Muslims who want to live under Islamic Sharia law were told on Wednesday to get out of Australia, as the government targeted radicals in a bid to head off potential terror attacks. Separately, Howard angered some Australian Muslims on Wednesday by saying he supported spy agencies monitoring the nation's mosques. Quote: 'IMMIGRANTS, NOT AUSTRALIANS, MUST ADAPT. Take It Or Leave It. I am tired of this nation worrying about whether we are offending some individual or their culture. Since the terrorist attacks on Bali , we have experienced a surge in patriotism by the majority of Australians.'
'This culture has been developed over two centuries of struggles, trials and victories by millions of men and women who have sought freedom'
'We speak mainly ENGLISH, not Spanish, Lebanese, Arabic, Chinese, Japanese, Russian, or any other language. Therefore, if you wish to become part of our society . Learn the language!'
'Most Australians believe in God. This is not some Christian, right wing, political push, but a fact, because Christian men and women, on Christian principles, founded this nation, and this is clearly documented. It is certainly appropriate to display it on the walls of our schools. If God offends you, then I suggest you consider another part of the world as your new home, because God is part of our culture.'
'We will accept your beliefs, and will not question why. All we ask is that you accept ours, and live in harmony and peaceful enjoyment with us.'
'This is OUR COUNTRY, OUR LAND, and OUR LIFESTYLE, and we will allow you every opportunity to enjoy all this. But once you are done complaining, whining, and griping about Our Flag, Our Pledge, Our Christian beliefs, or Our Way of Life, I highly encourage you take advantage of one other great Australian freedom, 'THE RIGHT TO LEAVE'.'
'If you aren't happy here then LEAVE. We didn't force you to come here. You asked to be here. So accept the country YOU accepted.'
Maybe Indians will find the backbone to start speaking and voicing the same truths. Our Lives are not determined by what happens to us. But how we react to what Happens. Not by what Life Brings to us, but by the attitude we bring to Life. A POSITIVE ATTITUDE causes a CHAIN reaction of Positive thoughts, events and outcomes..It is a Catalyst. A spark that creates extraordinary results.
The world’s second-largest software products company Oracle is understood to have begun linking the payment of its 20,000-odd employees in India with the productive hours they spend in the company. This has resulted in salary cuts, ranging between 10 and 50 per cent across the board. Company sources explain that if an employee is a billable resource for 15 days a month, he will be paid in full for that period while for the rest of the period, he is paid a “nominal” amount. Replying to an email query, a company spokesperson in India said: “Oracle does not comment on speculation or rumours.”
The company is also understood to have asked all non-billable employees (those on the bench) to get themselves engaged in internal projects, failing which they can explore opportunities outside the company. It is not, however, clear whether the company is asking the non-billable resources to work for outside companies as contract employees while still on Oracle’s rolls, or to use their non-productive hours to make money for themselves.
Initially implemented for the employees of Oracle Financial Services Software (formerly i-Flex Solutions), Oracle India has reportedly implemented this across all its centres in India.
Oracle India, however, has not communicated this decision to employees in writing. The team leaders and project managers in different centres have been informed about the decision orally.
“They are telling us that while many companies lare aying off employees, Oracle does not want to take such extreme steps. They are saying that once things start improving, we will be back to all the usual compensation and allowances,” said a senior employee of Oracle India on condition of anonymity.
Second quarter results announced last month show that Oracle had been able to maintain its profitability despite nearly flat revenue growth. Oracle’s net income fell half a per cent to $1.27 billion in the second quarter and sales were up 5.5 per cent to $5.6 billion, lower than analyst estimates. Revenues from new software licences, which is an indicator of future sales, were down 3 per cent to $1.6 billion.
Following its acquisition of i-Flex, sources also note that there were plans to lay off all employees of that company, a decision that was scrapped following intervention of Oracle’s management. Oracle feared that the lay-off of all i-Flex employees might suggest the failure of the M&A — an area that has been mastered by the California-headquartered company over the years.
