Indian IT scandal boss arrested

Mr Raju had been upheld as a leading entrepreneur
T he founder of scandal-hit Indian software company Satyam has been arrested two days after he admitted falsifying the firm's accounts. Ramalinga Raju, who stood down as Satyam's chairman on Wednesday, is charged with offences including criminal conspiracy and forgery. Mr Raju has already revealed that the firm had exaggerated its cash reserves by some $1bn (£661m). His arrest came after the government sacked the entire Satyam board. Mr Raju has also been charged with criminal breach of trust, cheating, and falsification of record. He was arrested together with his brother, former Satyam managing director B Rama Raju. 'Reach the truth' The government said a new board would be appointed within 10 days. "The government is considering appointment of suitable persons as directors of Satyam," said Corporate Affairs Minister Prem Chand Gupta. "We are determined to reach the truth but are equally concerned with the fate of employees and other stakeholders." Satyam's shares fell to 11.50 rupees on Friday, their lowest level since March 1998. Last year they hit a high of 544 rupees. Some analysts say the future of the company is now in doubt.

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Nagaland to Ink MoU with UK Academy

Dimapur, Jan 10 : In another effort to ease the unemployment problem in the state and as a continuation of Nagaland government’s declaration of 2008 as Year of Capacity Building, the government will be signing an MoU with a UK-based academy to train and later employ 200 Naga boys and girls in the beauty care sector. Disclosing this, Minister for Planning & Coordination TR Zeliang said altogether 1500 youths from the country will be trained by the academy—Chrysalis Academy of Beauty Hair and Spa—in collaboration with Surya Vinayak Industries Ltd. at Noida, for a period of six months. After the training, the youths will be employed in twenty five beauty care centres that the academy would be setting up in the four metros including Delhi, Bangalore, Mumbai and Kolkata, the minister said. Zeliang said the MoU between Nagaland government and Chrysalis Academy will include the clause that all the 200 Naga youths would be absorbed in the centres after successful completion of the training. “They (Chrysalis) will be coming within a few days time to seal the MoU,” he said. The state government will be bearing 90% of the total expenses (roughly Rs. 1 lakh per head) incurred during the training period, while the selected candidates have to cough up the remaining 10%, the minister said. The selection process and interview for the candidates in the state will start by the middle of this month while the training is likely to commence by February next, he added. Zeliang also informed that the starting salary of the selected candidates would be Rs. 15,000 per month. On the unemployment scenario in the state, the minister said Naga youths should look for greener pastures as the government can now do little as employment in government service has reached the saturation point, with Nagaland having the maximum number of government employees among the states in population ratio. Keeping this in mind, the state government had declared 2008 as Year of Capacity Building and earmarked Rs. 21 crores for youths to undergo training in various fields and professions, he added. “I always say and I want to reiterate here that for those who are willing to work and toil, there is no dearth of jobs. Hard work is the only solution to unemployment and joblessness and many other social evils…It is a sin to remain idle and go after easy livelihood,” Zeliang reminded. Morung Express News

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