"We have already received more than 100 such CVs so far," said Head Hunters India CEO Kris Lakshmikanth.
A Satyam Business manager confessed to the headhunter that he was facing difficulty dealing with clients and convincing them to renew their contracts with Satyam. The clients are in re-evaluation mood as they are "no longer satisfied with the intent and focus of the company."
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Rajus seemed to have pledged their promoter stake in the $2-billion-plus fourth largest Indian IT company to raise funds to buy land and real estate. Though the exact price at which the shares were pledged could not be clearly ascertained, it is believed to be upwards of Rs 800 per share. The process of pledging began in September 2006.
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Rajus seemed to have pledged their promoter stake in the $2-billion-plus fourth largest Indian IT company to raise funds to buy land and real estate. Though the exact price at which the shares were pledged could not be clearly ascertained, it is believed to be upwards of Rs 800 per share. The process of pledging began in September 2006.
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"We were interested in Satyam's BPO arm when the intermediary approached us. But the promoters weren't keen on selling individual components. And picking up the entire stake will be too big a bite for us," said an official from a Delhi-based BPO firm. While there are a few players with requisite financial prowess to match promoters' expectations, there are challenges that may hinder the deal from taking off. "Acquiring promoters' stake alone will not ensure management control. So, prospective buyers may have to explore other options," said Raman Roy, Chairman and Managing Director, Quattro BPO Solutions.
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Though many global IT services firms, including IBM, Accenture and Cap Gemini, are vying for Satyam Computer Services. It might finally endup in the Indian companies kitty.
Infosys and Coginzant have pulled up some of their Top Business managers to do a sort of due-dilligence for getting Satyam into their fold.
The fourth-biggest software exporter is facing a major shareholder rebellion on poor governance after it aborted bid to buy two firms linked to its promoter. Despite the recent developments, IT analysts reckon that the fourth-biggest software exporter is a good buy, as the India outsourcing story is intact.
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Ramalinga started off his entrepreneurial career in the construction business always had a fascination for the real estate and related industry. This is precisely the reason why Maytas (which is Satyam spelt in reverse) was spawned by Ramalinga Raju a few years ago. Maytas has now grown big and comprises Maytas Infra and Maytas Properties. The former's order book is over Rs 12,000 crore besides the Hyderabad Metro Rail project.
The Rajus are considering inducting a strategic partner and selling out their shares in the $2 billion IT company
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The buzz on the Rajus' plan to exit Satyam has been doing the rounds for the last two years. Earlier, there were speculation that IBM would takeover the company. "Though constantly denied, the fact that these tales persisted goes to show that there cannot be smoke without fire,'' says a top Hyderabad businessman who has known Ramalinga Raju for long. Raju, who started off his entrepreneurial career in the construction business, has a fascination for the real estate and related industry, say people who know him. This is precisely the reason why Maytas (which is Satyam spelt in reverse) was spawned by Ramalinga Raju a few years ago. Maytas has now grown big and comprises Maytas Infra and Maytas Properties. The former's order book is over Rs 12,000 crore besides the Hyderabad Metro Rail project.
Sources said if the sell-out by Satyam does not happen or till such time that it happens, B Rama Raju, the co founder and brother of Ramalinga Raju and managing director of the company, will step down from his executive position and make way for a salaried professional managing director. "He will continue as a non-executive director,'' sources said. Similarly it is expected that Ramalinga Raju might himself become a non-executive chairman of the Satyam board.
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According to a corporate lawyer, if Raju resigns, one of the options before the board could be to appoint one of the independent directors as a chairman or managing director. The other option could be to appoint other investor nominees as chairman or managing director. "But this possibility appears remote as financial investors may not be willing to take the onus of running the company," said a corporate lawyer, who wished not to be identified.
Institutional investors led by Aberdeen Asset Management, Fidelity and ICICI Prudential hold a 61% stake in Satyam, several times the 8.5% stake held by the family of the company's founder and chairman Ramalinga Raju. The resignation of Srinivasan, who was on the Satyam board for over 17 years, has also added pressure on other directors to follow her example.
