Varun Gandhi targets Muslims, BJP shocked
Pilibhit (Uttar Pradesh): The strident communal overtones of the campaign being run by Varun Gandhi has left his own party (BJP) workers shocked.
The 29-year-old son of Maneka and late Sanjay Gandhi is contesting his maiden Lok Sabha election from Pilibhit constituency. Maneka Gandhi gave up the seat to ensure his easy entry into the Lok Sabha.
On Sunday Varun was issued a notice by the district authorities in Pilibhit. What came as a shocker is his staunchly pro-Hindu and rabid anti-Muslim vitriolic that his opponents and supporters say could trigger a communal clash.
From taking up issues like the ban on cow slaughter to asking a Sikh leader to leave a Hindu meeting, Varun has been ruffling feathers everywhere.
Though just one offensive remark captured by a TV channel drew the attention of the local authorities, the scion of the estranged Gandhi family has been busy making such statements all over Pilibhit.
While "Jai Shri Ram" is his battle-cry at all roadside meetings or assemblies, some of the other slogans being used are "Gau hatya rukwana hai, Varun Gandhi ko jitana hai" (Cow slaughter must stop, Varun Gandhi must win) and "Varun nahin yeh aandhi hai, doosra Sanjay Gandhi hai (Varun Gandhi is like a storm, he is another Sanjay Gandhi)".
Varun has already addressed three 'Hindu sammellans'. While the district administration has taken cognizance of his utterances at a meet in Barkhera on March 8, those at earlier meetings in Dalchand on March 6 and at Lalori Khera locality on February 22 have almost gone unnoticed.
On March 6, he said at the Dalchand meeting - "Agar kissi galat tatv ke aadmi ne, kisi Hindu pe haath uthaya ya hinduon ke upar yeh samajh key ki yeh kamzor hain, unke peeche koi nahi hai... hinduon ke upar haath uthaya, mein geeta ki kasam khake kehta hoon ki mein uss haath ko kaat daaloonga. (If somebody lifts a hand against Hindus, or thinks they are weak, there is nobody behind them, then I swear on the (Bhagvad) Gita that I will cut off that hand)".
It has left even leaders who are working for his victory flabbergasted.
"I am a BJP activist and a Hindu too. But I am not in favour of launching a communally charged campaign. If Varun Gandhi persists with such style of campaigning, I would be compelled to keep myself away from it," a popular BJP leader in Puranpur, Naresh Verma told IANS.
"Varun is going out of hand. If he is not restrained, this election could end in a bloody communal clash," added another BJP veteran Gurdial Singh.
The 70-year-old Sikh from Ramnagar village was even asked to leave one of the Hindu meets being addressed by Varun.
"He neither has respect for any other religion nor even for elders. In his arrogance, he has gone to the extent of forgetting that his mother was also a Sikh before her marriage," Gurudial said.
If the BJP is alarmed, other parties are determined to ensure that this stops.
"We have audio-recordings of the provocative language used by Varun Gandhi to run down Muslims," claimed a local Samajwadi Party leader, Haroon Ahmad.
"We have been restraining our people from retaliating because that will lead to a clash, but how long can we stop people from reacting?" he asked.
Varun's Congress rival VM Singh said he was "going to make a detailed complaint in this regard to the Election Commission".
"I have been gathering all the evidence against him so far but now I am going to make a written complaint," Singh added.
"The highly objectionable slang used by Varun in his reference to Muslims could just spark off a violent communal clash here."
Source From: http://ibnlive.in.com/news/varun-gandhi-targets-muslims-bjp-shocked/87834-37.html
Sri Ram Sene chief Muthalik banned from Mangalore
NEW DELHI: A Mangalore court on Monday banned Sri Ram Sene chief Pramod Muthalik from entering Dakshina Kannada district for one year. Muthalik's
Ram Sene was involved in an attack in a Mangalore pub in January, 2009. ( Watch )
An official spokesperson said district administration of Dakshina Kannada passed a 15-page order citing various reasons, including an attack on young women in a Mangalore pub in January and Valentine's Day threat, to bar Muthalik's entry to the district, IANS reported.
Mangalore is the headquarters of Dakshina Kannada district.
The order by district magistrate V Ponnuraj came into effect immediately, the spokesperson said by phone from Mangalore.
A group of 40 activists of the Sri Ram Sene barged into a pub in Mangalore and bashed up a group of young women and men, claiming the women were violating traditional Indian values.
Muthalik had also threatened to disrupt Valentine's Day celebrations.
Source From: http://timesofindia.indiatimes.com/Sri-Ram-Sene-chief-Muthalik-banned-from-Mangalore/articleshow/4272254.cms
South Africa to host Champions Trophy: ICC
NEW DELHI: South Africa will stage this year's Champions Trophy One-Day tournament in September and October, the International Cricket
Council
said on Monday.
The ICC executive board made a "unanimous" decision in a teleconference after its executive committee made the recommendation last week.
The eight-team event was originally scheduled to take place in Pakistan but was postponed last year and then switched due to security concerns.
The Wanderers stadium in Johannesburg and Centurion in Pretoria were identified as preferred venues subject to conclusion of satisfactory commercial terms, an ICC release said.
South Africa was shortlisted as the host country for the premier One-Day tournament, second only in importance to the World Cup, after fears of poor weather ruled out Sri Lankan capital Colombo for the Sept. 24-Oct. 5 event.
The trimmed event this time will be played over 12 days. "I think the board has made a sensible decision that will give the event every chance of success," ICC president David Morgan said.
"We now have clarity on the subject and we can make firm plans for what is going to be a great spectacle of ODI cricket.
"I would like to thank Sri Lanka Cricket for its commitment to offer an alternative to Pakistan. And also, I want to acknowledge its willingness to step aside in this matter.
"I'd also like to thank CSA (Cricket South Africa) for putting its hand up and offering to host this event."
South Africa jointly hosted the 2003 one-day World Cup with Zimbabwe and Kenya and the World Twenty20 in 2007.
The ICC board confirmed the dates for next year's World Twenty20 in the West Indies from Apr. 30 to May. 16. Matches will be staged in St Lucia, Barbados and St Kitts, which will simultaneously stage the women's tournament.
Source From:http://cricket.timesofindia.indiatimes.com/South_Africa_to_host_Champions_Trophy_ICC/articleshow/4272817.cms
Tatas' debt to cross Rs 1-trillion mark
NEW DELHI: Tata group's total debt is set to exceed Rs 1,00,000 crore in the current fiscal, but it appears comfortable on the liquidity front, a
report has said.
"We expect the total debt of the Tata group as of the end of FY'09 (ending this month) at over Rs one trillion, of which Rs 117 billion is due through March 2010," analysts at domestic brokerage unit of financial major Kotak group said.
When contacted, Tata Sons spokesperson told PTI, "We are not in a position to comment on such reports. As you are aware Tata Sons does not aggregate the debt of individual group companies as each company is a standalone legal entity and is evaluated accordingly."
Increase of more than Rs 30,000 crore in group's overall outstanding debt position from year-ago level of about Rs 70,000 crore is primarily due to its aggressive capital expenditure plans and past acquisitions, the report stated.
Analysts, however, noted that Tatas' funding challenges are manageable and debt obligations could be met through free cash flow generated at various group companies and proceeds from the stake sale by holding company Tata Sons.
"We believe the group's liquidity position is comfortable at an aggregate level," Kotak Institutional Equities Research analysts said, adding that possible fund-raising options include monetising Tata Motors' commercial vehicle division and stake sale by Tata Sons in TCS and Tata Tele Services.
"We believe the Tata Group of companies (represented by five largest listed entities) would generate Rs 10,000 crore in free cash flows in FY2010, against Rs 11,700 crore in debt coming due for repayment/refinance, implying a funding gap of Rs 1,700 crore," the report noted.
Total debt of these five entities -- Tata Motors, Tata Steel, TCS, Tata Power and Tata Communications -- which account for 90 per cent of the group's revenues, is estimated at Rs 91,000 crore in FY2010, the analysts said.
This would include Rs 40,600 crore from Tata Steel, Rs 22,800 crore from Tata Motors, Rs 21,400 crore from Tata Power and Rs 6,200 crore from Tata Communications.
"Within the group, the most pertinent issue remains Tata Motors' Rs 11,300 crore debt coming up for repayment/refinance in FY2010," the analysts said. Tata Motors needs to refinance USD 2 billion (Rs 10,000 crore) of its USD 3 billion one-year bridge loan coming due in June 2009, while another Rs 1,300 crore debt is coming due in its books.
To meet group's funding needs, the report said, Tata Sons has the financial flexibility to support group companies in extreme cases like clampdown in the debt markets and its options include stake sale in group companies.
Tata Sons might also be required to infuse fresh equity into one or more group companies, such as Tata Motors and Tata Steel, in case of a sharp deterioration in operational and financial conditions.
"Worse and prolonged decline in global demand environment would require some tough decisions regarding restructuring of the group itself, asset sales and reorganisation within companies," the report said.
For instance, a decision might have to be taken if Tata Motors needs to be in both the passenger car and commercial vehicle businesses, it added.
For Tata Sons, analysts said, stake sale remains primary option. "Tata Sons has a 33 per cent stake in TTSL and in our view most suitable course of action would be to exit the firm," adding it could fetch USD 3 billion (Rs 15,000 crore).
Besides, Tata Sons has a 74 per cent stake in TCS, out of which a 25 per cent could be sold, but divestment has limited merit at current valuations. "While a strategic buyer may not be interested in a non-controlling stake, a financial buyer could pay 10 per cent premium to current market price", wherein Tata Sons could get USD 2.5 billion (Rs 12,500 crore).
Analysts said Tata Motors could monetise its commercial vehicle division, valued at Rs 12,000 crore, through measures like stake sale or spin-off.
Besides, Tata Motors can borrow up to Rs 11,500 crore against assets in its books and sell some subsidiaries.
"Tata Motors' stake in Tata Motors Daewoo could fetch USD 180 million (Rs 900 crore) ... stakes in Tata Construction and Tata Technologies could fetch up to USD 200-300 million (Rs 1,000 crore to Rs 1,500 crore)," they added.
