fjbradio.com

 

Commonwealth Bank of Australia CEO apologies for financial planning scandal

Thursday, July 3, 2014

Ian Narev, the CEO of the Commonwealth Bank of Australia, this morning “unreservedly” apologised to clients who lost money in a scandal involving the bank’s financial planning services arm.

Last week, a Senate enquiry found financial advisers from the Commonwealth Bank had made high-risk investments of clients’ money without the clients’ permission, resulting in hundreds of millions of dollars lost. The Senate enquiry called for a Royal Commission into the bank, and the Australian Securities and Investments Commission (ASIC).

Mr Narev stated the bank’s performance in providing financial advice was “unacceptable”, and the bank was launching a scheme to compensate clients who lost money due to the planners’ actions.

In a statement Mr Narev said, “Poor advice provided by some of our advisers between 2003 and 2012 caused financial loss and distress and I am truly sorry for that. […] There have been changes in management, structure and culture. We have also invested in new systems, implemented new processes, enhanced adviser supervision and improved training.”

An investigation by Fairfax Media instigated the Senate inquiry into the Commonwealth Bank’s financial planning division and ASIC.

Whistleblower Jeff Morris, who reported the misconduct of the bank to ASIC six years ago, said in an article for The Sydney Morning Herald that neither the bank nor ASIC should be in control of the compensation program.

 

CanadaVOTES: NDP candidate Hana Razga running in Edmonton—Leduc

Tuesday, September 23, 2008

On October 14, 2008, Canadians will be heading to the polls for the federal election. New Democratic Party candidate Hana Razga is standing for election in the riding of Edmonton—Leduc. Born in London, England to Czechoslovakian parents, she immigrated to Canada in 1968, having a long career in human resources with the federal government. She is a volunteer for organizations including the Alberta Women’s Shelter, Big Sisters and Match International. She has previously run in campaigns three times provincially for the NDP, and once federally.

Wikinews contacted Hana Razga, to talk about the issues facing Canadians, and what they and their party would do to address them. Wikinews is in the process of contacting every candidate, in every riding across the country, no matter their political stripe. All interviews are conducted over e-mail, and interviews are published unedited, allowing candidates to impart their full message to our readers, uninterrupted.

Created in 2004, the riding consists of southwest Edmonton, the City of Leduc, the Town of Devon, and the surrounding area. Contesting Conservative incumbent James Rajotte are Razga, Valerie Kennedy (Green), and Donna Lynn Smith (Liberal).

For more information, visit the campaign’s official website, listed below.

 

U.K. doctors successfully transplant a beating heart

Monday, June 5, 2006

British doctors have successfully transplanted a beating heart into the chest of a 58-year old man, the first operation of its kind in the United Kingdom.

The “trial” surgery was performed at Papworth Hospital just outside of London, England in Cambridge. The operation could be “equivalent if not superior” to the current transplanting methods, doctors said. The method has only been performed two other times, in Germany.

Usually hearts would be injected with potassium, which stopped the heart from beating, after which it would be covered with ice. This put the heart in “suspended animation” but gave doctors only a six-hour window to examine and transplant, doctors said.

“Normally the heart is in suspended animation but they still start to deteriorate,” said Professor Bruce Rosengard, head of the team of doctors who operated on the man.

The new method involves connecting the heart to a machine that pumps warm, oxygen enriched blood through the heart. The heart is able to keep beating with this method. The new process allows surgeons to look more closely and longer at the heart for any signs of damage. It also allows them to find a match for whoever may need it.

“Once hearts are hooked up to the device, which takes about 20 minutes, any deterioration is fully reversed. If we look at resuscitating hearts that are currently unusable, the number of transplants could be tripled or quadrupled,” added Rosengard. “The goal of this trial is to demonstrate that this is at least equivalent if not superior,” he added.

The director of transplants in the United Kingdom Chris Rudge also says that doctors are working on using the same new method with different human organs.

“In the longer term it is not just hearts that can be handled by such systems but other organs too, particularly the liver,” said Rudge.

The 58-year old man is doing “extremely well. At his exam one week after the operation, all his functions were absolutely normal,” Rosengard said.

