Mahindra Satyam had approached the Ministry of Commerce to extend the validity of its project in MIHAN at Nagpur for two more years
Hyderabad: Mahindra Satyam (MSat), formerly Satyam Computer Services, is set to revive its plans for setting up a facility in the Multi-modal International Cargo Hub and Airport at Nagpur (MIHAN) special economic zone (SEZ) at Nagpur, reports PTI.
The company had approached the Ministry of Commerce to extend the validity of the project for two more years, according to a senior official of MSat.
The letter of approval for the project with an initial validity of one year had expired in June 2009 and later, on a request from the company, it was extended till July this year.
"We are planning to begin the project by constructing a compound wall. However there is long way to go," the official told PTI while refusing to provide further details about capacity and investments.
Satyam had been the first investor in the SEZ and was allotted 128 acres of land. However, after the Satyam scam broke out in 2009 the project was put in cold storage by the new management- Mahindras.
According to the information furnished to the Commerce ministry, the company has finalised the contractor for construction of compound wall. An architect has also been appointed for working out a detailed plan for its campus.
Tech Mahindra took over the scam-hit Satyam in April, 2009, and rebranded it as Mahindra Satyam. Sources indicated that the project will be taken up only after the merger process is completed.
Recently, the Andhra Pradesh High Court directed MSat to convene a shareholders' meeting on 8th June to consider merger with Tech Mahindra.
"A clear picture will emerge after the merger. Most likely next year serious work will be initiated," sources said.
Last month, MSat CEO C P Gurnani, while refusing to give a time frame for the completion of merger process, had said they don't foresee any hurdles in the way.
Board of Approvals under the Ministry will take decision on the extension of validity in a meeting slated for next week.
Meanwhile, MSat is set announce its Q4 and annual results of FY12 on May 17, according to a filing to BSE.
Bharti Airtel, the country's largest private telecom company, is under the ED scanner for alleged money laundering case
New Delhi: The Enforcement Directorate (ED) is probing money laundering cases against Bharti Airtel, minister of state for Finance SS Palanimanickam informed the Rajya Sabha on Tuesday, reports PTI.
"Directorate of Enforcement is investigating cases under the provisions of Prevention of Money Laundering Act, 2002, and Foreign Exchange Management Act, 1999, involving Bharti Airtel Ltd," he said in a written reply.
The minister, however, did not provide additional information, saying, "It may not be in the interest of the ongoing investigations to provide any further details."
Bharti Airtel is the country's largest private telecom company, which offers mobile phone services under 'Airtel'. It has operations in several other countries, including Africa.
The court granted bail to the DMK MP on a personal bond of Rs20 lakh and two sureties of the like amount
New Delhi: Over 15 months after his arrest, former Telecom Minister A Raja on Tuesday was granted bail by a Delhi court in the 2G spectrum case, reports PTI.
"The bail application is allowed," Special CBI Judge OP Saini said.
The court granted bail to the DMK MP on a personal bond of Rs20 lakh and two sureties of the like amount.
The court while granting bail imposed conditions on Mr Raja that he will not visit Tamil Nadu without its prior permission and will not go to the office of the Department of Telecom (DoT).
The court, in its 14-page bail order, also said that Raja would not try to influence any witnesses while on bail. Raja was arrested on 2nd February, last year.
The CBI had raised questions on Raja's alleged links with Mauritius-based Delphi Investment Ltd, in which Reliance Telecom Ltd had allegedly transferred its shares and said if released on bail at this stage, he might tamper with evidence.
Raja had sought bail, saying the Supreme Court, while granting bail to former Telecom Secretary Siddharth Behura, had not distinguished the case of public servant from that of others.
He had submitted that he and Behura were facing similar charges of abetment, conspiracy and criminal breach of trust.
Raja's counsel had submitted that as his client was no longer a Union cabinet minister, he could not tamper with the evidence or influence the witnesses.
Besides Raja, his private secretary RK Chandolia, Behura, DMK MP Kanimozhi, corporate honchos -- Reliance Anil Dhirubhai Ambani group's MD Gautam Doshi, ADAG group President Surendra Pipara and Senior Vice President Hari Nair, Unitech MD Sanjay Chandra and Swan Telecom promoters Shahid Usman Balwa and Vinod Goenka--are facing trial in the case.
The court has also put on trial Kalaignar TV MD Sharad Kumar, Director of Cineyug Media and Entertainment Pvt Ltd Karim Morani and Directors of Kusegaon Fruits and Vegetables Pvt Ltd Asif Balwa and Rajeev Agarwal.
Besides these 14 persons, three telecom firms - Swan Telecom Pvt Ltd, Reliance Telecom Ltd and Unitech Wireless (Tamil Nadu) Pvt Ltd, are also facing trial in the case.
Raja and others have been charged for the offences of cheating, forgery, criminal conspiracy and corruption besides criminal breach of trust that entails a maximum punishment of life imprisonment.