Archive for August, 2018

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James Bond star Roger Moore, 89, dies
August 30, 2018

Thursday, May 25, 2017

It is the heaviest of hearts, we must share the awful news that our father, Sir Roger Moore, passed away today. We are all devastated.

On Tuesday, British actor Roger Moore, best known for portraying Simon Templar of the 1960s series The Saint and the spy character James Bond, died in Switzerland at the age of 89.

Before his death, Moore fought recently diagnosed cancer. His family confirmed his death on Twitter saying, “It is the heaviest of hearts, we must share the awful news that our father, Sir Roger Moore, passed away today. We are all devastated.”

Other stars paid tribute to Roger Moore via Twitter, including Russell Crowe, Michael Ball, Mia Farrow, Boy George, and Duran Duran, who sang the eponymous theme song for Bond film A View to a Kill featuring Moore as Bond.

Moore was born in Stockwell, South London an only child to his working-class parents on October 14, 1927. During World War II, he and his mother mostly stayed in Amersham, 25 miles from London. Moore left grammar school in 1943 to work.

Moore’s father, a detective sergeant, came to the home of film director Brian Desmond Hurst that had been robbed. Moore was introduced by his father to Hurst and then started his acting career in summer 1944 as an extra in the film Caesar and Cleopatra. Impressed, Hurst helped Moore gain extra parts in two other films and then paid for Moore’s acting studies at the Royal Academy of Dramatic Arts.

Moore was assigned to the National Service in 1945 and then, after training, was ranked captain. Afterwards, he appeared in modeling engagements, like appearance in Women’s Own magazine.

Moore arrived in the United States in 1953 and then signed a contract with Metro-Goldwyn-Mayer (MGM) for mainly supporting roles. He portrayed the male lead in 1956 film Diane. He first appeared on television as the titular character of the late-1950s ITV series Ivanhoe. He later appeared in some western series, like Maverick from 1960 to 1961, replacing James Garner as the lead of the series.

Moore then portrayed Simon Templar, stealing from rich antagonists, in the ITV series The Saint. The series ran 118 episodes from 1962 to 1969. Due to his contract for The Saint, Moore was prevented from being cast as James Bond for the 1962 film Dr. No, which stars Sean Connery, the first actor to portray Bond.

Moore eventually became the third actor to portray Bond, and his first Bond film was the 1973 film Live and Let Die. He would appear again as Bond in six more films: The Man with the Golden Gun, 1974; The Spy Who Loved Me, 1977; Moonraker, 1979; For Your Eyes Only, 1981; Octopussy, 1983; and A View to a Kill, 1985.

In 1991 Moore became a UNICEF goodwill ambassador. His UNICEF work earned him Commander of the Most Excellent Order of the British Empire (CBE) in the late 1990s. He was knighted in 2003 for that.

Throughout 2000s, Moore performed voiceovers in mostly animated films and made appearances in some other live-action films, like the 2002 film Boat Trip, portraying a gay man resembling Bond. Then he wrote his 2008 autobiography My Word Is My Bond and other books, including memoir One Lucky Bastard and Bond on Bond.

Moore married four times, to four different women. He was survived by his fourth wife, Danish-Swedish multimillionaire Kristina “Kiki” Tholstrup, and his three children.

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Florida wins BCS National Championship Game over Oklahoma
August 28, 2018

Friday, January 9, 2009

The Florida Gators defeated the Oklahoma Sooners by a score of 24 to 14 last night’s FedEx BCS National Championship Game to win the Division I title of the National Collegiate Athletic Association‘s American college football league. Florida, ranked Number 1 in the nation, were led by Heisman Trophy-winning quarterback Tim Tebow. “I promised the guys that I would go out and play with all my heart. I was so motivated tonight,” said Tebow. They were matched up against a Number 2 ranked Oklahoma team with a powerful offense, including this year’s Heisman Trophy winner, quarterback Sam Bradford. The game took place at a sold-out Dolphin Stadium in Miami, as a stadium record 78,468 fans attended the match.

Both team’s defensed dominated each others’ offenses in the first half, forcing a 7 to 7 score when halftime came against a Florida offense that averaged 54 points a game and an Oklahoma offense that averaged 40 points. In total, both team’s defenses had 4 interceptions, 2 for Florida and 2 for Oklahoma. Florida’s defense stopped Oklahoma twice during a goal line stand, stopping them on a fourth-down rush once, and a forced interception out of the hands of Oklahoma wide receiver Juaquin Iglesias by Florida’s Ahmad Black.

