Results:NTPC,SBI,ICICI,Sterlite, Rcom etc

SBI posts 37% rise in net profit

India's largest bank, State Bank of India (SBI) has posted a 37% rise in net profit to Rs 2478 crore from for third quarter of FY09 from Rs
1809 crores. Operating profit for the same quarter was up 22.5% at Rs 4482 crore as against Rs 3660 crore. The net income interest (NII) stood at Rs 5,758 crores ,as against Rs 4256 crore in the same period last year, a rise of 35%. Other income was up 38% to Rs 21,256 crore as against Rs 15,364 crore in the corresponding period last year. The total income rose 38% to stand at Rs 21,255 crores of this treasury gains was Rs 674 crore as against 644 crore in the corresponding period. Net interest margins improved to 3.15% from 3.01%. Bank's advances rose 28.5% to Rs 503,829 crore while deposits rose 36% to Rs 692,922 crore. Bank made a provision of Rs 515 crore for bad loan as against Rs 444 crore last year. Gross NPA rose to Rs 13,314 crore from Rs 11,182 crore while net NPA rose to 6864 crore from Rs 5610 crore. As a percentage to total advances, gross NPAs fell to 2.61% from 2.82% while net NPA was at 1.36% against 1.44%. Capital adequacy stood at 13.72% under Basel II norms. Bank officials said that write-back was to the turn Rs 513 crore. SBI made a provision of Rs 198 crore which is net of write-back. The bank would have book huge treasury gains this quarter as yields on g-sec fell sharply. The appreciation in value of bonds can not be booked profit, but banks can write - back access provisions made earlier. Shares of SBI ended down 4.34% on Friday, markets are closed on Saturday.

NTPC Q3 net jumps 26 pc Country's largest power producer NTPC on Saturday said its net profit rose by 26.4 per cent to Rs 2,250 crore for the quarter ended December. The company had reported a net profit of Rs 1,780 crore in the corresponding period last year, NTPC informed the Bombay Stock Exchange. For the nine-month period ended December, the net profit of the company stood at Rs 6,088 crore against Rs 6,075 crore in the year-ago period. The company recorded net sales of Rs 11,277 crore against Rs 9,331 crore in the same period last year. The company also declared an interim dividend of 28 per cent. Power regulator Central Electricity Regulatory Commission (CERC) recently increased the rate of return on equity from 14 per cent to 15.5 per cent for determining tariff as part of various incentives being offered to invite greater investments. The move would help power generating and transmission companies, including NTPC, and PowerGrid to get higher profitability, and thus, attract increased private investment.

ICICI Bank Q3 net profit up 3.4%

Rising NPAs and fall in business affect ICICI Bank's performance

Lower expenses and treasury gains saved the day for ICICI Bank. The bank reported a marginal rise in net profit for the third quarter ended
December 31,2008 at Rs 1272.15 cr as against Rs 1230.21 cr in the corresponding period of the previous quarter. The net profit for the three quarters ended December 31 was flat at Rs 3014.37 cr as against Rs 3007.89 cr. The results are below analyst expectation. The other income of the bank was marginally up at Rs 2514.54 cr as against Rs 2426.59 cr. The bank in a statement said that it has earned a treasury income of Rs. 976 crore in the third quarter, primarily by positioning its treasury strategy to benefit from the decline in yields on government bonds. The interest income of the bank was marginally down to Rs 7836.08 cr from Rs 7911.77 cr. The bank has shown a fall in interest expenses to Rs 5845.67 cr from Rs 5952 cr, while operating expenses saw a fall of 18.49% to Rs 1734.11 cr. The bank in a statement said it has pursued a strategy of lightening the balance sheet and prioritizing capital conservation, liquidity management and risk containment given the challenging economic environment. It has also placed strong emphasis on efficiency improvement and cost rationalization. During the third quarter, it continued with this strategy, while also taking advantage of market opportunities to increase its treasury income. The advances of the bank have seen a marginal fall to Rs 2,12,521 cr as against Rs 2,15,517 cr the previous year. The deposits of the bank have also seen a marginal fall to Rs 2,09,065 cr from Rs 2,29.779 cr the previous fiscal. The bank has seen a rise in non performing assets, which is likely to be on the back of rising bad debts in the retail portfolio. The gross NPAs of the bank have moved up to 4.14% (Rs 8,988 cr) from 2.96% (Rs 6,474.84 cr). The net NPAs of the bank have risen to 2.07% (Rs 4,400.23 cr) from 1.5% (3,227.82 cr). ICICI Bank Canada has posted a net profit of Canadian dollars 32.9 million. After accounting for the gains on buyback of bonds and mark-to-market provisions on the investment portfolio, ICICI Bank UK has posted a net profit of $1.4 million for the three quarters ended December 31. The Bank's capital adequacy ratio at December 31, 2008 on Basel II norms was at 15.6%.

Sterlite Industries Q3 net dips 37 pc at Rs 732 cr

Sterlite Industries on Saturday said that its consolidated net profit in the third quarter of the current fiscal declined 37.76 per cent at
Rs 732.31 crore from the corresponding period a year ago. NRI billionaire Anil Agarwal-led firm had a consolidated net profit of Rs 1,176.64 crore in the third quarter last financial year, Sterlite Industries said in a filing to the Bombay Stock Exchange. Consolidated net income of Vedanta Group firm also fell to Rs 4,445.55 crore in the December quarter of FY 2009, from Rs 5,232.20 crore a year ago. For the nine-month period ended December 31, 2008, the company posted a consolidated net profit of Rs 4,048.51 crore, an 8.67 per cent drop from the same period a last year. It had a consolidated net profit of Rs 4,433.23 crore in the December quarter of last fiscal. On a standalone basis, the copper producer registered a net profit of Rs 204.01 crore in the latest quarter, an 11.62 per cent decline compared with Rs 230.85 crore in the previous year. On Friday, shares of Sterlite Industries closed at Rs 239.45, down 1.68 per cent on the BSE.