Vinod completed his undergraduate education in Electrical Engineering from the Delhi College of Engineering. In 1971, after graduation, he joined a Delhi-based semiconductor company called Continental Devices. In 1975, he left this job and joined University of Cincinnati to pursue a masters degree in Electrical Engineering, where he specialized in Solid State Science. After completing his masters degree in 1977, he joined NCR Corporation at Dayton, Ohio. He then joined Intel, and started working on the Pentium chip. He is called the "Father of Pentium" for his role in the development of the Pentium processor. He is also one of the co-inventers of non-volatile flash memory. He rose to the position of vice-president of Intel. He left Intel in 1995, and joined a number of startups including NexGen, which was acquired by AMD, and then went on to Silicon Spice, which was acquired by Broadcom in 2000. He is also the co-founding partner of New Path Ventures which has funded Companies like Nevis Networks. In an interview, Dham revealed that he came to the United States with only "$8 in his pocket".
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The World Bank has banned Satyam Computer Services from providing software services to the financial institution for eight years due to
alleged malpractices including bribery, as per a Fox News report
World Bank information security chief Robert Van Pulley admitted to the ban during a recent meeting with the officials of Government Accountability Project (GAP), a whistleblower protection organisation in the US, as per the report. The bank has handed over the case to the US Justice Department and the Treasury Department.
Mr Raju had put in his papers and that he was awaiting the company board's decision on the issue.
When contacted, a Satyam spokesperson said: "We are still awaiting news from the management. We will let you know once there is an announcement to make."
The resignation of the chairman, who is also the promoter of the company, could raise issues of succession, which is far greater than him quitting, Mr Shah added.
Shares of Satyam were down 8.5% to Rs 148.60 on the BSE in intra day trading. The company's shares have seen severe beating ever since the company board pushed through a decision to buy out two subsidiaries belonging to the promoters' family. The Satyam board had to later reverse this decision following strong opposition from investors and shareholders.
The failed Maytas deal has come as a big blow to Satyam, which for all its brutal HR policies, were seen as Investor's darling.
Here are blogs of note regarding Satyam - Maytas deal
Satyam - name and reputation are upside down
""Mr Raju said the two companies would be helped by Satyam's 'soft' skills in infrastructure vertical."
Synergy between software and real estate development? Whoa, and saying that with a straight face on TV was truly an achievement of sorts for Ramalinga Raju.
My second favourite cynical quote of Raju is: "With regard to Maytas Infra, he said the valuation was based on SEBI guidelines." Whoa, so now it's SEBI's fault that you grossly overvalued your sons' companies? Raju bhai, SEBI prescribes minimum standards of governance and valuation disclosures not valuation levels and their fairness – and most of them are geared towards honest arms length transactions.
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(http://blogs.livemint.com/blogs/initial_private_opinion/archive/2008/12/17/satyam-name-and-reputation-is-upside-down.aspx)
Raju's sons have senior posts in both firms - Rama Raju Jnr is vice chairman of Maytas Properties and B Teja Raju is vice chairman of Maytas Infra"
When Indian companies realise this is unacceptable, they can compare themselves with the best of the Western companies. You'd never see IBM behaving in such a way - why did it take an investor revolt to bring the senior execs to their senses ? The CEO of Satyam should resign over this.
amanfromMars - IMHO resignation of the sons should have happened before the deal was even conceived !
(http://www.channelregister.co.uk/2008/12/18/takeover_abandoned/comments/)
Raju with 8% holding was trying for a day-light robbery.This is atrocious and there must be a regulation stipulating a minimum share holding to be a CEO or the CEO must be a professional. He or his family starts a company, run it for some time, manipulate the valuation and then merge it with a bigger IT company wherein he is a minority share holder. This sucks. All the other major shareholders should join and force Raju to quit.
What Raju did is unpardonable and he has lost the faith i had in the company.He must go!!!
As someone who has followed the fame and fortune of the big 4 in India for the last decade, one definitely gets the feeling that this is more a case of misunderstood intentions or expectations rather than malafide intent.
One must remember, that a minority promoter by working in the best interests of the investor has made Satyam one of the most profitable, fastest growing and most cash rich IT organisation in India. To an outside observer, while this event itself could be a source of discomfort, 25 years of success and ethical success shoule be a source of comfort.
there is a large degree of involvement in terms of the governance of the organisation and the management focus that is provided by the promoters of this organisation.
Without a doubt a few market signals seem to have been misinterpreted, without a doubt a larger buy in would've helped in creating far greater credibility to the event than what it ended up doing, without a doubt, at a sensitive time like this, transparency would've been a much healthier alternative, that said, persecution beyond a point comes across as a witch hunt.
as the actions stand corrected, its a lesson that we all take in and move forward.
(http://blogs.reuters.com/india/2008/12/17/its-all-in-the-family-for-indian-tech-firm/)
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Y. S. Rajasekhara Reddy on Sunday achieved a milestone by becoming the longest serving Congress party Chief Minister in the State for a single term, by completing four years, seven months and seven days.
