Hearing on Satyam plea adjourned

The court also adjourned the hearing of other cases filed by the CBI and the Enforcement Directorate against the fraud-hit software major

A special court today posted to 31st March the hearing of a petition filed by Satyam Computer Services (now Mahindra Satyam), seeking release of the company's records seized by the CBI.

The court also adjourned the hearing of other cases filed by the CBI and the Enforcement Directorate against the fraud-hit software major to the same date.

Mahindra Satyam, in its petition filed on 15th February, requested the court to order the CBI to release documents and data -storage devices seized by the Central agency and the State CID (initial investigator of the case) during searches last year.

IT firm's counsel Shireen Sethna Baria argued that the company has to submit restated accounts to various agencies, including the New York Stock Exchange, where it was listed.

She said as per the direction given by the Company Law Board, the software major needs to submit its final accounts before 30th June.

“We will make all the documents available to CBI or any other investigation agency as and when they require,” Ms Baria assured the special court set up for the trial of the Satyam scam cases.

She said that the CBI has not objected to the company's plea. After hearing the argument, the court posted the matter to next Wednesday.

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India expects $5-billion investment in road sector

The country's road development programme will see a huge investment from Canada over the next three to four years

India expects a big investment of $5 billion (around Rs22,800 crore) from Canada in the country's road development programme over the next three to four years, road transport and highways minister Kamal Nath has told PTI.

"I am looking at Canada looking beyond NAFTA," Mr Nath said after meeting with top Canadian ministers and executives of financial institutions here yesterday.

"Canadian pension funds and financial institutions are actively considering participating in the National Highway Development Project (NHDP)," he added.

Mr Nath said that of the $40 billion needed from the private sector for the road programme, about $10 billion is likely to come from foreign funds. "We expect $5 billion from Canada. The Indian government will put as many as nine
mega-projects up for bidding in the next two months,” the minister said.

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Gold imports dip by over 15% to 28.8 tonnes in February

A slight recovery in prices and slowdown in demand has resulted in gold imports declining sharply from the previous month

Gold imports have declined by over 15% to 28.8 tonnes during February compared to the previous month following slight recovery in prices and slowdown in demand due to the current off-season, reports PTI.

The imports of the yellow metal stood at 34 tonnes in January, according to data from the Bombay Bullion Association.

According to experts, gold prices had recovered marginally during February compared to the previous month, negatively affecting shipments. Imports also fell due to low demand in the absence of any major trigger in the current off-season.

In January, gold had closed at $1,079.20 an ounce (28.34 grams) against $1116.70 an ounce in global markets in February due to weakness in the dollar.

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