RCOM disappoints St, Q3 net rises just 3%

Reliance Communications (RCOM), India’s largest CDMA operator, underperformed market expectations in the December quarter, as profitability
in the wireless and broadband business segments dropped significantly. The R-ADAG company is now planning a sharp cut in capital expenditure. The company posted a 2.7% rise in net profit to Rs 1,410 crore while revenues were up 20% to Rs 5,850 crore for the quarter. The telco added 5.3 million subscribers in the world’s fastest-growing telecom market during the period. ETIG had estimated RCOM’s net profit at Rs 1,669.4 crore on revenues of Rs 5,876.6 crore. RCOM chairman Anil Ambani announced a sharp cut in capex beginning next fiscal. “We will invest in the range of Rs 15,000 crore next fiscal, including Reliance Infratel. Our revised capex expectation for 2008-09 is Rs 25,000,” he said during an analysts conference call after the results. The company’s earlier capex guidance was Rs 30,000 crore for the current fiscal. “Peak capex is behind us and we will continue to go down from here,” he said, adding that capex numbers exclude funds earmarked for 3G (third-generation) spectrum and broadband wireless access (BWA) auctions. “We are on course to deliver free cash flows soon,” he added. Ebitda margins for RCOM’s mobile business reduced sequentially by 1.2% to 37.7%, as average revenue per user (ARPU) per month declined by Rs 20 to Rs 251. The telco’s ARPU during the December quarter is now much lower than rival Bharti Airtel’s Rs 324. Despite attractive tariff schemes and free minutes, RCOM reported a decline in minutes of usage to 410 from 423 per user per month. Even wireless revenue per minute dipped to 61 paise from 64 paise. However, the company said EBITDA margins will be stable in the medium to long term. Ahead of results, the RCOM stock slipped 4.5% to close at Rs 160.15 on Friday in a weak Mumbai market. Mr Ambani said there is a strong demand for NLD bandwidth from enterprise customers. “We are targeting Rs 1,000-crore market share in the next two years out of the total Rs 5,000-crore addressable market,” he said. RCOM’s tower arm Reliance Infratel has commissioned over 50,000 towers till now and is in discussion with operators for infrastructure sharing.

Torrent Power Q3 net up 72 pc at Rs 102 cr

HCL net up 12% at Rs 373 cr24 Jan 2009, 0018 hrs IST
HCL Technologies, one of India’s top five software exporters, warned on Friday its margins could come under pressure as customers faced a choppy economic environment, as it posted a 12.1% rise in third-quarter net profit.

Tech Mahindra Q3 net up 12 pc at Rs 222.90 crore 23 Jan 2009, 1646 hrs IST
Software firm Tech Mahindra reported 12% growth in net profit at Rs 222.90 crore for third quarter ended Dec 31, 2008.
IDBI Bank Q3 net up 27% at Rs 223 crore 23 Jan 2009, 1620 hrs IST
IDBI Bank reported a 26.61% growth in net profit at Rs 222.63 crore for the third quarter ended December 31, 2008.
Vijaya Bank posts 23.73% rise in net profit 23 Jan 2009, 1555 hrs IST
Vijaya Bank has posted a 23.73% rise in net profit to Rs 157 crore in the third quarter ending December 09 as against Rs 127crore reported last year in the same period.

Divis Labs net profit was at Rs 79.5 cr

SBI Q3FY09 PAT up 37% to Rs 2478 cr

RNRL Q3 consolidated net profit 24.21 cr

IDBI Bank Q3 net profit at Rs 222.6 cr

Canara Bank Q3 net profit at Rs 701.5 cr

Union Bank of India Q3 net profit at Rs 672 cr

Voltas Q3 PAT at Rs 42.41 cr

3i Infotech Q3 net profit at Rs 27cr

Source:ET,IE etc

Torrent Power Q3 net up 72 pc at Rs 102 cr

The CNBC-TV18 India Business Leader Awards With Photos

The CNBC-TV18 India Business Leader Awards With Photos

The CNBC-TV18 India Business Leader Awards
23rd January 2009, Mumbai /PRNewswire/ — Celebrating visionary leadership, CNBC-TV18 returns with the 4th edition of the India Business Leader Awards and aims to recognize leaders who have made the difference, creating an edge above peers. Winning an IBLA is a defining moment for the leader and the company. The award for corporate excellence is an indication of greater achievements to come over time.
CNBC with the Asia Business Leader Awards, pioneered the business leadership awards to recognize leaders who create and sustain entrepreneurial initiatives, develop best practices and carve out powerful businesses in the global economy. CNBC-TV18 is proud to carry on this tradition in India with the India Business Leader Awards.
This year the jury comprised of Mukesh Ambani, CMD, Reliance Industries Ltd., as chairperson of the Jury, Kumar Mangalam Birla, Chairman, Aditya Birla Group, Deepak Parekh, Chairman, HDFC, R. Seshasayee, Managing Director, Ashok Leyland, Jagdish Khattar, CMD, Carnation Auto India Pvt. Ltd. And Raghav Bahl, MD, Network18.
Dignitaries who were present for the award ceremony included Ashok Chavan, Chief Minister, Maharashtra, Narendra Modi, Chief Minister, Gujarat, Kamal Nath, Union Minister of Commerce and Industries, Mukesh Ambani, Aamir Khan, KM Birla, Atul Punj, S. Ramadorai, Uday Kotak, Ajay Piramal, Naresh Goyal, Chitra Ramakrishnan, Anand G. Mahindra, Sumit Bannerjee, Swati Piramal and Nita Ambani.
The event brought together the most revered names in India's political, economic and social circles on 22nd January 2009 in Taj Lands End, Bandra, Mumbai.

CNBC-TV18 Indian Business Leader Award winners:
First Generation Entrepreneur Of The Year – Atul Punj, Chairman, Punj Lloyd
Most Promising Entrant Into The Big League – Ashwin Dani, MD, Asian Paints
Taking India Abroad! (Brand India) – Naresh Goyal, Chairman, Jet Airways
Social Enterprise Of The Year – Akshay Patra
Outstanding Contribution To The Cause Of Indian Business – Shri Kamalnath, Minister, Commerce & Industry
Lifetime Achievement Award – Keshub Mahindra, Chairman, M & M
CNBC-TV18'S Entertainment Business Leader – Aamir Khan
CNBC-TV18'S Sport Business Leader – Lalit Modi, Chairman, IPL
CNBC-TV18' Outstanding Woman Business Leader – Chitra Ramakrishnan,Deputy MD, NSE
CNBC-TV18'S Outstanding Business Leader – Deepak Parekh, Chairman, HDFC
CNBC-TV18'S Outstanding Company Of The Year – Mukesh Ambani, CMD, RIL
The India Business Leader Of The Year – Uday Kotak, VC & MD, Kotak Mahindra
India Innovator Of The Year – Ajay Piramal, Chairman, Piramal Healthcare
The Corporate Citizen Of The Year – Sumit Banerjee, MD, ACC Ltd
The Talent Management Award – S Ramadorai, MD & CEO, TCS

Source:http://www.prnewswire.com/mnr/cnbctv18-ibla/36775/

Slumdog Millionaire bags 10 Oscar nominations

'Slumdog Millionaire' bags 10 Oscar nominations
Slumdog Millionaire: Movie Review

Inching closer towards an Oscar, composer A R Rahman on Thursday got himself nominated for three Academy awards for his score in British-Indian movie "Slumdog Millionaire", which was in all shortlisted for 10 categories including best film and best director. "Something good is happening and I am really happy about it," was the reaction of Rahman, who became the first Indian to win a triple Oscar nomination. 43-year-old Rahman was nominated for Best Original Score and the numbers 'Jai Ho' and 'O Saya' were shortlisted for the Best Original Song. Close on the heels of the dual-language film winning four Golden Globes, including one for Rahman, earlier this month, Danny Boyle and Simon Beaufoy were shortlisted for best director and best adapted screenplay categories.

