Indian Technology/IT News

01-14-2009, 01:19 AM

Some years ago we discussed this Rahul Gandhi's venture...Rahul Gandhi owns 83% in mystery Mumbai firm
Whatever happened to this story? Babus and Peons misplaced files or media muzzled with baksheesh and paybacks?

01-14-2009, 01:22 AM

QUOTE(Savithri @ Jan 14 2009, 01:12 AM)It is worth remembering as to who saved Raul Gandhi when he was arrested at Bostonâs Logan Airport.Â It was unfortunately our beloved P.M. at that time.Â It was done inspite of the fact that Raul travelled on an Italian passport.
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I have seen him using Indian passport in 2000 in Zurich, before he returned back to India.

01-14-2009, 01:34 AM

QUOTE(Viren @ Jan 14 2009, 01:19 AM)Some years ago we discussed this Rahul Gandhi's venture...Rahul Gandhi owns 83% in mystery Mumbai firm
Whatever happened to this story? Babus and Peons misplaced files or media muzzled with baksheesh and paybacks?
[right][snapback]93114[/snapback][/right] link
It isnât as if Rahul is ignorant. He has an M. Phil in Development Economics, heads a firm called Backops Services, makes periodic visits to New Delhiâs World Bank headquarters

They are also called as "BackOps Engineering" , if you check website its fake company. This scam is still on.
Why no enquiry? Call for brain mapping. <!--emo& Big Grin

--><img src='style_emoticons/<#EMO_DIR#>/biggrin.gif' border='0' style='vertical-align:middle' alt='biggrin.gif' />

QUOTERegistration Service Provided By: nameboy
Contact: tj@nameboy.com 
Domain name: back-ops.com
Registrant Contact:
BackOps
Back Ops ()

Fax:
BackOps Engineering
Mumbai, MH 400013
IN

Administrative Contact:
BackOps
Back Ops (domain@back-ops.com)
+91.2235452225
Fax: +1.1
BackOps
Arthur Bunder Road, Colaba
Mumbai, 400005
IN

Technical Contact:
BackOps
Back Ops (domain@back-ops.com)
+91.2235452225
Fax: +1.1
BackOps
Arthur Bunder Road, Colaba
Mumbai, 400005
IN 
Status: Locked 
Name Servers:
dns1.name-services.com
Creation date: 06 May 2002 08:00:17
Expiration date: 06 May 2010 08:00:17

No information after 2006.

**shamu** · 01-14-2009, 01:41 AM

QUOTE(Savithri @ Jan 14 2009, 12:51 AM)Truth about Indiaâs corporate success

Subramanian Swamy
http://www.expressbuzz.com/edition/story...GntEw72ik=[/url]

Is he trying to bail Rajasekhar Reddy out of this entire scam?

01-14-2009, 01:52 AM

How many ministers, Babus etc kids and extended family employed with Satyam. We know Infosys gave very cushy job to Laloo's son-in-laws.

01-14-2009, 02:22 AM

Satyam Executives Sold $1.8 Million of Stock Before Record Fall QUOTEJan. 14 (Bloomberg) -- Satyam Computer Services Ltd. executives reaped $1.8 million from share sales in the six months before a botched takeover and fraud inquiry at Indiaâs fourth- largest software exporter triggered a record fall in its stock.

Nine officials led by Chief Financial Officer V. Srinivas sold a combined 267,358 shares since July 14, according to filings by the company to the Bombay Stock Exchange. Thatâs more stock than the combined insider sales at 30 companies on Indiaâs benchmark index, according to data compiled by Bloomberg.

Chairman Ramalinga Raju said on Jan. 7 that heâd fabricated $1 billion of cash and assets, sparking an 83 percent plunge in Satyamâs stock that wiped out $2.2 billion of investor wealth. The insider sales coincided with a record fall in Indian equities as the global credit crunch forced Satyamâs clients including Citigroup Inc. to cut spending on computer services.

âThe impunity with which promoters sold shares is really shocking,â said R.K. Gupta, who manages the equivalent of about $100 million of stocks at Taurus Mutual Fund in New Delhi. âIt also raises questions about how effective our regulatory system is that it could not detect the wrongdoing from the share sales.â Taurus Starshare fund held 56,223 shares of Satyam at the end of December, according to Bloomberg data.
.................

