Tech Mahindra, Mahindra Satyam to merge to create top-tier global player


The Boards of Directors of Tech Mahindra Limited and Satyam Computer Services Limited, now known as Mahindra Satyam, met separately today and approved a proposal to merge the two companies along with certain of their wholly-owned subsidiaries.

A press release from the two companies said the exchange ratio recommended by the valuers and approved by both the boards is 2 shares of Tech Mahindra (face value of Rs. 10 each), for every 17 shares of Mahindra Satyam (face value of Rs. 2 each).
On a pro-forma basis, the Mahindra Group will own 26.3% in the combined entity, British Telecom will own 12.8%, 10.4% will be held as treasury stock, 34.4% to be held by the public shareholders of Mahindra Satyam and the balance 16.1% will be held by the public shareholders of Tech Mahindra.

Eight children killed, 16 rescued afer school bus plunges into canal in Andhra Pradesh


At least eight children drowned and 16 were rescued after a school bus plunged into a canal in the Khammam district of Andhra Pradesh today.

District Collector Siddharth Jain told NetIndian over the telephone that rescue teams had also managed to retrieve the bus from the canal near Tungaram Vagu in Chandrugona mandal.
He said he had ordered an inquiry by a magistrate into the incident and made it clear that no one found negligent would be spared.
The bus belonged to the L V Reddy School in the district, and was said to be carrying about 24 students when the mishap occurred, about 120 kmfrom the district headquarters.
Jain said officials from the district collectorate, police, fire services and the education department rushed to the spot and organised relief efforts.
He said the authorities were pumping out water from the canal to make sure that all the children in the bus had been accounted for.
In Hyderabad, Andhra Pradesh Chief Minister N Kiran Kumar Reddy expressed shock and anguish over the accident. He asked the district collector to render all the required medical assistance to those injured and all possible assistance to the families of those killed in the accident.
He termed the incident as most unfortunate and asked the collector to inquire into it and submit a detailed report. 

Ajit Singh says Govt. committed to development of aviation sector


Union Civil Aviation Minister Ajit Singh today said the Government was committed to the development of the aviation sector, despite the challenges of rising fuel costs, fierce competition and infrastructure bottlenecks and listed the several initiatives which had been taken in setting up a new regulatory framework.
Inaugurating the third edition of India Aviation, the international exhibition and conference on aviation, in Hyderabad this morning, Singh said the Government was planning to bring in Indian Navigation System Master Plan, which includes significant investment in modernization of Communication Navigation Surveillance (CNS), Air Traffic Managements and Meteorological Equipment, Enhancing Manpower and Training Infrastructure and harmonization with global initiatives and regional air navigation plans.
India’s GPS-Aided Geo Augmented Navigation system (GAGAN), developed by the Airports Authority of India (AAI) with the support of Indian Space Research Organization, was also likely to be rolled out by next year.

Ajit Singh to open India Aviation Show at Hyderabad on Wednesday


Leading aircraft manufacturers, aviation business leaders, top government officials, airport operators, regulators, technology providers and multilateral agencies are among those slated to the attend the third edition of India Aviation Show which will get underway in Hyderabad tomorrow.

Union Civil Aviation Minister Ajit Singh will inaugurate the five-day event, which has grown into a premier international exhibition and conference on civil aviation that will showcase the growth opportunities in the Indian aviation sector.

The show, which has at its theme "India: The Emerging Aviation Hub", will see, among other things, the first ever display of the Boeing 737 "Dreamliner" in India. Russia's aerospace organisation Irkut will also be participating in the exhibition for the first time.


CBI registers case against bank officials in Hyderabad for graft


The Central Bureau of Investigation (CBI) today said it had registered a case of cheating and corruption against some bank officials in Hyderabad as well as officials of a Secunderabad-based private firm and others.