Sources added that Oracle India has cancelled employee travel costs and withdrawn free snacks and food. Despite news that the company has not stopped recruitments in India, freshers who were given offer letters for annual packages of Rs 2.4 lakh to Rs 2.5 lakh earlier are now being asked to consider packages of Rs 1.5 lakh to Rs 1.8 lakh.
Deal Cancelled: Satyam, faced a backlash from investors after it announced a decision to buy real estate and infrastructure companies, managed and controlled by the sons of Satyam's founder-chairman Ramalinga Raju, for $1.6 billion.
Within a few hours, a chastened Satyam called the deal off. The developments come on the heels of recently called off re-organisation plan of Sterlite Industries. The silver lining though is that quality managements will command a premium. For now, there are many questions that crop up. What are the undercurrents of the deal? What impact can this incident have on the future of the concerned companies? Should investors hold on to these stocks? To know the answers, read on.
Defeating logic: The proposed deal to buyout 100 per cent stake in Maytas Properties for $1.3 billion and 51 per cent stake in Maytas Infra for $300 million is difficult to digest. The deal, had it gone through, would have consumed all the surplus cash on the books of Satyam, which is estimated to be $1.1 billion. The acquisitions would have netted the Raju family $570 million (they hold a 35 per cent stake in Maytas Properties and 36 per cent in Maytas Infra), while exhausting Satyam's cash reserves and leading it to raise $400 million of debt, leave alone the debt that would have added to its books on account of the acquired entities. The explanation, provided for the said deal was to de-risk the business model of the company, in the light of a bleaker business outlook for the IT services company. But, to diversify so radically at a time when Satyam's rivals are hoarding cash to weather a global slowdown is disconcerting. A look at the margins of Maytas Infra (financials of Maytas Properties not available) also suggests that the margins of the combined entity would have stood reduced after the deal. Ulterior motives? The fact that the promoters of Satyam, who hold less than 10 per cent stake in the company, went ahead with the deal without the approval of its minority shareholders, just because it was "not required as per regulations", shows that corporate governance was not exercised in "true spirit" and yet again brings to surface, loopholes in the system. This, despite the fact that it was a related-party transaction and that it would have changed the risk profile of the company. "It is also difficult to fathom, why the company did not prefer a three-way stock-based merger of the entities, which would ensured that the cash would continue to stay in the system," says Viju George, analyst, Edelweiss Securities. The disclosure on the shortlisting process and valuations for the two target companies is also not sufficient, which seem grossly expensive. High valuations: As per the deal, Maytas Properties (unlisted) is being valued at Rs 91.47 lakh per acre (Rs 6,220 crore; land bank of 6,800 acres), despite the fact that bulk of the land is in tier II and III cities such as Vizag, Vijaywada, Kakinada and Nagpur. Analysts say that, on a realistic basis, the per acre price should average at Rs 40-45 lakh per acre or even less, given the current scenario. On the other hand, Maytas Infra has been valued at nearly 1.6 times FY08 revenues even as mid-cap construction stocks on an average are trading at less than half their FY08 revenues. Even on a P/E basis, the valuations are high.
Just three months ago, India's fourth-largest software services exporter, Satyam Computer Services (SATY.BO) received a Golden Peacock award from a group of Indian directors for excellence in corporate governance.
Software major Satyam Computer Services has acquired two property development and construction companies —Maytas Infra and Maytas Properties —both promoted by its own promoters. The company has acquired 100% shareholding in Maytas Properties.
In Maytas Infra, which is a listed entity, Satyam would be buying 31% of the promoters’ equity and another 20% from shareholders through an open offer.
“While the price proposed to be paid to promoters is Rs 475 per share, the price for the open offer has been approved to be Rs 525 per share and is subject to change in line with Sebi regulations,” Satyam said in a statement.
