Eight-year ban on Satyam can be reviewed, says World Bank

Giving some hope to crisis-ridden Satyam, the World Bank has said it could review the eight-year ban imposed on the company provided
the software exporter takes "corrective action".

A World Bank official said Satyam has to show it has again become a responsible vendor to do business
with, when asked whether the multilateral lending agency would relax the ban on the software exporter.

"The vendor would have to demonstrate (that) corrective action had been taken to address the original causes of the ... ineligibility," a World Bank official from Washington said in an emailed statement.

The official further said action should substantiate that Satyam is "again a responsible vendor with whom the Bank can do business".
The World Bank banned Satyam Computer Services for eight years in 2008 for providing "improper benefits" to Bank staff and for failing to maintain records relating to fees charged for sub-contractors.

Satyam has a strong case for a review of the ban since its old board and management have been changed after its disgraced founder Chairman B Ramalinga Raju admitted to fudging accounts to the tune of Rs 7,800 crore.

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Pak to grill 26/11 'mastermind' Lakhvi

The judge issued the order after reviewing evidence produced by investigative agency against them, the sources were quoted as saying, PTI reported.

The judge recorded the suspects' statements before sending them to physical remand, the report said.

Meanwhile, 'Dawn' on Sunday reported, quoting an unnamed security official, that the suspects, including Lakhvi, were produced before judge Sakhi Mohammed Kahut of the anti-terrorism court at an undisclosed location.

The FIA is expected to submit a chargesheet against the suspects at the end of the remand, it said. The agency has already conducted preliminary investigations into the case.

Lakhvi, the alleged mastermind of the Mumbai attacks, was arrested in December near Muzaffarabad, the capital of Pakistan-occupied Kashmir.

Both Lakhvi and Shah, another accused named in the FIR is Hamad Ameen Sadiq, a key militant linked to the Lashkar-e-Taiba, western diplomatic sources told news agencies.

Pakistan on Saturday briefed foreign envoys on the steps taken by it to cooperate with India in bringing the perpetrators of the Mumbai attacks to justice and to eliminate terrorism and militancy.

The heads of diplomatic missions in Islamabad were also briefed by foreign secretary Salman Bashir on Pakistan's perspective on "peace, security and stability, with particular emphasis on the situation in South Asia".

Meanwhile, Pakistan interior minister Rehman Malik on Saturday said that his country may demand from India the custody of Ajmal Kasab, the lone survivor among the accused of the Mumbai terror attacks.

"So far, we have not asked India for the custody of Kasab. But we may seek it if the investigation demands," Rehman Malik said in the southern port city of Karachi, adding that at the moment, it would be premature to say anything else in the matter.

India was quick to react, saying there was no way this could happen.

"The crime was committed in India. There is no question of handing Kasab to them. In fact, Pakistan should hand over to India the other suspects they've arrested because they were responsible for this terror attack. It can't be the other way around," sources in the Indian external affairs ministry said in New Delhi.

"On what basis do we send Kasab out there? The crime was committed out here (in Mumbai), therefore logic and reasoning demands that the suspects who they've rounded up be sent here (to India)," the sources told IANS.

Special public prosecutor Ujjwal Nikam said the state had gathered enough evidence to show that Kasab, the only surviving November 26 Mumbai terror suspect, had been a part of the criminal conspiracy hatched in Pakistan to orchestrate the terror strikes at pre-decided sites in Mumbai.

"We have all the evidence required. The chargesheet will be filed within a couple of days," Nikam said.

"He is not educated and (is) poor and the concept of religion was wrongly projected to him," he said.

IANS reported that Nikam said while victims of such systematic brainwashing by extremist forces needed proper handling, there was a need to distinguish between a freedom fighter and a terrorist.

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Recession-hit BPO employees 'on the bench'

BPO employees
were once thriving with so many job opportunities, but are now feeling the heat of the economic slowdown, as call centres have begun cutting back on jobs.

In the NCR region - Noida and Gurgaon - worried about actually laying off people, some companies are resorting to putting them on the bench.

For three months, Anshul Kumar has not reported to the call centre where he has worked for two years. Officially, he hasn't been sacked. He's been told he's "on the bench" and his id card has been taken back. He can't show up at work and he doesn't get paid.