Source From: http://timesofindia.indiatimes.com/Business/Tatas-debt-to-cross-Rs-1-trillion-mark/articleshow/4271918.cms
Monday, March 16, 2009
Sunday, March 15, 2009
Special News in Detail
Pakistan protests turn violent
LAHORE: Pakistan's opposition leader defied house arrest on Sunday to join anti-government protests that quickly descended into violence andAnti-government protest rally in Lahore Lawyer holds a picture of President Asif Ali Zardari in a military uniform during an anti-government rally in Lahore.
The power struggle between Pakistan's president and the opposition leader Nawaz Sharif threatens to paralyze the government and, alarmingly for the US, distract the nuclear-armed country from its fight against Taliban militants operating along the Afghan border.
Hundreds of police surrounded the Lahore residence of Sharif, a former prime minister, before dawn on Sunday and detained him along with scores of his supporters, a party spokesman said.
Officers in the eastern Pakistani city showed party officials an order placing Sharif and his politician brother Shahbaz under house arrest for three days, spokesman Pervaiz Rasheed said.
Sharif denounced the order as illegal and later left the house in a convoy of vehicles packed with chanting, flag-waving supporters, headed for a downtown rally that had already turned violent.
Mobs accompanying the swelling convoy smashed the windows of buses parked along the route. Others torched tires, sending plumes of black smoke into the blue sky over a usually bustling boulevard littered with stones and empty tear gas shells.
``These are the decisive moments,'' Sharif told supporters before he climbed into his car. ``I tell every Pakistani youth that this is not the time to stay home; Pakistan is calling you to come and save me.''
Rao Iftikhar, a senior government official, said authorities reconsidered the restrictions on Sharif to allow him to address the rally and return home afterward.
Washington worries that the crisis will further destabilize the shaky the year-old government and prevent it from being an effective ally in the fight against insurgents in Afghanistan.
Suspected militants attacked a transport terminal in northwestern Pakistan used to supply NATO troops in Afghanistan before dawn on Sunday and torched dozens of containers and military vehicles, police said.
Lawyers and opposition party supporters had planned to gather near Lahore's main court complex before heading toward Islamabad to stage a mass sit-in front of Parliament, in defiance of a government ban.
To thwart them, authorities parked trucks across major roads on the edge of the city, and riot police took up positions outside the railway station and government buildings.
Still, several thousands flag-waving demonstrators pushed past police barricades to reach the courts.
Protesters pelted some of the hundreds of riot police ringing the area with rocks, triggering running clashes. An Associated Press reporter saw one officer led away with a head wound.
Police repeatedly fired tear gas, scattering the crowd, and beat several stragglers with batons, only for the demonstrators to return with fresh supplies of sticks and stones.
Shahbaz Sharif and a host of other protest leaders went underground to dodge their own detention orders. Iftikhar said they had been issued for the head of Pakistan's main Islamist party and cricketer star-turned-politician Imran Khan.
Television images showed police commandos wearing flak jackets and armed with assault rifles apparently searching for Shahbaz in Rawalpindi, just south of the capital.
The political turmoil began last month when the Supreme Court disqualified the Sharif brothers from elected office, over convictions dating back to an earlier chapter in Pakistan's turbulent political history.
Zardari compounded the crisis by dismissing the Sharifs' administration in Punjab, Pakistan's biggest and richest province, of which Lahore is the capital.
The brothers then threw their support behind plans by lawyers to stage an indefinite sit-in in Islamabad - a move officials say would bring the government to a standstill and present a target to terrorists.
On Saturday, after US Secretary of State Hillary Clinton spoke to both Zardari and Nawaz Sharif by telephone, the government announced it would appeal the Supreme Court ruling in the coming days.
Sharif's party welcomed the move but stuck by its demand for a shake-up of the judiciary.
Zardari refuses to reinstate a group of independent-minded judges fired by Musharraf.
Many observers suspect Zardari fears the judges could challenge a pact signed by Musharraf that quashed long-standing corruption charges against him and his wife, slain former leader Benazir Bhutto.
Skeptics suspect Sharif of hoping to force early elections, from which he and Islamist parties would likely profit.
Source From: http://timesofindia.indiatimes.com/Pak-in-turmoil-as-Nawaz-Sharif-begins-march/articleshow/4266386.cms
Bailed-out AIG to pay bonuses to employees
WASHINGTON: American International Group is giving its executives tens of millions of dollars in new bonuses even though it received a taxpayer
bailout of more than $170 billion dollars.
AIG is paying out the executive bonuses to meet a Sunday deadline, but the troubled insurance giant has agreed to administration requests to restrain future payments
.
The Treasury Department determined that the government did not have the legal authority to block the current payments by the company. AIG declared earlier this month that it had suffered a loss of $61.7 billion for the fourth quarter of last year, the largest corporate loss in history.
Treasury Secretary Timothy Geithner has asked that the company scale back future bonus payments where legally possible, an administration official said Saturday.
This official, who spoke on condition of anonymity because of the sensitivity of the issue, said that Geithner had called AIG Chairman Edward Liddy on Wednesday to demand that Liddy renegotiate AIG's current bonus structure.
Geithner termed the current bonus structure unacceptable in view of the billions of dollars of taxpayer support the company is receiving, this official said.
In a letter to Geithner dated Saturday, Liddy informed Treasury that outside lawyers had informed the company that AIG had contractual obligations to make the bonus payments and could face lawsuits if it did not do so.
Liddy said in his letter that "quite frankly, AIG's hands are tied" although he said that in light of the company's current situation he found it "distasteful and difficult" to recommend going forward with the payments.
Liddy said the company had entered into the bonus agreements in early 2008 before AIG got into severe financial straits and was forced to obtain a government bailout last fall.
The large bulk of the payments at issue cover AIG Financial Products, the unit of the company that sold credit default swaps, the risky contracts that caused massive losses for the insurer.
A white paper prepared by the company says that AIG is contractually obligated to pay a total of about $165 million of previously awarded "retention pay" to employees in this unit by Sunday, March 15. The document says that another $55 million in retention pay has already been distributed to about 400 AIG Financial Products employees.
The company says in the paper it will work to reduce the amounts paid for 2009 and believes it can trim those payments by at least 30%.
Bonus programs at financial companies have come under harsh scrutiny after the government began loaning them billions of dollars to keep the institutions afloat. AIG is the largest recipient of government support in the current financial crisis.
AIG also pledged to Geithner that it would also restructure $9.6 million in bonuses scheduled to go a group that covers the top 50 executives. Liddy and six other executives have agreed to forgo bonuses.
The group of top executives getting bonuses will receive half of the $9.6 million now, with the average payment around $112,000.
This group will get another 25% on July 14 and the final 25% on September 15. But these payments will be contingent on the AIG board determining that the company is meeting the goals the government has set for dealing with the company's financial troubles.
The Obama administration has vowed to put in place reforms in the $700 billion financial rescue program in an effort to deal with growing public anger over how the program was operated during the Bush administration.
That anger has focused in part on payouts of millions of dollars in bonuses by financial firms getting taxpayer support.
In his letter, Liddy told Geithner, "We believe there will be considerably greater flexibility to reduce contractual payments in respect of 2009 and AIG intends to use its best efforts to do so."
But he also told Geithner that he felt it could be harmful to the company if the government continued to press for reductions in executive compensation.
"We cannot attract and retain the best and brightest talent to lead and staff the AIG businesses, which are now being operated principally on behalf of the American taxpayers, if employees believe their compensation is subject to continued and arbitrary adjustment by the US Treasury," Liddy said.
Source From: http://timesofindia.indiatimes.com/Bailed-out-AIG-to-pay-bonuses-to-employees/articleshow/4267064.cms
Jeev tied 3rd after Rd3 at World Golf Championships
Sunday, March 15, 2009 (Doral, Florida)
Jeev Milkha Singh hopped back into contention after carding a roller-coaster four-under 68 in the penultimate round to grab a share of the third place at the $8.5 million World Golf Championships here.
The reigning Asian number one was four shots behind joint leaders Phil Mickelson (69) and Nick Watney (67) of the United States with a total of 12-under 204.
Off the blocks with an eagle on the first hole, Jeev's fortunes fluctuated slightly in between before he rounded off the day on a positive note.
"It was a great start. I holed a great putt on the first hole and eagled it. After that, up and down in between, but I came back," said Jeev.
After the first-hole eagle, the Indian dropped a couple of strokes but made amends with an equal number of birdies to make the two-under.
The back-nine didn't start as well and Jeev stumbled to a bogey on the 10th before getting his act together to stroke in his second eagle of the day.
"I think what got me going was on the 12th, I eagled it again. I made two eagles today, so that was good," he added.
He followed it up with a birdie on the 15th before parring the remaining holes at the Doral Golf Resort after starting the day tied for eighth.
Source From: http://www.ndtv.com/convergence/ndtv/showsports.aspx?id=SPOEN20090087549
LAHORE: Pakistan's opposition leader defied house arrest on Sunday to join anti-government protests that quickly descended into violence andAnti-government protest rally in Lahore Lawyer holds a picture of President Asif Ali Zardari in a military uniform during an anti-government rally in Lahore.
The power struggle between Pakistan's president and the opposition leader Nawaz Sharif threatens to paralyze the government and, alarmingly for the US, distract the nuclear-armed country from its fight against Taliban militants operating along the Afghan border.
Hundreds of police surrounded the Lahore residence of Sharif, a former prime minister, before dawn on Sunday and detained him along with scores of his supporters, a party spokesman said.
Officers in the eastern Pakistani city showed party officials an order placing Sharif and his politician brother Shahbaz under house arrest for three days, spokesman Pervaiz Rasheed said.
Sharif denounced the order as illegal and later left the house in a convoy of vehicles packed with chanting, flag-waving supporters, headed for a downtown rally that had already turned violent.
Mobs accompanying the swelling convoy smashed the windows of buses parked along the route. Others torched tires, sending plumes of black smoke into the blue sky over a usually bustling boulevard littered with stones and empty tear gas shells.
