Latest News in Detail

Tech Mahindra bags Satyam for Rs 1,756 cr

Mumbai:Tech Mahindra on Monday, emerged the highest bidder to acquire Satyam Computer and will pay Rs 1,756 crore to buy a 31 per cent stake in the company.

The telecom software major has paid Rs 58 for a 10-rupee share for subscribing to 30.27 crore shares of the fraud-hit IT company, representing a 31 per cent stake of the total share capital.

"Pursuant to the Share Subscription Agreement, Tech Mahindra has agreed to subscribe to and acquire 30.27 crore shares at Rs 58 per share thereby agreeing to infuse Rs 1,756 crore (USD 351 million)," a Satyam statement said.

Mumbai-based Tech Mahindra, where Mahindra and Mahindra is a promoter with a majority stake and BT has 30 per cent, is a key player in telecom software.

Commenting on the development, Tech Mahindra said its subsidiary Venturebay Consultants has emerged as the highest bidder to acquire a controlling stake in Satyam subject to the approval of the Company Law Board.

Tech Mahindra's share was quoting 12.61 per cent up on the bourses at Rs 360.40.

After getting CLB approval, Satyam Computer will ask Tech Mahindra to make an open offer for another 20 per cent in the company, which if fully subscribed in the first round, will take its stake to 51 per cent. If not subscribed fully by the existing shareholders, there could be a second round of open offer.

Tech Mahindra is required to deposit the Initial Subscription Amount and the requisite escrow amounts for the Public Offer on or before April 21, 2009.

5,000 employees quit Satyam since Sept

Monday , Apr 13, 2009 at 1557 hrs IST,Mumbai:Fraud-hit Satyam Computer, which will soon have a new owner in Tech Mahindra, has lost about 5,000 employees during September-March period of the past fiscal.

"At the end of Q4, the company employee strength was 48,000. Out of these, 43,500 were employees of Satyam Computer stand-alone, and the rest is subsidiaries, contractors and sub-contractors," Chairman of the government-appointed board of Satyam Kiran Karnik said after announcing the highest bidder

for acquiring 31 per cent in the IT company.

However he added that at the end of second quarter, Satyam had 53,000 employees.

"In Q3, about 2,000 associates left Satyam making it 51,000. When the government nominated board took stock of things, it was 51,000 comprising of 45,000 Satyam's stand-alone employees and the remaining from subsidiaries, contractors and sub-contractors," he added.

Satyam Computer, which went through difficult phase after its former promoter B Ramalinga Raju admitted to account frauds.

Political News for this Election

Now, BJP calls PM a night watchman:KOCHI: After repeatedly taunting Manmohan Singh as being "weak", BJP on Monday used cricket language describing the Prime Minister as a "night
watchman."

BJP spokesman Ravishankar Prasad told reporters that Singh was like a 'night watchman' in cricket waiting for a regular batsman to take over.

"He will have to vacate once the Yuvraj Rahul Gandhi gets prepared himself for the post of PM," Prasad said.

Responding to the prime minister
rejecting a suggestion by BJP leader L K Advani for a TV debate, Prasad claimed he was shying away as he had no concrete achievement to offer.

The Indian economy had suffered the most under Singh with price rise and unemployment problem, he said.

Describing Congress as a 'sinking ship', Prasad said the UPA-led by it had collapsed.

Prasad also said it would be the Left bloc which would come to the rescue of Congress in the post-poll scene. "It is just a shadow boxing going on between the two" ,he said.

On the Third Front, he wondered who its Prime Ministerial candidate was. "Mayawati is contesting against CPI(M) in West Bengal. Mayawati's party is contesting against JD(S) in Karnataka," he said.

On RJD-LJP-SP alliance, he said while Lalu Prasad said he would support Singh, Mulayam Singh had taken a different position, saying a decision will be taken after May 16.

