B Ramalinga Raju,the founder and former head of Satyam Computer Services may have skimmed huge amounts of cash from the company,rather than padded its books as he claims,according to a report in the 'New York Times' that cited a person involved in the Satyam investigation.
Coinciding with the meeting of the new board of Satyam,the minutes of the December 16 meeting of the now disbanded board today became public,detailing the unanimous decision to acquire two Maytas firms that proved to be the nemesis of the IT company's founder Ramalinga Raju.
Economic downturn leading tightening of consumer spending has forced bankrupt second largest electronic retailer in the US,Circuit City.
The new board of fraud-hit Satyam Computer Services will meet again on Saturday to look for ways to raise new funds. However,despite the crisis it is going through after its chariman Ramalinga Raju's disclosures,the stock price of the company has gained 40 per cent.
Hit by a massive sales slump,Bajaj Auto reported a 22.43 per cent decline in net profit for the quarter ended December 2008.
PriceWaterhouse has lost its mandate as the knowledge partner for Ficci's flagship annual entertainment event -- FRAME.
The government on Friday said that it will stick to its borrowing schedule as drawn up in January for 2008-09,as of now.
Bank of America Corp was rescued by the US government on Friday through a $20 billion bailout.
World oil prices were mixed in Asian trade amid concerns over weak energy demand from countries hit by the global economic downturn.
Fuji Heavy Industries,the maker of Subaru-brand cars,said it lowered its 08-09 sales target to 555,000 units from 616,000.
Low cost carrier SpiceJet Ltd said on Friday its Chief Financial Officer Partha Sarthi Basu has resigned effective Jan 15,2009.
Satyam has not sought any financial help from the govt and the board is working on reviving the company,Prem Chand Gupta said.
Shares of Maytas fell by another 5 pct and got stuck at the lower circuit for 6th consecutive trading session.
Oil fell $1 and tipped closer to $36 a barrel,extending an overnight 1.3 per cent decline.
Financial services major Barclays is to reduce its headcount by about 2,100 in investment banking and money management.
Private air carrier Kingfisher Airlines has said it has deferred its proposed flights to Hong Kong and Singapore from here due to some technical reasons.
The Indian economy may grow 6.7 per cent in the current fiscal year,Morgan Stanley said.
The board would ask the clients to pay advance against dues to tide over immediate liquidity needs.
Infosys said it was not seeing any fallout of the accounting fraud at rival Satyam Computer.
Sony may post an operating loss of about $1.1 bn this financial year,its first loss in 14 years.
The Government will soon appoint more directors on the board of Satyam Computer.
Industry leaders will meet PM Singh and are likely to discuss ways to take corrective measures after Satyam fraud.
Nasscom asked IT companies to desist from weaning away clients of Satyam Computer.
Infrastructure sector output grew 2.2 pct in Nov from a year earlier,below 3.4 pct in Oct.
Domestic passenger car sales declined by 6.9 per cent in December 2008 to 82,105 units.