cheaprosettasoftware.org

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.

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.

Sunday, April 19, 2009

At least twelve children have been injured after a swing ride at the Puyallup, Washington Spring Fair toppled over.

The ride is called a ‘LollySwing’, which is located in Kiddyland, where the riders sit in swings while the machine spins them around. It is owned by Funtastic Traveling Shows which has been a ride provider for the fair for over 50 years. The accident happened at around 6:30 p.m. (PDT).

Injuries are being described as mostly cuts and bruises, but one child was reported to have been in a neck brace and was taken to a local hospital. Five other children were also hospitalized.

According to one witness, “it just all of a sudden topped over.” The cause is under investigation. The ride has been at the fair for the past five years. Among the seven largest operators of fair rides in Washington, from 2001 to 2007 there were only seven reports of injuries related to mechanical failures.

Wednesday, January 31, 2007

India‘s steelmaker Tata Steel, of the Tata Group, buys Anglo-Dutch steel giant Corus Group for £6.7 billion ($12 billion), making it the world’s fifth largest steel manufacturer. 70-year-old Tata group Chairman Ratan Tata, from one of India’s best-known business families, won the race against Benjamin Steinbruch, 52, a famous Brazilian executive who is the chief and main owner of Companhia Siderurgica Nacional (CSN). Tata paid investors 608 pence a share, whereas the Brazilians final offer in an auction by the U.K.’s Takeover Panel was 603 pence.

The deal triples Tata Steel’s capacity to almost 28 million tons a year. Tata: “This is the first step in showing that Indian industry can step outside its shores into an international market place as a global player.”

Corus, which was created from the merger of British Steel and Hoogovens, currently employs 47,300 people worldwide. Last year the company was the ninth-largest steel maker worldwide.

The takeover may start a round of consolidation in the fragmented steel sector.

Tuesday, March 22, 2005

Los Angeles, California — Four of six national television broadcast networks recently wooed potential advertisers for the 2005-2006 season with programming offerings in the new development phase. These included NBC, Fox, ABC and The WB. Two other networks, CBS and UPN, plan to preview their offerings March 24.

After four years of focusing on high-profile reality television, network executives are turning to the past for inspiration on scripted series. Some networks said they are “more consciously aggressive about developing shows” that recall such classics as Taxi and Barney Miller, Craig Erwich, a programming executive for Fox, told USA Today. In the same report, Kevin Reilly, NBC entertainment chief said, “I don’t think the answer has to be that it’s groundbreaking or something you’ve never seen before.”

But at least one ad buyer had reservations about the rear-view mirror technique. “Every network seems to be looking back rather than forward for programming ideas. The reminiscence factor may be good if you are looking for an older audience, but it may not be a way to bring in the younger audiences,” Laura Caraccioli-Davis, senior vice president and director of Starcom Entertainment told Mediaweek magazine.

Wednesday, October 3, 2007

Alan Mercer is running for the Ontario Libertarian Party in the Ontario provincial election, in the Scarborough—Rouge River riding. Wikinews’ Nick Moreau interviewed him regarding his values, his experience, and his campaign.

Stay tuned for further interviews; every candidate from every party is eligible, and will be contacted. Expect interviews from Liberals, Progressive Conservatives, New Democratic Party members, Ontario Greens, as well as members from the Family Coalition, Freedom, Communist, Libertarian, and Confederation of Regions parties, as well as independents.

Saturday, December 3, 2016

Peng Chang-kuei, a Chinese-born chef credited with creating the internationally popular dish General Tso’s chicken, was yesterday announced to have died by his son.

Chuck Peng told The Associated Press his father died of pneumonia in Taipei, Taiwan on Wednesday. The chef fled China to Taiwan in 1949 and invented the dish shortly thereafter. In the 1970s Peng opened a New York restaurant, which he claimed was a regular haunt of Henry Kissinger. Peng credited Kissinger with the dish’s popularity.

Peng conceived the famed dish, which is unknown in China, as unfried. Garlic and soy sauce provided flavour, as did chillies. Today the chicken is served across the US as fried chicken in a sweet, sticky sauce. The chillies remain, with broccoli also appearing. Peng named it after Zuo Zongtang from his native Hunan Province; Zongtang assisted in suppressing the 19th-century Taiping Rebellion.

Peng said the meal was invented for a US admiral visiting Taiwan. Over three days, Peng was contracted to produce several banquets, with not one repeated dish. After exhausting traditional chicken dishes Peng said he created what became General Tso’s chicken as an experiment.

In later years he ran Peng’s, a chain of Taiwanese restaurants. General Tso’s chicken also remained popular across the US. His son claimed he remained working in the kitchen until a few months before his death, at 97. In a documentary two years ago, shown photos of General Tso’s chicken served in the US in modern times, he remarked “This is all crazy nonsense.”

Running away from his farming family in Changsha, Peng trained under Cao Jingchen. He fled communist rule that followed the 1930s Japanese invasion. He fathered seven children, six of whom remain alive, from three marriages. Chuck Peng described his father as “very good to other people, [but] very hard on his family.” Peng Jr. spoke of a “very demanding” man who “thought other people’s cooking was no good.”

Two years ago the Taipei City Government awarded Peng an Outstanding Citizen award. Peng, then 95 and unstable, collected the award in person and delivered a speech in Mandarin Chinese.

Saturday, April 24, 2010

Trusteer, a web security company, reports that a trojan horse virus called Zeus can steal online banking details from infected computers. The virus has infected one out of every 3,000 computers of the 5,500,000 million which the company monitors in the United States and the United Kingdom.

The trojan can infect users of Mozilla Firefox and Microsoft Internet Explorer on Microsoft Windows, and steals login information by recording keystrokes when the machine connects to certain websites, usually banks or other financial institutions. The stolen data is transmitted to a remote server and sold to cyber-criminals. “We expect this new version of Zeus to significantly increase fraud losses, since nearly 30% of Internet users bank online with Firefox and the infection is growing faster than we have ever seen before,” said Amit Klein, chief technology officer at Trusteer, to BBC.

The trojan has also affected Wikinews users, including Brian McNeil, who is the founder of Wikinewsie, a restricted-access wiki used to collaborate on sensitive news reports. McNeil reported on his userspace: “On Saturday [April] 17, a Windows-based PC in the house issued a cry for help, the Avira package running on the system had just detected a piece of malware; full scans indicated several known pieces of malware and numerous hidden files. Additional scans revealed that all but one of the USB memory sticks and portable hard drives in the house were infected with something. The Zeus botnet, as it turned out.” E-mail accounts for accredited reporters have also been affected.