‘Iron Man’ Advani melted during Kandahar episode: PM

Mumbai, April 13: Prime Minister Manmohan Singh on Monday upped the ante against BJP’s prime ministerial candidate LK Advani, saying the ‘Iron Man’ had melted during the Kandahar hijack episode.

Interacting with the press after a rally in Mumbai, the Prime Minister said his government did not negotiate with the terrorists during 26/11 attacks unlike the BJP which did so during the IC-814 Indian airlines plane hijack episode in 1999.

“This is the difference between us and the BJP,” Dr Singh told reporters. “Advani had agreed to release the terrorists and subjected Cabinet colleague Jaswant Singh to the humiliation of having personally escorted the terrorists during Kandahar episode to their safe haven,” he added.

Commenting on BJP president Rajnath Singh’s statement that the BJP had consulted him while freeing terrorists to secure the release of hostages, Dr Singh said the statement was false. The PM added that in an interview, Advani had himself said that he was unaware of terrorists being released and sent on a plane to Kandahar.

Unlike the BJP, the UPA government rescued hostages during 26/11 attacks, he stated further.

“Unlike Advani, I will not be found weeping in a corner while hoodlums tear down a centuries-old mosque,” the PM said, in an obvious reference to the razing of Babri Masjid.

“I will not say things in Pakistan that offend every Indian and then abandon my stand when it becomes politically inconvenient within my party,” the PM said further, in a reference to Advani's pro-Jinnah comments.

Commenting on Advani’s invitation for a TV debate, the PM said, “I don’t see why I should confer the status of PM on Advani. I have my five-year record… people should judge me by my performance.”

Hitting back at Advani for his "weak PM" refrain, Dr Singh said speaking loudly did not make a person strong and felt that strength was reflected in the capacity to "act in time and with determination during difficult circumstances".

"Leaders of the country must not mislead the country," he said, adding that Advani must not get away by making "false accusations".

Asked why there was delay in hanging Parliament attack accused Afzal Guru, he said action was being taken as per the law.

On 1984 riots, Gujarat carnage

The Prime Minister meanwhile said that the 1984 anti-Sikh riots as also the Gujarat carnage were blots on the secular image of the country.

"I feel both are blots on the secular image of the country. Such things should not happen," he said.

Dr Singh said as an opposition party, Congress had forced the NDA government to take strong action against the Gujarat government in the aftermath of the riots.

Attacking Chief Minister Narendra Modi, the PM further said that no one can claim that Gujarat could be called a developed state since around 1,200 were "butchered" in the riots there.

"I don't think it (Gujarat) has the right to call itself a developed state where 1,200 were butchered (during the riots)," the Prime Minister told reporters. His reaction came to a question on Modi's remarks that other states can emulate Gujarat's development policies.


Advani demands apology from Sonia for attacking BJP

Monday, April 13, 2009 (Thiruvanthapuram) :BJP leader L K Advani on Monday demanded an apology from Congress President Sonia Gandhi for her statement that India was in greater danger from people inside than foreign terrorists, which he said was an implied attack on his party.

Referring to a reported speech of Gandhi in Jharkhand, Advani said he was shocked about her remarks that "we are in greater danger from people inside than from foreign terrorists entering India".

He said though Gandhi did not name his party, it "substantially accuses us and the comments were clear". He said in India, there has been a tradition from the past, even in the 1962 and 1965 wars when late Prime Ministers Jawaharlal Nehru and Lal Bahadur Shastri had praised the role of Jan Sangh and RSS.

A rare exception was made in 1963 when Nehru asked the RSS to send a contingent for the Republic Day parade.

"Obviously, she does not know the history of her own party. She makes a statement of this kind. This is slander. She should apologise for this statement or join a debate on fundamentalist issues like Al-Qaida," he said addressing a press conference here.

Advani said Gandhi's statement flew in the face of fact in the wake of the Mumbai terror attacks when there was consensus on terrorism and the government had to even come out with a law for strengthening anti-terror measures as always demanded by BJP.