"The process we moved to after spending more than two years in the programme faced a lot of issues due to recession. It was downsizing at that time so they decided to put us on bench. Like any other employee, I wanted to grow with the company and get recognition but it didn't go that way. It really feels bad," said Anshul Kumar.

Putting young workers on the bench is one way of controlling costs. Here's another.

A Noida-based BPO no longer offers transport to employees who live further than 45 km away. So employees in Gurgaon and Faridabad, or parts of Delhi like Rithala, need to assemble at a pick-up point even at 3 am.

"Cost cutting is essential today. It's important to be more productive and reduce all the wastages we are living with. When four cabs are going to the same location, you can get a bus to do the same job," said Deepak Ohlyan, president, Business Process.

With the deepening financial crisis in the US, that accounts for 70 per cent of the BPO business, cost reduction and productivity improvement are the two most commonly heard words in call centres in the past few months.

In simple English, that means longer and tougher hours.

Those who answer phones have to spend nine hours instead of eight taking calls, which means longer shifts for answering calls. Administrative and support staff also have to take calls now and vacation time has been shortened.

"Stopping free meals or deducting money for transport, that is still ok. We are still earning, but if we loose our jobs after that due to recession, it really hurts because you don't know what's going to happen to you after that," said Anshul.

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Amar-Pawar meet: Is poll alliance on the cards?

In a bid to tie-up a seat-sharing formula in Maharashtra for the coming Lok Sabha polls, Samajwadi Party general secretary Amar Singh on Sunday met Nationalist Congress Party (NCP) chief Sharad Pawar on New Delhi.

The interaction was followed by a meeting Pawar had with national office bearers of his party, including Praful Patel, Deepti Tripathi and Tariq Anwar, NCP sources said.

NCP leaders from the state, who have been touring various districts, had met Pawar on Saturday in New Delhi and conveyed their assessment of the party's strengths and weaknesses ahead of the polls.

"We are in favour of taking along the RPI factions and the Samajwadi Party with the Congress-NCP alliance," NCP leader and state Power Minister Sunil Tatkare had told reporters after the meeting.

The negotiating teams of the Congress and the NCP are expected to meet next week to discuss the seat-sharing formula for the Lok Sabha polls. NCP leaders have been demanding an equal share in the 48 Parliamentary constituencies in the state.

In the 2004 Lok Sabha elections, Congress had fielded nominees in 27 Parliamentary seats while NCP put up candidates in 21 constituencies. Congress had won 13 seats while NCP was victorious on nine.

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Amar Singh meets Pawar on tie-up in Maha for LS polls

In a bid to tie-up a seat-sharing formula in Maharashtra for the coming Lok Sabha polls, Samajwadi Party general secretary Amar Singh on Sunday met NCP chief Sharad Pawar here.

The interaction was followed by a meeting Pawar had with national office bearers of his party including Praful Patel, Deepti Tripathi and Tariq Anwar, NCP sources said.

NCP leaders from the state, who have been touring various districts, had met Pawar yesterday here and conveyed their assessment of the party's strengths and weaknesses ahead of the polls.

"We are in favour of taking along the RPI factions and the Samajwadi Party with the Congress-NCP alliance," NCP leader and state Power Minister Sunil Tatkare had told reporters after the meeting.

The negotiating teams of the Congress and the NCP are expected to meet next week to discuss the seat-sharing formula for the Lok Sabha polls. NCP leaders have been demanding an equal share in the 48 Parliamentary constituencies in the state.

In the 2004 Lok Sabha elections, Congress had fielded nominees in 27 Parliamentary seats while NCP put up candidates in 21 constituencies. Congress had won 13 seats while NCP was victorious on nine.

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26/11 suspects in Pak FIA’s custody

A court here on Sunday sent six accused in the November 26 Mumbai terror attacks to 14-day police remand. All the accused, including prime suspect LeT leader Zaki-ur-Rehman Lakhvi, will now be in the custody of Pakistan's Federal Investigation Agency (FIA) which is probing the 26/11 strikes.

FIA officials had on Friday tried to obtain physical remand of the suspects "without producing them in the court, but their efforts proved unproductive".

