India has been a rapidly upcoming industrial country since multiple years. With the rapid industrialization multiple projects have been upcoming simultaneously. Multi-dimensional growths in business have put forward the future of business firms and corporate and this has actually created the need for financing activities in the projects field. Finance is the backbone of every economy and similar is the case with a developing country like India. Raising capital and financing multiple projects through various funding sources is the base for project finance in India.
With diversification and development there has been a boom in the number of Project finance companies dealing with funding sources in India. In India, project finance has emerged as a separately remarkable domain. This enjoys a leadership position with respect to financing aids to the projecting sector on a large scale. In a country like India while starting an ambitious new project, the main issue that arises is Funds. Project finance is the ultimate God for all such queries that lends money for projects of every domain right from smaller, medium sized to large scale.
Certain advantages of project financing in India:-
The major advantages of dealing with project financing are that it lends a high capital value with which a single party is not able to take up.
This not only aids with finance but also helps to minimize the bulk amount that is basically needed with large projects.
This facilitates various niche related to projects like- diversification, expansion, diversification and modernisation.
Project financing is an aid that forms as a balancing act between the demands and needs of project building in India.
Arranging funds for projects has no more been a cumbersome process with the multiple project financing bodies working in the same stream for a single purpose and ease of prospective clients.
Multiple banks and financial organisations have created a separate branch associated with project financing for multiple projects and its needs.
Easy processing and documentation process has made it even more worthwhile with ease facilitation and favourable returns.
Favourable rates of interest for assistance and funds association has also reduced the burden on clients as in case of regular loans.
Basically a project financing model is based on the following types of methods or choices. The project manager chooses from either of the combination or single entity based methodology as below mentioned:-
Term loan
Debenture capital
Commercial banks
Bills discounting
Seed Capital
Government Subsidies
Being a long term financing aid for the infrastructure and industrial projects, project finance companies has spread its roots in the entire country. This has not only eased the project building process but also multiplied the rate of expansion rapidly. With the feature it has become easy to structure the debt and pay back with from the cash earned from the project itself. Basically its a different type of finance facilitation where the amount accrued is re-paid entirely from the project cash flow rather than the assets or project creditworthiness. Thus in order to build the dream project with heavy investment needs project financing is definitely a suitable exercise.
Listening to music while running has become very popular in the past 10 years. Some companies such has Nike have even profited from this by making shoes with technology that allow runners to time their runs to music. This even transmits the information directly to an ipod! Many people like the option of having music because it takes their minds off of the workout. Upbeat music is the best option if you are looking for something to distract you from your run. Upbeat music helps to get your adrenalin pumping and can help to lift your spirits.
Many people say that running is 90% mental and 10% physical. I am a big believer in this. Ask any long time runner and they will tell you that the best way to finish a workout is to distract the mind from making them believe they can’t finish. This is why people encourage themselves out loud while running. It is a method of verbally disagreeing with your mind that you can’t go on, and sometimes it actually works. Listening to music while running does the same kind of thing. It distracts the mind from thoughts of negativity towards the workout. Listening to music while running is not for everyone. Although there are many people who love to listen to music while running there are also many people who refuse to do so. There are many reasons why people choose not to listen to music while running. First, some people like to get lost in their thoughts while they run. I’ve heard runners claim they get some of their best thinking done while running. Listening to music is a good distraction, but some people want to be alone with their minds while they run. Others don’t listen to music while running because it is a safety hazard while running outside. If you are listening to music while running outside you are not as aware of your surroundings and this can actually be dangerous to a runner. There are unfortunate stories of people getting hit by cars, buses, or even trains, when they are not able to hear them coming. Ultimately the decision to listen to music while running is up to personal preference. There are positives and negatives to listening or not listening to music while running. Music can be a great way to help a person push through their workout but it can also be a dangerous distraction to outdoor runners. Whether you listen to music or not while running just remember the ultimate goal is to enjoy your workout, so do whatever helps you achieve this goal!