At least 19 more operations are planned in the U.K. and in Germany.

 

For What Dental Procedures Should One Visit A Cosmetic Dentist?

Submitted by: Kelvin Sherman

Cosmetic dentists treat particular dental issues, which are aimed at improving the aesthetic physical appearance of the patient. They typically do not treat actual oral and dental health issues, though they have received training in that sphere in their basic dentistry education.

When you are looking for a dentist, to treat something that you dislike about your teeth (and not something that is painful or making you sick) then you have to look for a cosmetic dentist.

Make sure that the dentist you selected is licensed. This is because dentistry is a highly regulated field and in order to practice in a particular state, a dentist has to be issued with a license from the health department of that state. But, cosmetic dentistry is not a classified area of dentistry, so you will not be able to find a cosmetic dentist, who is licensed to perform cosmetic dentistry procedures anywhere. What you should look for is a dentist who is qualified as a general practitioner. And, if you are having a serious and invasive procedure done (such as dental implants), you should ensure that the dentist is licensed to perform that particular procedure.

It is very important that you only use the services of licensed dentists because, if a dentist does something wrong and makes a mistake, you want to be compensated. And, you are safer in the hands of a qualified and licensed dentist.

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Cosmetic dentists only perform certain procedures aimed at enhancing the aesthetic appearance of the patient s teeth. Some of the procedures include the following.

1. Teeth whitening:

This is one of the most requested procedures from cosmetic dentists. This procedure is used in order to whiten teeth that are stained from habits such as smoking, and drinking too much coffee etc. Teeth whitening kits are available from drug stores. However, these are not as effective as the professional work of a cosmetic dentist.

2. Teeth straightening:

Many people with crooked teeth want to have their teeth straightened. They use different procedures to achieve the desired results, depending on the individual cases of the patients. The procedures used include the newer method that is Invisalign, which has become one of the most popular methods to straighten teeth.

3. For people, who does not need a drastic procedure like teeth straightening; other procedures are available in order to improve the appearance of teeth. A cosmetic dentist will be able to reshape your teeth, in order to make them symmetrical.

4. Another procedure in which a cosmetic dentist can improve the appearance of your teeth is to reshape the gums by cutting them, or adding grafts from other parts of the body. This is done in order to make the teeth look larger or smaller, depending on the individual needs of the patient.

5. Adding other materials to the teeth in order to improve their appearance is one more method used by them to make teeth look better. Some of these materials include Porcelain Veneers and Crowns.

Unfortunately, many health insurance policies do not cover the cost of cosmetic dental procedures. Before you submit to a procedure by a cosmetic dentist, you have to make sure that you are covered by your insurance; otherwise you will have to pay for the procedure from your pocket.

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Glasgow’s Common Weal launch; ‘Not me first. All of us first’

Monday, December 16, 2013

Glasgow —Last weekend, December 8, The Reid Foundation, a left-leaning think-tank, launched The Common Weal, a vision for a more socially just and inclusive post-Independence Scotland. Five- to six-hundred turned up for the event, billed as “[a] ‘revolution’ … with T-shirts and dancing” by the Sunday Herald, and held in The Arches club and theatre, under Glasgow’s Central Street Station.

Wikinews’ Brian McNeil travelled to Glasgow to attend, walking through the city’s festively decorated George Square, and busy shopping streets, to the venue under Hielanman’s Umbrella.

More known for theatre, live music, and club nights, organisers in The Arches confirmed around 800 had signed up for the free Sunday afternoon event. The crowd was a mix of all ages, including families with young childen. Stuart Braithwaite of Mogwai entertained the early arrivals by DJ-ing until the launch video for the Common Weal was screened.

The Common Weal present themselves as “an emerging movement which is developing a vision for economic and social development in Scotland which is distinct and different from the political orthodoxy that dominates politics and economics in London.” Contrasting current “me first politics” against concerns of ordinary Scots, the launch video’s opening, monochrome half, stresses everyday common concerns: “Will I have a pension I can survive on when I retire?”, “I miss my local library”, “Public transport is so bad it’s hard to get to work”; and, “Why can we always find money to bail out banks but not to protect public services?”, “Why is it always the poor, the disabled, and immigrants who get the blame?”

