Hyderabad, INDIA, January 23, 2009: Satyam Computer Services Limited (NYSE: SAY) today announced key decisions concluded at its Board meeting, held on 22nd and 23rd January, 2009  in Hyderabad.
This meeting, the third in thirteen days since its reconstitution, was chaired by Mr. Tarun Das. The meeting focused on issues that are a priority for ensuring business continuity.
To tide over the ongoing requirements for operational expenses including salaries and vendor payments, the Board also announced that additional funding arrangements are in the final stages of being concluded. This is expected to be formally announced before Wednesday, 28th Jan 09, and will address the company’s operational needs till end of March 2009, according to Mr Deepak Parekh, Board Member.  The immovable properties of the company, including all campuses owned by it, are free of any encumbrance. The collections from receivables have been robust, so far. However, taking note of the demanding financial situation, the Board discussed with the leadership team, ways and means to expedite the collections due from customers and to also execute prudent measures for cost optimization.
 
The Board announced that they have narrowed the shortlist for the CEO and CFO positions to the final three, and would finalize their decision, in the ensuing week.  The Board confirmed that the selected person will be uniquely qualified to lead the company during this period of transition and will be a leader of global standing and recognition.
“This is a crucial decision for the company and its stakeholders,” said the Board. “We fully recognize the urgency and importance to have the right person with the right experience and abilities, to successfully steer the company through these turbulent times.”
The Special Directors nominated by the Government have been actively participating in supporting the company during these difficult times. At least one or two of them have been supporting the general management and operations, by their physical presence in Hyderabad throughout this period.
 
The Board also met and interacted with a number of Investment Bankers and will take a decision in the next few days. 
 
Addressing Customer issues, the Board confirmed that it has taken the following steps in the last few days :
The Board members have spoken to almost two dozen key customers individually.
Personalized and direct communication is being sent by the Board to all key customers – articulating the positive developments – to restore their confidence in Satyam
Business leaders and Board Members continue to be actively engaged with customers, reassuring them about meeting commitments. Contrary to common perceptions, existing customers continue to release new work orders and are expressing positive opinions on the timely delivery on SLAs, in their engagements. 
 
A few large customers have already visited the company’s development centers in India and have expressed their satisfaction on the team’s commitment towards their projects.
‘There is a pronounced shift in customer attitudes – from being alarmed in the initial days, it has changed to a sense of cautious optimism. The planned actions will have a distinct impact on the customer confidence’ said Kiran Karnik, Board Member.
Customer attrition is being closely monitored at the Board level and the Board confirmed that it has seen no material impact so far.
On the Associate (employees) front, business leaders have enhanced their interactions with associates at the floor level to understand their concerns and to keep them updated about the ongoing developments in the company. The associate attrition remains well under control.
“Associates continue to show great resilience and exceptional commitment towards the company during these challenging times, in spite of the sustained media onslaught” commented the Board.
Board members interacted with the Business Leaders globally, through a conference call to understand the field level realities. The Board members have also reached out to the associates globally through a personalized video recording that is expected to be webcast later today and will be made available on the company’s website shortly.
Commenting on the serious doubts raised regarding the head count in the company by external authorities, the Board has confirmed that prima facie, there appears to be no basis to doubt the same.  The independent investigation process is expected to reaffirm this fact, in the coming weeks
The Board is expected to meet again on Monday and Tuesday – the 26th and 27th Jan 2009.

 A meeting of the Board of Directors of the Company will be held on Friday, January 30, 2009 to consider, inter alia, the Audited Results for the third quarter ended December 31, 2008 of the Accounting Year 2008-2009, pursuant to Clause 41 of the Listing Agreement

The chairman of Satyam Computer Services, India’s 4th-biggest software services exporter, resigned on Wednesday, saying the company’s profits had been inflated over recent years, sending Satyam shares plunging more than 70 percent.

Following are recent key events at Satyam.

December 16 – Satyam announces plan to buy two building firms part-owned by the outsourcer’s founders for $1.6 billion. It does a rapid U-turn, killing the deal just 12 hours later following a 55 percent plunge in the company’s share price in hectic U.S. trading.

December 17 – Chairman B. Ramalinga Raju says the about-turn reflected negative investor reaction. Satyam shares continue to slide, falling by a third on concerns about corporate governance.