Dr. Andrew Schneider is a podiatrist in private practice in Houston, TX. He is dedicated to maintaining the health and safety of the feet of athletes and return them to their sport as soon as possible after injury. For more information about foot health in sports, informative videos, and to order Dr. Schneider’s FREE book,
The Importance of Teambuilding to Real Estate Investing
by
peter V
When you think of
real estate investment
, you probably think of independence, working for yourself and making enough money to retire without worries. These are all highly individual foci, and they are extremely appealing to many people. After all, self-sufficiency is a major goal for nearly all businesspeople, and real estate investing is potentially a great way to get there.
However, with all this emphasis on working for yourself or making your own way, a major tactic used by hundreds of successful real estate investors can get overlooked. That tactic is teambuilding.
When you are a real estate investor, you have a lot of responsibilities. You can end up working for your real estate portfolio instead of the other way around. In fact, many investors devote all their time to working on deals, following up with potential sellers and identifying new, promising properties.
You can eliminate a lot of this work just by creating a small team. This does not mean go out and hire a receptionist, rent some office space and recruit some killer real estate agents. (This may work for some people, but for many that in itself will turn into a big responsibility fast). When discussing team building, the concept is much simpler. In fact, you might only need one more person in your corner to dramatically increase the efficiency of your real estate investing.
Bringing in an advisor who can help you identify green and red flags early on in your deals can save you lots of time and money. In addition, a more seasoned investor or even just a different perspective on your investing strategies can really help you determine what direction is best for your personal real estate investing career, and streamline your wealth-building in the process.
Peter Vekselman has been successfully investing in real estate since 1996. He has completed over 1200 real estate deals, owned a construction company, been a private lender, and owned a property management company. Peter currently works with clients all over the US helping them achieve riches in real estate.
If you are interested in talking with Peter further about his private
real estate coaching
program please respond to this email with your full name and all your contact information.
Peter Vekselman has been successfully investing in real estate since 1996.He has completed over 1200 real estate deals, owned a construction company,been a private lender, and owned a property management company. Petercurrently works with clients all over the US helping them achieve riches inreal estate investing. For more information please visit
The time has finally come and you are ready to buy a piece of property to build your dream home on. Living in Mississippi offers many wonderful and unique places which can make choosing the right place to raise your family a challenge. When you are looking at Mississippi land for sale to build your new home on there are several things that you need to be aware of before you buy the property and end up with a piece of land that is not suitable.
Since you are looking for a piece of land for sale in Mississippi to build a house on the first thing you need to do is make sure that it is zoned residential and that you can build the type of house you want on it, even if all you want to do is place a mobile home or modular house on the land. Many properties have very stringent zoning bylaws and will only let you build certain types or sizes of house; others will not let you install a mobile home or modular house due to Homeowner Association covenants or their geographical locations.
If you are buying unimproved land for sale in Mississippi you need to find out if it is within an area that requires a connection to a sewer system and city water supply. If not you will need to have a professional come out and assess the availability of water, in most cases you will find that you can drill a well that will supply your fresh water, it is a matter of how deep you have to drill. Be prepared to pay someone to drill your well for you as this can cost several thousand dollars depending on how deep the well has to go to find potable water.
If you are not going to have access to city sewers you are going to have to install a septic system. For this you will need to look into the local laws and regulations regarding what type of system you can use. In some areas you may have to have the land perked to see if the drainage is sufficient to allow for a septic system, others require this and a sand mound to accommodate your septic systems. All of this information needs to be checked when you are looking at any land for sale in Mississippi before you consider entering into a contract to buy, you can start this process at the County Health Department.
If you are serious about looking at land for sale in Mississippi to building a home for you and your family, you will find a wide selection of properties listed on MississippiLandsource. For ten years they have been expanding their coverage of properties in the state to include undeveloped land, homes, farms and commercial listings. They cover properties that are currently listed by many of the states top realtors and those for sale by owner to give you access to the largest selection of property to choose from for your dream home.