He surpassed the record of Jalagam Vengal Rao, who held office for four years, six months and 23 days. Veteran Kasu Bramhananda Reddi was the Chief Minister for seven years, six months and 22 days but in two terms. His single term stint was four years, four months and 23 days.
Chief Minister attributed this success to his 'beloved' mother Jayamma. According to a press release issued by the Chief Minister's Office, he observed that there was no greater satisfaction in initiating programmes for well being of people than get elated over records. He said several party stalwarts in the State had left indelible mark on people by their commitment for their welfare.
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Reliance has decided to go for a massive layoffs or job cuts in all group companies. The news was released by IBN LIVE, stating that Reliance and group companies have asked around 6000 employees to resign or forceful job termination
The majority of the layoffs will happen in the Retail segment. Though other companies will also face the heat. Some of the companies involved in the exercise are Reliance Retail, Reliance Logistics, Reliance Info Systems and Reliance Corporate Park.
Reliance Job Cuts affected across sectors
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Statement of accused Mohd Ajmal Amir Qasab; Age 21 yrs. Occupation: Labour, R/O - Faridkot, Tehsil -Dipalpur, Dist -Ukada, State -Suba Punjab, Pakistan
I am as above and reside at the above given address since my birth. I have studied up to 4th standard from Government Primary School.
After leaving school in 2000, I went to Lahore. My brother Afzal stays at galli No. 54, R.No. 12, Mohalla Tohit Abad, near Yadgar Minar, Lahore. I did labour jobs at different places till 2005. During that period I used to visit my native place. In the year 2005, I had a quarrel with my father. Therefore, I left my house and went to Ali Hajveri Darbar at Lahore.
At the said place, the boys who had run away from their houses are kept. From there, the boys are sent to different places for employment. One day when I was there, a person by name Shafiq came there and took me with him. He was in the catering business. He was from Zhelam. I started working with him on daily wages. I was given Rs 120 per day. After some days my salary was increased up to Rs 200 per day. I worked with him till 2007.
While I was working with Shafiq, I came in contact with one Muzaffar Lal Khan, aged 22 years, r/o Village -Romiya, Tehsil & Dist -Atak, State -Sarhad, Pakistan. As we were not getting enough money, we decided to carry out robbery / dacoity at some place so that we will get a large amount. As such we left the job.
Thereafter we went to Rawalpindi. We hired a flat at Bangash Colony, Rawalpindi, and started residing in it. Afzal had located a house where he thought we would get a large amount.
He had surveyed the said place and drawn a map of the said place. We required some fire-arms for our purpose. Afzal told me that he could get some fire-arms at his native place, but it was very risky, as there was frequent checking at his native place.
While we were in search of fire-arms we saw some LeT stalls at Raja bazaar, Rawalpindi, on the day of Bakri-id. We thought that, even if we procured fire-arms, we could not operate them. Therefore, we decided to join LeT for weapon training.
After making enquiries we reached LeT office. In the LeT office we met a person. We told him that we wanted to join LeT. He made some enquiry with us, noted our names and address and told us to come on next day.
On the next day, we went to LeT office and met the same man. One more person was present with him.
He gave us Rs 200 and some receipt. Then he gave us the address of a place called Marqas Taiyyaaba, Muridke, and told us to go to the said place where LeT is having their training camp. As directed, we went to the said place by bus. We showed the receipt given to us at the gate of the camp. We were allowed inside. At the entry gate, our details were filled up on two forms. Then we were taken to the actual camp area. At the said place, initially we were selected for 21 days training called Daura-Sufa. From the next day, we started attending training. The daily programme was as mentioned below.
04.15: Wake up call and thereafter namaz
08.00: Breakfast
08.30-10.00: Lecture on Hadis and Quran by Mufti Sayyed
10.00-12.00: Rest
12.00-13.00: Lunch Break
13.00-14.00: Namaz
14.00-16.00: Rest
16.00-18.00: PT and Game Instructor Fadulla
18.00-20.00: Namaz and other work
20.00-21.00: Dinner
After completion of the above said training, we were selected for another training called Daura-Ama. The said training was also for 21 days. We were then taken in a vehicle to a place called Mansera, Buttal Village. At the said place, we were given training of all weapons for 21 days. The daily programme was as mentioned below.