December 18 – Satyam board says will meet on December 29 to consider a share buyback in a bid to restore confidence.

December 23 – Satyam barred from business with the World Bank for eight years for providing Bank staff with “improper benefits.” Its shares fall another 14 percent to their lowest in more than 4- years.

December 24 – Satyam shares rally amid market talk the outsourcer may have become an attractive takeover prospect given the steep share price fall.

December 25 – Satyam says it asked the World Bank to withdraw “inappropriate” statements.

December 26 – Mangalam Srinivasan, an independent director, resigns.

December 28 – Satyam defers board meeting until January 10 to give itself time to consider options to shore up investor confidence.

December 29 – Three more directors quit, but Satyam shares rise on hopes for moves to improve shareholder value and corporate governance.

December 30 – Shares extend gains on talk of private equity interest and a management change. One of Satyam’s largest investors says it could sell its stake.

January 2 – Satyam says its founder’s stake fell by a third to 5.13 percent. Analysts say this means the company is a more attractive bid target.

January 5 – Satyam shares tumble 9 percent on concern that corporate governance issues could hit new business.

January 6 – Shares rise more than 7 percent on a newspaper report Satyam had been approached by smaller rivals Tech Mahindra for an all-share merger.

Source: Reuters.com

Mumbai, 5 Jan 2009 –   During the year gone by, NYSE Euronext markets attracted the largest IPO in the US history, with Visa (NYSE: V), raising $17.86 billion/€11.5 billion, and the second-largest IPO this year in Europe, where EDPR (NYSE Euronext: EDPR) raised $2.42 billion/€1.566 billion.

Other large offerings on NYSE Euronext markets in 2008 included the $12.1 secondary offering by Brazil’s Vale (NYSE: RIO) with its cross-listing in Paris (NYSE Euronext: VALE), the $1.4 billion IPO by American Water Works (NYSE: AWK) on the NYSE and the $1.1 billion IPO by Intrepid Potash (NYSE: IPI) on the NYSE.

Based on IPO proceeds raised globally (through Nov. 2008), the NYSE ranked at number-1 of major exchanges, with $26 billion raised, or 21% of IPO capital raised. Though US and global IPO activity fell sharply from the previous year due to challenging market conditions, NYSE Euronext markets’ ranking at the top of the list by proceeds was unchanged.

Mumbai, Date: January 1, 2009

The Bajaj Group which comprises of Rahul, Shekhar, Madhur and Niraj Bajaj and their families is pleased to announce that it has come to an amicable settlement with the Shishir Bajaj Group (SKB Group) under a Family Settlement Agreement on December 21, 2008. The petition filed by SKB Group with the Company Law Board is dismissed as withdrawn on December 31, 2008. With this, all disputes between both sides stand resolved.

The Bajaj Group shareholding in Bajaj Hindustan Ltd and Bajaj Consumer Care is now with the SKB Group.  The Promoter shareholding of all other Companies in the Bajaj Group, including that held by the SKB Group, is now with the four brothers of the Bajaj Group.  This includes companies like Bajaj Auto Ltd, Bajaj Electricals Ltd, Mukand Ltd, Bajaj FinServ Ltd, Bajaj Holding & Investments Ltd, Hercules Hoist Ltd etc.

RAHUL BAJAJ        SHEKHAR BAJAJ              MADHUR BAJAJ    NIRAJ BAJAJ

 We had a conference call with the management of Navneet Publications India (Navneet) and the key takeaways from the same are as follows.