About the Author: Chuck Magee has been in the land development and sales business for almost two decades. In 2000 Chuck and his wife Lindey developed a website called Mississippi-Landsource.com. The website was launched for uniting the real estate market in Land For Sale In Mississippi. In 2009 more sites were launched as sister sites for other states like Land For Sale In Louisiana and Land For Sale In Alabama.
The “Downtown Legends” wall at Mo Pitkins House of Satisfaction featured artists known in the East Village performance scene. A few featured in this photo include the Reverend Jen, Allen Ginsberg, Reverend Billy and Murray Hill (pictured)Image: David Shankbone.
Murray Hill is a comedian, emcee and performer. He is also a drag king. Called “The Hardest Working Middle-aged Man in Show Business”, The New York Times christened him “the current reigning patriarch of the downtown performance community.” He is seemingly everywhere, emceeing a bingo night at the now closed, Jimmy Fallon-backed Mo Pitkins’ House of Satisfaction on Avenue A, or hosting the Polyamorous Pride Day in Central Park. Hill has become a legend in New York’s “anything goes” counterculture theater scene who is beginning to find mainstream success; which would be a first for a drag king.
David Shankbone’s examination of New York City‘s culture has brought him to the whip’s end of a BDSM dungeon, on the phone with RuPaul, matching wits with Michael Musto, grilling Gay Talese, eating dinner with Augusten Burroughs and quizzing the bands that play the Bowery Ballroom. In this segment he talks to downtown legend Murray Hill, former New York City mayoral candidate and comedian, on the last night of Mo Pitkins’ House of Satisfaction.
Chinese officials have said that their country’s exports surged last December to edge out Germany as the world’s biggest exporter.
The official Xinhua news agency reported today that figures from the General Administration for Customs showed that exports jumped 17.7% in December from a year earlier. Over the whole of 2009 total Chinese exports reached US$1.2 trillion, above Germany’s forecast $1.17 trillion.
Huang Guohua, a statistics official with the customs administration, said the December exports rebound was an important turning point for China’s export sector. He commented that the jump was an indication that exporters have emerged from their downslide.
“We can say that China’s export enterprises have completely emerged from their all-time low in exports,” he said.
However, although China overtook Germany in exports, China’s total foreign trade — both exports and imports — fell 13.9% last year.
A Dallas County jury concluded that Willie Campbell’s act of spitting on policeman Dan Waller in 2006 constituted the use of his saliva as a deadly weapon. The incident occurred while Campbell, 42, was resisting arrest while being taken into custody for public intoxication.
“He turns and spits. He hits me in the eye and mouth. Then he told me he has AIDS. I immediately began looking for something to flush my eyes with,” said Waller to The Dallas Morning News.
Officer Waller responded after a bystander reported seeing an unconscious male lying outside a building. Dallas County prosecutors stated that Campbell attempted to fight paramedics and kicked the police officer who arrested him for public intoxication.
It’s been 25 years since the virus was identified, but there are still lots of fears.
Prosecutors said that Campbell yelled that he was innocent during the trial, and claimed a police officer was lying. Campbell’s lawyer Russell Heinrichs said that because he had a history of convictions including similarly attacking two other police officers, biting inmates, and other offenses, he was indicted under a habitual offender statute. The statute increased his minimum sentence to 25 years in prison. Because the jury ruled that Campbell’s saliva was used as a deadly weapon, he will not be eligible for parole until completing at least half his sentence.
If you look at the facts of this case, it was clear that the defendant intended to cause serious bodily injury.
The organization Lambda Legal (Lambda Legal Defense and Education Fund), which advocates for individuals living with HIV, says that saliva should not be considered a deadly weapon. Bebe Anderson, the HIV projects director at Lambda Legal, spoke with The Dallas Morning News about the sentence. “It’s been 25 years since the virus was identified, but there are still lots of fears,” said Anderson.