The film also won nominations in cinematography, sound mixing, sound editing and film editing. David Fincher's romantic periodical "The Curious Case of Benjamin Button", starring Brad Pitt, topped this year's race with a whopping 13 nominations. The nominations were announced at the Academy of Motion Picture Arts and Sciences' Samuel Goldwyn Theatre by Oscar-winning actor Forest Whitaker. The winners will be named on February 22 at Hollywood's Kodak Theatre. Only two Indian have won the coveted Oscar till date, Bhanu Athaiya (for costume design in "Gandhi") and Satyajit Ray, who was given an honorary Oscar for his contribution to films. This is also the first time that an Indian has won more than one nomination in Oscars history. Reacting to the nominations, Rahman said, "I did not think it will get there. God has been really kind. And I have to really thank the prayers of all the people and their good wishes. "There is a kind of optimism in the film and so much of positive vibes as you leave the movie hall." In the original score category, Rahman will compete with Alexandre Desplat ("The Curious Case of Benjamin Button"), James Newton Howard ("Defiance"), Danny Elfman ("Milk") and Thomas Newman ("WALL-E"). Rahman will compete with Peter Gabriel and Thomas Newman ("Down to earth" from "WALL-E") in the original song category. Gulzar has penned the lyrics of "Jai Ho" and Mia Arulpragasam "O Saya". Co-director Loveelyn Tandon said "We have proved everyone wrong. It's a crazy feeling beyond words. Ten nominations is something unbelievable." She said all Rahman's work has been awarded and the "world has finally woken up to his talent". The films for the best picture race are "Milk", "Frost/Nixon", "The Curious Case of Benjamin Button" and "The Reader". Those nominated in the best director category along with Boyle are David Fincher ("The Curious Case of Benjamin Button"), Stephen Daldry ("The Reader"), Gus Van Sant ("Milk") and Ron Howard ("Frost/Nixon").


→ Slumdog Rahman rules golden globe
→ Slumdog Millionaire wins 3 at Golden Globes
→ 'Slumdog Millionaire' makes $43 mn to jump back in US Top 10
→ 'Slumdog' to face 'Dark Knight' as Oscar nods are revealed
------------------------------------------------
Slumdog Millionaire: Movie Review
Heath Ledger gets posthumous Oscar nomination
'Benjamin Button' leads Oscars with 13 nominations
Rahman bags 3 Oscar nominations, Slumdog... gets 10

Source:ET,Rediff

Reliance Q3 net falls but beats forecast

India's Reliance Q3 net falls but beats f'cast
Reliance Q3 net falls 8.8 pct, beats f'cast Business News Reuters
Reliance Q3 net falls 8.8%, first drop in 3 years
RIL may lift market on Friday

MUMBAI (Reuters) - India's largest listed company, Reliance Industries Ltd, said its quarterly earnings fell 9.8 percent from a restated year-ago profit, its first drop in three years, but beat forecasts as refining margin eased less than expected.
"This was one of the most challenging quarters for Reliance with volatility in prices and margins," Chairman and Managing Director Mukesh Ambani said in a statement on Thursday.
"Producers and consumers are coming to terms with slower global trade and economic outlook," he said.
Reliance, India's largest petrochemical producer and refiner, is set to get a boost when it starts pumping 30-40 million cubic metres of natural gas a day from its deep-sea fields off India's east coast in the second half of February.
Another driver would be sales from the newly commissioned 580,000 barrels per day refinery which is run by subsidiary Reliance Petroleum.
Reliance Industries said net profit fell to 35.01 billion rupees ($713 million) in its fiscal third quarter ended Dec. 31 from a restated 38.82 billion rupees excluding one-off gains a year earlier.
A Reuters poll had forecast a net profit of 30.98 billion rupees.
Refining margins, a key measure of profitability, dropped to $10 per barrel from $15.4 a barrel a year ago, against market expectations of $9.16 as sluggish demand in the wake of global economic slowdown pushed oil prices sharply lower.
Reliance's refining margins are significantly higher than the Asian benchmark in Dubai as its refinery can process cheaper heavy crude to produce high value products.

rude oil prices plunged more than $100 from its peak of $147 barrel in July, to $44.60 at the end of December.
Reliance's retail fuel pumps in the country are shut as it awaits fair competition. India subsidises state-run oil companies to enable them to sell fuels at heavily discounted, government-set rates but private firms get no such assistance.
Last week, P. Raghavendran, president of the company's refinery business, said Reliance would reopen its fuel pumps "once we see a reasonable period of stability when we don't have to shut down again. It depends on when the government comes out with a clear policy and international prices stabilise".
Rival Oil & Natural Gas Corp is set to report a second consecutive fall in quarterly net profit due to lower crude prices, and its outlook is weighed down by falling output and its costly acquisition of UK-listed Imperial Energy.
Earlier on Thursday, South Korea's top refiner SK Energy posted a weaker-than-expected 45 percent rise in fourth-quarter core profit, on reduced demand for petrochemical products.
Ahead of the results, shares in Reliance, which has a market value of around $36 billion, closed up 1.21 percent at 1,132.95 rupees in a Mumbai market that rose 0.4 percent.
The stock fell 37 percent in the December quarter, more than a 25 percent drop in the benchmark index and 33 percent loss in the sector index.
(For Quotes and Interactive Charts of Reliance Industries click here)

Reliance Q3 net falls 8.8%, first drop in 3 years
ndia's largest listed company, Reliance Industries Ltd, said its quarterly profit fell 8.8 percent, its first drop in three years, but beat forecasts as refining margins did not fall as much as expected. The petrochemical and refining giant reported a net profit of Rs 3,501 crore ($713 million) for its fiscal third quarter ended December 31, compared with Rs 3,837 crore excluding one-off gains reported a year earlier. A Reuters poll had forecast a net profit of 30.98 billion rupees. The company is set to get an earnings boost when it starts pumping 30-40 million cubic metres of natural gas a day from its deep-sea fields off India's east coast in the second half of February. Ahead of the results, shares in Reliance, which has a market value of around $36 billion, closed up 1.21 percent at Rs 1,132.95 in a Mumbai market that rose 0.4 percent. The stock fell 37 percent in the December quarter, more than a 25 percent drop in the benchmark index and 33 percent loss in the sector index.
Accounting change added over Rs 1k cr to RIL's profit