Officials at Pakistan's foreign office said Saturday that the Rawalpindi anti-terrorism court has issued a 14-day physical remand of the six alleged suspects, into the custody of Federal Investigation Agency (FIA).

The judge gave the order after reviewing the evidences produced by the agency against them, officials said, adding that the suspects' statements were also recorded in the court.

Admitting that part of the Mumbai attacks conspiracy was planned in Pakistan, Interior Minister Rehman Malik had on Thursday said that a first information report (FIR) had been registered with FIA's Special Investigation Unit. The minister also admitted that the lone terrorist caught in Mumbai, Ajmal Amir Kasab, was a Pakistani.

Eight suspects had been identified in the FIR, six of whom have been arrested. Two are still at large.

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Grand Slam winners return home

The winning pair of Mahesh Bhupathi and Sania Mirza returned home amidst a rousing welcome at the mumbai Airport on Monday.

"It's a great way to come back, especially what happened in the last six-seven months," Sania, the first Indian woman to win a Grand Slam title, said after landing in Mumbai with Bhupathi.

While the mixed doubles champions arrived in Mumbai, Australian Open boys' singles winner Yuki Bhambri reached New Delhi.

Asked about her future plans, an elated Sania said: "I am happy to win my first Grand Slam and there are many more to go."

Sania will now fly down to her hometown Hyderabad.

Bhambri won the singles title in the boys' junior event. He is only the fifth Indian to win a junior Grand Slam title.

Bhupathi and Sania won their first Grand Slam together, crushing Andy Ram and Natalie Dechy in straight sets in the mixed doubles final of the Australian Open on Sunday.

The Indian wildcard pair thrashed the Israeli-French duo 6-3, 6-1.

The win gave Bhupathi his 11th Grand Slam title and the seventh in mixed doubles. This was also Bhupathi's second mixed doubles title at the Australian Open, following his 2006 triumph with Martina Hingis. For Sania, it was her maiden Grand Slam title.

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Sania Mirza to miss Fed Cup tie

In a big setback to the Indian Fed Cup team, Sania Mirza will miss the upcoming Group I Asia/Oceania zone tie, citing an abdominal injury.

The Fed Cup tie will begin in Perth, Australia from Wednesday and the Indian team has been reduced to three members now.

No replacement can be sent to the event as the last date for sending the substitute has lapsed.

Sania suffered the injury during her Australian Open campaign, an All India Tennis Association official said. "We were told yesterday that she will not play. Her father spoke to me and informed," said an AITA official.

Last year also, Sania did not play the Fed Cup matches though she was part of the team.

The Indian team comprises Ankita and Sanaa Bhambri and Rushmi Chakravarthi.

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India eye series win, SL look to hit back

Bolstered by two consecutive victories, a confident India will aim to wrap up the five-match series when they take on Sri Lanka in the third one-dayer on Tuesday.

Mahendra Singh Dhoni's men have been on target in the first two matches but the Indian captain would be taking no chance under floodlights after India just about managed a close 15-run win in a nail-biting day-night affair at the Premadasa Stadium on Saturday.

Dhoni, who has led the team to seven successive ODI wins, ha swarned his teammates against dropping their guards before the series was claimed.

A few chinks were seen in the Indian armour in the second match when bowlers looked confused in the powerplay overs and Dhoni wants a more disciplined show by his bowlers.

The batting has also not fired but to be fair, the Indians have been hit hard by a few dubious umpiring decisions. But the top order batsmen have to get into the act quickly if they hope to clinch the series on Tuesday itself.

Sachin Tendulkar has been a victim of poor umpiring decisions in both the matches and the maestro will be hoping that he gets the chance to make amends on Tuesday.

In bowling dapertment, pace spearhead Zaheer Khan and Ishant Sharma have a big role to play since India do not have any experienced spinners in their ranks.

Dhoni, who is known for his calm composure in anxious moments, lost his cool when he saw bowlers clueless in the powerplay overs.

"It was tough and we did not have such a game for a long time," Dhoni said.

Although Indian batsmen did not fall prey to Sri Lankan spin wizards Muttiah Muralitharan and Ajantha Mendis, they struggled to hit boundaries against the duo.