The preferred vision offered by the Common Weal, “Not me first, all of us first”, makes up the more-aspirational second-half of the film, advocating a national fund for industry, taking the nation’s energy into collective ownership, building quality new public housing, strengthening the welfare state, and ending tax evasion. Throughout the event a distinction between these ‘popular politics’, which experience wide support, and the derogatory ‘populist’ label, often used to dismiss such calls for a fairer society, was emphasised.

Comedienne Janey Godley took over following the film, to compère the afternoon, and introduce Reid Foundation director Robin McAlpine. With the mixed audience, Godley made avoiding profanity — due to the presence of children — a theme of her warm-up; although, the humour remained fairly adult in nature.

McAlpine sketched out the movement’s hopes and plans. After thanking those who were giving their time for free, he characterised modern politics as “[…] a game that is played by a small number of professionals, in a small number of rooms, in a small number of expensively-rented premises, across Scotland — and across Britain. It’s become a thing people do as a profession, and the rest of us are all supposed to applaud them — or stand back — nod our heads every four years, and be glad for it.” With a receptive audience, he continued: “The idea that politics is something that ordinary people cannae talk about is one of the great achievements of the right-wing [over] the last thirty to forty years in Britain”; remarking, to applause, “they scared us aff.”

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On discussions around the country, he claimed that “across Scottish politics, […] the people that want this, … ‘me first’ politics, there’s not many of them. The people that want Common Weal politics, all of us first politics, I’m meeting them everywhere. […] Everyone I meet wants this, a decent politics that puts people first. […] We wanted to find a way to communicate an idea of a politics which work for all the people who those politics seek to govern, not just a few of them. People don’t understand or recognise the language of politics any more, so we want to change that language.”.

Crediting the Sunday Herald newspaper for an opportunity to share some ideas underpinning the Common Weal, McAlpine was scathing in his criticism of mainstream coverage of the independence debate: “There’s this massive debate. It’s not in the mainstream.” Seeking to “get a real debate going, about a really strong vision for a future for Scotland, it’s hard. They’re still doing IFS, accounting this, and another paper from a Whitehall that. And, we’ll all debate things that nobody really cares about, interminably, until they all go away for good.” On the current political debate, he remarked: “If mainstream politics fails to recognise what is really going on in Scotland just now, then that is its problem. […] Someone is going to offer ordinary people what they want, and when they do, everything will change.”

Urging the crowd to get involved, he said: “If we can create a popular politics, that ordinary people care about, and talk about, and work[s], we can take a grip of Scotland. We can decide the future politics of Scotland, and standing around waiting for professional politicians to,… disappoint us less than they always do, does not have to be the way we do this anymore.” He concluded, “It genuinely is time for a politics that puts all of us first.”

Janey Godley took the microphone, as McAlpine left the stage to cheers and applause; joking about the ‘rabble-rousing’ tone of the speech she then introduced David Whyte of Tangent Design, creator of the Common Weal’s logo.

Whyte explained they hoped the simple image would come to represent the “all of us first” philosophy, and “a new way of doing things”. He was not the first to jokingly remark that the four-line graphic — a triangle, with a balanced line on top of it — would be an easily-applied piece of graffiti.

Politics, and the launch of the movement’s logo, then took more of a back-seat; the rest of the event more in-keeping with having a party, and the festive decorations elsewhere around the city centre. Godley, and fellow Scottish joker Bruce Morton, provided more barbed comedy. Singer Karine Polwart encouraged the crowd to sing along to a song she said was written on her way to the party, and Actor Tam Dean Burn read a speech from the 16th century Scottish play “Satire of the three estates” — given by the character John Common Weal, representing the common man — where the deeds and behaviour of the ruling classes are such that, if done by a common man, they’d be hanged.

Scotland’s Independence referendum is to take place next year, September 18. This was a repeated election pledge of the Scottish National Party (SNP) — who moved from leading a minority government, to an outright majority in the devolved parliament’s 2011 general election — making good on their promise by announcing in January 2011 their intent to hold the referendum in autumn 2014.