A press release from the agency said the officials of the private company had allegedly, in connivance with the bank officials, fraudulently got an undue amount of Rs 7.98 crore from the bank as interest subsidy.
The Technology Upgradation Fund Scheme (TUFS) of Ministry of Textiles provides for an interest subsidy of 5% against the interest paid by a company on the loan taken to upgrade textile machinery.
Searches were conducted at nine places in Hyderabad and Vijaywada in Andhra Pradesh in this regard. During searches, incriminating documents and evidence have been seized by CBI team, the release said, adding that further investigation was in progress.

CCI nod for upgradation of railway infrastructure in twin cities of Hyderabad, Secunderabad

The Cabinet Committee on Infrastructure (CCI) today approved the upgradation of railway infrastructure for introduction of multi-modal transport system (Phase - II) in the twin cities of Hyderabad and Secunderabad in Andhra Pradesh.
The upgradation will be able to serve the habited areas of the rapidly expanding twin cities of Hyderabad and Secunderabad, an official press release said.
The total expenditure involved will be Rs.632.68 crore. Two-thirds of this , Rs.421.79 crore, will be borne by the Government of Andhra Pradesh. One-third of the cost will be funded from the gross budgetary support of Indian Railways. 
The project will be completed in three years during 12th Plan period (2012-17), an official press release added.

Delhi, Mumbai airports ranked 2nd, 3rd by ACI in 25-40 million passenger category


The Indira Gandhi International Airport (IGIA) in Delhi has been ranked second in the world and Mumbai's Chhatrapati Shivaji International Airport third in the 25-40 million passengers per annum (MPPA) category in the Airport Service Quality (ASQ) awards given by the Airports Council International (ACI) for 2011.

Seoul's Incheon airport has topped the category, while Kuala Lumpur and Shenzhen airports were ranked fourth and fifth.
The Delhi airport had been placed fourth in 2010.
In the 5-15 million passenger category, Hyderabad airport was placed third, behind Nagoya and Cancun. Hainan Meilan and Wuhan airports were in the fourth and fifth spots in this category.
IGIA has moved up from an ASQ score of 3.02 in 2007 and a rank outside the top 100 to a score of 4.72 and 6th rank across all categories in 2011.
The airport now boasts of an annual passenger capacity of over 60 million, including the state of the art Terminal-3 (T3) which can handle 34 million passengers.
A press release from Delhi International Airport Limited (DIAL) said 35 million passengers passed through IGIA in 2011,. including 10 million international passengers (both records in Indian aviation). The airport also handled over 600,000 tonnes of cargo and over 300,000 aircraft movements in 2011 CY.
ACI is the only global trade representative of airports. The 580 members operate 1650 airports in 179 countries and territories. It is a non-profit organisation whose prime purpose is to represent the interests of airports and to promote professional excellence in airport management and operations.
The annual ASQ awards recognize and reward the best airports in the world according to ACI's ASQ passenger satisfaction survey. Since its creation in 2006, the ASQ Survey has become the world's leading airport passenger satisfaction benchmark with over 200 airports participating.
The ASQ Awards are the only global airport rankings to be based on a measure of the passengers' satisfaction taken while the passenger is still at the gate. In 2011, over 350,000 passengers were interviewed prior to boarding their flight and asked to rate their satisfaction with the airport that day. To be eligible for the annual ASQ awards, an airport must have participated in the ASQ Survey every month of the year.
Incheon airport was chosen the Best Airport Worldwide for the seventh consecutive year in the awards announced today.
Singapore Changi Airport, Beijing Capital International Airport, Hong Kong International Airport, and Nagoya Ch?bu Centrair International Airport earned the second, third, fourth and fifth spots, respectively --- all in Asia.
In Best Airport by Size, top honours went to Guayaquil (2-5m), Nagoya (5-15m), Seoul Gimpo
(15-25m), Seoul Incheon (25-40m), and Singapore (over 40m).
In Best Airport by Region, Cancun, Cape Town, Dubai, Malta, Ottawa, and Seoul Incheon, came out on top. The ASQ Awards also recognized Best Airport by Region with Fewer than 2 Million Passengers: Keflavik, Mazatlan, Quebec City, and Upington. 
Best Improvement went to Chongqing, Dubai, East London, Guayaquil, Montreal, and Palma de Mallorca. 