With one month to go for the last phase of election, the BJP leader said it was becoming clear that the fight was between BJP-led NDA and the Congress-led UPA, which he said was disintegrating.

"The so-called Third and Fourth Fronts were irrelevant as they were opportunists, who had no platform on their own or a common platform. The CPI(M) was trying to cobble a Third Front only to fight its own growing irrelevance," he added.


Sports News:

India win Sultan Azlan Shah Cup title

Sunday, April 12, 2009 (Ipoh, Malaysia):India regained the Azlan Shah hockey title after a 13-year gap, defeating hosts Malaysia 3-1 in the finals of the five-nation tournament here on Sunday.

Arjun Halappa (8th minute), Prabhjot Singh (20th) and Shivender Singh (41st) sounded the board for India through neatly worked out field goals, while Misron (11th) reduced the margin for the hosts.

Halappa was adjudged 'Man of the Final', while captain Sandeep Singh was named 'Player of the Tournament'. Sandeep was the top scorer with 7 goals. New Zealand won the award of 'Fair Play'.

Earlier in the day, New Zealand pipped Pakistan 2-1 in a play-off match to secure the third spot at the Azlan Shah Stadium.

High on confidence
after their 3-0 win against Malaysia during the round-robin stage, India, who last won the tournament in 1995, started making forays into the rival half from the word go.

The Indian forwards' efforts bore fruit as early as in the eighth minute of the match when Arjun scored a field goal to give India the lead.

The lead was, however, shortlived as Misron drew parity, much to the delight of the home crowd, in 11th minute through a field goal.

Undeterred, the Indian forwards stepped up the attack and started making repeated inroads into their opponent's citadel and eventually managed to regain the lead when Prabhjot scored through another field goal nine minutes later to go into the breather 2-1.

The Indians, who last year lost in the finals 1-2 at the hands of Argentina, continued to maintain the pressure on the Pakistani defence in the second session as well.

Center-forward Shivender joined the party when it mattered and made it 3-1 just six minutes after the start of the second half.

Trailing 1-3, the hosts tried hard to force their way into the match but the veteran Dilip Tirkey-led Indian defence stood firm and seemed in no mood to give Malaysia any opportunity of a comeback.

With this victory, India enjoy a 3-0 win-loss record over Malaysia in the event. The Indians last time won against the hosts way back in 1985.

Sania-Chuang clinch MPS Group doubles title


Monday, April 13, 2009 (Florida):Indian tennis ace Sania Mirza lifted her first WTA title of the year, teaming up with Chinese Taipei's Chia-Jung Chuang to clinch the women's doubles trophy at the $220,000 MPS Group Championships here.

The unseeded duo stunned the top seeded Czech-American combine of Kveta Peschke and Lisa Raymond 6-3 4-6 10-7 in a gruelling one and a half hour battle to nocth up their first title together.

"This was our second tournament together, so we have had a lot more match practice together. Kveta and Lisa have been playing for a long time and they're really experienced, and we're really happy to have beaten them," an elated Sania said after the win that made her and Chuang richer by USD 11,000.

For Sania, it was also her eighth career doubles title and her first in more than a year. The Indian last won a doubles title in August 2007 with Italian Mara Santangelo at the New Haven hard-court event in USA.

"We just played the big points better at the end, I think that was the difference," said Sania.

In an intriguing battle, Sania and Chuang tested their fancied rivals from the very start, earning as many as seven break points in the opening set.

The unseeded duo converted three of the seven breaks it got and saved four of the six breaks it faced to go one-up in the marathon match.

The second set was equally hard-fought but Peschke and Raymond converted a crucial break point to equalise.

However, in the nerve-wracking super tie-breaker, it was Sania and Chuang who kept their cool to seal the issue.

The win continues a successful return from injury for Sania. The Hyderabadi, who had been laid low by a wrist injury for most part of the year gone by, earlier won the Australian Open mixed doubles title with Mahesh Bhupathi in January.