Saturday, May 16, 2009
Friday, May 15, 2009
Tuesday, January 6, 2009
Ramalinga Raju, Chairman of Satyam Computers resigned
Ramalinga Raju, Chairman of Satyam Computers resigned on Wednesday, Jan 7. It was rather shocking to know the admittance of fraud by Ramalinga Raju. Raju submitted a letter along with a balance sheet to the board. The Balance sheet and letter clearly indicated the fraudulence of Raju.
Raju in his letter states, "the Balance Sheet shows a inflated balance of Rs 5040 crore. Rs 1230 crores has not been reflected in the books," states Raju.
While Ram Myanpati will act as Interim CEO, Merrill Lynch can be entrusted to explore.
As per the revelations, second Quarter numbers were inflated to Rs 2700 crore vs Rs 2112 crore actual numbers. No board member had any knowledge of the real situation of the books.
Shares in Satyam Computer shed all gains to turn negative after Satyam announced its Chairman's resignation from the board. Share prices of Satyam were down by 61.42 per cent at 69.10 rupees. (12.10 pm)
Raju has claimed to stay in the board till it is extended. He also states that he is prepared to subject himself to the law
Raju in his letter states, "the Balance Sheet shows a inflated balance of Rs 5040 crore. Rs 1230 crores has not been reflected in the books," states Raju.
While Ram Myanpati will act as Interim CEO, Merrill Lynch can be entrusted to explore.
As per the revelations, second Quarter numbers were inflated to Rs 2700 crore vs Rs 2112 crore actual numbers. No board member had any knowledge of the real situation of the books.
Shares in Satyam Computer shed all gains to turn negative after Satyam announced its Chairman's resignation from the board. Share prices of Satyam were down by 61.42 per cent at 69.10 rupees. (12.10 pm)
Raju has claimed to stay in the board till it is extended. He also states that he is prepared to subject himself to the law
Wednesday, December 31, 2008
Sponsor’s nod not needed on visa transfer in six conditions in UAE
The sponsorship transfer will be granted without the need to get the first sponsor’s approval in six conditions. The ministerial order which came into effect from 10 th September 2005 in implementation of Article No. 5 of the Cabinet Decision No.18 of 2005 has specified six conditions when the Ministry will grant sponsorship transfer without the need for the sponsor’s approval :
· For unpaid workers in the private sector, the Ministry of Labour and Social Affairs will grant sponsorship transfer to them if their complaints of pending wages for three months or more are upheld after a joint investigation by the Labour Relations and Inspection Departments of the Ministry.
· If the worker filed a complaint to the Ministry which was later transferred to the Court, the Ministry will grant the worker a sponsorship transfer based on a relevant judicial order.
· Sponsorship transfer will also be granted by the Ministry in case of the closure of the company following the death of its owner. The closure should be documented before the Ministry.
· Sponsorship transfer will be granted by the Ministry should the ownership of the company be transferred to another establishment. This means that the worker of a sold company will be transferred by the Ministry without the approval of the seller, under the name given by the buying company. This is also applicable in case of mergers between companies. The ownership transfer of the company should be proved in documents before the Ministry. If part of the company was sold to another company, workers of the sold part of the company can be granted exemption for sponsorship transfer.
· The closure of the company against an administrative or judicial decision gives the Ministry the right to grant sponsorship transfer to the workers.
The Minister will endorse sponsorship transfer for cases that are recommended and submitted to him by the concerned departments of the Ministry.
The other conditions referred above in the first paragraph on this chapter should also be fulfilled.
· For unpaid workers in the private sector, the Ministry of Labour and Social Affairs will grant sponsorship transfer to them if their complaints of pending wages for three months or more are upheld after a joint investigation by the Labour Relations and Inspection Departments of the Ministry.
· If the worker filed a complaint to the Ministry which was later transferred to the Court, the Ministry will grant the worker a sponsorship transfer based on a relevant judicial order.
· Sponsorship transfer will also be granted by the Ministry in case of the closure of the company following the death of its owner. The closure should be documented before the Ministry.
· Sponsorship transfer will be granted by the Ministry should the ownership of the company be transferred to another establishment. This means that the worker of a sold company will be transferred by the Ministry without the approval of the seller, under the name given by the buying company. This is also applicable in case of mergers between companies. The ownership transfer of the company should be proved in documents before the Ministry. If part of the company was sold to another company, workers of the sold part of the company can be granted exemption for sponsorship transfer.
· The closure of the company against an administrative or judicial decision gives the Ministry the right to grant sponsorship transfer to the workers.
The Minister will endorse sponsorship transfer for cases that are recommended and submitted to him by the concerned departments of the Ministry.
The other conditions referred above in the first paragraph on this chapter should also be fulfilled.
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