``These are the decisive moments,'' Sharif told supporters before he climbed into his car. ``I tell every Pakistani youth that this is not the time to stay home; Pakistan is calling you to come and save me.''
Rao Iftikhar, a senior government official, said authorities reconsidered the restrictions on Sharif to allow him to address the rally and return home afterward.
Washington worries that the crisis will further destabilize the shaky the year-old government and prevent it from being an effective ally in the fight against insurgents in Afghanistan.
Suspected militants attacked a transport terminal in northwestern Pakistan used to supply NATO troops in Afghanistan before dawn on Sunday and torched dozens of containers and military vehicles, police said.
Lawyers and opposition party supporters had planned to gather near Lahore's main court complex before heading toward Islamabad to stage a mass sit-in front of Parliament, in defiance of a government ban.
To thwart them, authorities parked trucks across major roads on the edge of the city, and riot police took up positions outside the railway station and government buildings.
Still, several thousands flag-waving demonstrators pushed past police barricades to reach the courts.
Protesters pelted some of the hundreds of riot police ringing the area with rocks, triggering running clashes. An Associated Press reporter saw one officer led away with a head wound.
Police repeatedly fired tear gas, scattering the crowd, and beat several stragglers with batons, only for the demonstrators to return with fresh supplies of sticks and stones.
Shahbaz Sharif and a host of other protest leaders went underground to dodge their own detention orders. Iftikhar said they had been issued for the head of Pakistan's main Islamist party and cricketer star-turned-politician Imran Khan.
Television images showed police commandos wearing flak jackets and armed with assault rifles apparently searching for Shahbaz in Rawalpindi, just south of the capital.
The political turmoil began last month when the Supreme Court disqualified the Sharif brothers from elected office, over convictions dating back to an earlier chapter in Pakistan's turbulent political history.
Zardari compounded the crisis by dismissing the Sharifs' administration in Punjab, Pakistan's biggest and richest province, of which Lahore is the capital.
The brothers then threw their support behind plans by lawyers to stage an indefinite sit-in in Islamabad - a move officials say would bring the government to a standstill and present a target to terrorists.
On Saturday, after US Secretary of State Hillary Clinton spoke to both Zardari and Nawaz Sharif by telephone, the government announced it would appeal the Supreme Court ruling in the coming days.
Sharif's party welcomed the move but stuck by its demand for a shake-up of the judiciary.
Zardari refuses to reinstate a group of independent-minded judges fired by Musharraf.
Many observers suspect Zardari fears the judges could challenge a pact signed by Musharraf that quashed long-standing corruption charges against him and his wife, slain former leader Benazir Bhutto.
Skeptics suspect Sharif of hoping to force early elections, from which he and Islamist parties would likely profit.
Source From: http://timesofindia.indiatimes.com/Pak-in-turmoil-as-Nawaz-Sharif-begins-march/articleshow/4266386.cms
Bailed-out AIG to pay bonuses to employees
WASHINGTON: American International Group is giving its executives tens of millions of dollars in new bonuses even though it received a taxpayer
bailout of more than $170 billion dollars.
AIG is paying out the executive bonuses to meet a Sunday deadline, but the troubled insurance giant has agreed to administration requests to restrain future payments
.
The Treasury Department determined that the government did not have the legal authority to block the current payments by the company. AIG declared earlier this month that it had suffered a loss of $61.7 billion for the fourth quarter of last year, the largest corporate loss in history.
Treasury Secretary Timothy Geithner has asked that the company scale back future bonus payments where legally possible, an administration official said Saturday.
This official, who spoke on condition of anonymity because of the sensitivity of the issue, said that Geithner had called AIG Chairman Edward Liddy on Wednesday to demand that Liddy renegotiate AIG's current bonus structure.
Geithner termed the current bonus structure unacceptable in view of the billions of dollars of taxpayer support the company is receiving, this official said.
In a letter to Geithner dated Saturday, Liddy informed Treasury that outside lawyers had informed the company that AIG had contractual obligations to make the bonus payments and could face lawsuits if it did not do so.
Liddy said in his letter that "quite frankly, AIG's hands are tied" although he said that in light of the company's current situation he found it "distasteful and difficult" to recommend going forward with the payments.
Liddy said the company had entered into the bonus agreements in early 2008 before AIG got into severe financial straits and was forced to obtain a government bailout last fall.
The large bulk of the payments at issue cover AIG Financial Products, the unit of the company that sold credit default swaps, the risky contracts that caused massive losses for the insurer.
A white paper prepared by the company says that AIG is contractually obligated to pay a total of about $165 million of previously awarded "retention pay" to employees in this unit by Sunday, March 15. The document says that another $55 million in retention pay has already been distributed to about 400 AIG Financial Products employees.
The company says in the paper it will work to reduce the amounts paid for 2009 and believes it can trim those payments by at least 30%.
Bonus programs at financial companies have come under harsh scrutiny after the government began loaning them billions of dollars to keep the institutions afloat. AIG is the largest recipient of government support in the current financial crisis.
AIG also pledged to Geithner that it would also restructure $9.6 million in bonuses scheduled to go a group that covers the top 50 executives. Liddy and six other executives have agreed to forgo bonuses.
The group of top executives getting bonuses will receive half of the $9.6 million now, with the average payment around $112,000.
This group will get another 25% on July 14 and the final 25% on September 15. But these payments will be contingent on the AIG board determining that the company is meeting the goals the government has set for dealing with the company's financial troubles.
The Obama administration has vowed to put in place reforms in the $700 billion financial rescue program in an effort to deal with growing public anger over how the program was operated during the Bush administration.
That anger has focused in part on payouts of millions of dollars in bonuses by financial firms getting taxpayer support.
In his letter, Liddy told Geithner, "We believe there will be considerably greater flexibility to reduce contractual payments in respect of 2009 and AIG intends to use its best efforts to do so."
But he also told Geithner that he felt it could be harmful to the company if the government continued to press for reductions in executive compensation.
"We cannot attract and retain the best and brightest talent to lead and staff the AIG businesses, which are now being operated principally on behalf of the American taxpayers, if employees believe their compensation is subject to continued and arbitrary adjustment by the US Treasury," Liddy said.
Source From: http://timesofindia.indiatimes.com/Bailed-out-AIG-to-pay-bonuses-to-employees/articleshow/4267064.cms
Jeev tied 3rd after Rd3 at World Golf Championships
Sunday, March 15, 2009 (Doral, Florida)
Jeev Milkha Singh hopped back into contention after carding a roller-coaster four-under 68 in the penultimate round to grab a share of the third place at the $8.5 million World Golf Championships here.
The reigning Asian number one was four shots behind joint leaders Phil Mickelson (69) and Nick Watney (67) of the United States with a total of 12-under 204.
Off the blocks with an eagle on the first hole, Jeev's fortunes fluctuated slightly in between before he rounded off the day on a positive note.
"It was a great start. I holed a great putt on the first hole and eagled it. After that, up and down in between, but I came back," said Jeev.
After the first-hole eagle, the Indian dropped a couple of strokes but made amends with an equal number of birdies to make the two-under.
The back-nine didn't start as well and Jeev stumbled to a bogey on the 10th before getting his act together to stroke in his second eagle of the day.
"I think what got me going was on the 12th, I eagled it again. I made two eagles today, so that was good," he added.
He followed it up with a birdie on the 15th before parring the remaining holes at the Doral Golf Resort after starting the day tied for eighth.
Source From: http://www.ndtv.com/convergence/ndtv/showsports.aspx?id=SPOEN20090087549
Friday, March 13, 2009
Special News In Brief
Satyam says bidding gets good response
Satyam Computer on Friday said it has received a good response from bidders, including several Indian and global companies apart from private equity firms. The company’s board met today to evaluate the expressions of interest submitted by bidders, which includes one of its shareholders Larsen & Toubro, software firm Tech Mahindra and B K Modi's Spice Corp.
The company also said that former Chief Justice of India S P Bharucha would oversee the bidding process of Satyam.
The company said it would move ahead with the next stage of the bidding process by releasing Request for Proposals later today.
source from :http://profit.ndtv.com/2009/03/13173836/Satyam-says-bidding-gets-good.html
Govt asks IPL for new schedule
NEW DELHI: Taking into account all the factors, the home ministry has advised the IPL organizers that it may not be feasible to hold the matches
as per the revised schedule submitted by them on March 7.
The home ministry said that IPL organizers have been advised to accommodate the concerns of the various state governments and draw up a revised schedule and submit it to the ministry.
For Bangalore, Karnataka has expressed its inability to provide security
on two match days but has agreed to provide security on the remaining four match days.
For Chennai, Tamil Nadu has agreed to provide security because the matches are scheduled after the elections.
For Hyderabad and Visakhapatnam, Andhra Pradesh has expressed its inability to provide security during the election period.
Delhi said it cannot provide security and asked for the matches to be rescheduled after the elections on May 7.
Punjab and West Bengal have agreed to provide security for the matches at Mohali and Kolkata if they are not required to release state police personnel for election duty.
For Mumbai and Nagpur, Maharashtra made it clear that it would be able to provide security only if additional companies of central paramilitary forces are provided to them on match days. The state has also said that it can provide security for the matches scheduled after April 30, when the elections in state would be over.
Rajasthan has taken the same line for Jaipur.
Earlier, the Union home ministry held a video conference with senior officials of the states where IPL matches are scheduled to be played next month. Union home secretary Madhukar Gupta held consultations with seven states including Delhi, Maharashtra, Andhra Pradesh, Rajasthan and West Bengal during which he was apprised of the security problems for hosting the mega event.
The states are understood to have again told the home ministry during the 90-minute video conference that it was not possible to hold the Twenty20 matches without additional security personnel from the central grid.
After the states expressed their views, Gupta held a meeting with home minister P Chidambaram which was attended by the security top brass and National Security Advisor M K Narayanan.
Concerned over availability of paramilitary forces in view of the forthcoming Lok Sabha elections, the Home Ministry had sent a revised schedule to the states concerned on March seven avoiding the polling dates.