Mahindra Satyam to acquire strategic stake in Dion Global Solutions

Consulting and IT services provider Mahindra Satyam will acquire a strategic stake in Dion Global Solutions, a specialist provider of software products and solutions for capital markets globally, the two companies announced today.

A press release from Dion said the two companies had signed a memorandum of understanding (MoU) in this regard.
Under the agreement, Mahindra Satyam has agreed to acquire a significant minority stake by way of fresh issue of equity shares. The new equity shares will be priced at in accordance with the applicable regulations of the Securities and Exchange Board of India (SEBI).
The transaction will be subject to regulatory and board approvals and satisfaction of other customary closing conditions, the release said.
"Dion has a portfolio of cutting-edge solutions and services for global capital markets covering portfolio management, trading, settlement, risk management, analytics, treasury and research services, and services more than 660 clients in 62 countries. The proceeds from the investment under consideration will be utilised by Dion to further enhance its offerings and its geographic reach," it said.
"We are extremely impressed by Dion's products and solutions, its ability to truly partner with its clients, and most of all, its top-class management team. We are convinced that in time to come, Dion will become one of the foremost software solutions providers to capital markets globally and are keen on participating in Dion's promising future," C P Gurnani, CEO, Mahindra Satyam said,
Ralph J Horne, Managing Director & Global CEO of Dion said: "We are delighted to have Mahindra Satyam as a strategic investor in our company. Working with such an esteemed partner and combining the unique skills from both companies will allow us to co-operate on developing new innovative business focused solutions for all tiers of the financial services industry, including many of our common clients. This alliance will help us further expand our solutions capabilities and make inroads to newer markets." 

Second runway at Hyderabad's Rajiv Gandhi International Airport inaugurated


The second runway at the Rajiv Gandhi International Airport (RGIA), Hyderabad, was inauguraed today, making it the first greenfield airport in the region with two runways.

A spokesperson for GMR Hyderabad International Airport Ltd (GHIAL), the operator of RGIA, said the new parallel runway, designated as Rwy 09L/27R, is 3707 metres long and is Code-E aircraft (A340/B747) compliant.  
He said GHIAL had obtained necessary clearances for the runay from the Directorate General of Civil Aviation (DGCA).
With the introduction of the new runway, RGIA can continue flight operations uninterupptedly during its regular main runway maintenance every Tuesday between 1330-1530 hrs. 
"Airport maintenance is a mandatory requirement for airports around the world. With the second runway being operational, continuity of flight operations on Tuesdays will enhance airside efficiency largely, thus making passenger transit through RGIA convenient," the spokesperson added.

CBI files charge sheet against 7 persons, 5 firms in Emaar land scam


The Central Bureau of Investigation (CBI) today filed a charge sheet against seven persons, including Andhra Pradesh Principal Secretary (Home) and senior Indian Administrative Service (IAS) officer B P Acharya, and five companies in the case of alleged irregularities in an upscale township project in Hyderabad.

The charge sheet was filed before the Special Judge for CBI Cases, Hyderabad, under various sections of the India Penal Code relating to criminal conspiracy, cheating and criminal breach of trust as well as sections of the Prevention of Corruption Act.
Besides Acharya, others named in the charge sheet are Tirumala Tirupati Devasthanam (TTD) executive officer L V Subramanyam, who was the then Vice-Chairman and Managing Director of Andhra Pradesh Industrial Infrastructure Corporation (APIIC), then Secretary (Industries) K V Rao, since retired, and four private individuals, Koneru Rajendra Prasad, Srikant Joshi, Madhu Koneru and T Ranga Rao.

