Satyam auditors

Hyderabad, Feb. 16: A lower court in Andhra Pradesh has rejected the bail petition of the two sacked auditors of Price Waterhouse — S.Gopakakrishnan and Talluri Srinivas — for the second time. The sixth metropolitan magistrate D. Ramakrishna dismissed their bail petition as the CID opposed it. Satyam today asked one of its senior vice-presidents Anil Kumar to put in his papers immediately. Asked why Kumar, senior vice president of the BFSI vertical, was asked to leave, a spokesperson said, “In keeping with the current situation and need to optimise management structure, there are certain decisions that have been taken.”

3G revenue shortfall

New Delhi, Feb. 16: The government expects to mop up Rs 20,000 crore from the auction of third-generation (3G) spectrum in 2009-10, lower by one-third of what it had originally anticipated. “We were earlier anticipating a revenue of Rs 30,000 crore from the 3G spectrum auction. But in the budget, we have factored in this figure at a conservative level of Rs 20,000 crore which could be higher or lower depending on the market price at the time of the auction next fiscal,” economic affairs secretary Ashok Chawla said.

ADAG share pledge

Calcutta, Feb. 16: Two Anil Dhirubhai Ambani Group (ADAG) company — Reliance Communications and Reliance Infrastructure — said promoters had pledged stakes of 13.19 per cent and 16.35 per cent, respectively. Promoters hold 66.13 per cent in Reliance Communications and 37.33 per cent in Reliance Infrastructure.

Hindalco recast plan

Mumbai, Feb. 16: The board of directors of Hindalco Industries has approved a financial restructuring plan to set aside funds for future business expansion. The company will set up a “Business Reconstruction Reserve Account”, which will be credited with an amount as decided by the board of directors.