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The weekly recap: 18th-23rd Jan

The weekly recap: 18th-23rd Jan
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First Published: Fri, Jan 23 2009. 05 49 PM IST

New Delhi: More skeletons tumble out of the Satyam closet. The company has 13,000 fictitious employees on its payroll. According to the public prosecutor Rs20 crore were being diverted every month to fictitious employee accounts. Former chairman B. Ramalinga Raju has reportedly confessed to buying thousands of acres of land in 400 deals. Raju, his brother and former managing director Rama Raju and former CFO Sriniwas Vadlamani confessed to forging fixed deposit certificates to the tune of thousands of crores.
A two-day meeting of the new Satyam board is underway in Hyderabad and they hope to appoint a new CEO and CFO for the company after the Rs7,000 crore scandal erupted.
And in the wake of the Satyam scam the Securities and Exchange Board of India or Sebi on Wednesday made it mandatory for promoters of listed companies to disclose shares pledged with lenders for personal loans.
Satyam chairman Ramalinga Raju had pledged nearly all his shares -- whose prices he had inflated by falsifying profits.
On Monday, Mint reported that nearly $15 billion or Rs73,650 crore worth of promoter shares have been pledged as collateral with lenders.
Under its new rules, companies are required to make event-based announcements and periodically or at the end of every quarter.
But this may not be enough as promoters have been found to skirt the regulations by pledging shares to holding companies.
And on a good note, Danny Boyle’s Slumdog Millionaire is the front-runner for the Oscars. The movie with a prominent Indian star cast including Anil Kapoor and Irfaan Khan, was shot completely in India. It has swept many awards including the Golden Globe for best motion picture, best screenplay, best original score and 5 broadcast film critics association awards. The film has been nominated for 10 Oscars including best film and best director. The background music score by A.R. Rahman has been appreciated widely and may just get India its first ever Oscar for music.
And the world almost stood still as Barack Obama was sworn in as the 44th American President on Tuesday. The ceremony took place on the steps of the Capitol Hill in Washington DC. Braving the cold, large crowds turned out to see the first African American US president’s swearing in ceremony. In his address Obama recalled the words of George Washington, America’s first president, enjoining Americans against faint-heartedness “in this winter of our hardship”. The new President, who takes office after 8 years of Bush’s administration, hopes to get America back in financial health soon.
And make way for the German beauty. BMW unveiled its new version of the 7-series this week and hopes to make it available to the public in February this year. Priced at roughly Rs93 lakh, the company says it is has a fuel efficiency of 8.8 kmpl which is 10 % more than its predecessor.
Peter Kronschnabl, president of BMW India said, “I think when we saw a growth from 2007 to 2008 about 4300 to 7500 in luxury segment; I don’t believe the trend will continue in 2009. I personally believe there will be a slight growth in this year.”
BMW will be launching the S6 next month followed by the 3 series. But it has no plans to bring its premium hatch back car 1-series to India just yet .
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First Published: Fri, Jan 23 2009. 05 49 PM IST