CBI arrests Andhra Pradesh Home Secretary B P Acharya in Emaar case

The Central Bureau of Investigation (CBI) today said it had arrested B P Acharya, the Principal Secretary (Home) of Andhra Pradesh and a senior Indian Administrative Service (IAS) officer, in a case related to real estate developer Emaar.
Acharya, who belongs to the 1983 batch of the IAS, was the Vice-Chairman and Managing Director of Andhra Pradesh Industrial Infrastructure Corporation (APIIC) between 2005 and 2009, when the alleged scam took place.
The case is related to alleged irregularities, including in the matter of land transfer and sale of apartments and villas, in the execution of an upscale township project developed by Emaar and APIIC.

Five judges appointed to Andhra Pradesh High Court

The President has appointed Justices Nadimpalli Rama Linga Nageswara Rao, Ponnuru Durga Prasad, Kallakuri Girija Shankar, Nyshadham Ravi Shankar, and Vegi Suri Appa Rao, Additional Judges, as Judges of the Andhra Pradesh High Court.
An official press release said here today that the appointments, in that order of seniority, would be with effect from the date they assume charge of their respective offices.
The President has also appointed Babu Mathew P. Joseph and Ambazhavelil Velayudhan Pillai Ramakrishna Pillai to be Additional Judges of the Kerala High Court, in that order of seniority, for a period of two years with effect from the date they assume charge of their respective office.
The President has also appointed Dharam Chand Chaudhary as an Additional Judge of the Himachal Pradesh High Court for a period of two years with effect from the date he assumes charge of his office, the release added.

GAIL signs MoU with AP Govt for LNG terminal, FSRU

Mr. J Wason, CEO GAIL Gas, signing an agreement in the presence of Andhra Pradesh Chief Minister N Kiran Kumar Reddy and Major Industries Minister J. Geeta Reddy for an LNG terminal in the state on January 12, 2012.
Mr. J Wason, CEO GAIL Gas, signing an agreement in the presence of Andhra Pradesh Chief Minister N Kiran Kumar Reddy and Major Industries Minister J. Geeta Reddy for an LNG terminal in the state on January 12, 2012.
GAIL Gas Limited, a wholly-owned subsidiary of gas major GAIL (India) Limited, has signed a memorandum of understanding (MoU) with the government of Andhra Pradesh for setting up a liquefied natural gas (LNG) terminal and Floating Storage and Regasification Unit (FSRU) along the state's expansive sea coast.
The MoU was signed here yesterday by J Wason, CEO, GAIL Gas Limited and S. Bhattacharya, Principal Secretary (Investment and Infrastructure), AP government, at the Partnership Summit 2012 organised by the state government and CII.
Andhra Pradesh Chief Minister N Kiran Kumar Reddy and Major Industries Minister J Geeta Reddy were amongst those present on the occasion.

Janardhana Reddy's judicial custody extended till Jan 25


A CBI Special Court today extended the judicial custody of former Karnataka Minister Gali Janardhana Reddy, his brother-in-law and Obulapuram Mining Company (OMC) Managing Director B V Srinivas Reddy and two others accused in the illegal mining case till January 25.

The Reddys, who are currently lodged in Chanchalaguda Jail here, and another accused ex-Director of AP Mines and Geology Department V D Rajagopal, were produced before the court which extended the remand.
The Reddys were arrested from Bellary in Karnataka by CBI on September 5 last year for their alleged involvement in the case.

GMR adds 384 MW to Andhra Pradesh power grid

The first unit of GMR Rajahmundry Energy Limited’s combined cycle power plant at Vemagiri in Andhra Pradesh was synchronized last week, adding 384 MW capacity to the state power grid.
A press release from GMR said the group was setting up the 2x384 MW capacity Combined Cycle power plant, adjacent to its existing plant located at Vemagiri. The first unit has been commissioned in a record time of 24 months. The second unit is expected to be commissioned by February, 2012.
This GMR project was identified as a XI Plan project and accordingly was shortlisted for gas allocation by the Government of India. It is expected that gas will be made available to this project shortly, the release added.

IT raids at Telugu actor Mahesh Babu's residence

Income Tax Department officials conducted raids at the residence of leading Telugu film actor Mahesh Babu here this evening.