"We have to be careful as such wins often make us relaxed a bit. We should remember that the series is yet to be won. We want to win the series and for that each of us have to give 100 per cent," Dhoni said.

For a jaded looking Sri Lanka, it is a must win situation and they would be desparate to keep the series alive by clinching a win on Tuesday.

The hosts are struggling to find a steady opening pair even as an unimpressive middle order and blunted striking weapons leave them in a desparate position.

Muralitharan and Mendis are not as dangerous as their captain Mahela Jayawardene would want them to be. The home team's fielding is also looking dispirited.

"I would be lying if I say that we are not tired," Jayawardene said.

"During India innings we gave away too many runs when we were in control. We have to minimise mistakes and raise our game in the remaining matches," he added.

He got back among the runs with his first 50 in 14 games and that goes back a long way to the tour of Zimbabwe in November.

Murali has failed to capture in two games the two wickets required to become the greatest ODI bowler in the game's history.

It is pretty much back to basics for Sri Lanka. Consistency at the top order, restore the killer instinct to make use of the batting skills to optimum, tight fielding and bowlers doing the job.

India: Mahendra Singh Dhoni (capt & wk), Gautam Gambhir, Ravindra Jadeja, Zaheer Khan, Praveen Kumar, Pragyan Ojha, Munaf Patel, Irfan Pathan, Yusuf Pathan, Suresh Raina, Virender Sehwag, Ishant Sharma, Rohit Sharma, Sachin Tendulkar, Yuvraj Singh.

Sri Lanka: Mahela Jaywardene (capt), Kumar Sangakkara (wk), Sanath Jayasuriya, Upul Tharanga, Chamara Kapugedera, Jehan Mubarak, Tillakaratne Dilshan, Thilina Kandamby, Muttiah Muralitharan, Ajantha Mendis, Farveez Maharoof, Dilhara Fernando, Nuwan Kulasekera, Thilina Thushara and Angelo Mathews.

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SEBI seeks SC nod to gain access to Raju brothers

With Ramalinga Raju continuing to elude SEBI even after spending weeks behind bars, the market regulator on Monday moved the Supreme Court seeking permission to interrogate the tainted Satyam-founder on the Rs 7,800 crore fraud in the IT major.

In its request, SEBI said that it was constrained to approach the apex court for urgent relief related to the most serious financial scam that had large-scale national and international ramifications.

A bench headed by Chief Justice KG Balakrishnan allowed SEBI to mention the matter tomorrow after Solicitor General GE Vahanvati and counsel Pratap Venugopal submitted the market regulator’s request.

Meanwhile, in another significant development that may help Satyam Computers' potential suitor to get control of the IT company at an affordable price, SEBI today said that it would amend regulations governing open offer to ensure transparent pricing.

The SEBI move followed a request from Satyam Board in this regard to relax the norm of 26-week average price to make an open offer.

"It was decided to appropriately amend the regulations to enable a transparent process for arriving at the price for such acquisition," SEBI Chairman CB Bhave told reporters in Mumbai after the Board meeting.

SEBI at SC

The market regulator moved SC today seeking permission to interrogate Ramalinga Raju on the Satyam fraud after the Andhra Pradesh High Court last week deferred to February 9, hearing on its request to quiz the tainted ex-chairman and his brother Rama Raju.

SEBI had moved the High Court challenging a lower court order, which denied it permission to interrogate the Raju brothers, who were arrested by the state police on January 9 -- the day a SEBI probe team had summoned them to appear before it in Hyderabad.

The Raju brothers, along with Satyam's former CFO Vadlamani Srinivas, are now in judicial custody.

The 6th Additional Chief Metropolitan Magistrate, Hyderabad, had refused permission on the ground that SEBI was not an investigating agency and there was no provision in law under which it could interrogate the Raju brothers.

A probe team from SEBI had landed in Hyderabad on January 8, a day after Ramalinga Raju disclosed the massive accounting fraud in the IT company.

Challenging the High Court order, SEBI said that it had appointed an investigator after Raju confessed to accounting irregularities in a letter to Satyam's Board of Directors.

According to the market regulator, the High Court should have seen that the Raju brothers cannot use judicial custody as a shield to avoid probe by expert agencies.