Barring Tamil Nadu, all other states have agreed to host the matches with a rider that at least five to six companies (500-600 personnel) of paramilitary forces are kept at the disposal of the state police for security related issues, official sources said. Reports suggest that only Delhi is willing to host the league and the elections simultaneously.
On Thursday, the West Bengal government said it would request the Centre for an additional 30 companies of paramilitary forces to hold the IPL match in Kolkata on May 4 as the date was close to the Lok Sabha polls in the state scheduled on May 7.
Source From: http://timesofindia.indiatimes.com/-Home-ministry-seeks-fresh-schedule-for-IPL/articleshow/4259005.cms
Infosys to honour all call letters
NEW DELHI: Software maker Infosys Technologies said it would employ all those candidates to whom call letters have already been sent, although t
he company is going slow on hiring due to slowing business.
"All the call letters that have been sent out will be honoured... we are sticking to our numbers... we will honour the commitments we have made," Infosys co-chairman Nandan Nilekani said.
Infosys, one of the biggest employers in the country, has said that all general hiring in the company has come to a standstill as business has slowed down considerably.
Though Nilekani did not give out any numbers, it is understood that the Nasdaq-listed company is resorting to need-based recruitment, had made offers to 18,000 students of the 2009-10 batch from different campuses.
"They will be joining us in July this year," Infosys Chief Executive Officer S Gopalakrishnan had said recently.
For the current fiscal, Infosys has been maintaining that it would hire 27,000 people. Asked about the US Government's decision to put curbs on H1-B visas, Nilekani did not offer any direct response but said protectionist measures won't help anybody.
Source from: http://infotech.indiatimes.com/News/Infosys_to_honour_all_call_letters/articleshow/4260401.cms
Cognizant pays variable, bonuses
CHENNAI: Some good news from the IT sector at last. Cognizant, India’s fourth largest software services company in terms of revenue and staff st
rength, is riding against the tide to hand out handsome bonuses to employees across the board.
The IT major, which has most of its facilities in Chennai and Bangalore, is paying employees the full variable pay component this year at a time when tech giants such as Infosys and Tata Consultancy Services (TCS) as well as tier-II players like Hexaware are in the process of implementing pay cuts or even laying off staff.
Most Indian tech companies pay employees 20-35 per cent of their gross as variable pay with senior executives some times getting over 50 per cent. TOI spoke to several Cognizant employees who said they had received a bonus. In some cases, the amount is the full component of the variable pay, which varies according to seniority.
Amongst the top five IT companies in India, Cognizant ranks fourth both in terms of revenues ($2.8 billion) and headcount with nearly 62,000 employees. “It’s a relief to be receiving this bit of news in the current scenario. There has been a lot of talk from the industry that pay cheques will be revised downwards, we had also heard about lay-offs,” an employee said.
Confirming the development, a company spokesperson said, “Cognizant has paid good incentives for the year 2008 in keeping with our philosophy of sharing the results of good company performance with our associates. As compensation is confidential information, we cannot reveal any further details.”
Cognizant reported a 32 per cent rise in revenue for the fiscal year ended 31, December 2008.
Source From: http://infotech.indiatimes.com/News/Cognizant_pays_variable_bonuses/articleshow/4258821.cms
Satyam Computer on Friday said it has received a good response from bidders, including several Indian and global companies apart from private equity firms. The company’s board met today to evaluate the expressions of interest submitted by bidders, which includes one of its shareholders Larsen & Toubro, software firm Tech Mahindra and B K Modi's Spice Corp.
The company also said that former Chief Justice of India S P Bharucha would oversee the bidding process of Satyam.
The company said it would move ahead with the next stage of the bidding process by releasing Request for Proposals later today.
source from :http://profit.ndtv.com/2009/03/13173836/Satyam-says-bidding-gets-good.html
Govt asks IPL for new schedule
NEW DELHI: Taking into account all the factors, the home ministry has advised the IPL organizers that it may not be feasible to hold the matches
as per the revised schedule submitted by them on March 7.
The home ministry said that IPL organizers have been advised to accommodate the concerns of the various state governments and draw up a revised schedule and submit it to the ministry.
For Bangalore, Karnataka has expressed its inability to provide security
on two match days but has agreed to provide security on the remaining four match days.
For Chennai, Tamil Nadu has agreed to provide security because the matches are scheduled after the elections.
For Hyderabad and Visakhapatnam, Andhra Pradesh has expressed its inability to provide security during the election period.
Delhi said it cannot provide security and asked for the matches to be rescheduled after the elections on May 7.
Punjab and West Bengal have agreed to provide security for the matches at Mohali and Kolkata if they are not required to release state police personnel for election duty.
For Mumbai and Nagpur, Maharashtra made it clear that it would be able to provide security only if additional companies of central paramilitary forces are provided to them on match days. The state has also said that it can provide security for the matches scheduled after April 30, when the elections in state would be over.
Rajasthan has taken the same line for Jaipur.
Earlier, the Union home ministry held a video conference with senior officials of the states where IPL matches are scheduled to be played next month. Union home secretary Madhukar Gupta held consultations with seven states including Delhi, Maharashtra, Andhra Pradesh, Rajasthan and West Bengal during which he was apprised of the security problems for hosting the mega event.
The states are understood to have again told the home ministry during the 90-minute video conference that it was not possible to hold the Twenty20 matches without additional security personnel from the central grid.
After the states expressed their views, Gupta held a meeting with home minister P Chidambaram which was attended by the security top brass and National Security Advisor M K Narayanan.
Concerned over availability of paramilitary forces in view of the forthcoming Lok Sabha elections, the Home Ministry had sent a revised schedule to the states concerned on March seven avoiding the polling dates.
Barring Tamil Nadu, all other states have agreed to host the matches with a rider that at least five to six companies (500-600 personnel) of paramilitary forces are kept at the disposal of the state police for security related issues, official sources said. Reports suggest that only Delhi is willing to host the league and the elections simultaneously.
On Thursday, the West Bengal government said it would request the Centre for an additional 30 companies of paramilitary forces to hold the IPL match in Kolkata on May 4 as the date was close to the Lok Sabha polls in the state scheduled on May 7.
Source From: http://timesofindia.indiatimes.com/-Home-ministry-seeks-fresh-schedule-for-IPL/articleshow/4259005.cms
Infosys to honour all call letters
NEW DELHI: Software maker Infosys Technologies said it would employ all those candidates to whom call letters have already been sent, although t
he company is going slow on hiring due to slowing business.
"All the call letters that have been sent out will be honoured... we are sticking to our numbers... we will honour the commitments we have made," Infosys co-chairman Nandan Nilekani said.
Infosys, one of the biggest employers in the country, has said that all general hiring in the company has come to a standstill as business has slowed down considerably.
Though Nilekani did not give out any numbers, it is understood that the Nasdaq-listed company is resorting to need-based recruitment, had made offers to 18,000 students of the 2009-10 batch from different campuses.
"They will be joining us in July this year," Infosys Chief Executive Officer S Gopalakrishnan had said recently.
For the current fiscal, Infosys has been maintaining that it would hire 27,000 people. Asked about the US Government's decision to put curbs on H1-B visas, Nilekani did not offer any direct response but said protectionist measures won't help anybody.
Source from: http://infotech.indiatimes.com/News/Infosys_to_honour_all_call_letters/articleshow/4260401.cms
Cognizant pays variable, bonuses
CHENNAI: Some good news from the IT sector at last. Cognizant, India’s fourth largest software services company in terms of revenue and staff st
rength, is riding against the tide to hand out handsome bonuses to employees across the board.
The IT major, which has most of its facilities in Chennai and Bangalore, is paying employees the full variable pay component this year at a time when tech giants such as Infosys and Tata Consultancy Services (TCS) as well as tier-II players like Hexaware are in the process of implementing pay cuts or even laying off staff.
Most Indian tech companies pay employees 20-35 per cent of their gross as variable pay with senior executives some times getting over 50 per cent. TOI spoke to several Cognizant employees who said they had received a bonus. In some cases, the amount is the full component of the variable pay, which varies according to seniority.
Amongst the top five IT companies in India, Cognizant ranks fourth both in terms of revenues ($2.8 billion) and headcount with nearly 62,000 employees. “It’s a relief to be receiving this bit of news in the current scenario. There has been a lot of talk from the industry that pay cheques will be revised downwards, we had also heard about lay-offs,” an employee said.
Confirming the development, a company spokesperson said, “Cognizant has paid good incentives for the year 2008 in keeping with our philosophy of sharing the results of good company performance with our associates. As compensation is confidential information, we cannot reveal any further details.”
Cognizant reported a 32 per cent rise in revenue for the fiscal year ended 31, December 2008.
Source From: http://infotech.indiatimes.com/News/Cognizant_pays_variable_bonuses/articleshow/4258821.cms
Thursday, March 12, 2009
Latest News In Brief
L&T, Tech Mahindra, Spice eye Satyam; Hindujas pull out
NEW DELHI: Three leading corporate
houses — L&T, BK Modi-promoted Spice Corp and Tech Mahindra— have submitted their expressions of interest to acquire majority stake in the scam-hit Satyam Computer.
The government-appointed board of the beleaguered IT company is meeting in Hyderabad on Friday to scrutinize the EoIs. Business conglomerate Hinduja group has pulled out of the competition.
Satyam closed registrations for potential bidders on Thursday as it began a process to sell 51 per cent stake in the company which is caught in the country's biggest corporate scandal.
The EoIs from prospective bidders, however, failed to lift the sentiments at the Satyam counter on bourses. The scrip on BSE closed the day down 3.18 per cent at Rs 47.20.
Engineering giant L&T, the single largest shareholder in Satyam at 12 per cent, said it has registered in the bidding process. Company spokesperson D Morada said that "L&T has put in the EoI today".
Spice Corporation chairman B K Modi said the company has registered online. Earlier the day, Tech Mahindra said it has submitted the EoI and once the company receives the RFP (request for proposal) it will evaluate and conclude on next step.
The deadline to submit the bid and proof of adequate funds is March 20.
The Hinduja group, which was also in the reckoning till recently, pulled out at the last moment as the company did not submit the EoI. Sources attributed non-participation to the legal implications.
