Crises

  • India's transformation is not orderly but accidental: Shankkar Aiyar April 9, 2013

    In 'Accidental India: A History of the Nation's Passage through Crisis and Change', noted journalist-analyst, Shankkar Aiyar, examines India's ascent through the paradigm of seven game changers: the economic liberalization of 1991, the Green Revolution of the sixties, the nationalization of banks in 1969, Operation Flood in the seventies, the...
  • No agreement on Syria access for UN chemical arms inspectors April 5, 2013

    United Nations: The United Nations and Syria have not yet agreed on how much access a team of chemical weapons inspectors will have to investigate allegations that such arms were used recently in the Syrian conflict, according to a letter to Syria's UN envoy. The United Nations said in March it...
  • 6,000 Syrians killed in March, deadliest month yet April 2, 2013

    Beirut: March was the bloodiest month yet in Syria's 2-year-old conflict with more than 6,000 documented deaths, a leading anti-regime activist group said on Monday, blaming the increase on heavier shelling and more violent clashes. Rami Abdul-Rahman, who heads the Syrian Observatory for Human Rights, said the increased toll is likely...
  • SC notice to Satyam fraud accused on bail issue April 1, 2011

    New Delhi: The Supreme Court on Friday issued notices to Price Waterhouse (PW) partner Subramani Gopalakrishnan and Satyam Computers' former auditor VS Prabhakar Gupta over a CBI plea seeking cancellation of their bail granted by the Andhra Pradesh High Court. A bench of justices P Sathasivam and BS Chauhan issued notices...
  • Winning bid lifts Tech Mahindra, Satyam shares April 13, 2009

    Mumbai: Shares of Satyam Computer Services shot up Monday after its board named Tech Mahindra as the highest bidder to take over a strategic stake of 31 per cent in the company for Rs 1,756 crore ($351 million). Tech Mahindra, which will also make an open offer for another 20 per...
  • Tech Mahindra wins Satyam Computer bid April 13, 2009

    New Delhi: Tech Mahindra, the IT arm of auto major Mahindra and Mahindra, Monday won the bid for India's fourth largest software exporter Satyam Computer. Satyam's new board of directors, which met to select the highest bidder, chose Tech Mahindra following its bid of Rs 1,757 crore for 31 per cent...
  • Satyam buyers wary of price tag | Drop in revenue April 9, 2009

    Fraud-hit Satyam Computer Services Ltd's annual revenues appear to be about $1.5 billion to $1.7 billion, three sources who have analysed data provided by the outsourcing firm to bidders said on Thursday. ...
  • I work for Satyam: Will I get a home loan? April 2, 2009

    Getting a home loan is not as easy as it used to be a few years back. The culprits: the sub prime crisis and economic slowdown. And if that was not enough, company failure also made it's way to this list. Where does this leave genuine borrowers? Let's check. I have...
  • About 300 Satyam staff join Bank of America April 1, 2009

    Mumbai: About 250-300 employees at fraud-hit Indian outsourcer Satyam Computer Services are joining Bank of America, the Business Standard newspaper said on Wednesday. The employees were working on a Satyam project for Merrill Lynch, which was taken over by the US bank after it was hit by the subprime crisis...
  • Spice decision on Satyam bid process expected March 26, 2009

    Mumbai: Sources in the Spice Group say the company’s board held a meeting to discuss the Satyam buy till late on Wednesday evening in New Delhi. A decision on the Satyam bidding was expected early on Thursday, sources added.But there has been no official word on the issue, as yet. BK Modi,...
  • SEBI sends notice to ex-auditors of Satyam March 7, 2009

    Mumbai: Market regulator SEBI has sent a show cause notice to Price Waterhouse, which audited the scam-tainted Satyam Computer's accounts, under regulations dealing with fraudulent and unfair trade. According to sources, the market regulator has sent the notice to PW under the Fraudulent and Unfair Trade...
  • Finally, CBI to probe Satyam fraud case February 17, 2009

    Hyderabad/New Delhi: The Andhra Pradesh government has handed over the Rs 7,800-crore Satyam scam to the CBI, more than a month after the IT major's founder B Ramalinga Raju confessed to cooking his company's account books and inflating profits over the last many years. Andhra Pradesh...
  • Andhra CM blocked CBI probe on Satyam: Naidu February 9, 2009

    Hyderabad: Launching a no-holds-barred attack on Chief Minister YS Rajasekhara Reddy over Satyam scam, TDP leader N Chandrababu Naidu on Monday accused Andhra government of shielding the "guilty" by "blocking" a CBI probe and demanded that Centre order an inquiry into transactions of companies allegedly promoted by the Congress leader's...
  • SEBI gathers vital evidence against Satyam's Raju February 7, 2009

    New Delhi: More trouble brewing for former Satyam CEO Ramalinga Raju. Securities and Exchange Board of India (SEBI) has gathered vital evidence against him that suggests Raju was involved in insider trading. Sources say, the SEBI team has also found evidence of market manipulation by Raju The revelations came...
  • Satyam appoints CEO, gets Rs-600 cr funds February 6, 2009

    Hyderabad: Satyam's government-appointed Board on Thursday named A S Murty, one of the company's own, as Chief Executive and announced tying up Rs 600 crore loans to meet working capital needs. The board, at the end of a two-day meet, also roped in Homi Khusrokhan, a Tata group veteran, and chartered...
  • Raju's lawyer objects to SEBI's questioning style February 4, 2009