The Dallas County prosecutor who handled the trial, Jenni Morse, said that the deadly weapon finding was justified. “No matter how minuscule, there is some risk. That means there is the possibility of causing serious bodily injury or death,” said Morse. Dallas County District AttorneyCraig Watkins stated: “If you look at the facts of this case, it was clear that the defendant intended to cause serious bodily injury.”
Contact with saliva, tears, or sweat has never been shown to result in transmission of HIV.
A page at the CDC’s website, HIV and Its Transmission, states: “HIV has been found in saliva and tears in very low quantities from some AIDS patients.” The subsection “Saliva, Tears, and Sweat” concludes that: “Contact with saliva, tears, or sweat has never been shown to result in transmission of HIV.” On Friday the Dallas County Health Department released a statement explaining that HIV is most commonly spread through sexual contact, sharing needles, or transfusion from an infected blood product.
Getting your ex boyfriend back can be scary and frustrating. You might not know how he feels about you, and may question whether or not he even wants to date you again. In an effort to win him over, you’ll worry about when and how you should be making contact, as well as what you should say when you talk to your ex again. If your ex hasn’t called yet, here’s what you should know.
Breakups are always different, but the reconciliation process always starts the same way: re-establishing contact with your ex boyfriend. Should you contact your ex? How long should you wait? And are there ways of getting him to dial you up first? Many women are faced with the same problem after a breakup: My ex boyfriend hasn’t called me. This is invariably followed up with the same question: Should I call him?
Before worrying about whether or not you should get in touch with your ex, you’ll first need to establish a situation in which your boyfriend misses you. When he actually wants to hear from you again, the results of your exboyfriend contact will be much more favorable. There are two things you need to do before even considering making such a phone call, and they’re listed below:
Create The Illusion That You’re Totally Over The Relationship
Chasing after your boyfriend? He’s never going to want you back. It’s human nature to want the things we can’t have, so the minute your ex thinks you’re walking away from the relationship… this is also the exact moment he considers being with you again. Sound strange? In a way it is. But when you’re always hounding your ex and trying to get him to change his mind about breaking up with you, he knows that he can have you back at any time. While he knows this, he’s going to keep you on the back burner… while he enjoys single life.
If you want your boyfriend back, you can’t show it. Don’t write him love notes or leave cards on his windshield… don’t even let him know you’re sweating him. By walking cleanly away from the romance, you’re giving the impression that you have better things to do. Many women are worried that not showing an interest in your ex boyfriend will cause him to not show any future interest in you, but in actuality the opposite effect takes place. The more you ignore someone? The more they need to know
why
. The more you don’t seem like you need them, the more they need you.
Instead of sitting around wondering why my ex boyfriend hasn’t called me, you should be creating an atmosphere in which
he needs to call you
. By staying strong after the break up is a critical part of getting your ex back. Let him know you’ve accepted the breakup. Hell, make it known that you’ve even
embraced
it. Allow him to hear about how thrilled you are to be single again – through friends or family or co-workers… however you have to do it. Because once he gets that impression, you’ll become a hell of a lot more attractive to him again.
Surround Your New Life in Mystery by Breaking All Contact
Establishing that you’ve moved on is made all the more effective when you’ve completely stopped talking to your ex. Instead of asking yourself when should I call him, you should be wondering when is my ex boyfriend going to call me! The no contact rule means just that – no communication with your ex in any way, shape, or form. Don’t email your exboyfriend thinking it’s okay. Don’t send him even one little text-message, not even to wish him happy birthday. When you first break up, staying completely silent is the only way to get your ex interested in what you’re doing again. Because while you’re still around in plain view? You’re actually prolonging the break up.
When you’ve stopped communicating with your ex boyfriend, guess what happens? Your ex will start to miss you. He’ll start thinking that you’ve moved on to bigger and better things, and chances are good that his situation has stood still. This will cause him to question the breakup, and maybe even want to call it off. His decision to end things doesn’t look so good when he realizes you’re not chasing after him or trying to get him back, but that in fact you’ve moved on to the point where you’re not even talking to him anymore.