Multinational IT giants HP and CSC are also understood to have submitted their interests but no confirmation could be ascertained. When contacted spokespersons of both the companies said they would not like to comment.
Global infotech major IBM, which has long been seen as a potential acquirer of Satyam, also did not confirm the move.
Domestic IT majors TCS and HCL Technologies
also declined to comment. Infosys Technologies said it did not register in the process, while Wipro said it does not comment on rumours.
Recently, Wipro chief Azim Premji had said that the company would not look at Satyam for acquisition.
After studying the EoIs, eligible bidders will be short listed and be given access to certain business, financial and legal diligence materials of Satyam provided they execute a non-disclosure and a non-solicitation agreement, a stand- still agreement and a no-claim undertaking.
After completion of the due diligence process and execution of the pre-financial bid documents, all short-listed bidders will be asked to submit their financial bids and an executed copy of the share subscription agreement along with a proof of availability of funds for Rs 1,500 crore by March 20.
Satyam Computers has been in turmoil since its founder B Ramalinga Raju confessed on January 7 that he overstated the company's profits over several years and created a fictitious cash balances of more than Rs 7,000 crore.
Source from: http://timesofindia.indiatimes.com/Business/LT-Tech-Mahindra-Spice-eye-Satyam/articleshow/4256343.cms
World population will be 7 bn in 2012
New York, Mar 12: The world’s population will hit 7 billion early in 2012 and cross 9 billion in 2050, with the majority of the increase taking place in developing countries, revised United Nations estimates show.
India
, United States, China, Bangladesh and Pakistan are among nine countries which are projected to account for half of the world’s population increase from 2010 to 2050. The others are Nigeria, Ethiopia, the Democratic Republic of Congo (DRC) and Tanzania.
"There have been no big changes for the recent estimates and we have not changed the assumptions for the future," Hania Zlotnik, Director of the Population Division at the Department of Economic and Social Affairs, told reporters yesterday.
"We’re still projecting that by 2050 the population of the world will be around 9.1 billion," she said, as she presented the 2008 Revision of the World Population Prospects.
Zlotnik noted that current projections are based on the assumption that fertility is going to decline from the current global level of 2.5 children per woman to 2.1 children per woman from now until 2050.
The population of the 49 least developed countries (LDCs) is still the fastest growing in the world, at 2.3 per cent per year, the Population Division said.
Source From: http://www.zeenews.com/sci-tech/miscellaneous/2009-03-12/514213news.html
Madoff pleads guilty to fraud, sent to jail
NEW YORK: Bernard Madoff pleaded guilty on Thursday to an epic fraud that robbed investors
worldwide of billions of dollars, avoiding eye contact
with swindled investors before he was led out of court with his hands cuffed behind his back.
US district judge Denny Chin denied bail for Madoff, 70, and ordered him to jail, noting that he had the means to flee and an incentive to do so because of his age.
Madoff spoke steadily in court as he addressed the judge before his guilty plea was accepted.
"I am actually grateful for this opportunity to publicly comment about my crimes, for which I am deeply sorry and ashamed," he said.
"As the years went by, I realized my risk, and this day would inevitably come. I cannot adequately express how sorry I am for my crimes."
Madoff did not look at any of the three investors who spoke at the hearing, even when one of them turned in his direction and tried to address him.
After arguments began as to whether Madoff should remain free on bail, his lawyer Ira Sorkin described the bail conditions and how Madoff had, "at his wife's own expense," paid for private security at his $7 million penthouse.
Loud laughter erupted among some of the more than 100 spectators crammed into the large courtroom on the 24th floor of the federal courthouse in lower Manhattan. The judge warned the spectators to remain silent.
The fraud turned a revered money man into an overnight global disgrace whose name became synonymous with the current economic meltdown.
Madoff described his crimes after he entered a guilty plea to all 11 counts he was charged with, including fraud, perjury, theft from an employee benefit plan, and two counts of international money laundering.
Prosecutors say the disgraced financier, who has spent three months under house arrest in his $7 million in Manhattan penthouse, could face a maximum sentence of 150 years in prison at sentencing.
Madoff explained his scheme by telling the judge that he believed the fraud would be short-term and that he could extricate himself.
The plea came three months after the FBI claimed Madoff admitted to his sons that his once-revered investment fund was all a big lie — a Ponzi scheme that was in the billions of dollars. Since his arrest in December, the scandal has turned the 70-year-old former Nasdaq chairman into a pariah who has worn a bulletproof vest to court.
The scheme evaporated life fortunes, wiped out charities and apparently pushed at least two investors to commit suicide. Victims big and small were swindled by Madoff, from elderly Florida retirees to actors Kevin Bacon and Kyra Sedgwick and Nobel Peace Prize winner Elie Wiesel.
Source From: http://timesofindia.indiatimes.com/Madoff-pleads-guilty-to-fraud-sent-to-jail/articleshow/4257102.cms
NEW DELHI: Three leading corporate
houses — L&T, BK Modi-promoted Spice Corp and Tech Mahindra— have submitted their expressions of interest to acquire majority stake in the scam-hit Satyam Computer.
The government-appointed board of the beleaguered IT company is meeting in Hyderabad on Friday to scrutinize the EoIs. Business conglomerate Hinduja group has pulled out of the competition.
Satyam closed registrations for potential bidders on Thursday as it began a process to sell 51 per cent stake in the company which is caught in the country's biggest corporate scandal.
The EoIs from prospective bidders, however, failed to lift the sentiments at the Satyam counter on bourses. The scrip on BSE closed the day down 3.18 per cent at Rs 47.20.
Engineering giant L&T, the single largest shareholder in Satyam at 12 per cent, said it has registered in the bidding process. Company spokesperson D Morada said that "L&T has put in the EoI today".
Spice Corporation chairman B K Modi said the company has registered online. Earlier the day, Tech Mahindra said it has submitted the EoI and once the company receives the RFP (request for proposal) it will evaluate and conclude on next step.
The deadline to submit the bid and proof of adequate funds is March 20.
The Hinduja group, which was also in the reckoning till recently, pulled out at the last moment as the company did not submit the EoI. Sources attributed non-participation to the legal implications.
Multinational IT giants HP and CSC are also understood to have submitted their interests but no confirmation could be ascertained. When contacted spokespersons of both the companies said they would not like to comment.
Global infotech major IBM, which has long been seen as a potential acquirer of Satyam, also did not confirm the move.
Domestic IT majors TCS and HCL Technologies
also declined to comment. Infosys Technologies said it did not register in the process, while Wipro said it does not comment on rumours.
Recently, Wipro chief Azim Premji had said that the company would not look at Satyam for acquisition.
After studying the EoIs, eligible bidders will be short listed and be given access to certain business, financial and legal diligence materials of Satyam provided they execute a non-disclosure and a non-solicitation agreement, a stand- still agreement and a no-claim undertaking.
After completion of the due diligence process and execution of the pre-financial bid documents, all short-listed bidders will be asked to submit their financial bids and an executed copy of the share subscription agreement along with a proof of availability of funds for Rs 1,500 crore by March 20.
Satyam Computers has been in turmoil since its founder B Ramalinga Raju confessed on January 7 that he overstated the company's profits over several years and created a fictitious cash balances of more than Rs 7,000 crore.
Source from: http://timesofindia.indiatimes.com/Business/LT-Tech-Mahindra-Spice-eye-Satyam/articleshow/4256343.cms
World population will be 7 bn in 2012
New York, Mar 12: The world’s population will hit 7 billion early in 2012 and cross 9 billion in 2050, with the majority of the increase taking place in developing countries, revised United Nations estimates show.
India
, United States, China, Bangladesh and Pakistan are among nine countries which are projected to account for half of the world’s population increase from 2010 to 2050. The others are Nigeria, Ethiopia, the Democratic Republic of Congo (DRC) and Tanzania.
"There have been no big changes for the recent estimates and we have not changed the assumptions for the future," Hania Zlotnik, Director of the Population Division at the Department of Economic and Social Affairs, told reporters yesterday.
"We’re still projecting that by 2050 the population of the world will be around 9.1 billion," she said, as she presented the 2008 Revision of the World Population Prospects.
Zlotnik noted that current projections are based on the assumption that fertility is going to decline from the current global level of 2.5 children per woman to 2.1 children per woman from now until 2050.
The population of the 49 least developed countries (LDCs) is still the fastest growing in the world, at 2.3 per cent per year, the Population Division said.
Source From: http://www.zeenews.com/sci-tech/miscellaneous/2009-03-12/514213news.html
Madoff pleads guilty to fraud, sent to jail
NEW YORK: Bernard Madoff pleaded guilty on Thursday to an epic fraud that robbed investors
worldwide of billions of dollars, avoiding eye contact
with swindled investors before he was led out of court with his hands cuffed behind his back.
US district judge Denny Chin denied bail for Madoff, 70, and ordered him to jail, noting that he had the means to flee and an incentive to do so because of his age.
Madoff spoke steadily in court as he addressed the judge before his guilty plea was accepted.
"I am actually grateful for this opportunity to publicly comment about my crimes, for which I am deeply sorry and ashamed," he said.
"As the years went by, I realized my risk, and this day would inevitably come. I cannot adequately express how sorry I am for my crimes."
Madoff did not look at any of the three investors who spoke at the hearing, even when one of them turned in his direction and tried to address him.
After arguments began as to whether Madoff should remain free on bail, his lawyer Ira Sorkin described the bail conditions and how Madoff had, "at his wife's own expense," paid for private security at his $7 million penthouse.
Loud laughter erupted among some of the more than 100 spectators crammed into the large courtroom on the 24th floor of the federal courthouse in lower Manhattan. The judge warned the spectators to remain silent.
The fraud turned a revered money man into an overnight global disgrace whose name became synonymous with the current economic meltdown.
Madoff described his crimes after he entered a guilty plea to all 11 counts he was charged with, including fraud, perjury, theft from an employee benefit plan, and two counts of international money laundering.
Prosecutors say the disgraced financier, who has spent three months under house arrest in his $7 million in Manhattan penthouse, could face a maximum sentence of 150 years in prison at sentencing.