The question being put to the electorate is: “Should Scotland be an independent country?” A “Yes” vote would be followed with negotiations to bring to an end the early eighteenth-century ‘Union of the Parliaments’. The SNP has proposed Scotland retain Elizabeth II as head of state, a position she holds on the basis of the century-earlier Union of the Crowns.

 

Preparations for inaugural Bathurst International Motor Festival begin

Wednesday, February 22, 2006

The Bathurst Regional Council has begun preparing the Mount Panorama motor racing circuit for the inaugural Bathurst International Motorsport Festival (BIMF) to be held between April 13 and 16, 2006. The Mount Panorama motor racing circuit is considered to be the home of motorsport in Australia.

Council’s staff have been busy cleaning the facilities, erecting signage, checking pedestrian bridges and inspecting the track surface for the past few days.

The BIMF will be the first event to be held at the 6.2 kilometre circuit over Easter since 2000. In 2000, Event Management Specialists held the first motorcycle racing event since 1990, but due to EMS going bankrupt a short time after their 2000 event was ran and the inability of the then Bathurst City Council to find another promoter, the Easter event was canned.

The BIMF is inspired by the Festival of Speed and Goodwood Revival in the United Kingdom. The Bathurst Regional Council and event promoter Global Entertainment Team promise that the event “will cater for all motoring enthusiasts, collectors and historians”.

According to the BIMF website, the on-track program consists of:

  • Manufacturers showcasing their vehicles and track times
  • Historic touring car races
  • Aussie racing car races
  • Australian GT sports car
  • Parade laps by car clubs
  • Parade laps and races by “Legends of Motorsport”
  • Stunt car and bike events
  • Rally cars
  • Displays of cars from all eras of Mount Panorama’s history
  • The chance for patrons to purchase a ride around the circuit in a race car.

Off the track, the organisers have promised manufacturer displays, merchandise stands, music, joyflights, Off-road demonstrations and joyrides, autograph sessions and interviews with influential people in the Australian motor industry.

 

G8 finance ministers agree on deal to relieve debts of 18 poorest nations

Saturday, June 11, 2005

The finance ministers of the G8, the world’s eight richest countries, after years of pressure from wide coalitions of human rights campaigners, such as the Committee for the abolition of third world debt (CADTM), have agreed to a deal to relieve the debts of 18 of the poorest countries in the world, but have not yet published the full details.

The International Monetary Fund (IMF), the World Bank (WB), and the African Development Fund will write off all of the money owed to them by the selected countries. However, the Inter-American Development Bank (IDB) and the Asian Development Bank (AsDB) will not cancel debts owed to them by heavily indebted poor countries (HIPCs) such as Bolivia, Nicaragua, Honduras, Guyana, Vietnam, and Laos.

The countries to receive debt cancellation from the IMF, WB and the African Development Fund are Benin, Bolivia, Burkina Faso, Ethiopia, Ghana, Guyana, Honduras, Madagascar, Mali, Mauritania, Mozambique, Nicaragua, Niger, Rwanda, Senegal, Tanzania, Uganda, and Zambia.

The deal, devised by the United Kingdom, could potentially free up government revenue for domestic spending on things such as education and health services.

The World Bank, the International Monetary Fund and the African Development Fund will write off all of the money owed to them by the above listed nations. A total of $40bn will be cleared, which will save debt repayments of $1.5bn a year.

CADTM argues that this is a negligible effort by the rich countries, since $1.5bn a year is extremely small compared to the $350bn the G8 devote to farming subsidies or the $700bn they spend in military expenditure each year. Moreover, these 18 countries only represent about 5% of the population of developing countries.

Another twenty countries may become eligible to have their debts cleared if they meet criteria decided by G8 finance ministries.

According to G8 representatives, the main criteria are the reduction of corruption and better government. According to critics, such as the CADTM, the criteria include the privatisation of natural resources and of strategic economic sectors to the benefit of transnational corporations, higher costs of health care and education through privatisation, a rise in VAT, free flow of capital, which leads to capital leaving the country as shown by several UNCTAD reports, lower tariff protection, which leads to thousands of small and middle producers losing their livelihoods because they cannot compete with imported goods.

