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Business Briefs

SFIO in Satyam trail

New Delhi, Aug. 23: The Serious Fraud Investigation Office (SFIO) will examine the balance sheets of over 350 companies and 800 bank accounts to track down the money allegedly stashed abroad by the promoters of Satyam Computer. The SFIO, the investigating arm of the corporate affairs ministry, may seek more time to complete its investigation.

Telecom plea

New Delhi, Aug. 23: The department of telecom has decided to seek legal opinion on the allotment of additional radiowaves beyond 4.4Mhz to mobile operators. It turned to legal advice after its options got limited because of a pending decision on a spectrum panel report and a Telecom Disputes Settlement And Appellate Tribunal order.

Madoff case

London, Aug. 23: PricewaterhouseCoopers is being sued over its role as an auditor to one of the feeder funds that channelled huge amount of money to Bernard Madoff, the man behind the largest fraud in history, according to a report of the Daily Telegraph.

Rebound sign

New Delhi, Aug. 23: A CII-Ascon survey today said the county’s economic growth could go up to 7 per cent during 2009-10 from 6.7 per cent in the previous fiscal as various segments of the industry are showing signs of recovery.

IDBI forecast

New Delhi, Aug. 23: Interest rates are likely to rise in the last quarter of this fiscal by up to 50 basis points, according to IDBI Gilts. Bond yields may go up and the Reserve Bank of India may tighten money supply to rein in inflation.


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