Satyam Computers founder and chairman Ramalinga Raju has resigned from the company’s board.

In a letter to the board members, Raju said that the company’s balance sheet has inflated cash and bank balance of Rs 5,040 crore.

“No board member had any knowledge of the real situation. Accrued interest of Rs 376 crore in books is non-existent. Rs 1,230 crore was arranged to Satyam, but was not reflected in the books,” he said.

In response to Raju’s disclosures, the stock was hammered badly by investors, and it lost more than 65 percent.

Safexpress Pvt Ltd, leader in the Supply Chain and Logistics Industry, has launched its new service ‘Stock2Shelf’, to offer up value added supply chain services to the Malls across India.

This is the first of its kind ‘end-to-end professional mall supply chain service’ in the country for the retail stores inside the malls and is all set to redefine the Mall-Scape. This pioneering end-to-end service addresses the supply chain management needs of key retailers across India in a specialized and competent manner.

Champagne Indage Ltd, India’s oldest & largest wine company, has changed its name to ‘Indage Vintners Ltd’.

Indage Vintners Ltd (IVL) with its new name, plans to bring about various new developments and plans as part of the continuous process of setting up and developing Indage as a top global wine maker, which has its roots firmly in India.

The name change also brings into effect the discontinuance of the term ‘Champagne’ to respect IPR rights as part of the business’s merger into the worldwide trading community.

Mumbai: Larsen & Toubro (L&T) formed Buildings & Factories Ope

The Union Telecom and Communications Ministry has declined the proposal of Finance Ministry to double the floor price for 3G and wireless broadband spectrum. Finance Ministry had recommended prices of pan-India 3G spectrum prices at Rs 4,040 crore and WiMAX prices at Rs 2,020 crore..

State Bank of India (SBI) plans to raise about Rs 500 crore from retail investors as Tier II capital. This capital will be a part of the Rs 5,000 crore, which the bank plans to raise in January.

According to the SBI Chairman, O P Bhatt, the bank is now giving this opportunity to the common man as earlier it was raising Tier II capital only through big investors.

He said, “The minimum investment required will be anywhere between Rs 10,000 and Rs 1 lakh. We are planning to do this in the current quarter.”