The CADTM claims that the G8 agreement can solve neither the issue of the debt nor the issue of poverty since it bears on only 2% of the external debt of developing countries and demand an immediate and complete cancellation of the public external debt of all developing countries, the burden of the debt being a major obstacle to meeting fundamental human needs.

Other groups, including charities, have similarly stated that the debts of 62 countries need to be cleared if the UN wants to meet its target of halving world poverty.

Fourteen of the countries to receive debt relief are in sub-Saharan Africa.

The alleviation of third world debt has been a lifelong ambition of Gordon Brown, the current UK chancellor, and he has used all of his political power and status to push for this agreement in the G8 group.

 

Google starts prefetching top search results for Mozilla and Firefox browsers

Friday, April 1, 2005 Google engineer Reza Behforooz announced in a Google blog entry on March 30 that search engine Google has enabled “link prefetching” for some of their search results. The link prefetching has not been standardized, but it can enable faster page loading of Google search results in Mozilla and Firefox browsers that have the feature enabled.

When Google determines a user has a high likelihood of clicking on a search result, Google inserts a tag into the results they send out in response to a search. Some browsers can then preload that page, so in the event the user does select the page, it loads very quickly.

For example, a Google search for “wikipedia” today by Pingswept yielded an HTML page with this code included:

<link rel="prefetch" href="http://en.wikipedia.org/wiki/Main_Page">

While not a formal benchmark, in casual testing by Pingswept, Firefox 1.0.2 loaded the Wikipedia main page in about half the time when the page had been link prefetched, as opposed to when it had not been. The load times were approximately 1.5 seconds and 3 seconds respectively. Internet Explorer 6.0 loaded the same page in slightly less than 3 seconds.

Users who want to disable prefetching in Firefox can do the following:

  1. Type “about:config” in the address bar.
  2. Scroll down to the setting “network.prefetch-next”.
  3. Right-click on the value and click “Toggle”.
 

Canada’s Don Valley West (Ward 25) city council candidates speak

Friday, November 3, 2006

On November 13, Torontonians will be heading to the polls to vote for their ward’s councillor and for mayor. Among Toronto’s ridings is Don Valley West (Ward 25). Three candidates responded to Wikinews’ requests for an interview. This ward’s candidates include John Blair, Robertson Boyle, Tony Dickins, Cliff Jenkins (incumbent), and Peter Kapsalis.

For more information on the election, read Toronto municipal election, 2006.

 

Former Satyam CEO Raju, his brother and CFO arrested and detained in profit-fraud scandal

Monday, January 12, 2009

Byrraju Ramalinga Raju, founder and chairman of Satyam Computer Services, and his brother, B. Rama Raju, the company’s managing director, were arrested late Friday by Andhra Pradesh police. The brothers were placed under judicial custody in a Hyderabad, India jail and will remain there until January 23. Facing charges of criminal breach of trust (Section 406 of IPC), criminal conspiracy (Section 120-B), cheating (Section 420), falsification of records and forgery (Section 468), and fraudulent cancellation of securities (Section 477-a), they face up to ten years imprisonment if convicted.

After 18 hours of interrogation by the Crime Investigation Department (CID) at the state police headquarters, the Raju brothers were sent to the Chanchalguda prison and slept Saturday night on the floor along with 26 other low-risk inmates.

S. Bharat Kumar, the Rajus’s lawyer, asked the magistrate to issue orders for health monitoring. “His blood pressure is fluctuating and he needs medical treatment,” said Bharat Kumar. Mr. Raju appeared before the court Saturday while a team of doctors visited him after he had complained of chest pain.

Raju has Hepatitis-C, and both brothers have high blood pressure, so health precautions are necessary while imprisoned. Prison rules mandate service of jail food thrice a day. The menu includes 650 gm of rice thrice a day with 250 gm of vegetable curry and 125 gm of ‘daal’ plus tea twice a day.