Other Results:

Cipla Q3 net up 6 per cent at Rs 223 cr
Ranbaxy posts Rs 679.8 crore loss in Q4
Idea Cellular's net rises to Rs 256 crore
Reliance Power post Q3 net profit of Rs 107.07 crore
Idea Cellular Q3 net profit up 20% YoY
Reliance Power post Q3 net profit of Rs 107.07 cr
Kotak Mahindra Bank Q3 net falls 30%

Reliance Q3 net falls 8.8%, first drop in 3 years
Bank of India Q3 revenue up 45.57% y-o-y
Bharti takes Rs 245 cr hit in Q3 PAT on losses in FCCBs
Bharti Airtel Q3 net up 15%
Indian Bank Q3 net up 14.05%

Uco Bank net profit at Rs 172 crore
Wipro posts 18% rise in Q3 net profit
India Infoline Q3 net falls 68%
HDFC Q3 net profit down 16% YoY, share falls 6%
Biocon reports a net profit of Rs 24 crore
RIL Q3 net profit down 9.8% at Rs 3501 cr
Bharti Airtel Q3 net up 15.26% at Rs 1976.4 cr, QoQ

Reliance Infra Q3 net profit at Rs 251.19 cr
Coromandel Fert Q3 cons net profit at Rs 131.2 cr
Praj Industries Q3 net profit at Rs 47.3 cr
Noida Toll Bridge Q2 net profit at Rs 8.4 cr
Gateway Distriparks Q3 net profit at Rs 28.7 cr
Bank of India Q3 net profit at Rs 872.2 cr

SOurce:ET,Indiaearnings.com etc

Barack Obama becomes 44th president and His Speech

Barack Obama becomes 44th president
President Obama's inauguration speech
Full Text: President Obama's Inaugural Address

The following is the full text of U.S. President Barack Obama's inauguration address on Tuesday. Obama, a Democrat, was sworn in on the steps of the Capitol as the 44th U.S. president around noon EST, taking over from President George W. Bush, a Republican.
"My fellow citizens:
I stand here today humbled by the task before us, grateful for the trust you have bestowed, mindful of the sacrifices borne by our ancestors. I thank President Bush for his service to our nation, as well as the generosity and cooperation he has shown throughout this transition.
Forty-four Americans have now taken the presidential oath. The words have been spoken during rising tides of prosperity and the still waters of peace. Yet, every so often the oath is taken amidst gathering clouds and raging storms. At these moments, America has carried on not simply because of the skill or vision of those in high office, but because We the People have remained faithful to the ideals of our forbearers, and true to our founding documents.
So it has been. So it must be with this generation of Americans.
That we are in the midst of crisis is now well understood. Our nation is at war, against a far-reaching network of violence and hatred. Our economy is badly weakened, a consequence of greed and irresponsibility on the part of some, but also our collective failure to make hard choices and prepare the nation for a new age. Homes have been lost; jobs shed; businesses shuttered. Our health care is too costly; our schools fail too many; and each day brings further evidence that the ways we use energy strengthen our adversaries and threaten our planet.
These are the indicators of crisis, subject to data and statistics. Less measurable but no less profound is a sapping of confidence across our land - a nagging fear that America's decline is inevitable, and that the next generation must lower its sights.
Today I say to you that the challenges we face are real. They are serious and they are many. They will not be met easily or in a short span of time. But know this, America - they will be met.
On this day, we gather because we have chosen hope over fear, unity of purpose over conflict and discord.
On this day, we come to proclaim an end to the petty grievances and false promises, the recriminations and worn out dogmas, that for far too long have strangled our politics.
We remain a young nation, but in the words of Scripture, the time has come to set aside childish things. The time has come to reaffirm our enduring spirit; to choose our better history; to carry forward that precious gift, that noble idea, passed on from generation to generation: the God-given promise that all are equal, all are free, and all deserve a chance to pursue their full measure of happiness.
In reaffirming the greatness of our nation, we understand that greatness is never a given. It must be earned. Our journey has never been one of short-cuts or settling for less. It has not been the path for the faint-hearted - for those who prefer leisure over work, or seek only the pleasures of riches and fame. Rather, it has been the risk-takers, the doers, the makers of things - some celebrated but more often men and women obscure in their labor, who have carried us up the long, rugged path toward prosperity and freedom.
For us, they packed up their few worldly possessions and traveled across oceans in search of a new life.
For us, they toiled in sweatshops and settled the West; endured the lash of the whip and plowed the hard earth.
For us, they fought and died, in places like Concord and Gettysburg; Normandy and Khe Sahn.
Time and again these men and women struggled and sacrificed and worked till their hands were raw so that we might live a better life. They saw America as bigger than the sum of our individual ambitions; greater than all the differences of birth or wealth or faction. Continued...

This is the journey we continue today. We remain the most prosperous, powerful nation on Earth. Our workers are no less productive than when this crisis began. Our minds are no less inventive, our goods and services no less needed than they were last week or last month or last year. Our capacity remains undiminished. But our time of standing pat, of protecting narrow interests and putting off unpleasant decisions - that time has surely passed. Starting today, we must pick ourselves up, dust ourselves off, and begin again the work of remaking America.
For everywhere we look, there is work to be done. The state of the economy calls for action, bold and swift, and we will act - not only to create new jobs, but to lay a new foundation for growth. We will build the roads and bridges, the electric grids and digital lines that feed our commerce and bind us together. We will restore science to its rightful place, and wield technology's wonders to raise health care's quality and lower its cost. We will harness the sun and the winds and the soil to fuel our cars and run our factories. And we will transform our schools and colleges and universities to meet the demands of a new age. All this we can do. And all this we will do.
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Inauguration of Barack Obama
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OBAMA INAUGURATED AS 44TH U.S. PRESIDENT
Barack Obama became the 44th president of the United States, vowing to restore the nation's leadership in the world and asking Americans to take responsibility for rebuilding their faltering economy together.
Obama Carries Weight of Economic Trauma, Wars Into Inauguration
Obama’s Inauguration Fulfills Civil-Rights Generation’s Hopes
Obama Becomes 44th U.S. President With Call for Leadership, Responsibility

The Inauguration Of Barack ObamaEdited By David M. Ewalt and Michael Noer
Full coverage of the 56th presidential inauguration.
Trailwatch At The Inauguration
How Obama Can Help Business


Source:All websites.