The IT officials, who swooped down on the actor's residence, were verifying his income statements.
Mahesh Babu, who is the son of yesteryear matinee idol Krishna, was shooting for a film when he was informed about the raids. He rushed home, sources said.
Media reports said Mahesh Babu was the highest paid actor in the Telugu film industry.

TI expands capacity for 2-wheeler automotive chains by 20%

TI Diamond Chains (TIDC), a  unit of Tube Investments of India Ltd (TII), part of the Murugappa Group, has expanded the production facility at its Hyderabad unit for two-wheeler automotive chains by 20 per cent.
A press release from the company said here today that it had invested Rs 30 crore on the facility.
“This facility has been set up with the state-of-the-art equipment to be run with the best in class practices. This would enable TI to meet the growing demand from its auto customers, with much higher levels of quality and reliability," Mr M M Murugappan, Vice-Chairman of the Murugappa Group, said.

CBI files charge sheet in Obulapuram illegal mining case


The Central Bureau of Investigation today filed a charge sheet in the Court of Special Judge for CBI cases, Hyderabad in the illegal mining case against the Obulapuram Mining Company (OMC) owned by former Karnataka Minister Gali Janardhan Reddy.
Besides Mr Reddy, the charge sheet named his brother-in-law B V Srinivasa Reddy, the managing director of OMC, former Andhra Pradesh Director of Mines and Geology V D Rajagopal and the Bellary-based company, a CBI press release said.
They have been accused of criminal conspiracy, criminal breach of trust, forgery and criminal misconduct under various sections of the Indian Penal Code and the Prevention of Corruption Act.
According to the charge sheet, Mr Janardhan Reddy and Mr Srinivasa Reddy entered into a criminal conspiracy with the Andhra Pradesh government officials and got mining leases allotted to the company. It said they indulged in illegal mining activities amounting to lakhs of tonnes of iron ore.
The CBI said it had used satellite imageries and advanced surveying methods to establish the aspect of illegal mining. It had also used forensic accounting techniques to analyse computer hard disks, laptops, mobile phones with the help of data retrieval techniques.
As collection of evidence with regard to certain allegations in respect of the then Secretary, Industries & Commerce, Government of Andhra Pradesh are in progress, her name has not been included in the charge sheet, a CBI press release said. The then Assistant Director, Mines & Geology, Ananthapur is now no more, it said.
The Reddys were arrested on September 5 from Bellary in Karnataka and are currently in judicial custody. They are lodged in the Chanchalguda Central Prison in Hyderabad.

Andhra Pradesh govt suspends IAS officer Srilakshmi


Senior Andhra Pradesh cadre Indian Administrative Service (IAS) officer Y Srilakshmi, arrested in connection with the illegal mining case, was suspended by the State Government today.
The government took the decision after it received a note from the Central Bureau of Investigation (CBI) about her arrest a few days ago for irregularites allegedly committed by her in granting mining lease to mining baron and former Karnataka Minister Gali Janardhana Reddy and his brother-in-law and Obulapuram Mining Company (OMC) Managing Director Srinvas Reddy.
Srilakshmi is likely to be produced in the CBI special court as her CBI custody ends today.
Earlier in the day, medical tests were conducted on her at the CBI office when she complained of sickness, according to sources here.

IAS officer Srilakshmi sent to police custody for 3 days

Senior Indian Administrative Service (IAS) officer Y Srilakshmi was today remanded to three days in the custody of the Central Bureau of Investigation (CBI) by a Special Court here following her arrest yesterday in the illegal iron ore mining case.
Judge Naga Maruthi Sarma turned down the plea of CBI for 15-day custody and granted only three-day custody of the official, who was arrested yesterday evening in her office in the Family Welfare Department.
A local court had asked CBI to house her in their premises before she could be produced before the Special CBI Court here today.  