SEBI further said that just as police apply for custody, any other agency can also apply for access or custody and the same can be granted and the refusal to permit SEBI even to record the statements of the accused while in the custody was "arbitrary, unreasonable and perverse".

According to SEBI, merely because investigations by different agencies like CID, Enforcement Directorate, Serious Frauds Investigation Office, Registrar of Companies etc may overlap, it cannot be said that they cannot investigate simultaneously pursuant to the power conferred on them under their respective statutes.

Stating that the scam in the NYSE-listed Satyam Computers was the worst in the country's history, the advocates said that the company's market capitalisation has fallen from Rs 15,000 crores to Rs 2,000 crores.

SEBI to amend open offer rules

Even as SEBI announced the move to amend regulations governing open offer, its chairman Bhave said that the amendments will be made not only for the Satyam case, but for all similar situations that may arise in the future.

The Board recognises that the issue needs to be dealt with in a general context and not as a specific case, Bhave said, referring to the Satyam request.

Though Bhave declined to give any timeframe for the amendments in pricing rule, he said: "We are aware about the urgency of the situation."

Engineering major Larsen & Toubro has increased its stake in Satyam to over 12 percent. If it crosses 15 percent, the company would have to make an open offer to purchase another 20 percent from the market.

Among the other decisions taken today, SEBI made it mandatory for listed companies to declare dividend on per share basis instead of percentage basis followed at present.

Besides, the regulator has reduced the timeline for the completion of bonus issue to 15 days if the shareholder approval is not required and to 60 days where the approval is required. At present, the timeline for this procedure is six months.

SEBI also decided to shorten the timeframe to announce the price band for IPO in today's Board meeting. With this, the price band should be declared two days prior to the opening of IPO.

The regulator has also upped the up-front margin to be paid by allottees of warrants to 25 percent as against 10 percent at present.

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Obama should not link Kashmir with Pak problems: NSA

Coming out strongly against any attempt to link Kashmir issue with turmoil in Pakistan's tribal areas, National Security Adviser M K Narayanan has said that US President Barack Obama would be "barking up the wrong tree" if he holds such views.
Narayanan said India had made it known to the Obama team at the outset that it would not like Indo-Pak relations to be on the agenda of Richard Holbrooke, special envoy of the US for Pakistan and Afghanistan.

"References made by President Obama did seem to suggest that there is some kind of a link between the settlement on Pakistan's western border and the Kashmir issue. Certainly that had caused concern," he told audience in a programme.

He was responding to reported suggestions by Obama during his campaign that Pakistan's fight against Taliban on the western front is linked to resolution of Kashmir issue.

The NSA pointed out that Obama made such references when he was in the campaign mode or when he was president-elect.

"We tend to sort of say lets wait and see what he does when he come into office," Narayanan said, adding "I don't think we had any major exchanges with members of the Obama administration later on" though the US President had made courtesy call and discussed bilateral ties.

"I do think that we could make President Obama understand, if he does have any such views then he is barking up the wrong tree," he said.

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No choice but to wait for Pak response: Pranab

India has "hardly" any choice except to patiently wait for Pakistan to respond to the dossier given on mumbai attacks, External Affairs Minister Pranab Mukherjee said on Monday. "We won't get anything by simply losing our patience, so hardly we have a choice," Mukherjee said here at a function of a private news channel.
He was responding when asked how long India will wait for Pakistan's response to India's demands after the Mumbai terror strikes for which Pakistan-based elements have been blamed.

India gave the dossier of evidence on January 5 and has since been waiting for Pakistan to respond officially.

Pakistan has said it is investigating the matter and would get back to India as soon as it is over.

Queried on his status now since he is discharging duties of the Prime Minister, he said, "Simply I am discharging duties, neither I am officiating nor acting, neither de-jure nor de-facto".

He said under the Constitution of the country, there can be only one Prime Minister. But "the Prime Minister can delegate some responsibility to his colleagues and I am doing exactly that".

Replying to a query on whether he had any apprehension about the Nuclear Suppliers Group giving its waiver last year, the External Affairs Minister suggested that he was not sure till it happened.

"Unless it (deal) was done, to be very frank, I was not convinced that we will be able to succeed. It was done only after the NSG waiver came on September 6," said Mukherjee who had remained awake virtually through the night as the 45-nation grouping deliberated on the issue in Vienna till early morning of September 6.