On the offensive side of the ball, Florida was led by Tebow. Although throwing 2 interceptions, Tebow completed 18 put of 30 passes for 2 touchdowns, as well as rushed 22 times for over 100 yards. Oklahoma quarterback Sam Bradford helped the Sooners offense through the air, completing 26 out of 41 passes for 256 yards and 2 passing touchdowns, but also throwing two interceptions. In the fourth quarter, Tebow completed a key 4-yard touchdown pass to wide receiver David Nelson, making the score 24 to 14 and putting the game out of reach for Oklahoma.

Some college fans believe that Florida did not rightly win the national championship, though. Fans of the Utah Utes believed that their undefeated team should have at least earned a spot in the game against Oklahoma or Florida’s one-loss teams. Fans of the USC Trojans and the Texas Longhorns also believed that the teams could have earned a spot in the game, due to their similar records. On the matter, Florida head coach Urban Meyer said “This is one of the best teams in college football history. Let someone else worry about all that. The Gators are No.1.”

On the game, Oklahoma head coach Bob Stoops commented “In the end, I’ll be glad to try again next year. If that’s the biggest burden I have to bear in my life, I’m a pretty lucky guy.” Tim Tebow, in a post-game interview, said “I was already motivated for a national championship game. But you know, there was some trash talking going on, and it just gets me going during the game.” In a losing effort, Sam Bradford commented “In the first half, we had opportunities that we didn’t take advantage of. In the second half, when we needed to make the plays, we just couldn’t do it.”

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Business Brief for December 14, 2005
August 28, 2018

Wednesday, December 14, 2005

These are short blurbs about current events in the business world.

Contents

  • 1 A World Bank lead economist speaks on Bird Flu
    • 1.1 Sources
  • 2 Gold prices drop
    • 2.1 Sources

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2007 Brooklyn Book Festival showcases borough’s continued literary tradition

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2007 Brooklyn Book Festival showcases borough’s continued literary tradition
August 28, 2018

Thursday, September 20, 2007

Wikimedia Commons has media about 2007 Brooklyn Book Festival.

Brooklyn Borough Hall featured a Who’s Who in New York’s literary community during the second annual Brooklyn Book Festival. According to Brooklyn Borough President Marty Markowitz, the borough’s zip code 11215 boasts more authors than anywhere else in the country. It appeared to be the case on Sunday. More than 100 authors were featured at the day-long event, including The Basketball Diaries writer Jim Carroll, former M*A*S*H star Mike Farrell, author and illustrator Mo Willems, Jack Kerouac‘s sometime lover and National Book Critics Circle Award recipient Joyce Johnson and PEN American Center President Francine Prose.

This year’s festival made use of Saint Francis College and the Brooklyn Historical Society to accommodate the big jump over last year’s 70 authors in participation to 115 this year. Although there is no official way to keep track of the numbers of attendees, Borough Hall officials estimated between 15,000 and 20,000 people attended.

Markowitz spoke with NY1‘s Inside City Hall host Dominic Carter, who shared stories of his childhood abuse. A lone protester from Develop Don’t Destroy, the group against the development of Brooklyn’s Atlantic Yards, held up a sign decrying Markowitz’s support for the project.

A highlight of the festival was recent Heinz Family Foundation award recipient Dave Eggers discussing with Nigerian poet Chris Abani a slide show of Eggers’s trip to Marial Bai, Sudan. Eggers wrote a fictional account of the life of Valentino Achak Deng, one of the Lost Boys of Sudan. The book, What Is the What, was a critical success.

One of the featured panels on “soon-to-be-published works of groundbreaking authors” that included Jim Carroll, The Women of Brewster Place author Gloria Naylor and playwright and music journalist Joe Meno, ran into problems. The panel was the final program and started half an hour late. Naylor failed to show, reportedly due to a death in the family. In the middle of Carroll’s presentation he was asked to stop speaking so they could close the courtroom where the event was held in the Borough Hall. Carroll was visibly upset. He asked the audience if they wanted to hear one song, to which they enthusiastically cheered until the festival organizers cut off his microphone to keep to a schedule that required they vacate the premises by a certain time.

Steven Carter and Bernice McFadden also failed to attend; McFadden stated on her blog that she came down with a stomach illness. The Brooklyn Book Festival had no comment.

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Wikinews Shorts: May 15, 2009

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Wikinews Shorts: May 15, 2009
August 28, 2018

A compilation of brief news reports for Friday, May 15, 2009.