Publication business: Navneet’s core publication business, which registered a moderate growth of 4.3% year on year (yoy) in H1FY2009 (adversely affected by government’s initiative to provide free books in schools under Sarva Shiksha Abhiyan), is expected to achieve a better growth of around 18.5% in H2FY2009 on the back of better sales volume and price hike of 10-12% in 21-Question sets (for standard 10 and 12). We expect the publication business to achieve a moderate growth of 7.3% yoy in FY2009 (as against 22.0% yoy in FY2008). With no major syllabus changes scheduled in FY2009 and FY2010, we expect the business to grow at a compounded annual growth rate (CAGR) of 8.2% over FY2008-10.
Stationery business: The stationery business registered a robust growth of 57.7% in H1FY2009 on account of strong international sales (international sales account for 35% of stationery business’ revenues), which grew by 320% on account of reduced competition from neighbouring countries. The company is focusing on introducing products in paper and non-paper stationery product category and expects it to be the future revenue driver of this business. Thus, overall, we expect this business to register a growth of around 40% yoy in FY2009. 
New initiatives: 
Leveraging on its brand image, Navneet is planning to introduce study guides in Andhra Pradesh and Madhya Pradesh. 
The company has introduced Urdu publications in Maharashtra (Urdu is the second medium of instruction in schools of Maharastra after Marathi). Through Urdu publications Navneet has derived revenues of Rs2.5 crore in FY2008 and expect it to grow by 30-40% going forward. 
The company is also focusing on enhancing its space in publication segment by introducing entrance exam books for medical and BEd students.
Navneet’s e-learning initiative has got good acceptance in Gujarat and Maharashtra. The company has tied up with 150 schools in Maharashtra and 400 schools in Gujarat and is expecting revenues of Rs1 crore in FY2009. However the big push in revenues and profits from the venture will come only on the sale of e-learning products to students (retail), which the company plans to launch from April 2009 (before the start of next academic year).
OPM to remain under pressure: The operating profit margin (OPM) of the company declined by 206.5 basis points during H1FY2009 to 23.8% mainly on account of higher raw material cost. The raw material cost as percentage of sales increased by 135.4 basis points in H1FY2009 due to change in the revenue mix (higher contribution of stationery business to the top line). We expect the OPM to remain under pressure, as contribution from stationery business is expected to increase in H2FY2009. We have already taken into account the above-mentioned factors in our estimates for FY2009. Thus we expect the OPM to dip marginally by 46 basis points to 20.6% in FY2009.
Navneet Publications (India)
Cluster: Emerging Star
Recommendation: Buy
Price target: Rs59
Current market price: Rs41

In an another jolt to Satyam Computer Services Ltd  Chairman B. Ramalinga Raju, one of the company’s  independent directors Mangalam Srinivasan has resigned on Thursday. The company has confirmed the development on Friday by notifying the same to Bombay Stock Exchange.

Mangalam Srinivasan, a US based prominent personality is believed to be upset with the ongoing controversies raised after Satyam’s aborted bid to takeover Maytas Infra and Maytas Properties in  1.6 billion dollar deal.

Role of independent directors and corporate governance practice has become much in debate of after the Satyam-Maytas deal.

 Satyam management dropped the idea followed by the investor’s uproar. Institutional investors hold nearly 60% stake in the company.

 
Mumbai, India: December, 2008: Sun Pharmaceutical Industries Ltd. (Reuters: SUN.BO, Bloomberg: SUNP IN, NSE: SUN PHARMA, BSE: 524715) today announced its subsidiary, Alkaloida Chemical Company Exclusive Group Ltd. (Alkaloida), has extended the Expiration Date of the Tender Offer for the purchase of all outstanding Ordinary Shares of Taro Pharmaceutical Industries Ltd. (Taro).  The Offer will now expired at 5:00 p.m., New York City time, on Friday, January 9, 2009, unless further extended or earlier terminated.  The Tender Offer was extended to comply with a continuing order issued by the Supreme Court of Israel temporarily prohibiting the closing of the Offer until the Supreme Court issues a decision on the appeal of the litigation commenced against Alkaloida and its affiliates by Taro and certain of its directors regarding the applicability of the special tender offer rules under the Israeli Companies Law to the Offer.  The Tel-Aviv District Court had previously ruled in favor of Sun Pharma that a special tender offer was not required.

On December 8, 2008, the Supreme Court heard oral arguments on the appeal.  At the conclusion of the hearing, the Supreme Court instructed the parties to negotiate with one another with the view to reaching a settlement to resolve the dispute and to update the Supreme Court within 30 days as to the result of such negotiations.  The Supreme Court indicated that it will render a judgment on the appeal if no agreement is reached.  Sun has been engaging in discussions pursuant to the Supreme Court’s instructions.  If the temporary order remains in effect on January 9, 2009, Sun expects to extend the Offer while the temporary order remains outstanding.    