To a question on which of the many GoMs headed by him (Mukherjee) will have any lasting impact on the country, the external affairs minister said he does not take anything to his credit.

"Because in our system, we do everything in consultation and collectively. So success and failure have to be shared collectively," he said.

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Now, Ramadoss targets 'pub culture'

Closing ranks with leaders opposing pub culture in the aftermath of the Mangalore incident, Union Health Minister Anbumani Ramadoss on Friday said it was against Indian ethos and asserted that the proposed National Alcohol Policy would help curb it.
"We definitely condemn the incident where women were attacked, but the pub culture must stop. It is because of this that youth in the country have taken to drinking in a big way," Ramadoss said at a press conference in new delhi.
Linking youngsters visiting pubs to increased rates of accidents due to drunken driving, he said: "In India, 40 per cent of road accidents are alcohol-related."
These young people not only jeopardise their lives but are also a danger to others on the roads.
"It is not our culture. If it goes this way I don't think India will progress," Ramadoss said adding, most of the people losing their lives due to such road accidents and alcoholism were in their early twenties, which are the most productive years.
Unfortunately over the recent years, there has been a huge percentage of people taking to alcohol.
There is also a study which says that in the last five to six years there is an increase of 60 per cent among the youth who have taken to drinking, he said.

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26/11 probe report ready; will share findings: Pakistan

Responding to India’s External Affairs Minister Pranab Mukherjee’s comments that Pakistan is unresponsive over 26/11 mumbai terror strike investigation, Pakistan’s External Affairs Minister Shah Mahmood Qureshi has said that the investigation report is ready.
"The Federal Investigation Agency of the Interior Ministry of Pakistan has completed the preliminary investigation and sent (its report) to the Law Department," Foreign Minister Shah Mahmood Qureshi told reporters here after addressing a conference at the International Islamic University.
He went on to add that the report will be sent to India and other countries soon.

After a review by the Law Department, the report on the preliminary investigation will be received by the Foreign Ministry and then it will be shared with India and the international community, he said.
"Pakistan has assured India and the world community that it is seriously making progress in the process of investigating the Mumbai attacks and wants to bring the culprits to justice," Qureshi said, adding Pakistan wants peace in the region and good relations with its neighbours.
He said Pakistan's High Commissioner to India Shahid Malik met Home Minister P Chidambaram today and updated him on the latest developments regarding the investigation into the Mumbai attacks.
Foreign Secretary Shivshankar Menon had on January five handed over to High Commissioner Malik in new delhi the dossier containing evidence, which included confession of Ajmal Amir Kasab, the lone Pakistani terrorist held during the Mumbai attacks.
Qureshi said Pakistan has always condemned terrorism and extremism in all its forms anywhere in the world and it had been promoting the message of peace and brotherhood.
Pakistan does not want confrontation with anyone in the region as it wants to concentrate on its economic development and strengthening its democratic process, he said.
The country wants to promote the message of peace, love and tolerance and concentrate on trade, he said.
Referring to reports of threat to High Commissioner Malik, Qureshi said the issue was taken up with the Indian government and he had now been provided additional security.

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Spice Group bids to acquire Satyam

B K Modi-led Spice group on Thursday made a formal bid to acquire scam-hit Satyam Computer, although engineering major Larsen & Toubro has been courting the IT company for a while now.

"Yes, we have given the letter of Expression of Interest to the interim board of Satyam for acquiring controlling stake," diversified Spice group chairman B K Modi said.

The company, sources said, has told the government- appointed board that it has proven management track-record and was hence most suited to turn around the IT company.

Spice group is into the entire domain of entertainment, BPO, IT, retail and mobile handsets business. No price has been discussed so far.

Engineering giant L&T had last week emerged as the front runner for Satyam, which is smarting from a Rs 7,800 crore accounting fraud disclosed by its founder Ramalinga Raju, by increasing its stake in Satyam to over 12 per cent through open market transactions on Friday.

L&T Chairman A M Naik had last Wednesday called on Corporate Affairs Minister Prem Chand Gupta, apparently to discuss its plans for Satyam, whose board met the very next day.