California governor Arnold Schwarzenegger proposed budget cuts and layoffs for California yesterday.

Californian education budgets would be cut by $3 billion USD for the next five years if California voters gave a yes votes to the budget-related measures for May 19’s special election.

Schwarzenegger is also ready to sell state properties including the San Quentin State Prison and the Los Angeles Coliseum to raise money for the state.

Sources


Nintendo DS sales hit one million units last April. However, even with Nintendo’s moderate success with their DS gaming system, all video game sales have declined 17%.

GameSpot writer Tor Thorsen claims that Nintendo DSi, the current release of the Nintendo DS, is an acronym for “Dominating Sales in America.”

Sources


Eight-time gold medalist Michael Phelps, in a recent conference Thursday, told reporters he will enter a swimming competition today.

This is Phelps’ first swim meet since he was photographed with a marijuana pipe in his mouth.

Phelps will swim the 200-meter freestyle and 100-meter butterfly races.

After the marijuana pipe photo was released, Phelps was unsure of whether he would swim again.

Sources


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Dutch Ambassador to India expresses regret following Schiphol false-alarm

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Dutch Ambassador to India expresses regret following Schiphol false-alarm
August 28, 2018

Friday, August 25, 2006

India summoned the Ambassador of the Netherlands, Eric Niehe to the Ministry of External Affairs today, following the detention of 12 Indian nationals in Amsterdam because of their alleged “suspicious” behaviour onboard a NorthWest Airlines flight headed for Mumbai. Minister of External Affairs Anand Sharma said that the Indian Government’s views had been communicated to their Dutch counterparts at the “highest level” and that India’s envoy in that country was also in touch with the officials there.

U.S. air marshalls were guarding the flight from Amsterdam to India and according to a Tennessee politician,John Duncan, the American air marshalls “..felt that there were passengers on the plane that were acting in a suspicious way, they conferred with both the flight attendants and the captain and they decided to turn the plane around and bring it back to the airport,” Duncan said.

The Ministry’s secretary (Western relations), Mrs. Shashi Tripathi met Niehe at the South Block and conveyed to him that India had taken the detention of the Indian citizens “very seriously”. India has asked its Ambassador in The Hague to submit a detailed report of the incident to the Government for further analysis of the issue.

Niehe expressed his regret over the incident and clarified that his government had had nothing to do with the detentions. He said the passengers were arrested after they allegedly behaved in an “unruly” manner and were released after being interrogated. He said that the arrests of the 12 Muslims, who according to eye-witnesses, sported beards and spoke Urdu, had nothing to do with racism. The detainees, who had gone to Tobago on business, have since left for their homes in Mumbai and are expected to reach by Friday night. The detainees and their family, however allege that they were unfairly targeted on racist grounds.

Sharma rejected claims that the government had mishandled the issue, saying his officials had acted quickly to get the Indian citizens out of custody within 30 hours of their arrest. He also pointed out that consular access had been provided to them much before the 48 hour time limit stipulated by the Vienna Convention.

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Fred Thompson’s ‘exploration’ causes confusion on USA election rules

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Fred Thompson’s ‘exploration’ causes confusion on USA election rules
August 26, 2018

Wednesday, August 1, 2007

The day after Fred Thompson’s “exploratory committee” announced that it raised just over US$3 million dollars, the type of fundraising is causing “confusion” over Federal Election Commission (FEC) rules for the “exploratory” status.

CQ Politics reports, “Friends of Fred Thompson” also is registered with the Internal Revenue Service as a “527” political organization, so named because it is regulated under Section 527 of the tax code.” Once Thompson decides to become a candidate, he must then meet FEC disclosure requirements. CQ Politics noted, “two issues — whether Thompson has raised more money than could be expected to be used for exploratory activities, and whether his months of ‘testing the waters’ have been a ‘protracted period of time’ as outlined by federal law as qualifying someone as a candidate — Thompson could have trouble.” According to Paul Ryan, FEC program director for the Campaign Legal Center, “Reasonable minds could disagree.”

The Washington Post noted, “Campaign finance experts said yesterday that if Thompson were to wait until Sept. 6 to launch a campaign, he would be legally permitted to delay filing a finance report with the Federal Election Commission until Jan. 31.” Nonetheless, “Thompson campaign officials stressed his commitment to disclosure.”