Madoff explained his scheme by telling the judge that he believed the fraud would be short-term and that he could extricate himself.
The plea came three months after the FBI claimed Madoff admitted to his sons that his once-revered investment fund was all a big lie — a Ponzi scheme that was in the billions of dollars. Since his arrest in December, the scandal has turned the 70-year-old former Nasdaq chairman into a pariah who has worn a bulletproof vest to court.
The scheme evaporated life fortunes, wiped out charities and apparently pushed at least two investors to commit suicide. Victims big and small were swindled by Madoff, from elderly Florida retirees to actors Kevin Bacon and Kyra Sedgwick and Nobel Peace Prize winner Elie Wiesel.
Source From: http://timesofindia.indiatimes.com/Madoff-pleads-guilty-to-fraud-sent-to-jail/articleshow/4257102.cms
Wednesday, March 11, 2009
Special News in Brief
Top Stories in Brief:
'New H1-B visa norms likely to isolate Indian IT'
CHENNAI: The National Association of Software and Services Company (Nasscom) has expressed its concern over the proposed amendment to the H1B
visa legislation and said the amendment is likely to isolate and unfairly target Indian IT companies, restricting the level-playing field.
A statement from Nasscom said on Tuesday that it is 'working closely with stakeholders and policy makers in the US Congress
' and the administration to ensure that the Indian IT industry is not disadvantaged in any manner due to this.
A team of six officials of Nasscom recently visited the US to prevail upon them over the visa
issue and also over the proposed 'Buy America' measure of the Obama administration.
The delegation met senator Charles Grassley, belonging to Iowa, who is spearheading the H-1 B legislation. Nasscom would be working with him to ensure that any fraudulent use of the H-1 B visas are apprehended and stopped and ensure legitimate business users are not affected.
The industry body said the only 11% of the total visas issued last year was to the Indian IT industry.
The delegation also met a large cross section of stakeholders from the US administration, elected representatives of the Congress, various associations, US headquartered companies and customer companies.
"Having met with various stakeholders and experts and discussed the protectionist measures with them, Nasscom does not see the "Buy America" clause or the discussion on removal of "tax breaks for US companies that create jobs offshore" provisions in their current forms having any impact on the Indian IT-BPO industry. We are confident that US will consider all factors as they have in the stimulus bill and other proposed initiatives for reviving the economy and employment," the statement said.
"The Indian IT-BPO industry has played a crucial role in helping US companies tap these benefits and remains committed to being a part of the solution to help tide over this crisis It is imperative that the US and all countries continue to be proponents of free trade. With more countries impacted with the slowdown, such protectionism would trigger similar protectionist measures. The world economy will find it difficult to reverse this trend quickly. Restricted trade affects businesses, incomes and employment in other countries thus resulting in lower spending and subsequently lower demand for US goods and services globally," it added.
Source from: http://timesofindia.indiatimes.com/Business/New-H1-B-visa-norms-to-isolate-India/articleshow/4251475.cms
Satyam's valuation may be hit
NEW DELHI: BK Modi's Spice Group has estimated that the liabilities from the dozen-odd class-action lawsuits against Satyam in the US could
range between $440-840 million, which could discourage aggressive bidding for the company, by lowering valuation. Spice, one of the early birds to have evinced interest in the scam-hit IT company, said this estimate has been given by its legal advisors.
"We have received a report from our legal advisors Gibson, Dunn & Crutcher LLP and they have said that the liabilities could range between $440-840 million. We have to factor this in," Modi told TOI. Spice Group plans to file expression of interest (EOI) for Satyam on March 12, the last day stipulated for registration for bidding.
A series of class action lawsuits on behalf of thousands of investors in the American Depositary Shares (ADS) of Satyam have been filed for violation of US securities laws after Satyam's disgraced founder B Ramalinga Raju confessed to having cooked up the company's financials for the last many years.
The lawsuits alleged that the misleading statements and inaccurate financial information
artificially inflated the value of the ADSs, thus duping American investors billions of dollars. A class action or a representative action is a form of lawsuit where a large group of people collectively bring a claim to court.
Huge liabilities arising out of lawsuits in US could mean lower bids by suitors, that include Larsen and Toubro, Hinduja group, Tech Mahindra and possibly IBM. This theory gains ground in the absence of a fair assessment of Satyam's valuation as the restatement of accounts would still take some more time and may not be available before bidding.
Modi, who has appointed Enam Securities as investment banker, refused to disclose the war chest earmarked for the bidding. "All I can say is that we will meet the stipulation of showing proof of availability of funds of at least Rs 1500 crore," he said.
Satyam would provide the shortlisted bidders with certain business, financial
and legal diligence materials with a non-disclosure agreement. However, Modi emphasised on the need for transparency in the entire process and said all such details should be put on the internet and company's website so that all stakeholders, including the company's ordinary shareholders, could access them.
"We want all the documents to be made public as there is no reason to hide them. This should include details regarding company's clients and loss of clients or staff, if any," he said. Also, he said that a process of e-auction should be followed for the bidding.
Source from: http://timesofindia.indiatimes.com/Business/Satyams-valuation-may-be-hit/articleshow/4251481.cms
Four held in ragging incident, Himachal govt orders inquiry
Four medical students accused of ragging a junior leading to his death were arrested and charged with culpable homicide as the Himachal Pradesh government on Tuesday ordered a magisterial probe into the shocking incident.
The four were remanded to police custody for varying periods by a local court in connection with the death of 19-year-old Aman Kachroo, a student of Dr Rajendra Prasad Government Medical College, Tanda.
Aman, an alumnus of DPS International, Delhi and a resident of Gurgaon, had died on Sunday night in a hospital in Tanda due to severe injuries. His family alleged that he was slapped, punched and kicked many times on the head and chest by his seniors who also shaved off his head.
Taking serious note of the incident, the state government ordered a magisterial probe into the incident and promised stern action against the guilty.
College principal Suresh Sankhayan was also replaced by Anil Chauhan, Head of Department of Opthalmology.
Chief Minister Prem Kumar Dhumal sought a detailed report on the incident from college authorities which suspended a hostel warden, manager and two guards.
While two second year students Ajay Kumar Verma and Naveen Verma, who were arrested on Monday, were remanded to police custody till March 13 by District and Sessions judge PS Rana, Abhinav Verma and Mukul Sharma surrendered today and were sent to police custody till March 16.
Sourcefrom: http://www.ndtv.com/convergence/ndtv/story.aspx?id=NEWEN20090086971&ch=311200964100AM
IIM-C sees average salary fall in 2009 placement
The all-pervasive global meltdown has not spared even headline-making placements of IIM grads, known for hefty-package offerings, as average salary in the 2009 placement season at IIM-C witnessed a fall of 23 per cent over the last year.
Director of IIM-C Shekhar Chaudhuri told reporters on Tuesday that the domestic average this year was Rs 12.7 lakh, with the highest offer at Rs 60 lakh per annum, while the average international package exclusive of bonus was $86,785 per annum.
Several public sector units and public sector banks had recruited from IIM-C this year, he said.
Public sector companies included IOC, NTPC, Coal India, and the nationalised banks were Bank of Baroda and Union Bank of India.
He said all the 265 students had got placement offers from various companies.
The foreign companies which recruited from IIM-C were Frost & Sullivan, BCG, A T Kearney, McKinsey, Barclays, Merrill Lynch and others.
Source from: http://www.ndtv.com/convergence/ndtv/story.aspx?id=NEWEN20090086969&ch=3112009121000AM
'New H1-B visa norms likely to isolate Indian IT'
CHENNAI: The National Association of Software and Services Company (Nasscom) has expressed its concern over the proposed amendment to the H1B
visa legislation and said the amendment is likely to isolate and unfairly target Indian IT companies, restricting the level-playing field.
A statement from Nasscom said on Tuesday that it is 'working closely with stakeholders and policy makers in the US Congress
' and the administration to ensure that the Indian IT industry is not disadvantaged in any manner due to this.
A team of six officials of Nasscom recently visited the US to prevail upon them over the visa
issue and also over the proposed 'Buy America' measure of the Obama administration.
The delegation met senator Charles Grassley, belonging to Iowa, who is spearheading the H-1 B legislation. Nasscom would be working with him to ensure that any fraudulent use of the H-1 B visas are apprehended and stopped and ensure legitimate business users are not affected.
The industry body said the only 11% of the total visas issued last year was to the Indian IT industry.
The delegation also met a large cross section of stakeholders from the US administration, elected representatives of the Congress, various associations, US headquartered companies and customer companies.
"Having met with various stakeholders and experts and discussed the protectionist measures with them, Nasscom does not see the "Buy America" clause or the discussion on removal of "tax breaks for US companies that create jobs offshore" provisions in their current forms having any impact on the Indian IT-BPO industry. We are confident that US will consider all factors as they have in the stimulus bill and other proposed initiatives for reviving the economy and employment," the statement said.
"The Indian IT-BPO industry has played a crucial role in helping US companies tap these benefits and remains committed to being a part of the solution to help tide over this crisis It is imperative that the US and all countries continue to be proponents of free trade. With more countries impacted with the slowdown, such protectionism would trigger similar protectionist measures. The world economy will find it difficult to reverse this trend quickly. Restricted trade affects businesses, incomes and employment in other countries thus resulting in lower spending and subsequently lower demand for US goods and services globally," it added.
Source from: http://timesofindia.indiatimes.com/Business/New-H1-B-visa-norms-to-isolate-India/articleshow/4251475.cms
Satyam's valuation may be hit
NEW DELHI: BK Modi's Spice Group has estimated that the liabilities from the dozen-odd class-action lawsuits against Satyam in the US could
range between $440-840 million, which could discourage aggressive bidding for the company, by lowering valuation. Spice, one of the early birds to have evinced interest in the scam-hit IT company, said this estimate has been given by its legal advisors.
"We have received a report from our legal advisors Gibson, Dunn & Crutcher LLP and they have said that the liabilities could range between $440-840 million. We have to factor this in," Modi told TOI. Spice Group plans to file expression of interest (EOI) for Satyam on March 12, the last day stipulated for registration for bidding.