HC vacates stay on HCA office bearers' arrest

The Andhra Pradesh High Court today vacated stay on the arrest of Hyderabad Cricket Association (HCA) office-bearers who were allegedly facing charges of "misappropriation" of funds on the construction of Rajiv Gandhi International Stadium in Uppal here.
Earlier, after the ACB Court I in-charge Judge Krishnaiah on April 7 had directed the Director General of ACB to investigate and submit a report, the ACB on April 13 registered cases against 22 Committee Members of HCA, including BCCI Vice-President Shivlal Yadav and former Team India off-spinner Arshad Ayub, who was HCA president. 
Fearing their arrest, Shivlal Yadav, Arshad Ayub and 14 other members approached the High Court and secured the stay.
The court after hearing the case passed an interim order to vacate the stay paving way for the ACB to arrest the HCA office-bearers.   
During the course of hearing on the petition filed by Sagar Cricket Club, the High Court Judge Justice G Rohini on August 2 issued notices to the City Police Commissioner who sought an inquiry into the alleged irregularities committed by HCA members.

AP HC orders CBI probe into TDP Chief Naidu's assets

The Andhra Pradesh High Court today ordered the Central Bureau of Investigation (CBI), Enforcement Directorate and Securities and Exchange Board of India (SEBI) to probe the alleged illegal assets of former Andhra Pradesh Chief Minister and Telugu Desam Party (TDP) president N Chandrababu Naidu.
A bench comprising Justices Ghulam Mohammed and Nooty Ramamohan gave these orders on a petition filed on October 17 by Y S R Congress Party MLA Y S Vijayamma, widow of former Chief Minister Y S Rajashekhara Reddy.
Vijayamma, mother of Kadapa MP Y S Jagan Mohan Reddy, had filed the petition on October 17, seeking a probe into Mr Naidu's alleged illegal assets.
In her petition, she alleged that many acts of criminal misconduct were committed during the nine-year rule of Mr Naidu in the state.
The Court directed the CBI, ED and SEBI to complete the investigation and submit their report within three months in a sealed cover.

Satyam's Ramalinga Raju released from prison on bail

Former Satyam Computer Services Limited chairman B Ramalinga Raju, the main accused in India's  biggest corporate fraud case, his brother B Rama Raju and Chief Financial Officer of the Company  Vadlamani Srinivas were released from the Chanculguda Central Jail here this evening after the Supreme Court granted them bail yesterday.

Earlier, the special CBI Court, after getting the required documents for their release, directed the Chanchalguda Jail authorities to release them on bail.

As per the Supreme Court directions, Mr Raju and others had completed the formalities like giving a personal bond for Rs 2 lakh with two sureties each for a like sum by their lawyers.

Illegal mining case: Jagan appears before CBI


YSR Congress party chief and Kadapa MP Y S Jagan Mohan Reddy today appeared before the Central Bureau of Investigation (CBI) in connection with the illegal mining case involving mining baron and former Karnataka Minister Gali Janardhan Reddy, who is in judicial custody.

As per the summons issued by the investigating agency earlier, Mr Jagan Mohan Reddy, son of late Andhra Pradesh Chief Minister Y S Rajashekara Reddy, reached the CBI office located in the busy market area of Koti at about 1045 hrs.
The agency started questioning him to seek answers about any links with the illegal Obulapuram mines.
Mr Janardhan Reddy's brother-in-law Srinivas Reddy has also been arrested in the case and he, too, is in judicial custody.
Meanwhile, police had made elaborate security arrangements and restricted the traffic in the area where the CBI office is located.
Business establishments, including malls and hotels in the busy market area of Koti were also asked to down their shutters.

V.N. Rai appointed director of National Police Academy

Mr V N Rai, an Indian Police Service (IPS) officer of the 1977 batch (Haryana cadre), has been appointed as the Director of the Sardar Vallabhbhai Patel National Police Academy (NPA), Hyderabad.
Mr Rai, presently Special Director General of the Border Security Force (BSF), ill be in the pay scale of Rs 75,500-80,000, an official press release said.
The appointment will be with effect from the date of his taking over charge of the post and till his superannuation on December 31, 2012 or till further orders, whichever is earlier, the release added.
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