Expressing concerns over financial and accounting mishandling by IT giant, Satyam Computer Services, the Reserve Bank has asked all concerned banks to provide details of indirect loan and equity data concerned with Satyam. The international branches of Indian banks that have exposure in Satyam Computer Services are also asked to submit all account details if any, pertaining to the embattled company.

In order to continue with its aggressive expansion planning, country’s fixed line and broadband operator, Tata Communications (formerly VSNL) has approached the government, a 26 per cent shareholder, for a rights issue to raise Rs 1,000 crore and another Rs 2,000 crore through debt to finance acquisitions in the US and the UK and bid for spectrum for wireless broadband.

It is believed that the operator is trying its best to raise equity since early last year, yet, the state has not approved any of the company’s previous proposals.

Mastek Ltd has declared the results for the three month period ended December 30, 2008.

The IT and offshore outsourcing services company has recorded a 15.14 percent net profit growth despite the company’s numbers were impacted by forex losses and fall in customer demand.

The company has posted a net profit of Rs 31.3 crore as compared to Rs 27.21 crore during the same period of the last year (Dec 2007).

The company's total income during the same period came up by 24.18 percent at Rs 268.2 crore as against Rs 215.98 crore for the same period last year.

Government would take stern action against the guilty involved in financial bungling in Satyam Computer Services. The Serious Fraud Investigation Office (SFIO) would investigate the entire case after verification by the Registrar of Companies (RoC) in Hyderabad. Registrar of Companies is directed to prepare report by January 14. The role of Satyam's company secretaries, auditors and finance officials would also be investigated and action would be taken for their contribution in the biggest ever corporate fraud.

Satyam Computer Services former Chairman B. Ramalinga Raju can face up to 10 years imprisonment together with a fine, which may expand to Rs 25 crore, in the financial scam, which led to erosion of investors wealth by socking Rs 10,000 crore in one day.

Stock market controller SEBI has already asked for a full-fledged enquiry into the matter in order to find out if Raju has breached the different rules relating to dealings in stock market.

Beijing - Chinese-owned computer maker Lenovo on Thursday said it plans to lose about 2,500 staff, or 10 per cent of its global workforce, in the next three months.

The redundancies are a key part of a restructuring package designed to save Lenovo some 300 million dollars in its next financial year, which begins on April 1, the company said in a statement.

Lenovo, owned by China's Legend group, said it expects to announce a loss for the three months to December 31 last year, following a sharp drop in net profit for the previous quarter.