ET Awards - Economic Times(ET) Awards - Full Coverage

Profiles of winners ET Awards: Profiles of winners Pics Video Full Coverage

Company of the year: Tata Steel The award seeks to recognise a company that has consistently set clear performance benchmarks for the rest of the industry and strived to become a world leader. Congratulate Tata Steel

Lifetime Achievement Award winner: Ashok Ganguly The award seeks to salute individuals who have conquered the peaks of corporate achievements and set examples for the current generation of India Inc leaders. Congratulate Ashok Ganguly

Business Leader of the year: A M Naik The award seeks to honour a leader who has clearly demonstrated a strategic direction for success, and pursued a vision. Congratulate A M Naik

Policy Change Agent of the Year: E Sreedharan The award seeks to honour the relentless pursuit of a work culture that demands and forces legislative & regulatory reforms. Congratulate E Sreedharan

Businesswoman of the year: Shikha Sharma The award seeks to honour a professional who has displayed exceptional leadership qualities and is a role model for others. Congratulate Shikha Sharma

Global Indian: Arun Sarin The award seeks to honour Indians who have set standards in excellence on a global platform and have emerged role models for people of Indian origin world over. Congratulate Arun Sarin

Entrepreneur of the year: Dilip Shanghvi The award seeks to recognise the ability of a business leader to enter the big league and take on the best in the world. Congratulate Dilip Shanghvi

Business Reformer of the year: Kamal Nath The award seeks to recognise efforts in taking reforms ahead and creating an environment friendly to private investment. Congratulate Kamal Nath

Emerging Company of the year: Welspun Gujarat Stahl Rohren The award seeks to recognise the capacity to take calculated risks, show explosive growth potential and discover a business model that others would want to emulate. Congratulate Welspun Gujarat Stahl Rohren

Corporate Citizen: Dr Reddy's Foundation The award seeks to honour the contribution to public good through commitment to critical social causes that influence the lives and livelihood of thousands of needy Indians. Congratulate Dr Reddy's Foundation

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ET Awards: Satyam episode a blot on India’s image, says PM
Vote of thanks by Gautam Singhania, CMD, Raymond
Welcome address by Mr Vineet Jain, MD, BCCL at The ET Awards for Corporate Excellence
Shikha Sharma dedicates award to family
Arun Sarin dedicates award to co-workers
B Muthuraman, Tata Steel, Company of the Year

Karambir Kang, Special Awards-Corporate Citizen on behalf of Taj employees
PRS Oberoi, Special Award-Corporate Citizen on behalf of Trident and Oberoi employees
Sreedharan, Policy Change Agent of the Year
Karambir Kang: Special Awards-Corporate Citizen on behalf of Taj employees
Kamal Nath dedicates ET Award to PM's leadership
Satyam case an aberration: Sunil Mittal

Dr A S Ganguly - acceptance speech
Manufacturing is key to India's growth: Kamal Nath
PM's speech at the ET Awards
Satyam scam isolated, not a slur on corporate India: Kamal Nath
ET Awards: Satyam episode a blot on corporate India, says PM

Vote of thanks by Gautam Singhania, CMD, Raymond
Welcome address by Mr Vineet Jain, MD, BCCL at The ET Awards for Corporate Excellence
Shikha Sharma dedicates award to family
Arun Sarin dedicates award to co-workers
B Muthuraman, Tata Steel, Company of the Year
AM Naik, Larsen & Toubro, Business Leader of the Year


Pics Video Full Coverage

Source:Economic Times

The world biggest corporate frauds ever

The world's biggest corporate frauds ever
Satyam
B Ramalinga Raju’s startling admission of padding profits and cooking up bank balances at Satyam Computer has erupted into what can be described as India’s biggest corporate fraud to date. However, this is only a part of the big horror show.Fraud, in fact, is not a new phenomenon in the world of business – whether Indian or global. From Enron to WorldCom to Tyco, corporate fraud continues to plague businesses and hurt consumer trust. This is one show which just goes on and on, and refuses to end.We look at some of the biggest corporate frauds ever:

Enron
As a result of the massive fraud at Enron, an energy company based in Houston, Texas, shareholders lost tens of billions of dollars. Many Enron executives, Enron’s accounting firm and certain bank officials were indicted. >Andrew Fastow, Enron's former finance chief, testified that many of the banks' transactions were contrived, deceptive deals done solely to create the false appearance of profits and cash flow. Kenneth Lay, the founder of Enron whose spectacular implosion in 2001 lead to one of the biggest fraud cases in history, was convicted of fraud for duping investors over the health of Enron’s finances before it plummeted into bankruptcy. Prosecutors accused Lay of pocketing over 40 million pound of investors' money, and Lay was charged with 11 counts of securities fraud.

WorldCom
Financial executives at WorldCom exercised various methods of hiding expenses for a period of more than two years between 2000 and 2002. They delayed reporting some expenses and misrepresented others to give investors the appearance of growth during secretly hard times. In June 2002, Securities and Exchange Commission (SEC) lawyers filed civil fraud charges against WorldCom for what would later be estimated at over $9 billion worth of accounting errors. WorldCom’s Chapter 11 filing later on was the largest bankruptcy filing in American history, and the SEC accused the company of misrepresenting earnings to the tune of $11 billion. Investors lost $200 billion as a direct result of the bankruptcy. WorldCom’s rise and fall epitomizes the corruption of the telecom sector during the boom.

Cendant
Walter Forbes, the former chairman of Cendant, masterminded an accounting fraud that was considered at the time it was discovered - 1998 - to be the largest on record. Investors lost $19 billion when Cendant’s stock fell after the disclosure. This fraud was later eclipsed by the scandals at Enron and WorldCom.The Cendant case also resulted in a record payment for settling a lawsuit brought by shareholders who had lost money in a fraud. Cendant paid $2.85 billion to settle, and its auditor, Ernst & Young, paid $335 million.

Daewoo Group
Kim Woo-chong, the founder and former chairman of defunct conglomerate Daewoo Group, was in May 2006 sentenced to 10 years in prison on charges of embezzlement and accounting fraud. The Seoul Central District Court also ordered Kim, 69, to pay back more 21 trillion Korean won ($22 billion), according to press reports. Kim was charged about a year ago with accounting fraud, illegal financing and diverting funds out of the country. The court found Kim guilty of 20 trillion won of accounting fraud, 9.8 trillion won of illegal financing and sending 19 trillion won out of the country illegally. He was also convicted of embezzling $100 million. At the time of its downfall, Daewoo Motor was the biggest corporate failure in South Korean history.

Tyco
In 2002, three former top Tyco International executives were indicted on fraud charges. Former CEO L. Dennis Kozlowski, former CFO Mark Schwartz, and former legal counsel Mark Belnick allegedly issued themselves low or no interest loans, which they then forgave through an unauthorized bonus program. They were accused of concealing their illegal actions by keeping them out of the accounting books and away from the eyes of shareholders and Board members. Tyco later on replaced its CEO and most of its Board in an attempt to purge the company of fraud and restore its reputation. It agreed to pay almost $3 billion to settle class-action suits brought by investors. It had also earlier paid $50 million to settle a suit brought by the SEC.