Getting Your Exboyfriend To Call You After The Breakup
After getting dumped, it’s not uncommon to struggle with the question of initiating contact. Should I call him? How long should I wait before calling or texting him? Making the mistake of chasing your boyfriend down can actually scare him away for good. Guys feel strange and awkward after breaking up with you, which is why they want to be left alone for a little while. Unfortunately, this is when many girls feel the pressing need to try the hardest, thinking they can somehow change their exboyfriend’s mind.
If you’re sitting by the phone wondering why my ex boyfriend hasn’t called me yet, it’s because he needs some space. Wondering if you should call him yourself is not a good idea. That being said, eventually you’ll have to somehow get back in touch… just not right now. In order to get back together with your ex, you’ll need to reconnect – and you’ll want to make sure you do it at the right time.
The best type of reconnection? One in which you get your ex boyfriend to call you. There are several methods you can use to accomplish this, and there are some really great techniques for making him curious about you again. Your goal is to put yourself back in your ex’s head, but to do it indirectly so you don’t seem like you’re trying too hard. Also, by making him genuinely need to know what you’re up to, you can get him to initiate contact by phone, email, text-message, or whatever.
About the Author: There are 8 Individual Steps that will
Get Back Your Ex Boyfriend
, so find out what they are! By learning exactly what to do and exactly when to do it, you can map out a blueprint for successfully
India resumed their first innings at 6/297. Australia took the remaining four wickets before the lunch break. Mahendra Singh Dhoni (19) and Irfan Pathan (28) both fell lbw in successive overs. India reached 330 all out with the loss of Anil Kumble for one run and R. P. Singh for a duck.
Australia struggled early on as Irfan Pathan dismissed both Australian openers for less than ten runs each and Michael Hussey was caught behind without scoring. At lunch, Australia were 3/22. The next session, Australia played well, despite losing Ricky Ponting (20) and Michael Clarke (23), coming to the tea break with a score of 5/148. However, in the last session of the day India took five wickets, sending Australia all out with a score of 212 after fifty overs. Andrew Symonds was Australia’s top scorer with 66 runs, while Adam Gilchrist made 55. R. P. Singh took four wickets for India.
In reply, India are 1/52 at stumps having lost Wasim Jaffer for 11 runs just before the close of play.
Byrraju Ramalinga Raju, founder and chairman of Satyam Computer Services, and his brother, B. Rama Raju, the company’s managing director, were arrested late Friday by Andhra Pradesh police. The brothers were placed under judicial custody in a Hyderabad, India jail and will remain there until January 23. Facing charges of criminal breach of trust (Section 406 of IPC), criminal conspiracy (Section 120-B), cheating (Section 420), falsification of records and forgery (Section 468), and fraudulent cancellation of securities (Section 477-a), they face up to ten years imprisonment if convicted.
After 18 hours of interrogation by the Crime Investigation Department (CID) at the state police headquarters, the Raju brothers were sent to the Chanchalguda prison and slept Saturday night on the floor along with 26 other low-risk inmates.
S. Bharat Kumar, the Rajus’s lawyer, asked the magistrate to issue orders for health monitoring. “His blood pressure is fluctuating and he needs medical treatment,” said Bharat Kumar. Mr. Raju appeared before the court Saturday while a team of doctors visited him after he had complained of chest pain.
Raju has Hepatitis-C, and both brothers have high blood pressure, so health precautions are necessary while imprisoned. Prison rules mandate service of jail food thrice a day. The menu includes 650 gm of rice thrice a day with 250 gm of vegetable curry and 125 gm of ‘daal’ plus tea twice a day.
