Satyam shares fall in US
New York, Sept. 24: Shares of Mahindra Satyam went into a tailspin and plunged 24 per cent in early trade on the New York Stock Exchange today after the company announced that it would delist from the bourse. Mahindra Satyam cited its inability to comply with the US market norms as the reason for delisting. The company will delist its American Depositary Receipts from the NYSE on October 14. The shares of the firm plunged 24 per cent to $4.64 in early morning on the NYSE.
New Delhi, Sept. 24: The Birlas today moved the Company Law Board seeking to restrain the Lodhas from shifting the corporate office of Birla Corporation from the Birla Building at R.N. Mukherjee Road to Shakespeare Sarani in Calcutta. The Birla counsel argued that while the matter regarding the Rs 5,000-crore will of Priyamvada Birla was pending, there was no urgency to shift the office.
London, Sept. 24: HSBC Holdings is set to replace CEO Michael Geoghegan with Stuart Gulliver, the head of its investment bank, and name its finance director as chairman. The Financial Times, citing sources close to the bank’s board, said Geoghegan would quit by the end of the year, at the same time that finance director Douglas Flint takes over as chairman.
New Delhi, Sept. 24: Research In Motion may escape a ban on its popular core services by agreeing to provide “manual interception” of its core BlackBerry Messenger service. A technical group, consisting of DoT officials and security agencies, has been satisfied with the manual interception being worked out by RIM.