Charging that the property was acquired from the proceeds of the Satyam scam, the Enforcement Directorate (ED) on Friday took possession of 4,000 acres belonging to Satyam founder B Ramalinga Raju and his family members in Loyapalli village near Ibrahimpatnam of Ranga Reddy district.
The ED, which has attached 347 such properties so far, gave some time to the Rajus for handing over these properties to them and when that didn’t happen, it began taking physical possession of the land. The property in Loyapalli is one among the 347 properties that has been attached but is the single largest asset. The ED began the process of physical attachment of the property after its adjudicating authority in Delhi last week confirmed the provisional orders issued by the ED on these properties.
Taking physical possession includes installing a board that carries a warning on it saying that this is now a property of the government and that trespassers will be prosecuted etc. Among the remaining assets which have been attached by the ED but where the physical possession is still to happen are the spacious Jubilee Hills residence of Teja Raju, son of Ramalinga Raju.
Saturday, August 28, 2010
Tech Mahindra CEO Sanjay Kalra quits firm after six years
In an unexpected development, Tech Mahindra CEO Sanjay Kalra has resigned from the firm after spending around six years in its management.
Vineet Nayyar, who is the vice-chairman, will take over the operational responsibilities of CEO, the company said in a late announcement on Friday. Mr Nayyar himself was set to retire last year but was prevailed on to stay and given an extension of his term.
Mr Kalra is quitting at a critical time when Tech Mahindra, which took over scam-hit Satyam Computer Services and the two are set to be merged after Satyam’s accounts are re-stated. Tech Mahindra’s revenues are also under pressure with its largest client, British Telecom (BT), ramping down business and contracts from other telecom clients, also under pressure.
In the quarter ended June 2010, the company saw revenues grow only marginally and profits at the operating level fall 24% over the year ago quarter. Mr Karla and CP Gurnani, who is now heading Satyam Computer Services, were the two key people that helped Tech Mahindra win business to become the country’s sixth-largest software exporter.
Mr Karla headed the BT business while Mr Gurnani had the responsibility for growing non-BT revenues. Mr Kalra, Mr Nayyar and Mr Gurnani — all former HCL employees — were the trio that formed the key part of the executive management team at Tech Mahindra.
The team was brought in from HCL before Tech Mahindra’s IPO in August 2006. “Sanjay has been a key player in Tech Mahindra’s growth. The board would like to acknowledge his vision, leadership and dedication in enabling the company achieve a premier position in the telecommunication vertical,” Tech Mahindra chairman Anand Mahindra was quoted as saying in a statement.
“Sanjay’s contribution to Tech Mahindra’s success is invaluable. His focus on building and managing large relationships with key customers has helped stabilise and take TechM to greater heights,” said Vineet Nayyar, vice-chairman and MD, Tech Mahindra.
Earlier, there was talk of rivalry between Mr Kalra and Mr Gurnani, but insiders said was no longer the case after Tech Mahindra took over Satyam Computer. “The combined entity is large enough to have room for both,” an executive told ET, speaking on condition of anonymity. Mr Kalra was elevated to the position of CEO in June last year.
Vineet Nayyar, who is the vice-chairman, will take over the operational responsibilities of CEO, the company said in a late announcement on Friday. Mr Nayyar himself was set to retire last year but was prevailed on to stay and given an extension of his term.
Mr Kalra is quitting at a critical time when Tech Mahindra, which took over scam-hit Satyam Computer Services and the two are set to be merged after Satyam’s accounts are re-stated. Tech Mahindra’s revenues are also under pressure with its largest client, British Telecom (BT), ramping down business and contracts from other telecom clients, also under pressure.
In the quarter ended June 2010, the company saw revenues grow only marginally and profits at the operating level fall 24% over the year ago quarter. Mr Karla and CP Gurnani, who is now heading Satyam Computer Services, were the two key people that helped Tech Mahindra win business to become the country’s sixth-largest software exporter.
Mr Karla headed the BT business while Mr Gurnani had the responsibility for growing non-BT revenues. Mr Kalra, Mr Nayyar and Mr Gurnani — all former HCL employees — were the trio that formed the key part of the executive management team at Tech Mahindra.
The team was brought in from HCL before Tech Mahindra’s IPO in August 2006. “Sanjay has been a key player in Tech Mahindra’s growth. The board would like to acknowledge his vision, leadership and dedication in enabling the company achieve a premier position in the telecommunication vertical,” Tech Mahindra chairman Anand Mahindra was quoted as saying in a statement.
“Sanjay’s contribution to Tech Mahindra’s success is invaluable. His focus on building and managing large relationships with key customers has helped stabilise and take TechM to greater heights,” said Vineet Nayyar, vice-chairman and MD, Tech Mahindra.
Earlier, there was talk of rivalry between Mr Kalra and Mr Gurnani, but insiders said was no longer the case after Tech Mahindra took over Satyam Computer. “The combined entity is large enough to have room for both,” an executive told ET, speaking on condition of anonymity. Mr Kalra was elevated to the position of CEO in June last year.
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