Satyam’s chief financial officer Vadlamani Srinivas, who was also arrested Saturday, had undergone preliminary investigation and appeared Sunday before a special court, according to A. Sivanarayana, Andhra Pradesh additional director general of police. Srinivas was remanded to judicial custody until January 23 by Mr. D. Ramakrishna, Sixth Chief Metropolitan Magistrate, and sent to the Chanchalguda jail with the Raju brothers after interrogation by CID’s Crime Branch (the CB-CID). During his Saturday night arrest and probe by CB-CID, Srinivas made revelations which are contained in his confession letter as submitted to Network 18. “According to me fixed deposits are unreal and fictitious which were managed and was an understanding between the audit section management,” Srinivas stated.
The Hyderabad court on Monday postponed the bail hearings of the Raju brothers and Srinivas to January 16. To be defended by a battalion of 25 lawyers, the three accused will remain in Chanchalguda Central Jail until further court order. The Raju brothers were shifted Sunday to a mid-size Old Hospital Barrack cell shared with a bootlegger.
Contents
1 The offences
2 About Satyam Computer Services
3 Impact on Satyam Computer Services finances and reactions
In 2008, the company struggled to purchase two infrastructure companies founded by family members of company founder and CEO Dr. Raju – Maytas Infrastructure and Maytas Properties – for $1.6 billion, despite concerns raised by independent board directors. Dr. Raju tendered his resignation on January 7 after due notice of falsified accounts to board members and the SEBI.
Since January 7 when two lawsuits were commenced, dozens of other class action law suits were filed against Satyam for hundreds of millions of dollars damages based on fraud in the United States District Court for the Southern District of New York in Manhattan, among others. The securities fraud class-action lawsuits have been filed on behalf of investors who bought Satyam American Depositary Receipts (ADRs) since 2004.
On Wednesday Dr. Raju admitted to falsifying and overstating Satyam’s cash reserves by $1B US dollars (£661m) or 94% of its cash and bank balances on books at the end of September.
The fraud was perpetrated several years ago to bridge “a marginal gap” between actual and accounting books operating profits, and continued for several years. “It was like riding a tiger, not knowing how to get off without being eaten,” B. Raju said.
In a letter to the board, Dr. Raju said that neither he nor the managing director had benefited financially from the inflated revenues. Further claiming that none of the board members had any knowledge of the dire company situation, he noted that Satyam’s balance sheet as of the September 30, 2008, carried inflated figures for cash and bank balances of INR 5,040 crore (as against INR 5,361 crore reflected in the books). He alleged it also carried an accrued interest of INR 376 crore which was non-existent. He confessed that he himself prepared an understated liability of INR 1,230 crore on account of funds amid an overstated debtors’ position of INR 490 crore (as against INR 2,651 crore in the books).
Satyam Technology Center at Bahadurpally,Hyderabad
Indian analysts have compared the Satyam-Raju scandal to the infamous American Enron scandal. Immediately following the media expose, PricewaterhouseCoopers, auditor of Satyam’s accounts, was set to be probed for complicity in the controversy. Times Now has reported that the Andhra Pradesh CID arrested PricewaterhouseCoopers (PWC) representative Gopal Krishnan for investigation on Saturday night.
New York-listed Satyam Computer Services Ltd., India’s fourth-biggest software firm, is a consulting and information technology services company based in Hyderabad, India. Founded in 1987 by Dr. Byrraju Ramalinga Raju, Satyam’s network spans 67 countries on six continents. It employs 53,000 professionals in India, the United States, the United Kingdom, the United Arab Emirates, Canada, Hungary, Singapore, Malaysia, China, Japan, Egypt and Australia. Its monthly salary outflow is estimated at six billion rupees ($125 million). Deriving more than half of its revenues from the United States, it serves 700 global companies, 185 of which are Fortune 500 corporations.
Satyam’s clients include Nestle, Ford, General Electric Co., General Motors Corp., Nissan Motor Co., Applied Materials Inc., Caterpillar Inc., Cisco Systems Inc. and Sony Corp., and brought in about $40bn last year.