Satyam’s chief financial officer Vadlamani Srinivas, who was also arrested Saturday, had undergone preliminary investigation and appeared Sunday before a special court, according to A. Sivanarayana, Andhra Pradesh additional director general of police. Srinivas was remanded to judicial custody until January 23 by Mr. D. Ramakrishna, Sixth Chief Metropolitan Magistrate, and sent to the Chanchalguda jail with the Raju brothers after interrogation by CID’s Crime Branch (the CB-CID). During his Saturday night arrest and probe by CB-CID, Srinivas made revelations which are contained in his confession letter as submitted to Network 18. “According to me fixed deposits are unreal and fictitious which were managed and was an understanding between the audit section management,” Srinivas stated.

The Hyderabad court on Monday postponed the bail hearings of the Raju brothers and Srinivas to January 16. To be defended by a battalion of 25 lawyers, the three accused will remain in Chanchalguda Central Jail until further court order. The Raju brothers were shifted Sunday to a mid-size Old Hospital Barrack cell shared with a bootlegger.

Contents

  • 1 The offences
  • 2 About Satyam Computer Services
  • 3 Impact on Satyam Computer Services finances and reactions
  • 4 Related news
  • 5 Sources

In 2008, the company struggled to purchase two infrastructure companies founded by family members of company founder and CEO Dr. Raju – Maytas Infrastructure and Maytas Properties – for $1.6 billion, despite concerns raised by independent board directors. Dr. Raju tendered his resignation on January 7 after due notice of falsified accounts to board members and the SEBI.

Since January 7 when two lawsuits were commenced, dozens of other class action law suits were filed against Satyam for hundreds of millions of dollars damages based on fraud in the United States District Court for the Southern District of New York in Manhattan, among others. The securities fraud class-action lawsuits have been filed on behalf of investors who bought Satyam American Depositary Receipts (ADRs) since 2004.

On Wednesday Dr. Raju admitted to falsifying and overstating Satyam’s cash reserves by $1B US dollars (£661m) or 94% of its cash and bank balances on books at the end of September.

The fraud was perpetrated several years ago to bridge “a marginal gap” between actual and accounting books operating profits, and continued for several years. “It was like riding a tiger, not knowing how to get off without being eaten,” B. Raju said.

In a letter to the board, Dr. Raju said that neither he nor the managing director had benefited financially from the inflated revenues. Further claiming that none of the board members had any knowledge of the dire company situation, he noted that Satyam’s balance sheet as of the September 30, 2008, carried inflated figures for cash and bank balances of INR 5,040 crore (as against INR 5,361 crore reflected in the books). He alleged it also carried an accrued interest of INR 376 crore which was non-existent. He confessed that he himself prepared an understated liability of INR 1,230 crore on account of funds amid an overstated debtors’ position of INR 490 crore (as against INR 2,651 crore in the books).

Indian analysts have compared the Satyam-Raju scandal to the infamous American Enron scandal. Immediately following the media expose, PricewaterhouseCoopers, auditor of Satyam’s accounts, was set to be probed for complicity in the controversy. Times Now has reported that the Andhra Pradesh CID arrested PricewaterhouseCoopers (PWC) representative Gopal Krishnan for investigation on Saturday night.

New York-listed Satyam Computer Services Ltd., India’s fourth-biggest software firm, is a consulting and information technology services company based in Hyderabad, India. Founded in 1987 by Dr. Byrraju Ramalinga Raju, Satyam’s network spans 67 countries on six continents. It employs 53,000 professionals in India, the United States, the United Kingdom, the United Arab Emirates, Canada, Hungary, Singapore, Malaysia, China, Japan, Egypt and Australia. Its monthly salary outflow is estimated at six billion rupees ($125 million). Deriving more than half of its revenues from the United States, it serves 700 global companies, 185 of which are Fortune 500 corporations.

Satyam’s clients include Nestle, Ford, General Electric Co., General Motors Corp., Nissan Motor Co., Applied Materials Inc., Caterpillar Inc., Cisco Systems Inc. and Sony Corp., and brought in about $40bn last year.