The Institute of Chartered Accountants of India yesterday set up a six-member panel to examine Satyam and its auditor PricewaterhouseCoopers LLPâs local unit. PricewaterhouseCoopers has said it complied with Indiaâs accounting rules.

.........

âThere are people who have lost an equally significant amount of moneyâ because they didnât sell their entire stake, T. Hari, head of communications at Satyam, said in a telephone interview yesterday. âItâs possible that not everyone exercised all those vested stocks.â

lot of small investors will lose lot.

01-14-2009, 02:52 AM

During Kargil war, did Satyam also joined Infosys against war?
Any info?

01-14-2009, 03:32 AM

Rs 2,000 crore dole for Satyam

How many votes this amount will deliver ?

01-14-2009, 03:36 AM

Lawsuits against Satyam in US new headache for govtQUOTEThe government now faces the tough challenge of tackling nearly a dozen lawsuits filed in the US seeking compensation for the multi-crore financial fraud committed by the Satyam Computers.

The Law Minister H.R. Bhardwaj and Company Affairs Minister P.C. Gupta along with senior officials of both the ministries went into a huddle on Tuesday seeking a way out of the situation. The compensation sought by the American investors is likely to run into hundreds of millions of dollars.

Top legal officers of the government say that Satyam stood a little chance of escaping huge penalties as the law against fraud is strict in the US. âSatyam would have to hire top US legal firms if it wants to have any chance of defending itself there,â a senior government official said.

The likely compensation for US investors threatens to derail all efforts been made by the government to keep the company afloat, the official said.

Shareholders of any company listed in the US stock exchanges can file a case of wrongdoing against the company in any American court. Satyam Computers is listed at the New York Stock Exchange.

ramana · 01-14-2009, 04:05 AM

If they keep Satyam afloat for sake of employees they will endup paying the US investors while leaving local ones in the lurch.

Better option is to get the other software majors to raid and hire the employees on case by case basis.

01-14-2009, 04:14 AM

QUOTE(ramana @ Jan 14 2009, 04:05 AM)If they keep Satyam afloat for sake of employees they will endup paying the US investors while leaving local ones in the lurch.

Better option is to get the other software majors to raid and hire the employees on case by case basis.
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That is what I am suggesting from beginning, its very idea. Basically, Indian citizens will end up paying international investors; Satyam guys will lose jobs anyway. Best option let other company takeover or merges. It is service based company and employee can be hired by new company. It will save assets and Indian investors. Indian Government is setting up very bad example and future disaster.
This is just to get votes in AP.

Indian Government should freeze Raju family and every directors banks and assets.

ramana · (This post was last modified: 01-14-2009, 04:40 AM by ramana.)

Its not just votes but capital of the INC bigwigs locked up in Satyam.

No company will takeover Satyam for this very reason of liability to outside shareholders. They may cheat the inside shareholders but outsiders will get them.

01-14-2009, 04:44 AM

IGate was ready to merge.
But now Indian Government had decided to own this mess. I can only say Good Luck, another foolish idea.

01-14-2009, 08:33 AM

Satyam man quits four firmsQUOTETR Prasad, a former cabinet secretary who was an independent director at Satyam Computer Services Limited, has quit the boards of four Indian companiesâGMR Infra, TVS Motor Company, Nelcast and Delhi International Airport Limited (DIAL).

Ex-babu accused of favouring RajusQUOTEThe officer is accused of selling land to Satyam in Nagpurâs air cargo hub, the project Sinha is now developing on governmentâs behalf, at a throwaway price.
Eyebrows were raised when Sinha, 70, quit Maytas the day Satyamâs ex-chairman Ramalinga Raju admitted to rigging the companyâs finances. Critics say Raju might have diverted some of this money to Maytas, which is run by his son Teja Raju.
Looks like outbreak of bubonic plaque.

01-14-2009, 10:03 AM

Pricewaterhouse assisting agencies on Satyam

Restive Satyam workers headless and cluelessQUOTEThe source said the first priority as of now is to appoint a chief executive officer and an auditor rather than expanding the board to 10 members. The makeshift board is also actively looking for a possible merger involving a firm whose management could carry forward Satyam's business.