In addition to the personnel changes previously reported, today a top fundraising consultant, Kim Kaegi, resigned from the Thompson campaign. According to the AP, “Kaegi called it a ‘stretch’ to speculate that her departure was related to lower-than-expected totals.”

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Businesses and individuals worldwide to turn lights off as part of Earth Hour 2009

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Businesses and individuals worldwide to turn lights off as part of Earth Hour 2009
August 26, 2018

Friday, March 27, 2009

Earth Hour 2009 takes place Saturday, March 28, 2009 between 8:30 to 9:30 pm local time when communities will participate by turning out their lights starting in New Zealand and progressing along time zones around the world.

Earth Hour began as a symbolic initiative against global warming by the World Wide Fund for Nature (WWF). “[It is] The largest demonstration of public concern about climate change ever attempted.” Ban Ki-moon, United Nations Secretary-General said.

Earth Hour began in 2007 with around 2 million participating, and increased to about 50 million in 2008. The Empire State Building, Las Vegas Strip, the Eiffel Tower, Petronas Twin Towers, the Peace Tower, the Parliament Buildings, the Christ the Redeemer statue, Acropolis of Athens, the Egyptian pyramids, and the Colosseum are some notable landmarks which will honour Earth Hour Saturday evening.

WWF organisers wished 1,000 cities would enlist in Earth Hour, however this was surpassed as this year over 2,400 have signed up to take part.

“The Government of Canada’s continued participation in Earth Hour is an indication of our commitment to being mindful consumers. As the custodian of one of the largest office building portfolios in the country, Public Works and Government Services Canada is committed to incorporating environmental practices into waste management, water conservation and the efficient use of energy in our buildings.” Christian Paradis, Minister of Public Works and Government Service said.

“Supporting Earth Hour is part of our commitment to help create a healthier environment for Canadians. Simple actions such as turning off the lights can help improve our environment and tackle climate change as well as empower Canadians to make important lifestyle changes that benefit their families and their environment. We encourage Canadians to take part in Earth Hour.” Jim Prentice, Minister of the Environment.

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Obama to suspend Arctic oil drilling

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Obama to suspend Arctic oil drilling
August 26, 2018

Thursday, May 27, 2010

According to Democratic Senator Mark Begich from Alaska, the U.S. Department of the Interior has decided to halt all new Arctic exploratory oil drilling applications until 2011. The response is believed to be caused in part by the two current oil spill disasters (that of the Deepwater Horizon Incident and more recently the Alaska oil pipeline malfunction). However, Begich is not happy about the actions taken by the White House.

“I am frustrated that this decision by the Obama administration to halt offshore development for a year will cause more delays and higher costs for domestic oil and gas production to meet the nation’s energy needs,” Begich claims.

Last September, the state of Alaska made a public notice about Shell’s desire to drill off the coast of the Beaufort Sea, placing experimental drilling rigs at two drill site location: “Torpedo” and “Sivulliq”.

“Shell is committed to undertaking a safe and environmentally responsible exploration program in the Chukchi Sea and Beaufort Sea in 2010,” said Shell Oil Company President Marvin E. Odum to the U.S. Department of the Interior’s Mineral Management Service (MMS).

Odum follows with, “I am confident that we are ready to conduct the 2010 Arctic exploratory program safely and, I want to be clear, the accountability for this program rests with Shell.”

Chuck Clausen, director of the Alaska project at the National Resources Defense Council is not so optimistic: “Hazards present in the Arctic can include frigid temperatures, presence of sea ice, gale-force winds, intense storms and heavy fog … The potential for loss in the Arctic is great.”

Odum believes that the climate in the arctic will make any spill easier to clean up because, “Arctic conditions create differences in responding to oil in cold and ice conditions. Differences in evaporation rates, viscosity and weathering provide greater opportunities to recover oil. In Arctic conditions, ice can aid oil spill response by slowing oil weathering, dampening waves, preventing oil from spreading over large distances, and allowing more time to respond.”

However, Clausen believes that there are no current systems to remove oil from icy ocean waters.

This is not the first time that President Obama’s administration has taken the environmentally cautious path in Alaska. The President put Bristol Bay off limits to oil and gas exploration until 2017. Bristol Bay currently is one of the top salmon fishing grounds in the state.

Interior Secretary Ken Salazar is expected to give a speech at Thursday’s White House address, regarding the suspension of Arctic oil drilling projects.

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

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Former Satyam CEO Raju, his brother and CFO arrested and detained in profit-fraud scandal
August 24, 2018

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.

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