Karnataka CM Yeddyurappa resigns on MoU dispute

Karnataka CM Yeddyurappa resigns on MoU dispute

The 25th chief minister of Karnataka and the Bharatiya Janata Party’s (BJP’s) first chief minister in the south, B.S. Yeddyurappa, resigned exactly a week after being sworn in without facing a confidence motion in the state assembly.

Yeddyurappa tendered his resignation to Governor Rameshwar Thakur soon after coalition government partner Janata Dal (Secular), or JD(S), issued a whip to its legislative assembly members asking them to vote against any confidence motion to be moved by the government.

Yeddyurappa had taken charge as the chief minister on 12 November, banking on support from the 49 -member strong JD(S) to secure a majority in the state assembly which comprises 225 members. Currently, the BJP has 79 members.

The immediate reason for JD(S)’ decision not to support him was the BJP’s refusal to sign a memorandum of understanding (MoU) consisting of 12 conditions related to the coaltion’s functioning, which the JD(S) had proposed earlier. The BJP had refused to accede to the JD(S) demands to hand over the lucrative mines and geology, and urban development ministries.

JD(S) decided to vote against the trust vote “because Yeddyurappaji wants to take Sriramulu (former minister) back into the cabinet", said JD(S) leader Deve Gowda.

Immediately after his departure from Raj Bhawan, assembly speaker Krishna ruled that Yeddyurappa had lost the confidence vote.

Karnataka was considered a prize catch for BJP as the party has a small presence in other southern states.

‘PTI’ also contributed to this story.

157 IIM-A students get summer placements

As many as 157 students of the prestigious Indian Institute of Management, Ahmedabad (IIM-A), have been offered summer placements for 2008, the highest in the history of Indian business schools.

Of these, 134 got the offers on the very first day of the placement season, as against 120 on the first day last year. The biggest recruiter this year was investment bank Goldman Sachs Group Inc., which took 17 students, followed by Lehman Brothers inc. (15) and Merrill Lynch & Co. Inc. (13).

Among consulting firms, McKinsey & Co., The Boston Consulting Groupand Bain and Co. led the charge.

The private equity sector saw a total of 15 acceptances. Private equity funds such as Blackstone Group Lp., General Atlantic Llc. and Greater Pacific Capital Llp. visited the IIM campus.

Consulting firms Arthur D Little and Value Partners Ltd recruited summer interns for the first time. Overall, 123 students from the 2007-09 batch will be going overseas for internship against 100 last year.

Close to 100 firms participated in the summer placements at IIM-A this year. Summer internship or placement, is an integral part of the post-graduate programme.

It aims to give students a first-hand experience of the industry.

“Although the top investment banks and consulting firms continue to have the highest number of acceptances, the student community got a much more diverse pool of firms and roles to choose from," an IIM-A release said.

Another trend was the increased willingness of firms to offer international postings to management graduates for marketing roles.

Hindustan Unilever Ltd, Coca-Cola India, Cadbury India Ltd, Dabur India Ltd and Aditya Birla Group offered overseas positions to summer interns this year, besides Procter & Gamble, the only firm that has traditionally been offering positions abroad. Sunil Raghu

New Delhi: Non-banking finance company, HB Stockholdings Ltd, has made an open offer to the shareholders of the Delhi-based DCM Shriram Industries Ltd to acquire 22.88% of the fully paid-up equity share capital of the company at a price of Rs70 per share in cash.

HB stockholdings would have to buy 3.5 million shares of the company to acquire the stake. The offer opens on 3 January and closes on 24 January.

The public announcement for the offer to the Bombay Stock Exchange (BSE) has been made through Mefcom Capital Markets Ltd, the manager to the offer. Shares of HB stockholdings gained by 9.97% to touch a 52-week high of Rs63.45 on BSE. SHABANA HUSSAIN

New Delhi: In a bid to improve the quality of India’s engineering faculty, the Indo-US Science and Technology Forum, (IUSSTF), an organization supported by the governments of the two countries, has decided to send 25 engineering teachers every year to top engineering colleges in the US.

“The idea is to expose our faculty to the teaching methods and research activities of the faculty in top colleges, such as the Massachusetts Institute of Technology (MIT) and Stanford University," said Arabinda Mitra, director, IUSSTF.

“There’s a lot that MIT and India can learn from each other, and collaborative partnerships are vital to learn and benefit from each other," said Susan Hockfield, president, MIT. Jacob Koshy

New Delhi: The World Bank, the Small Industries Development Bank of India (Sidbi) and the Ludhiana Hand Tools and Forging Envirocare Pvt. Ltd, have joined hands to facilitate the small and medium enterprise (SME) clusters in Ludhiana to incorporate climate-friendly technologies to earn carbon credits.

Ludhiana Hand Tools and Forging—a special purpose vehicle—has been set up by 300 steel forging units in Ludhiana.

The World Bank will purchase a minimum of 990,000 carbon emission reductions (CER) worth $10 million (Rs39 crore), from the 300 SMEs, which have agreed to participate in the programme.

“The World Bank is not only encouraging project-by-project proposals, but also encouraging more investment in carbon projects on a larger scale," said Charles Cormier, team leader, energy and environment, South Asia Region, World Bank. Padmaparna Ghosh