Parmalat
massive financial scandal involving Italy’s largest food company Parmalat underscored the fact that corporate fraud was not just an American problem. With the disappearance of about $10 billion in declared assets, the scandal was one of the largest in corporate history. Parmalat collapsed in December 2003 under 14 billion euros ($27 billion) of debt, after uncovering a 4 billion euro hole in its accounts. Some dubbed the episode ‘Europe's Enron’. It is currently estimated that at least $17 billion of Parmalat funds have simply disappeared and cannot be accounted for.

more@http://economictimes.indiatimes.com/quickiearticleshow/msid-3974228.cms
Satyam scam India's top 5 accounting scandals

Source:ET

Infosys Q3 net profit beats streets,but guidance disappoints

Infosys sales rises 35.5% y-o-y

In face of the severe global recession, Infosys Technologies Ltd on Tuesday posted a handsome year on year growth of 35.5 per cent in sales the third quarter. Sales for the December quarter rose to Rs 5,786 crore from Rs 4,271 crore same period last year. However, the sales growth has considerably slowed from the last quarter’s in percentage term. Infosys posted a quarter-on-quarter growth of just 6.8 per cent against 11.6 per cent reported for the September quarter. For the September quarter, the sales stood at Rs 5,418 crore. On the net profit front, Infosys has shown a growth of 14.6 per cent from September quarter as against 10 per cent in June quarter due to lower sales, marketing and administration expenses which declined by 7.2 per cent during the December quarter. The basic EPS rose to Rs 28.6 against Rs 25 in the last quarter. Surprisingly, although the US economy is into deep recession led by slump in realty and banking sector, Infosys garnered about 64.5 per cent of its total revenue from North America as against 61.5 per cent in September and 62.6 per cent in June quarter. Also, the major vertical remained insurance, banking and financial with a share of 34.9 per cent against 33.4 per cent in September and 34.5 per cent in the June quarter.

Infosys Q3 net up 14.5% QoQ; FY09 rev seen at $4.67-4.71 bn
IT bellwether Infosys Technologies declared a healthy performance in the October-December quarter, reporting 14.5 per cent rise in net profit to Rs 1641 crore as against Rs 1432 crore in the previous quarter. Income stood at Rs 5786 crore vs Rs 5418 crore (QoQ).

On a YoY basis, the IT major's Q3 revenues grew by 35.5 per cent while on a sequential basis, revenues rose 6.8 per cent. Infosys saw March quarter revenue between $1.13 billion and $1.17 billion. The software services exporter said 2008/09 revenue was seen between $4.67 billion and $4.71 billion, with full year earnings per share seen at Rs 102.92. Business outlook The company's outlook (consolidated) for the quarter ending March 31, 2009 and for the fiscal year ending March 31, 2009, under International Financial Reporting Standards (IFRS): • Consolidated revenues are expected to be in the range of $ 1,128 million and $ 1,170 million; YoY decline of 1.2% to growth of 2.5%; in constant currency, growth of 4.7% – 8.6% • Consolidated earnings per American Depositary Share are expected to be $ 0.55 • Consolidated revenues are expected to be in the range of $ 4.67 billion and $ 4.71 billion; YoY growth of 11.8% - 12.8%; in constant currency 15.6% – 17.6% • Consolidated earnings per American Depositary Share are expected to be $ 2.23; YoY growth of 9.9% Excluding the tax reversal, the YoY growth is expected to be 1.8% including net tax reversal pertaining to earlier periods of $19 million in fiscal 2009 and $ 30 million in fiscal 2008 respectively. Excluding the tax reversal, the earnings per share is expected to be $ 2.20 for the year ending March 31, 2009; YoY growth of 11.1%.

Infosys beats expectations; improves operational efficiency
Infy Q3 net up 14.6%, lowers full-year guidance
Infosys Q3 net up @ Rs 1,641 cr

Source:ET,MC,Rediff etc

BT 500: INDIA Most Valuable Companies

BT 500: INDIA Most Valuable Companies
Cover Story
Rocked by the meltdown
Virendra Verma
After years of rollicking appreciation, companies that make up the BT 500 are going through one of their toughest phases in a long, long time. As stocks get mercilessly hammered, this may just be the time when the men are separated from the boys. Virendra Verma reports.
Realty pains
No depression, just growth
End of the Indian outbound story?
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Last year, around the same time, the mood on the street was bullish, with the bull run showing few signs of petering of, and the Sensex rampaging into 20,000-plus territory. Although the subprime crisis had erupted in the US, few expected it to impact the great India story in the way it has now. Yet, there was always a fear lurking in the nooks and crannies of Dalal Street and stocks in pockets had raced way ahead of fundamentals. Concern over fundamentals of Indian companies were severe in the last two months (September-October) when the BSE Sensex fell by almost 38 per cent.Those concerns were doubtless valid, what with price-earning ratios (P-Es) in overheated sectors like real estate climbing to as high as over 100 times. But when the equities did come tumbling down, few expected the markets to crash with such ferocity. Blame it on the US subprime crisis, greedy investment bankers or slack regulation on Wall Street or the resultant tightening of liquidity globally, but back home, a slowdown in the economy as well as in corporate earnings was only beginning to make its presence felt at the beginning of the year.

In numbers
India's most valuable public sector companies

India’s most valuable private sector companies

The Next 500: Companies 501-1,000

Alphabetical index of companies ranked

When that slowdown finally revealed itself—now manifest in lower GDP projections and single-digit earnings growth for India Inc. in the second quarter of 2008-09—the writing was on the wall. The boom has got busted. The benchmark BSE Sensex is down by half, real estate is down in the dumps, manufacturers across sectors are cutting jobs and production, and yesterday’s outbound M&A adventurists are scurrying for funds needed to pay up for multi-billion dollar acquisitions made when valuations were near peak levels.Amidst such gloomy conditions, the BT 500—where the rankings are based on average market capitalisation for the April-October period—serves as a handy barometer of India Inc.’s performance in tough times. Encouragingly, there are quite a few companies who were able to minimise the impact of the global meltdown, and actually show an increase in market value over the previous year’s corresponding period.

