The 82-year-old former Jammu and Kashmir chief minister received the ED summons a day after the formation of the People's Alliance led by him was announced on October 15.
Bankers pay a small price for their misdeeds, no matter how large the cost to their banks or to the economy at large, says TT Ram Mohan.
N Chandrababu Naidu wanted a judicial probe by a sitting judge into the affairs of Satyam Computer Services, Maytas Infra, Maytas Properties, the 14 companies promoted by Jaganmohan Reddy and also Heritage Foods owned by his (Naidu's) wife and family.
Gurnani succeeds A S Murthy who was appointed by the government board after the multi-crore rupee scam broke out in then Satyam Computer Services. Gurnani has been heading the global operations of Tech Mahindra.
The Fourteenth Additional Chief Metropolitan Magistrate has granted permission to the Enforcement Directorate, a central government wing, to record the statements of the accused in the Satyam scam from June 9 to 16.
The chartered accountants regulator ICAI on Thursday said KMPG cannot audit Satyam's books, but the global auditor said it does not require to register with the regulator to restate the IT company's accounts.
Many members of the association, who had bought shares of the IT firm at Rs 540 some four months back, had suffered heavy losses when the scrip crashed to Rs 39 on Wednesday, he said.
Investors in LIC's insurance and other schemes are receiving a lower rate of return because LIC is subsidising incompetence at best and malfeasance at worst in institutions such as IDBI Bank and IL&FS, says Jaimini Bhagwati.
A Supreme Court Bench headed by Justice Altamas Kabir on Monday dismissed the bail plea of investment banker Nimesh Kampani.
Giving relief to the scam-hit Satyam Computer, the Company Law Board (CLB) on Thursday extended time limit for the IT company to declare quarterly financial results and file statutory documents up to December 31, 2009.
With the entire fraud amount becoming a non-performing asset, around 25 per cent of the bank's estimated net worth of Rs 40,000 crore could be affected.
The ED had sent summons to the painter, considered close to ruling Trinamool Congress in West Bengal, for the second time to seek clarification on the business deal he had entered into with Sudipto Sen, chief of Saradha group.
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 government must set up a Bank Investment Company to shrink its role in PSBs, if we are serious about tackling the two persistent issues - lax corporate governance practices and discretionary decision-making, says Shyamal Majumdar.
RSA, the security division of EMC, points out that the evidence of this trend lies in the fact that several Indian banks came under attack in 2008, and there have been over 400 phishing scams in the last few months. However, more alarming is the fact that these attacks are likely to increase in future.
The Andhra Legislative Assembly witnessed noisy scenes and constant exchange of words between the ruling Congress and the TDP members through the 90-minute reply by the chief minister.
The scam-hit Satyam Computer founder B Ramalinga Raju, brother Rama Raju and ex-chief financial officer Srinivas are in 'protective custody', former Securities and Exchange Board of India chief M Damodaran said in Ahmedabad on Saturday.
The two firms, however, cannot be termed as auditors of Satyam as the appointment of an auditor can be done only after securing the company's shareholders' consent. Sleuths investigating the Satyam fiasco on Tuesday conducted raids at the Hyderabad office of PriceWaterhouseCoopers, Satyam's auditing firm, and are understood to have recovered several crucial documents.
Long-term investors should consider moving into smaller stocks. Rather than try to pick stocks, it makes sense to build a diversified portfolio by exposure across midcap and small caps funds, suggests Devangshu Datta.
'Under Modi Ji's 'Jan Dhan Loot Yojana', another scam!' he tweeted.
Subramanian Swamy said if income tax is abolished, middle class will deposit money in banks which can be invested in manufacturing.
Rejecting the BJP's charge that he had indulged in anti-party activities, Azad, who was suspended after his strident attacks against Jaitley, said he had done nothing against BJP or the Central government.
In an interview, author and columnist Steve Hamm shared his thoughts on the Satyam episode, World Bank ban on Wipro et al.
In an hour-long chat on rediff.com on Monday, Ganesh Natarajan, chairman of National Association of Software and Service Companies, replied to many queries on the Satyam scam.
"Fitch Ratings has placed Punjab National Bank's (PNB) Viability Rating of 'bb' on Rating Watch Negative (RWN), following the large fraud reported by PNB," the US-based agency said in a statement.
While PNB did not name the other lenders, Union Bank of India, Allahabad Bank and Axis Bank are said to have offered credit based on letters of undertaking (LOUs) issued by PNB. Foreign bank branches too are under investigation.
IMAGE: Congress Vice-President Rahul Gandhi at Parliament House during the winter session in New Delhi on Friday. Photograph: Atul Yadav/PTI Photo
This is one question that's uppermost in the minds of analysts, marketmen and industry experts even as the Company Law Board on Thursday gave the scam-tainted IT firm's stake sale plan the go-ahead.
These entities have facilitated illicit transactions worth thousands of crores of rupees over the past 2-3 years
Hitting out at the Samajwadi Party government over the Mathura violence, he said it is the biggest failure of the state government which has also failed to control 'goonda raj' in the state.
Satyam may have been loaded with funds of over Rs 5,000 crore as on September 2008, but it could have been left with just Rs 200 crore of maturable fixed deposits by the time IT firm's founder Ramalinga Raju revealed financial fraud on January 7.
B Sriram, the senior-most managing director at SBI, along with fellow MDs Rajnish Kumar, P K Gupta, and Dinesh Kumar Khara had been interviewed for the post
'Param Bir's letter alleges that Waze was being used directly by the home minister.' 'I think an enquiry by a high court judge is the need of the hour.'
Congress hit out at Prime Minister Narendra Modi for his remarks in Canada about the "mess" left behind by others, saying they were in "poor taste" coming on foreign soil and show that he still carries the "hangover of the election campaign".
'The RBI has not allowed any commercial bank to fail in the past three decades.' 'It has always played the role of a matchmaker, but this is the best deal it has stitched,' notes Tamal Bandyopadhyay.
Finance Minister Arun Jaitley revealed that the government wanted to give Hasmukh Adhia a post-retirement role, but Dr Adhia said he would not work for a single day after November 30.
A government report revealed that fake companies floated with fake addresses, issued fake GST invoices and generated fake e-way bills, with fake vehicle registration details without supplying any goods causing huge loss to the exchequer.
Indian business, on quite a different trajectory from its global counterpart, remains relatively insulated from any kind of backlash.
Refusing to budge from its position, Delhi government on Monday decided to seek Union home ministry's advice relating to an order by Lt Governor Najeeb Jung warning city officials not to follow "illegal" orders of the Arvind Kejriwal dispensation.
The 84-year old veteran Congressman, who died from post-COVID complications on Monday, was a Nehru-Gandhi family loyalist.
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