Thursday, January 8, 2009

India IT boss quits over scandal

Mr Raju said he would subject himself to the laws of the land
T he boss of Satyam, India's fourth-biggest software firm, has quit after revealing false accounts including some $1bn (£663m) in fictitious reserves. Chairman Ramalinga Raju apologised and said "the gap in the balance sheet has arisen purely on account of inflated profits" during several years. He said he was subjecting himself to the laws of the land and would "face the consequences". India's benchmark index fell nearly 7% on the news, as Satyam stock shed 82%. In a letter to the board of directors, Mr Raju said that neither he nor the managing director took any money from the company and did not benefit in financial terms following the "inflated results". He added that no board member had been aware of the situation the firm was in. "What started as a marginal gap between actual operating profits and the one reflected in the books of accounts continued to grow over the years," said Mr Ramalinga's statement, which was sent to the stock exchange. "It was like riding a tiger, not knowing how to get off without being eaten," he said. Satyam specialises in business software and benefited from the IT outsourcing boom. Implications "We have to go beyond this letter and find out what actually has happened," the Securities and Exchange Board of India told reporters. "This is an issue which has very serious implications... It also raises the issue of authenticity of accounts that have been audited and certified by the auditors." Hitesh Agrawal, head of research with Angel Broking, said: "Indian corporate governance standards have been put at stake here, the role of the auditors have also come under serious question". The BBC's Sanjoy Majumder in Delhi says analysts see this as one of the worst crises to have hit corporate India, at a time when the country was hoping to attract foreign investors looking for quick gains in emerging markets. Our correspondent says many fear that the international community will now take a harder look at Indian companies and think twice about placing their money there. 'Fictitious assets' The news comes after plans to acquire Maytas Properties and plans to acquire a 51% stake in Maytas Infra failed. "The aborted Maytas acquisition deal was the last attempt to fill the fictitious assets with real ones," said the letter. Mr Raju said a task force investigating the failed deal had been set up. He also recommended to the board that Merrill Lynch be entrusted with the talk of "quickly exploring" merger opportunities. BBC correspondent Karishma Vaswani in Mumbai says the consequences for corporate India are extremely dire, given that Satyam is not just listed on Indian stock markets, but was also the first Indian technology firm to list on the hi-tech US Nasdaq market. Satyam said its managing director and co-founder B Rama Raju, Raju's brother, had also resigned. The company did not give any reason for the resignation. Just three months ago, Satyam received an award from a group of Indian directors for excellence in corporate governance.

Boat Trip To a Chin Village










Assam Students Bowled Over by NASA Astronaut


Guwahati , Jan 7 : NASA astronaut Edward Michael ‘mike‘ Fincke onboard the ISS today won the hearts of Assamese school students here when he spoke in their native tongue during a rare live interaction from the space lab. “Moi alop kobo paru”(I can speak a little), Fincke, who is married to an Assamese Renita Saikia, said when asked if could speak Assamese. Fincke, who is learning Assamese during his space stint, won a loud round of applause from the students of Assam Jatiya Vidyalalya during a telephonic interaction from International Space Station (ISS) organised by Friends of Assam and Seven Sisters (FASS), an organisation of non-resident Assamese, in coordination with NASA. Fincke’s wife Renita also works at NASA and her parents had left for USA several decades ago. Replying to queries from curious students, Fincke, who is also the commander of the current expedition 18 mission of the ISS, said the members eat normal food like hamburgers and sausages on the spaceship but they”are mostly packed food, prepared on ground but we do heat these sometimes”. ” Water on the spaceship is used just like back in the planet but we recycle both water and urine,” Fincke answered. He and two of his other associates inside the space ship, however, cannot take bath due to zero gravity and they only swab themselves, besides wearing absorbent clothing. They are also fortunate to see 16 sunrises and sets during the course of 24-hours as it completes 19 rotation during this period with one cycle taking 90 minutes.

Endangered Wildlife Series of Northeast To Be Telecast on TV

New Delhi, Jan 7 : CNN-IBN will Saturday begin a new series on India’s most endangered wildlife species in its flagship environment series, ‘Citizen for Earth’, encapsulated in five episodes. Journalist Bahar Dutt, the channel’s environment editor, will anchor the series that will journey to the desolate interiors of the Rann of Kutch, Chambal in Rajasthan, Assam, Tripura and Orissa to bring the endangered species’ tales of survival, a CNN-IBN statement said Wednesday. The series to be telecast at 9 p.m. on Saturdays and at 11.30 a.m. and 5 p.m. on Sundays, will celebrate the contribution of the people who have dedicated their lives to protecting endangered wild animals and will take a look at a day in their lives. Also, the series will feature possible solutions to protecting India’s most endangered animals besides capturing the issue of human-wildlife conflicts, the release said. “Wildlife really is the untamed natural essence of our environment. India is the ideal place for the wildlife enthusiasts with its immense variety of flora and fauna and it is very important to save the fascinating species on the verge of extinction. The second season of Citizens for Earth is to enlighten our viewers and also to highlight the contribution of the people working to save the endangered animals in the country. Rajdeep Sardesai, editor-in-chief of IBN 18 Network, said.The episodes include ‘Storm in the Rann’, ‘Queen of Chambal’, ‘Big Special Special’, ‘Turtle Trouble’ and ‘Monkey Mania’, the release said. In Storm in the Rann, the survival of pink flamingoes and the Indian wild ass will be highlighted. The Indian wild ass is an endangered animal, found only in this part of Gujarat. Subsequently, ‘Queen of Chambal’ will highlight the story of the Indian gharial, included in the endangered list last year since a mysterious disease wiped out over a hundred of them in Chambal river. The episode examines why tigers, lions and the leopards are on the brink of extinction and explores if the big cats can survive in forests. ‘Turtle Trouble’ will pan on the beaches of Orissa, detailing the dying of Olive Ridley turtles because of over fishing and developments along the coast. Protection of Orissa’s shores to allow these turtles to continue laying eggs will be the focus of the episode. ‘Monkey Mania’ will feature 13 species of primates found in northeast India like the Hoolock Gibbon and the Golden Langur.