Duma, Election will be held on 4th December 2011 .

Dmitry Medvedev the president of Russia has inked a decree for the election of the State  lower house Duma, the, which  is scheduled to be held on 4th December 2011 .

450-member Duma is lower house of Russia, will for the first time be elected for a 5 year term. The current Duma was elected only for only 4 year term.

President  told at a meeting with political party leaders that the decree enters into force at the moment of its promulgation, thus effectively declaring the official start of the election campaign, RIA Novosti news agency reported.

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R. Raju's Letter to the Satyam Board

Jan 07, 2009 03:29 PM

Dear Board Members,

It is with deep regret, and tremendous burden that I am carrying on my conscience, that I would like to bring the following facts to your notice:

1. The Balance Sheet carries as of September 30, 2008:

a. Inflated (non-existent) cash and bank balances of Rs. 5,040 crore (as against Rs. 5361 crore reflected in the books)

b. An accrued interest of Rs. 376 crore which is non-existent

c. An understated liability of Rs. 1,230 crore on account of funds arranged by me

d. An over stated debtors position of Rs. 490 crore (as against Rs. 2651 reflected in the books)

2. For the September quarter (Q2) we reported a revenue of Rs.2,700 crore and an operating margin of Rs. 649 crore (24% of revenues) as against the actual revenues of Rs. 2,112 crore and an actual operating margin of Rs. 61 Crore ( 3% of revenues). This has resulted in artificial cash and bank balances going up by Rs. 588 crore in Q2 alone.

The gap in the Balance Sheet has arisen purely on account of inflated profits over a period of last several years (limited only to Satyam standalone, books of subsidiaries reflecting true performance). What started as a marginal gap between actual operating profit and the one reflected in the books of accounts continued to grow over the years. It has attained unmanageable proportions as the size of company operations grew significantly (annualized revenue run rate of Rs. 11,276 crore in the September quarter, 2008 and official reserves of Rs. 8,392 crore). The differential in the real profits and the one reflected in the books was further accentuated by the fact that the company had to carry additional resources and assets to justify higher level of operations-thereby significantly increasing the costs.

Every attempt made to eliminate the gap failed. As the promoters held a small percentage of equity, the concern was that poor performance would result in a take-over, thereby exposing the gap. It was like riding a tiger, not knowing how to get off without being eaten.

The aborted Maytas acquisition deal was the last attempt to fill the fictitious assets with real ones. Maytas’ investors were convinced that this is a good divestment opportunity and a strategic fit. Once Satyam’s problem was solved, it was hoped that Maytas’ payments can be delayed. But that was not to be. What followed in the last several days is common knowledge.

I would like the Board to know:

1. That neither myself, nor the Managing Director (including our spouses) sold any shares in the last eight years - excepting for a small proportion declared and sold for philanthropic purposes.

2. That in the last two years a net amount of Rs. 1,230 crore was arranged to Satyam (not reflected in the books of Satyam) to keep the operations going by resorting to pledging all the promoter shares and raising funds from known sources by giving all kinds of assurances (statement enclosed, only to the members of the board). Significant dividend payments,   acquisitions, capital expenditure to provide for growth did not help matters. Every attempt was made to keep the wheel moving and to ensure prompt payment of salaries to the associates. The last straw was the selling of most of the pledged share by the lenders on account of margin triggers.

3. That neither me, nor the Managing Director took even one rupee/dollar from the company and have not benefited in financial terms on account of the inflated results.

4. None of the board members, past or present, had any knowledge of the situation in which the company is placed. Even business leaders and senior executives in the company, such as, Ram Mynampati, Subu D, T.R. Anand, Keshab Panda, Virender Agarwal, A.S. Murthy, Hari Ty SV Knshnan, Vijay Prasad, Manish Mehta, Murali V, Sriram Papam, Kiran Kavale, Joe Lagioia,  Ravindra Penumetsa, Jayaraman and Prabhakar Gupta are unaware of the real situation as against the books of accounts. None of my or Managing Director’s immediate or extended family members has any idea about these issues.

Having put these facts before you, I leave it to the wisdom of the board to take the matters forward. However, I am also taking the liberty to recommend the following steps:

1. A Task Force has been formed in the last few days to address the situation arising out of the failed Maytas acquisition attempt. This consists of some of the most accomplished leaders of Satyam: Subu D, T.R. Anand, Keshab Panda and Virender Agarwal, representing business functions, and A.S. Murthy, Hari T and Murali V representing support functions. I suggest that Ram Mynampati be made the Chairman of this Task Force to immediately address some of the operational matters on hand. Ram can also act as an Interim CEO reporting to the board.

2. Merrill Lynch can be entrusted with the task of quickly exploring some Merger opportunities.

3. You may have a ‘restatement of accounts’ prepared by the auditors in light of the facts that I have placed before you.

I have promoted and have been associated with Satyam for well over twenty years now. I have seen it grow from few people to 53,000 people, with 185 Fortune 500 companies as customers and operations in 66 countries. Satyam has established an excellent leadership and competency base at all levels. I sincerely apologize to all Satyamites and stakeholders, who have made Satyam a special organization, for the current situation, I am confident they will stand by the company in this hour of crisis.