04.15 - 05.00: Wake up call and thereafter namaz
05.00-6.00: PT Instructor abu Anas
08.00: Breakfast
08.30-11.30: Weapons training. Trainer Abdul Rehman, Weapons AK-47, Green-O, SKS, Uzi gun, pistol, revolver
11.30-12.00: Rest
12.00-13.00: Lunch break
13.00-14.00: Namaz
14.00-16.00: Rest
16.00-18.00: PT
18.00-20.00: Namaz and other work
20.00-21.00: Dinner
After completing the said training, we were told that, we will be given the next advance training, but for that purpose we have to do some Khidmat for two months (Khidmat is a sort of service in the said camp as per the trainees' liking). We agreed to do the Khidmat for two months.
After two months, I was allowed to go to meet my parents. I stayed with my parents for one month. Thereafter, I went to LeT camp situated at Shaiwainala, Muzzafarabad, for further advanced training. At that place, they took my photographs and filled up some forms. Then we were taken to Chelabandi pahadi area for training called Duara-khas. The said training was for 3 months. The training included PT, handling of all weapons and firing practice of the said weapons, training of handling of hand grenade, rocket launchers and mortars. The daily programme was as mentioned below.
04.15-05.00: Wake up call and thereafter namaz
05.00-06.00: PT Instructor Abu Mawiya
08.00: Breakfast
08.30-11.30: Weapons training handling of all weapons and firing practices of the said weapons, training of handling of hand grenade, rocket launchers and mortars, Green-O, SKS, Uzi gun, pistol, revolver, Hand grenade, rocket launchers. Trainer Abu Mawiya
11.30-12.00: Rest
12.00-13.00: Lunch Break
13.00-14.00: Namaz
14.00-16.00: Weapon training and firing practice. Lecture on Indian security agencies
16.00-18.00: PT
18.00-20.00: Namaz and other work
20.00-21.00: Dinner
At the said place 32 persons were present for training.
Out of these 32 trainees, 16 were selected for some confidential operation by one Zaqi-ur-Rehman Chacha. Out of these 16 trainees 3 trainees ran away from the camp. The above said chacha then sent the remaining 13 of us along with a person called Kafa to the above said earlier camp at Muridke. At Muridke, we were taught swimming and getting acquainted with the environment experienced by a fisherman on a sea.
We did some experimental tours by launches on the sea. During the said training, we were given lectures on working of Indian security agencies. We were shown the clippings highlighting the atrocities on Muslims in India.
After completing the said training, we were allowed to go to our native places. For seven days, I stayed with my family members. After seven days I went to the LeT camp at Muzzafarabad.
The above said 13 of us were present for training. Thereafter, as per the instructions of Zaki-ur-Rehman, the above said Kafa took us to camp at Muridke. At the said camp again we underwent the training of swimming and getting acquainted with the environment and experience on sea. The training continued for one month.
During the said training, we were given the lectures on India and its security agencies, including RAW. We were also given the training on how to evade the chase by security personnel. We were strictly instructed not to make phone calls to Pakistan after reaching India.
The names of the persons present for the said training are as mentioned below.
Mohd Azmal aka Abu Muzahid
Ismail aka Abu Umar
Abu Ali
Abu Aksha
Abu Umer
Abu Shoeb
Abdul Rehman (Bada)
Abdul Rehman (Chhota)
Afadulla
Abu Umar
After completion of training, Zaki-ur-Rehman aka Chacha selected 10 of us and formed 5 teams each having two persons on 15 Sept 2008. My team included myself and Ismail. Our code name was VTS team. We were then shown the site 'Google Earth' on Internet. On the same site, we were shown the information about Azad Maidan, Mumbai, how and where to get down at Mumbai. We were shown the film on VT railway station and the film showing the commuters moving around at rush hours at VT railway station.
We were instructed to carry out the firing at rush hours in the morning between 7 to 11 hours and between 7 to 11 hours in the evening. Then kidnap some persons, take them to the roof of some nearby building. After reaching at the roof top, we were to contact chacha. After that, chacha would give the telephone or mobile no of electronic media. We were then to contact the media persons on the same phone. And as per the instructions received from chacha, we would make demands for releasing the hostages. This was the general strategy decided by our trainers.
The date fixed for the said operation was 27th Sept 2008. However, the operation was cancelled for some reason. We stayed at Karachi. Again we made practice of travelling by speed boats on the sea. We stayed there upto 23rd Nov 2008. The other teams were as mentioned below.