A series of class action lawsuits on behalf of thousands of investors in the American Depositary Shares (ADS) of Satyam have been filed for violation of US securities laws after Satyam's disgraced founder B Ramalinga Raju confessed to having cooked up the company's financials for the last many years.
The lawsuits alleged that the misleading statements and inaccurate financial information
artificially inflated the value of the ADSs, thus duping American investors billions of dollars. A class action or a representative action is a form of lawsuit where a large group of people collectively bring a claim to court.
Huge liabilities arising out of lawsuits in US could mean lower bids by suitors, that include Larsen and Toubro, Hinduja group, Tech Mahindra and possibly IBM. This theory gains ground in the absence of a fair assessment of Satyam's valuation as the restatement of accounts would still take some more time and may not be available before bidding.
Modi, who has appointed Enam Securities as investment banker, refused to disclose the war chest earmarked for the bidding. "All I can say is that we will meet the stipulation of showing proof of availability of funds of at least Rs 1500 crore," he said.
Satyam would provide the shortlisted bidders with certain business, financial
and legal diligence materials with a non-disclosure agreement. However, Modi emphasised on the need for transparency in the entire process and said all such details should be put on the internet and company's website so that all stakeholders, including the company's ordinary shareholders, could access them.
"We want all the documents to be made public as there is no reason to hide them. This should include details regarding company's clients and loss of clients or staff, if any," he said. Also, he said that a process of e-auction should be followed for the bidding.
Source from: http://timesofindia.indiatimes.com/Business/Satyams-valuation-may-be-hit/articleshow/4251481.cms
Four held in ragging incident, Himachal govt orders inquiry
Four medical students accused of ragging a junior leading to his death were arrested and charged with culpable homicide as the Himachal Pradesh government on Tuesday ordered a magisterial probe into the shocking incident.
The four were remanded to police custody for varying periods by a local court in connection with the death of 19-year-old Aman Kachroo, a student of Dr Rajendra Prasad Government Medical College, Tanda.
Aman, an alumnus of DPS International, Delhi and a resident of Gurgaon, had died on Sunday night in a hospital in Tanda due to severe injuries. His family alleged that he was slapped, punched and kicked many times on the head and chest by his seniors who also shaved off his head.
Taking serious note of the incident, the state government ordered a magisterial probe into the incident and promised stern action against the guilty.
College principal Suresh Sankhayan was also replaced by Anil Chauhan, Head of Department of Opthalmology.
Chief Minister Prem Kumar Dhumal sought a detailed report on the incident from college authorities which suspended a hostel warden, manager and two guards.
While two second year students Ajay Kumar Verma and Naveen Verma, who were arrested on Monday, were remanded to police custody till March 13 by District and Sessions judge PS Rana, Abhinav Verma and Mukul Sharma surrendered today and were sent to police custody till March 16.
Sourcefrom: http://www.ndtv.com/convergence/ndtv/story.aspx?id=NEWEN20090086971&ch=311200964100AM
IIM-C sees average salary fall in 2009 placement
The all-pervasive global meltdown has not spared even headline-making placements of IIM grads, known for hefty-package offerings, as average salary in the 2009 placement season at IIM-C witnessed a fall of 23 per cent over the last year.
Director of IIM-C Shekhar Chaudhuri told reporters on Tuesday that the domestic average this year was Rs 12.7 lakh, with the highest offer at Rs 60 lakh per annum, while the average international package exclusive of bonus was $86,785 per annum.
Several public sector units and public sector banks had recruited from IIM-C this year, he said.
Public sector companies included IOC, NTPC, Coal India, and the nationalised banks were Bank of Baroda and Union Bank of India.
He said all the 265 students had got placement offers from various companies.
The foreign companies which recruited from IIM-C were Frost & Sullivan, BCG, A T Kearney, McKinsey, Barclays, Merrill Lynch and others.
Source from: http://www.ndtv.com/convergence/ndtv/story.aspx?id=NEWEN20090086969&ch=3112009121000AM
Top Stories in Brief:
'New H1-B visa norms likely to isolate Indian IT'
CHENNAI: The National Association of Software and Services Company (Nasscom) has expressed its concern over the proposed amendment to the H1B
visa legislation and said the amendment is likely to isolate and unfairly target Indian IT companies, restricting the level-playing field.
A statement from Nasscom said on Tuesday that it is 'working closely with stakeholders and policy makers in the US Congress
' and the administration to ensure that the Indian IT industry is not disadvantaged in any manner due to this.
A team of six officials of Nasscom recently visited the US to prevail upon them over the visa
issue and also over the proposed 'Buy America' measure of the Obama administration.
The delegation met senator Charles Grassley, belonging to Iowa, who is spearheading the H-1 B legislation. Nasscom would be working with him to ensure that any fraudulent use of the H-1 B visas are apprehended and stopped and ensure legitimate business users are not affected.
The industry body said the only 11% of the total visas issued last year was to the Indian IT industry.
The delegation also met a large cross section of stakeholders from the US administration, elected representatives of the Congress, various associations, US headquartered companies and customer companies.
"Having met with various stakeholders and experts and discussed the protectionist measures with them, Nasscom does not see the "Buy America" clause or the discussion on removal of "tax breaks for US companies that create jobs offshore" provisions in their current forms having any impact on the Indian IT-BPO industry. We are confident that US will consider all factors as they have in the stimulus bill and other proposed initiatives for reviving the economy and employment," the statement said.
"The Indian IT-BPO industry has played a crucial role in helping US companies tap these benefits and remains committed to being a part of the solution to help tide over this crisis It is imperative that the US and all countries continue to be proponents of free trade. With more countries impacted with the slowdown, such protectionism would trigger similar protectionist measures. The world economy will find it difficult to reverse this trend quickly. Restricted trade affects businesses, incomes and employment in other countries thus resulting in lower spending and subsequently lower demand for US goods and services globally," it added.
Source from: http://timesofindia.indiatimes.com/Business/New-H1-B-visa-norms-to-isolate-India/articleshow/4251475.cms
Satyam's valuation may be hit
NEW DELHI: BK Modi's Spice Group has estimated that the liabilities from the dozen-odd class-action lawsuits against Satyam in the US could
range between $440-840 million, which could discourage aggressive bidding for the company, by lowering valuation. Spice, one of the early birds to have evinced interest in the scam-hit IT company, said this estimate has been given by its legal advisors.
"We have received a report from our legal advisors Gibson, Dunn & Crutcher LLP and they have said that the liabilities could range between $440-840 million. We have to factor this in," Modi told TOI. Spice Group plans to file expression of interest (EOI) for Satyam on March 12, the last day stipulated for registration for bidding.
A series of class action lawsuits on behalf of thousands of investors in the American Depositary Shares (ADS) of Satyam have been filed for violation of US securities laws after Satyam's disgraced founder B Ramalinga Raju confessed to having cooked up the company's financials for the last many years.
The lawsuits alleged that the misleading statements and inaccurate financial information
artificially inflated the value of the ADSs, thus duping American investors billions of dollars. A class action or a representative action is a form of lawsuit where a large group of people collectively bring a claim to court.
Huge liabilities arising out of lawsuits in US could mean lower bids by suitors, that include Larsen and Toubro, Hinduja group, Tech Mahindra and possibly IBM. This theory gains ground in the absence of a fair assessment of Satyam's valuation as the restatement of accounts would still take some more time and may not be available before bidding.
Modi, who has appointed Enam Securities as investment banker, refused to disclose the war chest earmarked for the bidding. "All I can say is that we will meet the stipulation of showing proof of availability of funds of at least Rs 1500 crore," he said.
Satyam would provide the shortlisted bidders with certain business, financial
and legal diligence materials with a non-disclosure agreement. However, Modi emphasised on the need for transparency in the entire process and said all such details should be put on the internet and company's website so that all stakeholders, including the company's ordinary shareholders, could access them.
"We want all the documents to be made public as there is no reason to hide them. This should include details regarding company's clients and loss of clients or staff, if any," he said. Also, he said that a process of e-auction should be followed for the bidding.
Source from: http://timesofindia.indiatimes.com/Business/Satyams-valuation-may-be-hit/articleshow/4251481.cms
Four held in ragging incident, Himachal govt orders inquiry
Four medical students accused of ragging a junior leading to his death were arrested and charged with culpable homicide as the Himachal Pradesh government on Tuesday ordered a magisterial probe into the shocking incident.
The four were remanded to police custody for varying periods by a local court in connection with the death of 19-year-old Aman Kachroo, a student of Dr Rajendra Prasad Government Medical College, Tanda.
Aman, an alumnus of DPS International, Delhi and a resident of Gurgaon, had died on Sunday night in a hospital in Tanda due to severe injuries. His family alleged that he was slapped, punched and kicked many times on the head and chest by his seniors who also shaved off his head.
Taking serious note of the incident, the state government ordered a magisterial probe into the incident and promised stern action against the guilty.
College principal Suresh Sankhayan was also replaced by Anil Chauhan, Head of Department of Opthalmology.
Chief Minister Prem Kumar Dhumal sought a detailed report on the incident from college authorities which suspended a hostel warden, manager and two guards.
While two second year students Ajay Kumar Verma and Naveen Verma, who were arrested on Monday, were remanded to police custody till March 13 by District and Sessions judge PS Rana, Abhinav Verma and Mukul Sharma surrendered today and were sent to police custody till March 16.
Sourcefrom: http://www.ndtv.com/convergence/ndtv/story.aspx?id=NEWEN20090086971&ch=311200964100AM
IIM-C sees average salary fall in 2009 placement
The all-pervasive global meltdown has not spared even headline-making placements of IIM grads, known for hefty-package offerings, as average salary in the 2009 placement season at IIM-C witnessed a fall of 23 per cent over the last year.
Director of IIM-C Shekhar Chaudhuri told reporters on Tuesday that the domestic average this year was Rs 12.7 lakh, with the highest offer at Rs 60 lakh per annum, while the average international package exclusive of bonus was $86,785 per annum.
Several public sector units and public sector banks had recruited from IIM-C this year, he said.
Public sector companies included IOC, NTPC, Coal India, and the nationalised banks were Bank of Baroda and Union Bank of India.