The Offer was commenced on June 30, 2008 in order to comply with the terms of the Option Agreement between Alkaloida and the controlling shareholders of Taro.  Alkaloida exercised its options to acquire shares of Taro from the controlling shareholders on June 25, 2008.  The Option Agreement required Alkaloida, promptly after exercising the options, to commence a tender offer at USD 7.75 per Ordinary Share of Taro held by other shareholders.  The Offer had previously been scheduled to expire at 5:00 p.m., New York City time, on Friday, December 19, 2008.  As of 5:00 p.m., New York City time, on December 18, 2008, 613,936 Ordinary Shares had been tendered and not withdrawn from the Offer.

Mumbai, December 20, 2008: The Company, Promoters of Hypercity Retail (India) Limited (Hypercity), has executed an Option Agreement; whereby the Company has an option  to acquire upto 51% of the equity share capital of Hypercity from Promoters at any time prior to December 31, 2008.  The Company has already acquired 19% stake in Hypercity in March, 2007.

The Company and Promoters of Hypercity, have decided to extend the aforesaid option of acquiring remaining 32% of Equity Share Capital of Hypercity by Company on the same terms and conditions upto June 30, 2010.

Speaking on extension of option, Mr. B.S.Nagesh – Customer Care Associate and Managing Director, Shoppers’ Stop Ltd. said, “Considering the present scenario, we have requested the Promoters of Hypercity and they have agreed and provided an extension upto June 30, 2010”

Mumbai, December 19, 2008: Mr. N. Vaghul, non-executive Chairman of the Board of Directors of ICICI Bank Limited (NYSE: IBN) would retire from the Board on completion of his current term on April 30, 2009. The Board has, subject to the approval of Reserve Bank of India (RBI) and the shareholders, decided to appoint Mr. K. V. Kamath, presently Managing Director & CEO, as non-executive Chairman of the Board for a period of five years effective May 1, 2009. Mr. Kamath’s current term as Managing Director & CEO would end on April 30, 2009 and he has expressed his desire to lay down his executive responsibilities from that date.

The Board of Directors has, subject to the approval of RBI and the shareholders, decided to appoint Ms. Chanda D. Kochhar, presently Joint Managing Director & Chief Financial Officer, as Managing Director & CEO of ICICI Bank from May 1, 2009 to March 31, 2014. Ms. Chanda Kochhar joined erstwhile ICICI Limited (ICICI) in 1984 and was elevated to the Board of Directors of ICICI Bank in 2001. During her career prior to becoming a member of the Board, she worked and held leadership positions across all key businesses, including corporate banking, project finance and retail banking. She was instrumental in establishing ICICI Bank during the 1990s, and subsequently headed the infrastructure finance and major clients groups in ICICI. In 2000, she took on the challenge of building the nascent retail business, with strong focus on technology, innovation, process reengineering and expansion of distribution and scale. The Bank achieved a leadership position in this business. She successfully managed the integration of the retail franchises of ICICI and ICICI Bank, as well as of other acquisitions. During 2006-2007, she successfully led the Bank’s wholesale and international banking businesses during a period of heightened activity and global expansion by Indian companies. Since 2007, she has been heading the Corporate Centre, responsible for ensuring strategic consistency across the Group.

The Board expressed the view that Mr. Kamath’s experience and expertise would prove invaluable to the Board in maintaining continuity in strategic leadership and governance and providing guidance to the executive management. The Board expressed the view that Ms. Kochhar’s deep experience across the Bank’s businesses and functions would be invaluable in providing stability while at the same time charting the Bank’s future strategic course in the emerging global environment.

Mr. Kamath said “Chanda has played a key leadership role in all the major strategic initiatives that we have taken. I am sure that the depth of experience, multi-dimensional domain knowledge and strategic thinking that she brings to the role will take the ICICI Group to even greater heights. Team ICICI joins me in wishing her the very best in her new role. ”

Ms. Kochhar said “I would like to thank the Board for the confidence they have reposed in me, and Mr. Kamath for his inspiring leadership. I am committed to working with our team and with all our stakeholders to leverage the ICICI Group’s strengths and capitalize on the opportunities before us. We look forward to Mr. Kamath’s continued mentoring and guidance in the years ahead.”