Incidentally, LIC, which has four per cent stake in Satyam and is also the single-largest shareholder of L&T, had said that was not averse to the idea of the IT firm's sale. The board had this week ruled out part sale of the company, saying it was not its mandate to do so at this stage.

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Stimulus packages working, 7% growth likely: Pranab

The two stimulus packages given by the government to boost the economy have started working and the economic growth in the current year is likely to be seven per cent, External Affairs Minister Pranab Mukherjee, who is also holding the charge of the Finance Ministry, said here.
"The two stimulus packages have started working...That has been reiterated by the Reserve bank Governor while announcing the (third-quarterly review of the) credit policy," Mukherjee said after his first meeting with Minister of State for finance P K Bansal and senior officials of the ministry at North Block.

Mukherjee took charge of the Finance Ministry as the Prime Minister Manmohan Singh, who was looking after the finance portfolio, is recuperating from a heart surgery at the All-Indian Institute of Medical Science.

The minister was briefed by the senior officials of the finance ministry on various issues, including preparation for interim budget which is to be presented in Parliament next month.

As regards economic growth, Mukherjee said, "though the economy will not grow at 8.9 or 8.8 per cent, it will grow around 7 per cent. There is no doubt about that ... Indian economy is sound and will bounce back ".

The RBI in its review of the credit policy projected a growth rate of 7 per cent for the current fiscal, down from 7.5 to 8 per cent estimated earlier.

On his priority as in-charge of the Finance Ministry, Mukherjee said, "My first priority is to get the vote on account passed. That is the top most priority and it is also a constitutional requirement."

As general elections are due later in the year, the government will have to present an interim budget and get the vote on account approved by Parliament to carry on the essential expenditure.

The government has already convened a fortnight-long session of Parliament on February 12 for completing the essential business.

In addition to secretaries, economic advisor Arvind Virmani and members of the Central Board of Direct Taxes (CBDT) and Central Board of Excise and Customs (CBEC) were also present at the meeting to brief Mukherjee.

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Seven suitors line up for Satyam Computers

New Delhi, Jan 29: Scam-hit Satyam Computer has been approached by as many as seven possible suitors, including private equity players, even as the company's investment bankers are trying to find the best match.
"So far we are aware of four (companies that have approached Satyam Computer). But we have heard that another two or three firms are also interested," Satyam Computer board member Tarun Das, who is also the chief mentor of industry body CII told reporters here.

Investment bankers are talking to everybody and finding out which firm is interested, what is the level of seriousness and are evaluating the proposal before getting back to the board. The process is likely to take six weeks, Das added.

Earlier this week, the board of Satyam Computer Services appointed Goldman Sachs and Avendus Capital as investment bankers and mandated Boston Consulting Group (BCG) to act as its management adviser.

Asked whether Satyam's founder Ramalinga Raju had inflated employee numbers as claimed by the Andhra Pradesh police, Das said: "We have done a head count using external agencies and we believe in the basis of investigation that we are well over 50,000 people in Satyam. So I do not think that there is any inflated numbers."

Earlier, Andhra Pradesh CID had claimed in a court that there were 13,000 ghost employees on the rolls of the IT firm, following which the human resources department of Satyam Computer Services conducted a verification of the head count.

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Pak must ensure 26/11-like attacks don't recur: McCain

Washington, Jan 29: Pakistan should take steps that reduce the threat of a reccurence of Mumbai-like terrorist attacks, US Republican Presidential candidate for the 2008 election, John McCain, has said.
"This is what would satisfy the United States," McCain told at the conclusion of a Senate Committee hearing on the Mumbai terrorist attack at the Capitol Hill here.

"To satisfy the US ... Well actions that clearly indicate they have reduced the threat of their reoccurrence (of Mumbai terrorist attacks)," McCain said, when asked what actions of Pakistan would be satisfactory to the United States.

"I think that there are variety of reasons that argue for the arrest of the people who are responsible (for the attack) and the terrorist's organisations," he said.

Referring to the testimony by experts at Senate Committee hearing on Mumbai attack, McCain said it should be a very high priority to prevent heightening of tension between the two South Asian neighbours.