    Hyderabad: Counsel for Satyam Computer's founder Ramalinga Raju on Wednesday objected to the manner in which market regulator SEBI was conducting the interrogation, saying his client was not allowed to have any legal assistance, and also threatened to challenge the process in the Supreme Court. Following the Supreme Court's order...
  • Satyam board meets to discuss buyout offers February 4, 2009

    New Delhi: Satyam Computer Services Ltd's new board meets on Wednesday to consider the buyout offers made to the company. Though Satyam has received about six to seven buyout proposals from both foreign and domestic players, sources say that the company is keen to deal with a local entity. The board...
  • Satyam saga: SEBI to finally grill Rajus February 4, 2009

    New Delhi: After almost a frustrating month, former Satyam chairman B Ramalinga Raju is finally at SEBI's disposal. This, after the Supreme Court stepped in on Tuesday allowing the market-watchdog to quiz Raju and his brother Rama Raju. SEBI will grill the Rajus over the next three days starting Wednesday to...
  • SEBI seeks SC nod to interrogate Satyam's Raju February 2, 2009

    New Delhi: Market regulator SEBI is seeking the Supreme Court's permission to interrogate Satyam's disgraced founder Ramalinga Raju and his brother Rama Raju in connection with the Rs 7,800-crore fraud in the IT company. Solicitor General G E Vahanvati submitted the request before a bench headed by Chief Justice K G...
  • Watch: Satyam board's reassuring message to employees January 27, 2009

    Satyam employees have been under pressure since their former CEO admitted to the fraud. However on Republic Day they were sent a reassuring message. The new board members had posted video messages to them on their intranet assuring them on the health of the company. ...
  • President calls for strong action against terrorism January 26, 2009

    New Delhi: President Pratibha Patil on Sunday said India was located in a region that harboured the epicentre of terrorism, and appealed to the international community to take decisive and united action against the scourge. "As a responsible nation, the conduct of our foreign relations since Independence has been to promote...
  • Two PwC auditors arrested by Andhra Pradesh police January 24, 2009

    New Delhi: Two partners of auditors Pricewaterhouse Coopers were arrested by the Andhra CB CID on Saturday. The Andhra Pradesh police has arrested two top officials who worked on the Satyam account. PwC's Chief Relationship Partner S Gopalakrishnan and Engagement Leader Srinivas Talluri were picked up on Friday night...
  • Raju may walk free as CID has 24 hrs to question him January 23, 2009

    New Delhi: The Andhra Pradesh CID is running out of time. The court has given them just 24 hours more to question Ramalinga Raju, which means the former Satyam chairman is a free man if the custody is not extended. “There were no questions about diversion of funds. The court extended...
  • Minister denies govt trying to avert Satyam sell off January 22, 2009

    New Delhi: Corporate Affairs Minister P C Gupta said Satyam Computer Services Ltd will get a new chairman soon but quashed rumours of Satyam sell-off. Asked by CNN-IBN whether it was true that the government does not want Satyam to be sold, P C Gupta replied, “Let us not presume anything....
  • Satyam may mortgage land to pay: Karnik January 21, 2009

    Satyam's new board has its work cut out to keep the company afloat, pay salaries and hold on to clients. In his first exclusive interview, board appointee Kiran Karnik tells CNN-IBN’s Karan Thapar that the company is hopeful of getting money to pay January salaries by mortgaging its physical assets....
  • Satyam probe an eyewash, Raju's questions 'too easy' January 21, 2009

    New Delhi: With just two days left for the police custody of Ramalinga Raju to end, Network 18 learns that the CID interrogation of Satyam promoter Raju and his top management is an eye wash. Sources say the CID has been laidback in the interrogation of the Raju brothers and...
  • Satyam saga: If Raju lying then where's the money? January 21, 2009

    New Delhi: Former Satyam chairman Ramalinga Raju's claim of having cooked up an imaginary Rs 7,000 crore does not have too many takers. Sources at the Serious Fraud Investigation Office (SFIO), which is probing the case have told CNN-IBN that the money may have been diverted to other companies...
  • The inside story of how Satyam scam unfolded January 20, 2009

    New Delhi/Hyderabad: The Serious Fraud Investigation Office will probe also Maytas infrastructure as part of the Satyam financial scam probe. Corporate affairs minister P C Gupta said on Monday evening that initial investigations suggest a clear nexus between Satyam, Maytas properties and Maytas infrastructure Earlier, the Andhra High Court dismissed...
  • Satyam saga: CID begins interrogation of Raju January 19, 2009

    New Delhi: The CID will be interrogating Satyam's disgraced former chief B Ramalinga Raju, his brother and ex-MD Rama Raju and former CFO Srinivas Vadlamani on Saturday. The Hyderabad Court directed the CID not to use third degree methods and has ensured that Raju's lawyer, Bharat Kumar, be present at...
  • Court sends Rajus, Srinivas to police custody January 17, 2009

    Hyderabad: Hyderabad court on Saturday sent Satyam's disgraced chairman Ramalinga Raju, his brother Rama Raju and the company's former CFO Vadlamani Srinivas to four days in police custody from Sunday till January 22. The Sixth Additional Chief Metropolitan Magistrate granted their custody to the state CID police, who had sought...