2nd Team
1) Abu Aksha
2) Abu Umar
3rd Team
1) Bada Abdul Rehman
2) Abu Ali
4th Team
1) Chhota Abdul Rehman
2) Afadulla
5th Team
1) Shoeb
2) Abu Umer
On 23rd Nov 2008, the above said teams including our team left from Azizabad, Karachi along with Zaki-ur-Rehman aka Chacha and Kafa. We were taken to the nearby sea shore. At 04.15 hours we reached the sea shore. At the sea shore we boarded a launch. After traveling for 22 to 25 nautical miles we met a bigger launch in the sea. We boarded the said launch and after journey of 1 hour we boarded a bigger ship by name Al-Huseini in the deep sea. While boarding the said ship, each of us was given a sack containing 8 grenades, one AK-47 rifle, 200 cartridges, 2 magazines and one cell phone for communication.
Then we started towards Indian coast. When we reached Indian waters, the crew members of Al-Huseini ship hijacked one Indian launch. The seamen from the said launch were shifted to Al-Huseini ship. We were then boarded the hijacked Indian ship. One Indian seaman was kept along with us.
At the gun point, he took us towards the Indian coast. After journey of about 3 days, we reached near sea shore of Mumbai. While we were at some distance from the shore, Ismail and Afadulla killed the Indian seaman, (Tandel) at the basement of the said Indian launch. Then we boarded floatable dinghi and reached Budwar Park Jetty as per the instructions received earlier.
After getting down at Budwar Park, I went along with Ismail to VT railway stn by taxi.
After reaching the hall of VT railway stn. We, i.e. Ismail and myself, went to the common toilet, took out the weapons from our sacks, loaded them, came out of toilet and started firing indiscriminately towards the passengers.
Suddenly one police officer in uniform came towards us and opened fire. In retaliation, we threw hand grenades towards him and also opened fire towards him. Then we went inside the railway stn threatening the commuters and randomly firing at them.
Then we came out of the railway stn and started searching for a building with roof top. But we did not find a suitable building. Therefore, we entered a lane. Then we entered a building and went upstarts. On 3rd or 4th floor we searched for hostages but we found that the said building was a hospital and not a residential building. Therefore we started coming down.
At that time policemen started firing at us. As such we threw some grenades towards them. When we were coming out of the hospital premises, we suddenly saw one police vehicle passing in front of us. Therefore, we took shelter behind a bush.
Another vehicle passed in front of us and stopped at some distance. One police officer got down from the said vehicle and started firing at us. One bullet hit my hand and my AK-47 dropped down. I bent to pick it up when second bullet hit me on the same hand. I got injured. Ismail opened fire at the officers who were in said vehicle. They got injured and firing from their side stopped.
We waited for some time and then went towards the said vehicle. Three bodies lying there. Ismail removed the three bodies and drove the said vehicle. I sat next to him. While we were moving in the said vehicle, some police men tried to stop us. Ismail opened fire towards them while we were on the move; our vehicle got punctured near a big ground by the side of road. Ismail got down from the driver seat, stopped a car at the gun point and removed the three lady occupants from the said car. Then Ismail carried me to the car and sat me inside as I was injured. Then he drove the said car.
While we were moving in the said car, we were stopped on the road near sea shore. Ismail fired towards them. Some policemen got injured. Police also opened fire towards us. Due to the police firing Ismail got injured. Then police removed us to some hospital. In the hospital I came to know that Ismail succumbed to the injuries he has sustained.
My statement is read over to me, explained in Hindi and it is correctly recorded.
(The statement has been reproduced verbatim)
Pray mourn to all, who lost their lives in MUMBAI
The third edition of the Internet Governance Forum (IGF), currently on in Hyderabad, has been presenting to the multi-stakeholders quite a few perspectives on cyber crime and cyber security including identify theft.
The IGF organisers, however, will need to rethink about their objectives and include physical theft too on their agenda from the next edition.
For, despite the tight security measures including scanners and metal detectors besides over 100 Indian policemen and the United Nation's security personnel cordoning the Hyderabad International Convention Centre (HICC), the venue for the event, day one saw around 80 simultaneous language interpretation headsets missing after the opening session.
Series of resignations forced from ministers and chief ministers. But why Ms Sonia Gandhi who - listened to her inner voice and - gave up Primeministership now listen to the inner voice and resign from UPA chairperson and politics.
If Rahul Dravid & Sachin Tendulkar resigned from captaincy for poor performance, why can't Soniaji relinquish her post. What for she is sticking to that? Why the inexperienced media is after a cartoon character like Naqvi and not after Sonia?
Is the media doing justice by saving Sonia?
