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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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
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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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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

Year End Special

2008 was a shocker of a year for all equity markets across the globe. The total world stock market cap halved from USD 60 trillion to USD 30 trillion. Auto, Pharma and Consumer stocks outperformed in 2008. Realty stocks were the worst performing stocks in 2008.
List of world indices perfromance in the year 2008.

List of world indices perfromance in the year 2008.
Index
YTD
Shanghai Composite
-65%
Vietnam
-66%
Sensex
-52%
Jakarta Composite
-51%
Hang Seng
-48%
Taiwan
-46%
Nikkei
-42%
Kospi
-41%
Brazil
-41%
CAC
-42%
FTSE 100
-32%
Dow Jones
-35%
S&P 500
-39%

Indian markets: It was the worst yearly performance by Indian markets on record. The Sensex, Nifty ended down nearly 50% while BSE Dollex was down 60%. CNX Midcap was down 60%, BSE small-cap was down 73% and the Nifty Junior was down 64%.
2008 Winners: HUL was the biggets winner with 18% gains, Hero Honda up 16%, GSK Pharma was up 12%, Godrej Cons up 6% and 48 out of 50 Nifty-50 stocks posted negative returns. The best asset class of 2008 was Gold, which is up 30%.
Sector Specific Action: The Worst performing sectors were Realty, Metals and Capital Goods. While the best performing one was the FMCG Index. BSE Realty Index was down 80%. Unitech was down a whopping 90% while DLF was down 72%.
BSE Metal Index was down 74%. Tata Steel was down 77% while Sterlite & Hindalco were down 74% each. SAIL was down 72% as well.
BSE Capital Goods Index was down 65%. ABB was down 70%. Big boys like L&T & BHEL were down 63% & 47% respectively.
BSE Oil & Gas Index was down 55%; Reliance Inds was down 57%. ONGC was down 46% while Mukesh Ambani's Reliance Petroleum was down 60%. BSE Healthcare Index was down 33%; Sun Pharma was down 12% while Cipla was down 13%.
BSE FMCG Index was down 14%. HUL was up 18% while ITC was down 18%. Index losers include Suzlon down 84%, Tata Motors down 78% & Reliance Infra down 73%.
Midcap and Small-cap space: In the Midcap space nearly 50% of NSE listed stocks lost 70% or more in the year 2008. Realty Losers in the Midcap space were Orbit Corp, Jai Corp down 92% each while IVR Prime, Parsvnath and Sobha all were down 90%. Adlabs, Aban, Indiabulls Finance, India Infoline were down 87%.
In the Small-cap, Asian Elec & Prime Securities were down 95% while Pyramid Saimira was down 92%.
Fund Flows: The biggest outflows was seen by FIIs on record. FIIs net outflow at USD 13 billion, which is nearly 20% of inflows seen ever in India. DIIs net inflow was at Rs 72,500 crore, out of which MFs had put in Rs 13,000 crore.
Commodities: CRB Index ends down nearly 40%. It ends down 55% from Year’s high. In Base Metals, Nickel & Lead were down 63% each while Copper and Zinc were down 55% each. Aluminium & Tin were down 37% each.
Currencies: The Japanese Yen gained 24% against the US dollar. Euro depreciated 4.5% against the US dollar. South Korean Won depreciated 30% against the dollar. Indian Rupee depreciated 19% against the US dollar. Thai Baht depreciated 15% against the US dollar. Malaysian ringgit depreciated 5% against the US dollar. New Zealand dollar depreciated 25% against the US dollar. UK pound sterling depreciated 25% against the US dollar.
IPO's in 2008: Only 4 IPOs out of 43 have managed to post positive returns. The best performing IPOs were Vishal Info, Anus Lab, Alkali Metals & Gokul Refoils. However, the worst performing IPOs were Niraj Cement, Porwal Auto, First Winner, Chemcel Biotech, Tulsi.
Mutual Funds Performance: Equity Diversified Funds were down 55%. Over 50% of equity diversified funds were down over 55% YTD. ICICI Pru Dynamic, HDFC 200 are the best performing funds amid top 20 funds via Asset Under Management (AUM). DSPBR Tiger & Tata Infra are the worst performing funds amid top 20 funds via AUM.
Top 3 Worst performing funds are all JM Funds. JM Emerging Leaders down 80%; JM Small and Midcap down 78% & JM Basic down 75%.

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See all experts
06:47 - 2008 scorecard of asset classes and what to expect in 2009
2008: Shocking year Biggest FII sell-off Best asset class
2009: Road ahead Global mkts in '08 Year-end special

Indians rush to sell jewellery as prices soar
31 Dec 2008, 1431 hrs IST, REUTERS
Gold futures on MCX rose to their highest in almost three months at Rs 13,790 per 10 grams. Gainers: BSE ( A, B ) NSE Losers: BSE ( A, B ) NSE 52 Week: High, Low
Sensex ends in red; HDFC, ICICI Bank, RIL slip
LIC Housing cuts interest rates on home loans by 75 bps
2008: The Year that Was

Source:ET,MC etc