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News Roundup: Commerce, Industry Likely to Part Ways

26 May, 2009

Three Top Execs Quit Satyam’s BPO Arm – Three senior support managers at Satyam Computer’s BPO unit have resigned. Satyam BPO Global Head (Human Resources) Naresh Jhangiani, V Satyanandam (Head of corporate services) and Kulwinder Singh (Head of marketing-Asia Pacific), have resigned. Apart from Jhangiani, the other two executives are from middle management. They had put in their papers a month or two back as they looked out for better opportunities. ()

Commerce, Industry Likely to Part Ways – The government is looking at splitting the commerce and industry ministry into two ministries with two full Cabinet ministers. The commerce ministry will deal primarily with all trade-related areas previously under the commerce department, and the responsibilities of the industry ministry will be much more than what was earlier held by the department of industrial policy and promotion. (The Economic Times)

Tata Motors May Roll Over Close to $1.05 Billion JLR Loan – Tata Motors is expected to roll over close to $1.05 billion of debt remaining out of the $3-billion bridge loan it had taken in 2008 to fund the acquisition of British automobile company Jaguar and Land Rover. The term ‘roll over’ means Tata Motors will sign new contracts with the lenders. It is likely to do so this week, well before the loans become due for repayment on June 2. (The Economic Times)

New Sistema Shyam Chairman – Sistema Shyam TeleServices (SSTL), a joint venture between Sistema of Russia and Shyam Group of India, has appointed Mr Ron Sommer as the Chairman of its board. Mr Sommer was earlier CEO of Deutsche Telekom. SSTL has also appointed Mr Sergey Cheremin as the Deputy Chairman, Mr Mikhail Shamolin as Director and Mr Madhukar Saxena as the Independent Director. (The Hindu Business Line)
Avoid Commercial Real Estate Financing: RBI to Coop Banks – The Reserve Bank on Monday instructed state and central co-operative banks to desist from financing the commercial real estate sector, as exposure in this sensitive area would not be in their interest. The Reserve Bank of India (RBI) reminded that the primary role of these banks is to lend for activities related to agriculture and rural development. (DNA Money)
Satyam Q3, Q4 Results Likely Before TechM Open Offer – It is likely that Tech Mahindra will seek permission to present Satyam Computers’ financials for the third and fourth quarter of the financial year 2009 ahead of its open offer for the latter’s shares, which starts on June 12. The company could seek a nod from the authorities to present “indicative” numbers from Satyam for either the six months or the Q3 in time for the open offer. (DNA Money)
 

 


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News Roundup: Commerce, Industry Likely to Part Ways

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