In December 2008, a failed acquisition attempt involving the company Maytas led to a plunge in Satyam’s share price. After Wednesday’s confession, Satyam stocks fell further by more than 70%, while the BSE SENSEX dropped to 7.3% Wednesday, causing the removal of Satyam Computer Services from its indices on Thursday. The shares free fell to 11.50 rupees on Friday, their lowest level since March 1998, compared with around last year’s high of 544 rupees.
India’s biggest-ever corporate fraud has seriously tainted India Inc.‘s strong corporate governance image. “The admission of fraud in financial affairs has created an adverse impression in the minds of trade, business and industry across the world,” the Indian government admitted. The government intervened on Friday night, dismissing Satyam’s board of directors, announcing it will appoint representatives to manage the affairs of the insolvent outsourcing giant. The board would meet within seven days. Dr Yeduguri Samuel Rajasekhara Reddy, chief Minister of State of Andhra Pradesh, India, on Sunday said that the main agenda is to protect the jobs of the software professionals. “We are taking all needful steps in coordination with the government of India to ensure that the jobs of 53,000 engineers are protected and the shareholders’ money is salvaged,” Reddy said.
“We are working on the names. The Satyam case is an aberration. The credibility of the Indian corporate sector in general, and IT sector in particular, should not be allowed to suffer because of this.” Prem Chand Gupta, the Corporate Affairs Minister said. The Federal Government of India appointed a three-member independent board with full authority for Satyam on Sunday and was set to convene within 24 hours. “We have appointed Deepak Parekh, chairman of Housing Development Finance Corporation, Kiran Karnik, former president of IT industry body NASSCOM and C. Achutan, former member of Securities and Exchange Board (SEBI) of India,” Mr. Gupta said.
In early Monday trading (0535 GMT) after the creation of the three-member board, Satyam shares rocketed upwards 60% to 38.15 rupees, even though the main Mumbai market was down more than 2%. BBC reported that Satyam shares have jumped 51% to 36.05 rupees on Monday after the stock lost 87% last week. “The constitution of the new board is seen as a positive step by the market. It’s a confidence boosting measure,” K.K. Mital, Globe Capital, New Delhi head of portfolio management services said. “But the rally will depend largely on the financial situation at the company and the kind of measures that are taken to improve liquidity,” he added.
The Company Law Board, however, has requested Satyam’s interim board not to implement its decisions. “We are asked by the Company Law Board not to implement the decisions of the board. But we are allowed to continue our activity. The team which was constituted recently is continuing its work,” Satyam head global marketing and communications, Mr. Hari Thalapalli, said.
Lazard Ltd., who has a 7.4% stake in Satyam, sought representation on the new board and wrote as much to The Indian Ministry of Corporate Affairs. “As the largest shareholder in the company, we want to be consulted in whatever decisions are being taken by the Indian government. We have written to the Ministry of Corporate Affairs and are awaiting a reply from them,” Hitesh Jain, a partner at ALMT Legal, who claimed to represent Lazard, said. “It is a fair proposal and we will take a decision as and when we clear other issues. No decision on this has been taken yet,” P.C. Gupta replied.
Meanwhile, the Securities and Exchange Board of India (SEBI) also announced it will try to control the damage and take steps to boost investor confidence. “This exercise will be undertaken after the third quarter results and is expected to be completed by end of February this year,” a SEBI official statement said. A SEBI team is also investigating acting-CEO Ram Mynampati whose salary was greater than that of founder Dr. Raju and all the directors combined. Dr. Raju had just one fifth of Mynampati’s total package of over Rs 3.5 crore as of March 2008. All the directors comparably received only a total of Rs 2.6 crore as salary, commissions, sitting fees, professional fees and other receivables.
Further, the Andhra Pradesh Police CID and teams assigned by the Economic Offences Wing of the CB-CID conducted searches Sunday of homes of the accused including the ex-CFO’s office to gather documentary evidence about the financial fraud.