In light of the above, I fervently appeal to the board to hold together to take some important steps. Mr. T.R. Prasad is well placed to mobilize support from the government at this crucial time. With the hope that members of the Task Force and the financial advisor, Merrill Lynch (now Bank of America) will stand by the company at this crucial hour, I am marking copies of this statement to them as well.

Under the circumstances, I am tendering my resignation as the chairman of Satyam and shall continue in this position only till such time the current board is expanded. My continuance is just to ensure enhancement of the board over the next several days or as early as possible.

I am now prepared to subject myself to the laws of the land and face consequences thereof.

Mukhyamantri Kanya Suraksha Yojna of Bihar

Introduction

Mukhyamantri Kanya Suraksha Yojana an ambitious plan in Bihar ensures the rightful place of pride  for a girl child in the society, by taking care for her safety and security, improve the sex ratio and to encourage registration of birth.

The innovative scheme launched jointly by the Bihar Government Social Welfare Department, State Women Development Corporation, and the UTI Asset Management Company(AMC), would incur a spending Rs. 140 crore to empower over 7 lakh girls and needy women in the Bihar.

Tripartite Memorandum of Undertaking(MoU) was inked on June 7, 2008. The state government invests Rs. 2,000 for the first two girls in the family living under the Below Poverty Level (BPL) and born on or after November 22, 2007.

The amount of Rs.2000/- will be invested by Women Development Corporation(WDC), Patna, Bihar on behalf Government of Bihar in UTI-Children’s Career Balanced Plan-Growth Option. 

On completion of 18 years the amount equal to the maturity value will be paid to the girl child (Rs. 18000/-).

Incase of death of girl child during the intervening period the amount will be paid back to Women Development Corporation, Patna, Bihar.

 Mukhya Mantri Kanya Suraksha Yojana of Government of Bihar will benefit around 7 lakh girl children born in families living below the poverty line each year.

This money could come very handy in pursuing higher education or start a small business if the girls wished to do so.

Under the new scheme, 250 schools would be developed exclusively for the girls in which education would be imparted on the Plus-2 system.

Free text books would be provided up to the 8th grade while a stipend of Rs. 200 per month would be given to the needy widows under a scheme dubbed as Lakshmi Bai Pension Plan.

JPSC scam accused surrenders before court

Gopal Prasad Singh, former wanted member of the Jharkhand Public Service Commission(JPSC) and an accused in the JPSC recruitment scam, surrendered in the vigilance court on Monday.

Gopal Singh was charged with gross irregularities in the results of the second Civil Service Examination being probed by the State Vigilance Bureau. Singh was later sent on a 14-day judicial custody. 

He was declared an absconder by the court and had a reward of Rs 50,000 on his name.Earlier, the vigilance bureau has attached his property and had conducted several raids at his residences at Godda, Dumka and his relatives in Banka.

Other accused of the scam Dilip Prasad, Usha Rani Singh and Shanti Devi who were arrested this year in April are already lodged in Birsa Munda Jail.

Role of National Bank for Agriculture and Rural Development (NABARD) in Bihar

NABARD has a mandate for facilitating credit flow for development of agriculture, agroindustries, village and cottage industries, handicrafts and other rural crafts by providing refinance to lending institutions in rural areas. It also coordinates the operations of rural credit institutions and offers training and research facilities. In addition, it manages the Rural Infrastructure Development Fund (RIDF), created to compensate for the shortfall in commercial banks’ lending to strengthen rural infrastructure and to provide loans to state government for projects relating to irrigation, soil conservation, watershed management, drinking water supply, cold storage chains and other rural infrastructure projects.

Refinancing by NABARD has been continuously increasing and stood at Rs 826 crore at the end of 2009-10. Most of the financial support has been provided by way of RIDF loans,.

The new initiatives taken by NABARD during 2009-10 included the following:

• Promotion of System of Rice Intensification (SRI) Programme and System of Wheat Intensification Programme to increase production and productivity;

• Augmenting productivity of lead crops/activities through adoption of sustainable

agricultural practices.

• Promotion of loan based natural resources management activities with community

participation through Umbrella Programme on Natural Resource Management (UPNRM);

• 100 percent refinance to all agencies in Bihar for investment credit to increase ground level credit flow for agriculture;

• Implementation of six newly introduced Centally Sponsored Schemes under animal husbandry;

• Implementation of modified version (with changed mode from interest free loan to subsidy schemes) of venture capital fund in dairy schemes i.e. Dairy Entrepreneurship Development Schemes (DEDS);

• Pilot project on technology transfer, credit counselling and market advocacy through farmers' clubs;

• Intensification of promotion of Joint Liability Groups (JLG);

• Preparation for launching of Priyadarshini Programme in Sitamarhi and Madhubani districts; and

• Capital subsidy-cum-refinance scheme for installation of Solar Off-grid (Photo-voltaic and thermal) and decentralised applications under the Jawaharlal Nehru National Solar Mission