The government wants the US Securities Exchange Commission (SEC) to keep in mind the interest of the investors of scam-hit Satyam Computer Services (now Mahindra Satyam) before imposing any regulatory curbs against the firm. Minister for corporate affairs Salman Khurshid said that while the SEC is yet to take a final view on the issue, the Indian government has voiced its concern before the US regulator.
“Any more action will further hurt the shareholders (of Mahindra Satyam). We hope and expect that the American authorities (the US SEC) will appreciate this concern,” said Mr Khurshid. The minister also said that the government has established the accountability of the erstwhile Satyam management and has also been able to safeguard the interests of the stakeholders to a large extent. “As far as we are concerned, we have communicated (to US SEC). The best that could be done has been done for the company,” Mr Khurshid said.
Wipro joins TCS, Infosys in providing upbeat assessment
India’s third-biggest software exporter, Wipro, on Wednesday reported a 21% rise in third-quarter net profit to Rs 1,217 crore, joining larger rivals TCS and Infosys in providing an upbeat assessment of its prospects for the January-March quarter. The company added 31 new customers and reported a 5% rise in third-quarter revenue of Rs 6,966 crore. The company also said revenues from IT business for the quarter ending March 2010 would rise by 3-5% to $1.16-1.18 billion.
Source : http://economictimes.indiatimes.com/features/the-sunday-et/as-you-like-it/Technology-round-up/articleshow/5493452.cms
“Any more action will further hurt the shareholders (of Mahindra Satyam). We hope and expect that the American authorities (the US SEC) will appreciate this concern,” said Mr Khurshid. The minister also said that the government has established the accountability of the erstwhile Satyam management and has also been able to safeguard the interests of the stakeholders to a large extent. “As far as we are concerned, we have communicated (to US SEC). The best that could be done has been done for the company,” Mr Khurshid said.
Wipro joins TCS, Infosys in providing upbeat assessment
India’s third-biggest software exporter, Wipro, on Wednesday reported a 21% rise in third-quarter net profit to Rs 1,217 crore, joining larger rivals TCS and Infosys in providing an upbeat assessment of its prospects for the January-March quarter. The company added 31 new customers and reported a 5% rise in third-quarter revenue of Rs 6,966 crore. The company also said revenues from IT business for the quarter ending March 2010 would rise by 3-5% to $1.16-1.18 billion.
Source : http://economictimes.indiatimes.com/features/the-sunday-et/as-you-like-it/Technology-round-up/articleshow/5493452.cms
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