part of its business or look for partners to tide over its losses.Analysts feel TCS' revenue might have an impact as Citi has signed an assured revenue agreement of $2.5 billion (Rs 12,500 crore) for a period of over nine years.
Muted rupee-term guidance, no upward revision in dollar-term guidance, an uncertain global business environment, forex losses due to over-hedged positions and low volume growth by the top four Indian IT firms this week spooked investors on Friday.
Given the uncertainty on the US economic outlook, the rising rupee, and the lack of clarity on imposition of fringe benefit tax on stock options, analysts believe the companies may strike a note of caution on FY08 earnings.
Sipika Singh switched careers from being a senior consultant with Ernst and Young to a regional marketing role in the pharma major, Novartis in Singapore.
The board of directors of the company at its meeting on Monday day have approved the issue of 1.36 crore shares by way of private placement or Qualified Institutional Placement basis, Tech Mahindra said in a filing to the Bombay Stock Exchange.
US-based IT company Compuware Corporation opened its first India office in Bangalore on Tuesday.
Between January 2008 and February 2009, the company saw a total of 9,400 staff leave, with the highest monthly attrition of 1,602 seen in February this year. According to a disclosure of financial information of the company made to the Bombay Stock Exchange, "As of March 28, 2009, the company (standalone) had 41,622 associates."
Nipuna Services, Satyam Computer's BPO subsidiary, today signed a $25-million
Tech Mahindra, the highest bidder for Satyam Computer Services, has tied up Rs 875 crore funding from mutual funds and insurance companies and is in talks with banks to mobilise Rs 1,000 crore bridge loans.
The National Association of Software and Service companies has appointed S Ramadorai, chief executive officer, Tata Consultancy Services as the chairman of Nasscom for the year 2005-06.
Maytas Infra will now have to submit a Rs 240 crore bank guarantee and will get a 60 day breather by paying a penalty. "The global recession and the consequent credit squeeze in national and international capital markets has created a force majeure situation. Besides, the ongoing PIL (filed by an NGO) is having an extremely deleterious effect on our ability to achieve the financial closure," said the company.
Bajaj Auto, BHEL, Infosys, ITC and RIL are among the 12 listed Indian companies which have figured in the latest list of 'Fabulous 50' of prestigious international magazine Forbes Asia.
Global majors like Accenture, EDS and IBM as well as major Indian IT vendors have been shortlisted by the public sector BSNL for second phase of its convergent billing system.
Maytas Properties, which has a turnover of a mere Rs 22 crore (Rs 220 million) and does not own any land, was valued at Rs 6,523 crore (Rs 65.23 billion) by audit firm Ernst &Young and the valuation was done in a day, the counsel said.
Central Bank of India said on Tuesday it has an exposure of Rs 49 crore (Rs 490 million) to Raju-family owned Maytas and is 'willing' to lend to Satyam Computer Services if the company approaches it with a viable proposal. Central Bank of India has a total loan book of Rs 81,000-crore (Rs 810 billion), out of which nearly 27 per cent was contributed by its corporate portfolio.
IL&FS, which, along with IFCI and Sicom, had extended loans to the Raju family against shares of Maytas Infra, has asked the government to supersede the board of the Hyderabad-based company.
On Thursday, Prasad resigned as an independent director from the board of Suven Life Sciences. Earlier this week, Prasad had resigned from the boards of GMR Infrastructure, Delhi International Airport Ltd, TVS Motor Company and castings firm Nelcast Ltd.
Sajjan Jindal-led JSW Group is not planning to cancel the Rs 100 crore (Rs 1 billion) order given to Maytas Infrastructure, run by promoters of fraud-hit Satyam Computers, as it is "happy" with the progress made by the firm on construction of two township projects.
As a 'C' class prisoner Raju would be eligible for 650 grams of rice thrice a day and 250 grams of vegetable curry and 125 grams of dal.
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