Pressure on Andhra govt to arrest Satyam's Raju

HYDERABAD: Pressure is mounting on Andhra Pradesh government to arrest Satyam Computer’s disgraced former chief Ramalinga Raju.

Sources say that police may file a suo motu case in Hyderabad and is likely to arrest Raju today.

The final decision to arrest Raju lies in the hands of Andhra Pradesh chief minister Y S R Reddy.

The IT firm plunged into a deep crisis on January 7 when its promoter-chairman B Ramalinga Raju resigned after admitting to major financial wrong-doings and saying his last-ditch efforts to fill the "fictitious assets with real ones" through Maytas acquisition failed.

The beleaguered IT giant, already under scanner over the aborted acquisition of firms promoted by the chairman's family, received a rude shock days ahead of its January 10 board meeting, with Raju stepping down along with his brother and Managing Director B Rama Raju.

"It was like riding a tiger, not knowing how to get off without being eaten," Ramalinga Raju said in a letter to Satyam's Board of directors, wherein he listed major financial wrong-doings over the years to inflate the profits.

On Thursday, interim CEO Ram Mynampati announced in a press conference, Satyam’s CFO Srinivas Vadlamani had also tendered his resignation, and said the board would take a decision in its meeting on January 10.

Source: http://timesofindia.indiatimes.com/Pressure_on_Andhra_govt_to_arrest_Raju/articleshow/3955175.cms

Mutual funds in selling mode

Date : Jan-08-2009
On 6 January 2009, mutual funds (MFs) sold shares worth a net Rs 49.70 crore as against an inflow of Rs 185.80 crore on 5 January 2009. MFs' net outflow of Rs 49.70 crore on 6 January 2009 was a result of gross purchases Rs 541.80 crore and gross sales Rs 591.50 crore. The BSE Sensex gained 60.33 points, or 0.59%, to 10,335.93 on that day. MFs were net buyers of shares worth Rs 253.60 crore in this month, till 6 January 2009.

Fortis MF introduces additional plan under Interval Fund

Date : Jan-08-2009
Fortis Mutual Fund has introduces the additional plan- Institutional plan under the Fortis Interval Fund - Quarterly Plan K and Fortis Interval Fund - Quarterly Plan L with effect from January 13, 2009 and January 20, 2009, respectively. However, the institutional plan under Fortis Interval Fund - Quarterly Plan K shall open and close for subscription on January 13, 2009 while on the other hand the institutional plan under Fortis Interval Fund - Quarterly Plan L will open and close for subscription on January 20, 2009.
In line with this, the institutional plan will offer growth as well as the dividend options with two facilities- automatic renewal and automatic redemption facility with the default facility as automatic renewal.

Under the institutional plan, the minimum application amount is Rs 1 crore and thereafter-in multiples of Re 1. There will be not any entry load but there may be an exit load 4% at all time, except the interval periods.

Fortis Interval Fund - Quarterly Plan K & Fortis Interval Fund - Quarterly Plan L are debt oriented interval funds with an objective to generate steady returns through investments made in a basket of fixed income securities, with a provision to offer liquidity at periodic interval.

Great Eastern Energy files DRHP for IPO

Date : Jan-07-2009
Great Eastern Energy Corporation has recently filed the draft red herring prospectus (DRHP) with Sebi for an IPO of 9.13 crore equity shares of Re 1 each for cash at a price to be determined through a 100% book-building process. The equity shares would then be listed on Bombay Stock Exchange and National Stock Exchange of India. The book running lead managers to the Issue are Enam, ABN AMRO Asia Equities (India) and SBI Capital Markets. As per the company's release, the issue would constitute approximately 15.45% of the fully diluted post issue paid up capital of the company. Further its GDRs are also listed on the Alternative Investment Market of the London Stock Exchange. The company is engaged in exploration, development, production, distribution and sale of natural gas from coal seams, commonly known as CBM. It produces CBM from its Block in Raniganj, West Bengal that spans an aggregate area of 210 square kilometers and has an estimated 1.92 tcf of gas-in-place (according to a report issued by Netherland, Sewell & Associates, Inc. on June 1, 2007). After the completion of its pipelines, the company believes that it will be a fully vertically-integrated CBM company capable of exploring, producing, distributing and selling natural gas to end users through an integrated network consisting of drilling, production, compression, transportation and logistics services. To bring the plan into reality, the company has already signed a franchisee agreement for supply and retail of CBM-based CNG through Indian Oil Corporation's petrol pumps in Asansol, Durgapur, Raniganj and other cities across the state of West Bengal.