01-14-2009, 10:55 AM

QUOTE(Savithri @ Jan 14 2009, 12:51 AM)Truth about Indiaâs corporate success
Subramanian Swamy
Last Updated : 13 Jan 2009 07:23:22 AM IST
Indians have about $ 1.5 trillion in banks in Switzerland, Liechtenstein, the Isle of Man, the Cayman Islands, Macao, etc. All this money can be brought back legally within two months, but who will cast the first stone? Earlier this money used to lie in bank vaults, but now thanks to Participatory Notes (PNs) and the Mauritius route, this money is returning to India and in the BSE to earn windfall profits. This money enables politicians and businesspersons to carry cash around the world for pleasure, and sometimes caught with it. For example, on September 27, 2001, Rahul Gandhi and his girlfriend were arrested by the FBI at Bostonâs Logan Airport with $ 1,60,000 in cash, without declaring it to the US Customs. US law requires cash at hand of more than $10,000 to be declared.
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At last ! some body has the guts to report the real base of Venture Funding in India untill 2005. Its nothing but recycled money from black to white via window dressing of Venture capital beside the genuine funds sourced .Many Venture funds are started with a corpus fund out of real investment money but gradually as it grows wide illgotten wealth is also accomodated from political honchos and no one has the guts to point it out . This is how the unholy nexus is developed by the politicians and business men to later encash it and throw their weight around.Isnt it natural that at some point of time political judgements will over power business judgements.

hardly any one is aware that in 1991-93 the then Infosys Ltd was almost on the verge of closure due to financial crisis and they got a life line of Rs 300 crore investment which saved them and Lo !! we today see infosys in its present day avatar.

The funding was done by the then Siven Securities headed by one Siddharth who happens to to be SM Krishnas son in law. Who? SM Krishna you may ask. well the former CM of Karnataka and former governor of Maharastra and a congress man.

If Delaware (USA) alone accounts $0.5 trillion in holding by Indians then surely the over figure of all tax havens like mauritius, Dubai, Caymen islands, etc will be over $ 5 trillion. Not to mention the IFC (International financial corporation) USA funds that were diverted from developmental work in infrastructure to political activity by the Congress leader PVN Narashima Rao in 1986-1996 over one whole decade amounting to $ 950 million . Where did that fund go ????

Or How did Deve Gowda our former PM get Rs 600 crore that he gave to a seer of a Lingayat mutt in Karnataka for safe keeping and instead the Seer diverted that fund for public welfare.Even today they publicly rebuke each other as sworn enemies. Put around 10 honchos of Indian political leaders and the financial fraud of Satyam will look like a joke. 

Unless the government punishes the Satyam Board severely and sets a precedent that such things will not be tolerated and gives the right indication to the world, we may simply invite more ridule and bashing on the corporate world which will demotivate even the business houses that have high ethical standards and will suffer equally out of the Satyam fallout.

Let the rest of the corporate world also learn from this episode that if they dont set their house right now by this experience and correct themselves from doing similiar mistakes then they will also end up like this

Just like Bollywood was cleaned with the nexus with underworld funding we have to steer our corporates away from illgotten wealth to allow the corporates to work on the principle of business dynamics only and not political.

01-15-2009, 01:50 AM

QUOTEBailout set to be a rough ride
pioneer.com
Santanu Banerjee | New Delhi
Salvage-Satyam package only on temporary basis
Even as the Government is contemplating a bailout package for the fraud-tainted Satyam, official sources said that anything done to salvage the situation would purely be on a âtemporary basisâ and that the Government would not have any long-term commitment on the issue.

Sources told The Pioneer that the Government was awaiting the outcome of the investigation on the exact status of Satyamâs financial health, which would decide the extent of its involvement in rescuing the beleaguered company.

The first installment of the bailout package may be decided soon after the Government received a proposal to this effect from the new three-member board, which was put in place on Sunday. âWe are expecting that the board would send the necessary feedback within the next few days,â a top Government official said.

Elaborating what could be part of the salvage package, he hinted that the Government was studying the crisis-salvage models prevalent in the United Kingdom and the United States and could start with extending soft loans to Satyam and acquiring preferential shares.

The official added that the Government could consider either option, but it would be a purely temporary involvement and carried out with purely social objectives like salvaging the loss of jobs and ensure operational viability.