For the sixth year in a row, Mukesh Ambani’s Reliance Industries (RIL) grabbed the top slot of India’s most valuable company. Despite the carnage on Dalal Street, its average market cap increased by a handsome Rs 32,400 crore. Younger brother Anil, who took another company to the stock exchanges this year, Reliance Power, wasn’t so lucky, in taking over his elder brother in terms of market cap. The Reliance Power listing was expected to polevault Anil into a bigger league, but that didn’t quite happen. The biggest surprise, however, came courtesy the public sector pack, where the overall market cap for the 50 companies in the list increased by almost Rs 1 lakh crore; in percentage terms that works out to a 10 per cent increase. The biggest contributors to the massive rise in the value of the state-run companies were NMDC and MMTC, whose combined market cap increased by over Rs 1.3 lakh crore. Although the floating stock of these companies is less than 2 per cent, the increase in their share price shows that the market sees value in them (considering there is hardly any operator-driven activity in state-run companies). Marketmen point out that the government should take a cue from the massive rise and offload some more of its holdings in such companies; this will help release some pressure on government finances and improve market sentiment.

More @ http://businesstoday.digitaltoday.in/index.php?option=com_content&Itemid=1&task=view&id=8644&sectionid=22&issueid=43&page=archieve
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RELATED STORY
Realty pains
No depression, just growth
End of the Indian outbound story?
Seizing up
How we arrived at the BT 500
The BT 500 universe

more info@Rocked by the meltdown


Source: Business Today.

Most POWERFUL Women in Indian business

Most powerful women in Indian business

Yet another edition of BT's most powerful women in business, together with the rising stars, the start-up heroines, the microfinance mavens and even the inheritors. The women listed here come from an amazing variety of academic and family backgrounds and have established themselves in an equally diverse range of industries despite the near-crippling drag of home and hearth.

Some were lucky to have been at the right place at the right time; one admits that she is not the sort of mother who packs their child's tiffin in the morning-and another is "quite unashamed" to say that she eased up on her career to be with her children when they needed her most. And look out for the rising star who takes her two-year-old daughter jetsetting as she shuttles between two cities in the US and her Indian headquarters, and for the lady who came back to India to be near her ailing mother-in-law-but succeeded with yet another start-up.
Consider: would this list have been possible 20 years ago? On the other hand, how far is the day when BT will list the 250 most powerful women in Indian business and not just 25? The answer to the first question is a definite no. The answer to the second depends on how India builds its infrastructure. Not the infrastructure of expressways and trans-harbour links, but the infrastructure of child care and crèches, schools that don't burden children with homework, on-call housekeeping services, et al. Today, if the child of a working couple falls ill or is let out from school early, or if the babysitter goes on French leave, who has to miss office? No prizes for guessing the correct answer.
Read the stories of BT's amazing women, and you will discover that there are no intellectual differences between men and women. But how many men with a PhD in theoretical nuclear physics or two post-graduate degrees from Yale and Harvard would choose to work for an MFI? The workplace brings with it another gender inequality: the woman rushing home to help her child with his or her homework cannot go out bonding or networking.
So, here's to a growing list of women achievers. May their tribe grow, may the list get longer and may they never have to tell our readers the best way to deal with a glass ceiling.
The top 25
They span generations and are there in every field, from tractors to television, from biscuits to banking, from HR to hospitals. Denied entry into a male bastion, they create another industry (as Kiran Mazumdar-Shaw of Biocon did). They love their saris and their cooking, but also frame the laws that govern the world of alpha-male stockbrokers. They are the most powerful women in the corporate world.

In pics: 25 best women of India Inc.

Amrita Patel64, Chairman, NDDBPower to me means: Maintaining the highest standards of integrity at all times.My favourite life-after-work activity: I am actively involved in two movements—ecological security and rural healthcare.The best way to deal with a glass ceiling: Fortunately, I have not had to fight the glass ceiling. Hard work, commitment and caring in word and deed helps people overcome obstacles.Mantra for maintaining work-life balance: Meditation.
I am not a businesswoman,” says Amrita Patel, Chairman of National Dairy Development Board, the world’s largest dairy development programme, which involves over 12.4 million farmer families, 117,000 co-operative societies and procures 21.5 million litres of milk every day. “I’m in the business of putting other women into business and enabling them to earn a daily income,” says Patel, chairman since 1998. “We must ensure that we do not become importers,” she adds. Patel is behind a National Dairy Plan that looks at demand and supply up to 2021.
Amrita Patel, Chairman, National Dairy Development Board. Power to Amrita means maintaining the highest standards of integrity at all times. (Read more about Amrita)

Ashu Suyash, Country Head & Managing Director for India at Fidelity International. Power to Ashu means the ability to influence and bring about change. (Read Ashu's biggest turning point in career)

Chanda Kochhar, Joint MD, ICICI Bank. Power to Chanda means the ability to impact the lives of common people. (Read how Chanda Kochhar deals with a glass ceiling)

Chitra Ramakrishna, Deputy Managing Director, NSE. Power to Chitra means shunning media glare and letting her actions speak for her work. (Read about Chitra's most memorable experience at workplace)

Ela R. Bhatt, Founder, Self-employed Women’s Association. As a founder of SEWA, Ela is part of the top 25 powerful women in Indian business list because of the worldwide impact that her work has had on not only the disadvantaged workers but also on government policies. (Read Ela R. Bhatt)

more rankings @:
http://businesstoday.digitaltoday.in/index.php?option=com_content&Itemid=1&task=view&id=7741&sectionid=22&issueid=40&page=archieve

http://businesstoday.digitaltoday.in/index.php?option=com_registration&exist=yes&task=homegallery&assignedid=61&thumbid=61&issueid=40
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On the power track In pics: The rising stars
For women, by women In pics: Women in MFIs
Doing their own thing In pics: Six start-up women
The thought leaders In pics: Top women thinkers
Papa don't preach In pic: The inheritors
The power list in retrospectFrom BT archives
2007: Vinita Bali remains at top
2006: Magic at Britannia
2004: Arnavaj 'Anu' Aga remains at top
2003: India Inc's Ms Conscience
Nothing is impossible
For women, by women
Top start-up women

Source:Business Today

Best Companies to work for in India: BT Survey

Best Companies to work for in India

This is the best time to alert readers about the 'Best companies to work for'—together with each company’s responses to many questions: Does it plan any pay cuts? Does it plan to increase headcount by March 2009? Did its headcount in December 2008 increase over the figure for 2007?
Microsoft India: Staying on top
iGate Global Solutions: The rise of the underdog
HCL Infosystems: Idea factory
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List of best companies to work for
1. Microsoft India: Staying on top
2. iGate Global Solutions: The rise of the underdog
3. HCL Infosystems: Idea factory
4. HSBC: Nursery for talent
5. Marriott Hotels India: Caring family
6. Godrej Consumer Products: Loving the learning
7. Max New York Life: Nurturing talent
8. Ashok Leyland: No to generation gap
9. Eli Lily: Fighting fit
10. Canon India: Aim, focus, shoot
Also read
The other good employers
Managing human capital through tough times
How we found ‘The best employers

http://businesstoday.digitaltoday.in/index.php?option=com_content&Itemid=1&task=view&id=9488&sectionid=22&issueid=47&latn=2
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Another stimulus from the government, which doesn’t seem enough.