He said all the 265 students had got placement offers from various companies.
The foreign companies which recruited from IIM-C were Frost & Sullivan, BCG, A T Kearney, McKinsey, Barclays, Merrill Lynch and others.
Source from: http://www.ndtv.com/convergence/ndtv/story.aspx?id=NEWEN20090086969&ch=3112009121000AM
'New H1-B visa norms likely to isolate Indian IT'
CHENNAI: The National Association of Software and Services Company (Nasscom) has expressed its concern over the proposed amendment to the H1B
visa legislation and said the amendment is likely to isolate and unfairly target Indian IT companies, restricting the level-playing field.
A statement from Nasscom said on Tuesday that it is 'working closely with stakeholders and policy makers in the US Congress
' and the administration to ensure that the Indian IT industry is not disadvantaged in any manner due to this.
A team of six officials of Nasscom recently visited the US to prevail upon them over the visa
issue and also over the proposed 'Buy America' measure of the Obama administration.
The delegation met senator Charles Grassley, belonging to Iowa, who is spearheading the H-1 B legislation. Nasscom would be working with him to ensure that any fraudulent use of the H-1 B visas are apprehended and stopped and ensure legitimate business users are not affected.
The industry body said the only 11% of the total visas issued last year was to the Indian IT industry.
The delegation also met a large cross section of stakeholders from the US administration, elected representatives of the Congress, various associations, US headquartered companies and customer companies.
"Having met with various stakeholders and experts and discussed the protectionist measures with them, Nasscom does not see the "Buy America" clause or the discussion on removal of "tax breaks for US companies that create jobs offshore" provisions in their current forms having any impact on the Indian IT-BPO industry. We are confident that US will consider all factors as they have in the stimulus bill and other proposed initiatives for reviving the economy and employment," the statement said.
"The Indian IT-BPO industry has played a crucial role in helping US companies tap these benefits and remains committed to being a part of the solution to help tide over this crisis It is imperative that the US and all countries continue to be proponents of free trade. With more countries impacted with the slowdown, such protectionism would trigger similar protectionist measures. The world economy will find it difficult to reverse this trend quickly. Restricted trade affects businesses, incomes and employment in other countries thus resulting in lower spending and subsequently lower demand for US goods and services globally," it added.
Source from: http://timesofindia.indiatimes.com/Business/New-H1-B-visa-norms-to-isolate-India/articleshow/4251475.cms
Satyam's valuation may be hit
NEW DELHI: BK Modi's Spice Group has estimated that the liabilities from the dozen-odd class-action lawsuits against Satyam in the US could
range between $440-840 million, which could discourage aggressive bidding for the company, by lowering valuation. Spice, one of the early birds to have evinced interest in the scam-hit IT company, said this estimate has been given by its legal advisors.
"We have received a report from our legal advisors Gibson, Dunn & Crutcher LLP and they have said that the liabilities could range between $440-840 million. We have to factor this in," Modi told TOI. Spice Group plans to file expression of interest (EOI) for Satyam on March 12, the last day stipulated for registration for bidding.
A series of class action lawsuits on behalf of thousands of investors in the American Depositary Shares (ADS) of Satyam have been filed for violation of US securities laws after Satyam's disgraced founder B Ramalinga Raju confessed to having cooked up the company's financials for the last many years.
The lawsuits alleged that the misleading statements and inaccurate financial information
artificially inflated the value of the ADSs, thus duping American investors billions of dollars. A class action or a representative action is a form of lawsuit where a large group of people collectively bring a claim to court.
Huge liabilities arising out of lawsuits in US could mean lower bids by suitors, that include Larsen and Toubro, Hinduja group, Tech Mahindra and possibly IBM. This theory gains ground in the absence of a fair assessment of Satyam's valuation as the restatement of accounts would still take some more time and may not be available before bidding.
Modi, who has appointed Enam Securities as investment banker, refused to disclose the war chest earmarked for the bidding. "All I can say is that we will meet the stipulation of showing proof of availability of funds of at least Rs 1500 crore," he said.
Satyam would provide the shortlisted bidders with certain business, financial
and legal diligence materials with a non-disclosure agreement. However, Modi emphasised on the need for transparency in the entire process and said all such details should be put on the internet and company's website so that all stakeholders, including the company's ordinary shareholders, could access them.
"We want all the documents to be made public as there is no reason to hide them. This should include details regarding company's clients and loss of clients or staff, if any," he said. Also, he said that a process of e-auction should be followed for the bidding.
Source from: http://timesofindia.indiatimes.com/Business/Satyams-valuation-may-be-hit/articleshow/4251481.cms
Four held in ragging incident, Himachal govt orders inquiry
Four medical students accused of ragging a junior leading to his death were arrested and charged with culpable homicide as the Himachal Pradesh government on Tuesday ordered a magisterial probe into the shocking incident.
The four were remanded to police custody for varying periods by a local court in connection with the death of 19-year-old Aman Kachroo, a student of Dr Rajendra Prasad Government Medical College, Tanda.
Aman, an alumnus of DPS International, Delhi and a resident of Gurgaon, had died on Sunday night in a hospital in Tanda due to severe injuries. His family alleged that he was slapped, punched and kicked many times on the head and chest by his seniors who also shaved off his head.
Taking serious note of the incident, the state government ordered a magisterial probe into the incident and promised stern action against the guilty.
College principal Suresh Sankhayan was also replaced by Anil Chauhan, Head of Department of Opthalmology.
Chief Minister Prem Kumar Dhumal sought a detailed report on the incident from college authorities which suspended a hostel warden, manager and two guards.
While two second year students Ajay Kumar Verma and Naveen Verma, who were arrested on Monday, were remanded to police custody till March 13 by District and Sessions judge PS Rana, Abhinav Verma and Mukul Sharma surrendered today and were sent to police custody till March 16.
Sourcefrom: http://www.ndtv.com/convergence/ndtv/story.aspx?id=NEWEN20090086971&ch=311200964100AM
IIM-C sees average salary fall in 2009 placement
The all-pervasive global meltdown has not spared even headline-making placements of IIM grads, known for hefty-package offerings, as average salary in the 2009 placement season at IIM-C witnessed a fall of 23 per cent over the last year.
Director of IIM-C Shekhar Chaudhuri told reporters on Tuesday that the domestic average this year was Rs 12.7 lakh, with the highest offer at Rs 60 lakh per annum, while the average international package exclusive of bonus was $86,785 per annum.
Several public sector units and public sector banks had recruited from IIM-C this year, he said.
Public sector companies included IOC, NTPC, Coal India, and the nationalised banks were Bank of Baroda and Union Bank of India.
He said all the 265 students had got placement offers from various companies.
The foreign companies which recruited from IIM-C were Frost & Sullivan, BCG, A T Kearney, McKinsey, Barclays, Merrill Lynch and others.
Source from: http://www.ndtv.com/convergence/ndtv/story.aspx?id=NEWEN20090086969&ch=3112009121000AM
Todays latest News
Main Headlines :
1)All eyes on Trust of vote for Naveen Patnaik government in Orissa after BJP-BJD alliance breaks.
2)Meghalaya Government led by NCP loses majority.
3)Naveen Patnaik wins trust vote in Orissa Assembly.
4)24 Indians make it to Forbes 'World's Richest' list.
5)Four third year students of Dr Rajendra Prasad Medical College at Tanda in Kangra of Himachal Pradesh state were charged with murder for ragging death.
6)Conflicts between Cong-NCP alliance in Pune
7)Indian reply to Pak on 26/11 expected this week.
8)IIM-C sees average salary fall in 2009 placement.
9)Mumbai attacks show growing ability of LeT: US
Business News:
1)IMF chief Strauss-Kahn said that World in grip of 'Great Recession'.
2)Citigroup cheers markets but scene still bleak.
3)Satyam's valuation may be hit.
4)Asian cities have shot up the list of the world's most expensive places than Europe.
5)Bernard Madoff, accused mastermind of a $50 billion financial fraud, is expected to plead guilty.
6)'New H1-B visa norms likely to isolate Indian IT'.
Sports News:
1)Australia retain No. 1 spot in ICC Test Championship after beating South Africa with maragin of 2-0 in the Test Series.
2)IPL revenue up by Rs 1,725 cr, set to earn Rs 10,790 cr.
3)Rain causes delay of match between India and New Zealand, as NewZealand set score of 271/5 in 47 overs and in reply India are 169/0 19.2 overs.
4)PCB gives clean chit to security provided to Lankans.
5)England go down fighting to West Indies in the test series.
1)All eyes on Trust of vote for Naveen Patnaik government in Orissa after BJP-BJD alliance breaks.
2)Meghalaya Government led by NCP loses majority.
3)Naveen Patnaik wins trust vote in Orissa Assembly.
4)24 Indians make it to Forbes 'World's Richest' list.
5)Four third year students of Dr Rajendra Prasad Medical College at Tanda in Kangra of Himachal Pradesh state were charged with murder for ragging death.
6)Conflicts between Cong-NCP alliance in Pune
7)Indian reply to Pak on 26/11 expected this week.
8)IIM-C sees average salary fall in 2009 placement.
9)Mumbai attacks show growing ability of LeT: US
Business News:
1)IMF chief Strauss-Kahn said that World in grip of 'Great Recession'.
2)Citigroup cheers markets but scene still bleak.
3)Satyam's valuation may be hit.
4)Asian cities have shot up the list of the world's most expensive places than Europe.
5)Bernard Madoff, accused mastermind of a $50 billion financial fraud, is expected to plead guilty.
6)'New H1-B visa norms likely to isolate Indian IT'.
Sports News:
1)Australia retain No. 1 spot in ICC Test Championship after beating South Africa with maragin of 2-0 in the Test Series.
2)IPL revenue up by Rs 1,725 cr, set to earn Rs 10,790 cr.
3)Rain causes delay of match between India and New Zealand, as NewZealand set score of 271/5 in 47 overs and in reply India are 169/0 19.2 overs.
4)PCB gives clean chit to security provided to Lankans.
5)England go down fighting to West Indies in the test series.
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