"I agree with the witness that it is very high priority to prevent heightening of tension between the two countries and the United States should do everything we can to prevent escalation of tensions," McCain said.

Earlier during the hearing McCain said the Mumbai terror attack was "well orchestrated, well trained and well planned" and had outdone security forces until commandos showed up.

"They were not necessarily suicide individuals, they were able with just handful of people to hit 10 targets... I think there are a whole lot of lessons... that may be we have not paid much attention to," he said.

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After Gehlaut, Karnataka CM won’t allow pub culture

A day after Rajasthan CM Ashok Gehlaut announced he will eliminate pub-culture, Karnataka CM BS Yeddyurappa seemed toeing the Ram Sena line when he said he will not allow pub culture to grow in the state.
“It is a most unfortunate that this incident (assault of women in a Mangalore pub last week) happened but we will not allow pub culture to grow in Karnataka,” he said.
"Anyhow, we are not going to allow such incidents to happen again in the state. Nobody should take law into their hands and it is very unfortunate. That is why I have taken immediate action and the situation is under control," he added.
He also dithered on the issue of banning right-wing group Sri Rama Sene whose activists have been arrested for last Saturday's pub incident in Mangalore in which girls and boys were thrashed. "We will discuss it with the police officers and I will discuss it with the cabinet."
Rajasthan Chief Minister Ashok Gehlot, who has accused the erswtwhile Vasundhara Raje BJP government of bringing in "liquor culture", said in Jaipur the move to end pub culture in the State had nothing to do with the Mangalore incident.
However, Delhi Chief Minister Sheila Dikshit saw nothing wrong in boys and girls going out together to malls when asked to comment on Gehlot voicing reservations in this regard.

Madhya Pradesh Chief Minister Shivraj Singh Chauhan said he is against all "uncivilised behaviour."

Gehlot said, "my feelings have nothing to do with the Mangalore episode. My feelings are my own and in the interest of Rajasthan and its culture".

He had drawn flak for his comments that he wanted to end the culture of boys and girls roaming around in malls holding hands.

Assuring strong action against the culprits, BJP’s first Chief Minister in the south said that his party has no connection with the Sena.

"Sri Rama Sena has no connection with BJP or any other political party. It is an individual organisation," the Chief Minister said.

Disclosing that the state has so far arrested 33 people including Ram Sena chief Pramod Muthalik, Yeddyurappa said, "From the government's side, we have taken action and we will continue to take strong action against affiliations.

The culprits, he said, are currently booked under the charges of criminal conspiracy, rioting, and also added that the police is also mulling to slap Goonda Act on the Ram Sena chief Pramod Muthalik and his party members who were arrested in connection with the Mangalore pub attack earlier this week.

He further accused the opposition Congress party for fuelling the matter further as it could not “digest” the growing popularity of BJP govt in the state.

Stressing that the BJP has a track record in the welfare of women, he said that the police has been given full liberty to pursue action against the culprits.

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PM likely to be discharged on Jan 30

New Delhi, Jan 28: Prime Minister Manmohan Singh, who underwent a successful coronary by-pass surgery, is likely to be discharged on January 30, according to the doctors attending on him.

"He will be discharged in another day or two, depending on his condition," one of the doctors attending on him, requesting anonymity, told media.

Doctors are discussing the future course of Singh's treatment on daily basis in their internal meetings. He has shown better than expected recovery, the doctor said.

All the Intensive Care Unit equipment, used for monitoring the Prime Minister's various health parameters, was today removed and he has been shifted to an adjacent room.

The decision to shift him out of the ICU was taken by a team of doctors which included his personal physician Dr K S Reddy and repeat by-pass surgeon Dr Ramakant Panda from Mumbai's Asian Heart Institute (AHI).

Dr Vijay D'Silva, an ICU specialist also from AHI and attending on the Prime Minister, said, "His is making speedy recovery in the expected time frame". The Prime Minister has been moved to an adjacent room and only his family is allowed to meet him.

"We are not allowing any guests as the Prime Minister has himself expressed desire to meet them only after he reaches home," the doctor said.

Meanwhile, President Pratibha Patil and Jammu and Kashmir Chief Minister Omar Abdullah met the Prime Minister's wife and daughters and wished him speedy recovery.

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