Satyam set for layoffs
New Delhi, May 24: Satyam is likely to lay off most of its non-billable staff of up to 8,000 working in marketing, human resources and administration, after Tech Mahindra takes charge of the company from June 1. A company spokeperson, however, said, these were mere speculations. Tech Mahindra is likely to have full-board representation on the scam-tainted company as soon as the government withdraws its six board members next month.
Mumbai, May 24: Anil Ambani group firm Reliance Infrastructure will raise up to Rs 4,300 crore by issuing 4.29 crore equity shares to its promoters. This will increase the promoters’ holding in the company to 48 per cent.
DLF tax fine
New Delhi, May 24: The Income Tax department has slapped a tax liability of Rs 300-400 crore on realty leader DLF for what they called understatement of income and fund diversion by the company. The liability was raised after a special audit of DLF’s accounts for 2005-06 by the I-T department .
New Delhi, May 24: The long-standing demand of PSU bank employees for another chance to opt for pension may be met under an IBA proposal, which if unions agree to, would cover the new recruits under the New Pension System.