Special
India Inc.’s New Year resolutions
There’s no quick-fix turnaround to be expected in the year ahead. BT presents 10 resolutions for 2009 to help India Inc.

Money
The charge machine
Nitya Varadarajan
Banks have hiked various charges and, in some cases, introduced new ones like counting charges on a large cash deposit or withdrawal. Here’s what you should know.

Trends
Cry freedom!
Virendra Verma & Rachna Monga
Investor activism more than independent directors can keep managements in check.
Instan tip
Numbers of note
The cost of safety goes up
The money makers
Not game yet
Recycle your mobile
Boomtime for Indian MFIs
Tech savvy Kerala
Vrooming ahead
To be precise
Stimulus package II
Recognised
Gadgets, gizmos & girls
Business Today -E&Y Deal watch

Source:Business Today

Text of Mr Ramalinga Raju’s Statement

Text of Mr Ramalinga Raju’s Statement!
http://www.zeenews.com/business/ice-economy/2009-01-07/496774news.html

To the Board of Directors Satyam Computer Services Ltd. From B. Ramalinga Raju Chairman, Satyam Computer Services Ltd. January 7, 2009 Dear Board Members, It is with deep regret, and tremendous burden that I am carrying on my conscience, that I would like to bring the following facts to your notice: 1. The balance sheet carries of September 30, 2008 a. Inflated (non-existent) cash and bank balances of Rs 5,040 crore (as against Rs 5,361 crore reflected in the books) b. An accrued interest of Rs 376 crore which is non-existent c. An understated liability of Rs 1,230 crore on account of funds arranged by me. d. An overstated debtors position of Rs 490 crore (as against Rs 2,651 reflected in the books) 2. For the September quarter (Q2) we reported a revenue of Rs 2,700 crore and an operating margin of Rs 649 crore (24 per cent of revenues) as against the actual revenues of Rs 2,112 crore and an actual operating margin of Rs 61 crore (3 per cent of reve nues). This has resulted in artificial cash and bank balances going up by Rs 588 crore in Q2 alone. The gap in the balance sheet has arisen purely on account of inflated profits over a period of last several years (limited only to Satyam standalone, books of subsidiaries reflecting true performance). What started as a marginal gap between actual opera ting profit and the one reflected in the books of accounts continued to grow over the years.

It has attained unmanageable proportions as the size of company operations grew significantly (annualised revenue run rate of Rs 11,276 crore in the September q uarter, 2008 and official reserves of Rs 8,392 crore). The differential in the real profits and the one reflected in the books was further accentuated by the fact that the company had to carry additional resources and assets to justify higher level of operations - thereby significantly increasing the costs. Every attempt made to eliminate the gap failed. As the promoters held a small percentage of equity, the concern was that poor performance would result in take-over, thereby exposing the gap. It was like riding a tiger, not knowing how to get off withou t being eaten. The aborted Maytas acquisition deal was the last attempt to fill the fictitious assets with real ones. Maytas' investors were convinced that this is a good divestment opportunity and strategic fit. Once Satyam's problem was solved, it was hoped that Ma ytas' payments can be delayed. But that was not to be. What followed in the last several days is common knowledge.

I would like the Board to know:
1. That neither myself, nor the Managing Director (including our spouses) sold any shares in the last eight years - excepting for a small proportion declared and sold for philanthropic purposes.

2. That in the last two years a net amount of Rs 1,230 crore was arranged to Satyam (not reflected in the books of Satyam) to keep the operations going by resorting to pledging all the promoter shares and raising funds from known sources by giving all ki nds of assurances (statement enclosed, only to the members of the board), Significant dividend payments, acquisitions, capital expenditure to provide for growth did not help matters. Every attempt was made to keep the wheel moving and to ensure prompt pa yment of salaries to the associates. The last straw was the selling of most of the pledged share by the lenders on account of margin triggers.

3. That neither me, nor the Managing Director took even one rupee/dollar from the company and have not benefited in financial terms on account of the inflated results. 4. None of the board members, past or present, had any knowledge of the situation in which the company is placed. Even business leaders and senior executives in the company, such as, Ram Mynampati, Subu D, T.R. Anand, Keshab Panda, Virender Agarwal, A.S. Murthy, Hari T, S V Krishnan, Vijay Prasad, Manish Mehta, Murli V, Sriram Papani, Kiran Kavale, Joe Lagioia, Ravindra Penumetsa, Jayaraman and Prabhakar Gupta are unaware of the real situation as against the books of accounts. None of my or Managing Director's immediate or extended family members has any idea about these issues.

Having put these facts before you, I leave it to the wisdom of the board to take the matters forward. However, I am also taking the liberty to recommend the following steps: 1. A task force has been formed in the last few days to address the situation arising out of the failed Maytas acquisition attempt. This consists of some of the most accomplished leaders of Satyam: Subu D, T.R. Anand, Keshab Pandaand Virender Agarwal, r epresenting business functions, and A.S. Murthy, Hari T and Murali V representing support functions. I suggest that Ram Mynampati be made the Chairman of this task force to immediately address some of the operational matters on hand. Ram can also act a s an interim CEO reporting to the board. 2. Merrill Lynch can be entrusted with the task of quickly exploring some merger opportunities. 3. You may have a ‘restatement of accounts' prepared by the auditors in light of the facts that I have placed before you. I have promoted and have been associated with Satyam for well over twenty years now. I have seen it grow from few people to 53,000 people, with 185 Fortune 500 companies as customers and operations in 66 countries. Satyam has established an excellent leadership and competency base at all levels. I sincerely apologise to all Satyamites and stakeholders, who have made Satyam a specia l organisation, for the current situation. I am confident they will stand by the company in this hour of crisis. In light of the above, I fervently appeal to the board to hold together to take some important steps. Mr. T.R. Prasad is well placed to mobilise support form the government at this cru cial time. With the hope that members of the task force and the financial advisor, Merrill Lynch (now Bank of America) will stand by the company at this crucial hour, I am marking copies of this statement to them as well. Under the circumstances, I am tendering my resignation as the chairman of Satyam and shall continue in this position only till such time the current board is expanded. My continuance is just to ensure enhancement of the board over the next several days or as early as possible. I am now prepared to subject myself to the laws of the land and face consequences thereof. (B. Ramalinga Raju)

Copies marked to: 1. Chairman SEBI 2. Stock Exchanges