The country's largest software exporter, Tata Consultancy Service, on Monday said some Satyam Computer clients have turned to the Tata company on their own, adding it would not approach the clients of the scam-tainted firm.
Swinging into action on the very first day of taking charge of the scam-tainted Satyam, its three-member board on Monday announced that top management would be changed and every effort made to address the prime concern of liquidity, including asking main clients to make advance payments.
The company yesterday announced a $1.6 billion deal to acquire Maytas Properties and Maytas Infrastructure, companies run by Satyam chief Ramalinga Raju's sons B Rama Raju and Teja Raju. Investors' opposition forced Satyam to call off the deal on Wednesday.
The XIV Additional Chief Metropolitan Magistrate on Wednesday reserved the order on the bail petitions of former Satyam chairman B Ramalinga Raju, his brother Rama Raju and ex-CFO Vadlamani Srinivas for April 25.
The infrastructure sector, however, felt the package was insufficient and wanted additional measures. "The government's package is inadequate. We expected at least $20 billion relief package, giving emphasis to the infrastructure sector.
Companies are reactivating their dormant fixed deposit schemes by realigning their interest rates with the market following the footsteps of the lenders. The Reserve Bank of India has raised its benchmark interest rate to 8.5 per cent - the highest in more than six years - to stem inflation, forcing the banks to raise their prime lending rate to as high as 15.5 per cent.
With companies keen on maximum utilisation of employees and low tolerance to poor performance in the backdrop of global economic turmoil, nearly 2,100 employees in software firm Infosys have faced the axe.
Speaking on the sidelines of CII annual regional meeting in Kolkata on Tuesday, Tata Steel group CFO Koushik Chatterjee confirmed that production cut continues to be around 40 per cent. Exuding confidence that the company will be able to save 600 million pounds by March as envisaged, Chatterjee said, "The cost saving measures are on track at Corus in line with the target."
The Hinduja Group on Monday said it is looking at bidding for Satyam Computer Services but yet to take a decision.
Both are in serious trouble, but the Satyam and Subhiksha cases appear vastly dissimilar in many respects, except for one stunning similarity.
Hinduja Global Solutions, the BPO arm of the Hinduja group -- one of the interested parties in acquiring the scam-tainted Satyam Computer Services -- said it has chalked out a 100-day plan, just in case it is successful in its attempt. Meanwhile, it has written to the merchant bankers involved in the transaction. "We are very interested in Satyam and accordingly, we have written to the merchant bankers but are yet to receive any reply," said Anand Vohra, CFO.
"We were not given to understand by any party, explicitly or implicitly, during the valuation exercise about Satyam's plans to acquire Maytas Properties," an Ernst & Young spokesperson informed Business Standard by e-mail.
This time an anonymous whistleblower made an appeal to market regulator Sebi to probe an agreement made by the tech giant with some of its ex-directors.
Murthy said he was anguished by the allegations, tone and tenor of statements made by the Infosys board.
Though the family controls and runs DLF, CFO Ramesh Sanka is said to be playing a key role in mapping the group's future strategy -- including the move to, now, construct lower-cost housing.
The board of ICICI Bank, the country's second-largest lender, will take a final call on appointing a successor to K V Kamath, its present managing director and chief executive officer, next month.
Risk perceptions will impact India's risk-rating, say experts.
Tata Motors, which bought Jaguar and Land Rover, said it will reconsider its plan to raise as much as $600 million from overseas markets due to the global credit crisis. The decision also follows a 34 per cent drop in the company's second-quarter profit owing to foreign currency losses and slowing sales.
Low-cost carrier Deccan Aviation is considering rationalisation of some of its routes as a cost-cutting measure in the backdrop of a hike in aviation turbine fuel (ATF) prices, a top company official said.
The Mumbai-based company said it was aiming to generate more cash on its balance sheet to buy potential targets. Voltas has Rs 300 crore net cash available on its balance sheet, said M M Miyajiwala, executive vice-president (finance) and CFO, Voltas. "The company will have to satisfy certain technical requirements to enter new geographies that could need partnerships or acquisitions," he said.
Is looking to raise Rs 3,000 cr.
One of the youngest - and most enigmatic - executives in any large company is Aditya Mittal, the 32-year-old chief financial officer of ArcelorMittal, the world's biggest steelmaker.
The board of Satyam will meet for two days from Monday to finalise the twin issues of appointing CEO and CFO and working capital arrangement, and may discuss L&T increasing stake in the company to 12 per cent.
As many as 40 applicants have thrown their hats in the ring for the top job of CEO at scam-tainted Satyam, whose board meeting is scheduled for Thursday to consider the appointment.
There seems to be a business opportunity in every crisis and the same is the case with Satyam, with a "detailed situation analysis" of the case being sold for $499.
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.
India Inc has topped among its Asian counterparts when it comes to the monetary measures taken for retaining the right talent, while doling out highest salary hikes to its finance executives across the region. According to the CFO Asia magazine's latest compensation survey chief financial officers and other finance executives, CFOs as well as the second-tier finance executives in India got the highest pay hikes in Asia in 2007, while ousting Singapore, Hong Kong and China.
Modi has been relentless in building his brand regardless of banks having a problem of fraudulent and unauthorised transactions with his companies.
The board also appointed K V KKamath as the non-executive chairman of ICICI Bank, a role being performed by his mentor Narayan Vaghul, who is scheduled to step down once his term ends in March. Vaghul has been with the ICICI group for 24 years.
ICICI Bank has reported a decline in its quarterly net profit for the first time since its merger with ICICI.
The attempted hostile takeover bid of Mindtree by Larsen & Toubro is a "grave threat" and "value destructive" to the organisation collectively built over 20 years, the promoters said pledging to "unconditionally oppose" the hostile takeover attempt.
India Inc, while welcoming the Reserve Bank of India's move to cut the key interest rate, expressed doubts on lenders' response to pass on the benefits to customers.
"I welcome private investment in all sectors of the economy. Corporate retailing will not be stopped," the UP chief minister said in an interview.
Tata's Vistara has a very strong core team to look into daily operations.
It is Aditya Mittal, son of steel tycoon Lakshmi Mittal and CFO of ArcelorMittal, who persuaded his father to accept a shareholding of below 51 per cent in the company post its takeover of European giant Arcelor. Before Arcelor takeover, Mittal family held an 88 per cent stake in Mittal Steel. Aditya, who visited a steel plant first at the age of eight, joined his father in early 1997, after working for less than a year as an investment banker at CSFB.
Microfinance portfolio of SFBs saw a muted growth of about 3% last year
Just hours after returning to Mumbai, Ravi Kant, managing director, and C Ramakrishnan, CFO of Tata Motors addressed the press on a conference call. Excerpts from the call.
T K has been an integral part of the organisation's leadership for years, says Azim Premji.
In an interview to CFO Asia, a publication of The Economist Group, Montek Singh Ahluwalia said the general public was opposed to privatisation of state-owned enterprises although they feel that public sector was inefficient and corrupt.
Tata Chemicals has undertaken experiments with biofuel. If these efforts are successful, the company will take up large scale manufacturing of biofuel at its Nanded plant.
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