Centre to finalise IFRS roadmap by Nov: Khurshid

August 31st, 2009 NEW DELHI - Infrastructure Leasing and Financial Services Ltd (IL&FS), a leading infrastructure development and finance company, will be the new promoter of Maytas Infra, union Minister for Corporate Affairs Salman Khurshid announced Monday. "IL&FS will be the new promoter of Maytas Infra following an order of the CLB (Company Law Board)," Khurshid told reporters here.

August 31st, 2009 NEW DELHI - Corporate Affairs Minister Salman Khurshid Monday said prima facie some evidence indicated that funds had been transferred from Maytas Infra to scam-tainted Satyam Computers, now Mahindra Satyam. "When the accounts are stated, this will become clear as to where the money has gone," said Khurshid while briefing reporters on a new Company Law Board (CLB) order regarding Maytas Infra.

August 31st, 2009 NEW DELHI - Infrastructure Leasing and Financial Services (IL&FS) will be the new promoter of Maytas Infra, the company founded by the family of scam-tainted B. Ramalinga Raju, Corporate Affairs Minister Salman Khurshid said here Monday.

July 20th, 2009 NEW DELHI - The government has an elaborate mechanism to trace companies that "vanish" after raising money from the public, Corporate Affairs Minister Salman Khurshid said Monday. A central Coordination and Monitoring Committee (CMC) has been set up to look into such cases, he told the Rajya Sabha.

July 13th, 2009 NEW DELHI - Corporate Affairs Minister Salman Khurshid Monday said the existing Companies Act did not empower the government to ask the private sector for providing minorities with jobs. "Despite this, the government has started the process of developing a common perspective on the issue of voluntary affirmative action by the corporate sector," Khurshid said in a written reply to Rajya Sabha.

July 10th, 2009 BANGALORE - The meltdown has finally caught up with IT bellwether Infosys Technologies, forcing it to marginally lower its quarterly and annual revenue guidance for the first time even as it managed to stay afloat in the first quarter this fiscal. Infosys saw its revenues decline 2.9 percent to Rs.54.72 billion (Rs.5,472 crore) in the first quarter, from Rs.56.35 billion (Rs.5,635 crore) in the fourth quarter last fiscal.

July 10th, 2009 BANGALORE - Technology meltdown and currency volatility have forced Infosys Technologies Ltd to lower its guidance for the second quarter (July-September) and the entire fiscal (2009-10), projecting a marginal decline in revenues. In its regulatory filing Friday, the IT bellwether said consolidated income in the second quarter (Q2) is expected to be Rs.53.18-54.13 billion (Rs.5,318-5,413 crore), which is a decline of 1.9-0.1 percent year-on-year (YoY), as per the Indian accounting standard.

July 10th, 2009 BANGALORE - Infosys Technologies Ltd posted a net profit of Rs.15.27 billion (Rs.1,527 crore) in the first quarter (April-June) of this fiscal (2009-10), registering 17.3 percent year-on-year (YoY) growth as per the Indian accounting standard. In a regulatory filing Friday, the IT bellwether said the consolidated income for the quarter (Q1) under review is Rs.54.72 billion (Rs.5,472 crore), which is an increase of 12.7 percent YoY as the per the Indian accounting standard.

July 9th, 2009 NEW DELHI - The government will provide Rs.185 crore (Rs.1.85 billion) as loans during the current financial year for income generating activities to help individuals from minority communities living in abysmal poverty, the Lok Sabha was told Thursday. Minority Affairs Minister Salman Khurshid Thursday said the National Minorities Development and Finance Corporation (NMDFC) will disburse the amount to 79,860 beneficiaries living below double the poverty line.

July 4th, 2009 NEW DELHI - Corporate Affairs Minister Salman Khurshid Saturday said he was not in favour of mandatory reservation in the private sector, maintaining that the government's thrust on inclusive growth will comprehensively address the larger issue of affirmative action. "Empowering and capacity building is the answer and not reservations," Khurshid told reporters on the margins of a conference organised by the Confederation of Indian Industry (CII) here.

June 22nd, 2009 NEW DELHI - The government is preparing a roadmap for the all-round development of the northeastern states, it said here Monday. The roadmap, part of the government's "North East Vision-2020" initiative, will focus on speedy implementation of the centrally sponsored projects and strengthening of the public sector units in the region, Minister of Development of North Eastern Region B.K.

June 11th, 2009 KOLKATA - The country's insurance regulator may issue norms for estimating "embedded value" of future insurance premiums by August, a top official said here Wednesday. "The guidance note is ready and it would be issued within two months," J.

May 29th, 2009 NEW DELHI - The Satyam fraud case is top priority of the government, and the investigating agency, the Serious Fraud Investigation Office (SFIO), has been asked to put the prosecution on fast track, Minister of State for Corporate Affairs (independent charge) Salman Khurshid said here Friday. "The case is required to be put on the fast track so that the guilty can be punished quickly," Khurshid said after taking charge.

April 15th, 2009 BANGALORE - Infosys Technologies Ltd has projected consolidated income of Rs.221-229 billion (Rs.22,066-22,928 crore) for the new fiscal (2009-10), indicating a single digit growth of 1.7-5.7 percent over the last fiscal (2008-09) as per the Indian accounting standard. In a regulatory filing Wednesday, the IT bellwether said the earnings per share (EPS) for FY 2010 were expected to be in the range of Rs.96.95-101.18, a decline of 7.6-3.3 percent YoY.

February 11th, 2009 BANGALORE - The Karnataka government and the US-based networking technologies major Cisco Systems will jointly develop a roadmap for a sustainable Bangalore city, it was announced here Thursday. The state government and the company Thursday signed a memorandum of understanding (MoU) on the subject in the presence of Chief Minister B.S.