New Delhi: This week more skeletons tumbled out of the Satyam closet. For one, the company has just 40,000 employees on its payroll and not 53,000 as was claimed earlier. According to the public prosecutor Rs 20 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. At a two-day meeting in Hyderabad, the new Satyam board was expected to choose a new CEO and CFO.
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In the wake of the Satyam scam, Securities & Exchange Board of India on Wednesday made it mandatory for promoters of listed companies to disclose shares pledged with lenders for personal loans. Sebi chairman, CB Bhave said, “Promoters who pledge shares have to disclose it to the company and the company, in turn, has to disclose it to the stock exchanges. If we get complaints that people are not complying with the regulation, we will investigate those complaints.”
On Monday, Mint reported that nearly $15 billion or Rs 73,650 crore worth of promoter shares have been pledged as collateral with lenders.
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 to financial health soon.
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. The film has been nominated for 10 Oscars including best film and best director. The background music score by AR Rehman has been appreciated widely and may just get India its first ever Oscar for music.
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 about Rs 93, 00,000 the company says it is has a fuel efficiency of 8.8 kmpl that is 10% more than its predecessor.
“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,” says Peter Kronschnabl the President at BMW India.