Spice Group ready to invest $408 mn in Satyam

Spice Group is ready to invest about 20 billion rupees (USD 408 million) in Satyam Computer Services and wants to buy a 51 percent stake in the fraud-scarred outsourcer, Spice chairman B K Modi said.

"That is our desire," Modi said on Friday. "We want the money to go inside the company. For that they will have to make a preferential issue. If I buy shares from the market, the money will not go into the company." Modi said the group had submitted on Thursday its proposal to the government-appointed new board of Satyam. "We have also talked to two, three board members informally."

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Mumbai attacks not planned in Pak territory: Diplomat

In the first official word on the findings of Islamabad's probe into the information dossier provided by India on the Mumbai attacks, a senior Pakistani diplomat has said that his country's territory was not used for planning the operation.

"Pakistan's territory was not used so far as we know, so far as the investigators have made a conclusion. It could have been some other place but not the UK as well," Pakistan's envoy to Britain, Wajid Shamsul Hasan said. To a question that people in India and some other parts of the world will not believe the findings, he told a news channel, "why are they not going to believe it if we say so and if we say that we will give the facts that it (Pakistani territory) was not used, it could be some other place".

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Punjab seeks verification of land allotment claims

The Punjab Chief Minister Parkash Singh Badal on Friday constituted committees under the chairmanship of respective Sub Divisional Magistrates as chairman with Tehsildars as member in all the Sub Divisions of the state to physically check the claim of possession of land for allotment of Rural Evacuee Land.

According to an official spokesman in a significant decision taken the Chief Minister today directed Revenue Department that it would be the personal responsibility of each committee to physically check the claim of possession of land and certify that before allotment of Rural Evacuee Land to the beneficiaries.

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GDP grew by 9% in 2007-08, says CSO

The economy in 2007-08 grew by 9 per cent according to revised estimates, the same as estimated earlier, mainly due to high growth in agriculture, manufacturing, real estate, storage and communication, trade, hotels and restaurants.

However, the growth rate of 9 per cent is below the 9.7 per cent clocked in 2006-07, according to quick estimates of national income, consumption expenditure, saving and capital formation, released by the Central Statistical Organisation today.

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Yuki Bhambri storms into Oz Open final

India had another reason to cheer in the Australian Open on Friday as top seed Yuki Bhambri stormed into the final of the Boy’s Singles event with a straight sets victory over Adrian Puget of France.

The Indian rallied to a 6-4, 6-4 victory over the French opponent in the semi-finals, keeping his good run of form intact.