Insiders said the reasons why the Government did not seek any long-term association with the crisis-ridden firm was the huge salary bill per month it would need to pay the employees.

The Government also does not want to enter into a long-term commitment with the company as it is war of the political spins of the scam. It also apprehends that spending the tax-payerâs money to save a tainted firm may not go down well with the electorate.

Incidentally, if the Government decides to buy the preferential shares, it would send a strong signal to the market that authorities are trying to give a stamp of official guarantee to the stock holders.

However, sources said that the Government was not contemplating attaching the properties of Satyam's group companies to recover the financial losses. âAt no point are we contemplating this issue,â sources said.

If they are studying what US is doing now, expect doom for Indian Govt and IT.
In US they have chapter 11 and Chapter 7, Chapter 9 to give chance to fix but for scam they allow company to collapse as happened with BearStrean or Lehman Bro or Enron. In US investigation is very honest and it means end of life for lot of people, that is why lot of executive prefer to commit suicide then face court and investigation.
In India, these guys happy to sit in jail in luxory but they know they can get away. Greasing Babus and politicians can solve anything.
Can someone tell me outcome of Volcker where Sonia was involved doing business with Saddam Hussein when Iraq was under sancations, Bofors, Lalu fodder scam, Mulayam Yadav bank balance, Amar Singh..... Mayawati ....
Till Sonia is in lead CBI etc will toe whatever 10 Janpath will tell them to do.
I think common Indian citizens who may tax will end up paying bills for bailout of Satyam, to protect Congress and Babus interest.

01-15-2009, 02:15 AM

QUOTEOz, Singapore send SOS to Govt on companyâs status
pioneer.com
Nidhi Sharma | New Delhi
Even as the Government is trying to discover how deep the roots of the Satyam fraud run, Australia and Singapore have asked India to clarify the status of the tainted company since it handles their official accounts.

According to sources, both Australia and Singapore have approached the Centre through their ambassadors to seek clarifications on several issues pertaining to the company. These include the legality of its operations, solvency status, assets and the Indian Governmentâs involvement in bailing out Satyam Computers.

Sources said the accounts of the Australian and Singaporean Governments are handled by the company. A source said: âThe Singaporean Prime Ministerâs salary account services are also managed by it. The Australian Government employeesâ accounts are managed by the companyâs operatives. The Governments are concerned. They want information on how far the Centre is involved in cleaning up the mess.â

Apart from this, seven class action suits, which are similar to Indiaâs public interest litigations (PILs), have been filed in various US courts. Satyam has about 7,000 employees in the US. More such suits could follow. This would now require proper planning by the Government

Satyam should pack now to protect more loses. Let its employess join other companies.

01-15-2009, 11:37 AM

Maytas: one head, 23 tentacles
<img src='http://www.telegraphindia.com/1090115/images/15zzfor.jpg' border='0' alt='user posted image' />

Nice way to pay less tax.

01-15-2009, 11:42 AM

link
An audit of true lies Based on Satyam inputs, may be âunreliableâ: PW QUOTENot so scandalous
Although investors were scandalised by Price Waterhouseâs admission that it hadnât bothered to verify the numbers, the auditor fraternity wasnât terribly surprised.

Several chartered accountants said the role of the auditor was to certify that the companyâs financial statement was presented in a true and fair manner. âAuditors are not investigators,â said Kamlesh Vikamsey, partner of audit firm Khimji Kunverji & Co.

All auditors preface their report with a disclaimer: âThese financial statements are the responsibility of the companyâs management. Our responsibility is to express an opinion on these financial statements based on our audit.â Price Waterhouse had this line in all its auditor reports for Satyam.

The statement brought into the open the grim reality of the audit practice: auditors do not question, tear and rip into a companyâs documented figures unless they have a very good reason to suspect fraud.

So, what really is the auditorâs job? There are three areas that an auditor focuses on: first, it must ensure the audit is conducted in accordance with the auditing standards accepted in India.

Second, an audit requires the examination âon a test basisâ of the evidence supporting the amounts and disclosures in the financial statements.

Third, it involves an assessment of the accounting principles used by the management and the estimates made by it. In doing so, the auditors evaluate the overall financial statement.

When Price Waterhouse says it relied on the companyâs financial statements, it wasnât doing anything extraordinary.

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