In December 2008, a failed acquisition attempt involving the company Maytas led to a plunge in Satyam’s share price. After Wednesday’s confession, Satyam stocks fell further by more than 70%, while the BSE SENSEX dropped to 7.3% Wednesday, causing the removal of Satyam Computer Services from its indices on Thursday. The shares free fell to 11.50 rupees on Friday, their lowest level since March 1998, compared with around last year’s high of 544 rupees.

The New York Stock Exchange has terminated trading in Satyam stock as of January 7, while the National Stock Exchange of India said it will remove Satyam from its S&P CNX Nifty 50-share index from January 12.

India’s biggest-ever corporate fraud has seriously tainted India Inc.‘s strong corporate governance image. “The admission of fraud in financial affairs has created an adverse impression in the minds of trade, business and industry across the world,” the Indian government admitted. The government intervened on Friday night, dismissing Satyam’s board of directors, announcing it will appoint representatives to manage the affairs of the insolvent outsourcing giant. The board would meet within seven days. Dr Yeduguri Samuel Rajasekhara Reddy, chief Minister of State of Andhra Pradesh, India, on Sunday said that the main agenda is to protect the jobs of the software professionals. “We are taking all needful steps in coordination with the government of India to ensure that the jobs of 53,000 engineers are protected and the shareholders’ money is salvaged,” Reddy said.

“We are working on the names. The Satyam case is an aberration. The credibility of the Indian corporate sector in general, and IT sector in particular, should not be allowed to suffer because of this.” Prem Chand Gupta, the Corporate Affairs Minister said. The Federal Government of India appointed a three-member independent board with full authority for Satyam on Sunday and was set to convene within 24 hours. “We have appointed Deepak Parekh, chairman of Housing Development Finance Corporation, Kiran Karnik, former president of IT industry body NASSCOM and C. Achutan, former member of Securities and Exchange Board (SEBI) of India,” Mr. Gupta said.

In early Monday trading (0535 GMT) after the creation of the three-member board, Satyam shares rocketed upwards 60% to 38.15 rupees, even though the main Mumbai market was down more than 2%. BBC reported that Satyam shares have jumped 51% to 36.05 rupees on Monday after the stock lost 87% last week. “The constitution of the new board is seen as a positive step by the market. It’s a confidence boosting measure,” K.K. Mital, Globe Capital, New Delhi head of portfolio management services said. “But the rally will depend largely on the financial situation at the company and the kind of measures that are taken to improve liquidity,” he added.

The Company Law Board, however, has requested Satyam’s interim board not to implement its decisions. “We are asked by the Company Law Board not to implement the decisions of the board. But we are allowed to continue our activity. The team which was constituted recently is continuing its work,” Satyam head global marketing and communications, Mr. Hari Thalapalli, said.

Lazard Ltd., who has a 7.4% stake in Satyam, sought representation on the new board and wrote as much to The Indian Ministry of Corporate Affairs. “As the largest shareholder in the company, we want to be consulted in whatever decisions are being taken by the Indian government. We have written to the Ministry of Corporate Affairs and are awaiting a reply from them,” Hitesh Jain, a partner at ALMT Legal, who claimed to represent Lazard, said. “It is a fair proposal and we will take a decision as and when we clear other issues. No decision on this has been taken yet,” P.C. Gupta replied.

Meanwhile, the Securities and Exchange Board of India (SEBI) also announced it will try to control the damage and take steps to boost investor confidence. “This exercise will be undertaken after the third quarter results and is expected to be completed by end of February this year,” a SEBI official statement said. A SEBI team is also investigating acting-CEO Ram Mynampati whose salary was greater than that of founder Dr. Raju and all the directors combined. Dr. Raju had just one fifth of Mynampati’s total package of over Rs 3.5 crore as of March 2008. All the directors comparably received only a total of Rs 2.6 crore as salary, commissions, sitting fees, professional fees and other receivables.

Further, the Andhra Pradesh Police CID and teams assigned by the Economic Offences Wing of the CB-CID conducted searches Sunday of homes of the accused including the ex-CFO’s office to gather documentary evidence about the financial fraud.