The deals would cost Satyam $1.6 billion — $1.3 billion for Maytas Properties and $0.3 billion for Maytas Infra.
The acquisition process of Maytas Properties would be completed immediately. However, for Maytas Infra, Satyam would have to go through the open offer and get required approvals since the company is listed.
Maytas Infra, set up in 1985 as Satyam Constructions, is engaged in the business of infrastructure construction and asset development including highways, metro/railways, ports, transport management systems, airports, power, oil and gas, irrigation, water treatment, etc.
The company recently bagged the Hyderabad Metro Project with an outlay of Rs 12,000 crore. Closely held Maytas Properties is into urban infrastructure development and has been working on development of townships, special economic zones, hospitality, retail and entertainment spaces. The company is said to be having a landbank of 6,800 acres and a potential to build 245 million sft.
Though both the acquired companies seem to be having their own edge in the market, the analyst community and the minority investors in Satyam have not taken the acquisition decision easily. In fact, investors are not happy at the way the Satyam board has taken a decision on its own without consulting the shareholders.
“Since the Satyam promoters also are the promoters of Maytas, they abstained from the decision making process. Other directors on the Satyam board unanimously approved the decision,” Satyam CFO V Srinivas said while agreeing that the diversification is “non-conventional”. According to him, though the shareholders are not happy with the decision today, they would change their view on the issue as the benefits accrue in near to medium term from the move.
But, what is more interesting is the way the IT major is emptying its reserves to buy shares from its own family members. Satyam currently has a reserve base of Rs 8,235 crore. The deal would result in a net outflow of about Rs 7,500 crore.
Maytas Infra is promoted by B Ramalinga Raju, the chairman of Satyam, and his immediate family members. They together hold about 36.64% of Rs 58.85 crore equity. While B Ramalinga Raju in his personal capacity holds about 8.25% equity, his wife Nandini Raju holds about 4.37%. Other related shareholders include Ramalinga Raju’s son B Teja Raju (2.53%), B Rama Raju (2.52%) and B Ramalinga Raju HUF (1.13%). Two investment firms believed to be associated with the Raju family - SNR Investments and Veeyes Investments - hold 8.92% each.
In addition, even among the public, the prominent shareholders are from the family. B Rama Raju, the managing director of Satyam and brother of the company’s chairman B Ramalinga Raju, holds about 8.74% equity within the public shareholders quota. Other shareholders from the family include B Jhansi Rani (2.35%), B Suryanarayana Raju (4.30%), B Radha Raju (4.38%) and three investment firms - Elem Investments, Fincity Investments and Highgrace Investments hold 8.92% each.
Agreeing that the acquisition decision was without considering any other target of the same nature before zeroing in on Maytas, Satyam chairman B Ramalinga Raju said the company would put professionals in the fore once the integration is over.
Two of Ramalinga Raju’s sons head each of these companies. Maytas Infra, the listed entity, is headed Teja Raju, Ramalinga Raju’s elder son. Similarly, Satyam’s former employees have also been provided a platform in Maytas. For instance, K Thyagarajan, one of the senior executives of Satyam is the CEO of Maytas Properties.
But, Satyam seems to be putting in its best efforts to convince the shareholders saying the IT and ITES industry is unlikely to give big returns in the near future, while the infrastructure sector would continue to grow.
“By FY2010, we hope to get 20% of Satyam’s revenues from the acquisitions. By 2011, this would increase to 33% and in FY2012, it would increase to 50%,” V Srinivas said, justifying the decision to buy construction companies while they are expected to provide no synergy to the IT major in its core sector of activity.
Ramalinga Raju said, “This would de-risk the core business by bootstrapping a new business vertical in infrastructure. This market segment can mitigate the risks attributed to developed markets and traditional verticals that are likely to be impacted by the recessionary economy. The established brand of Satyam can further enhance the penetration into emerging markets and within the infrastructure industry. The two companies being acquired in a challenging market offer potential for upside in future.”
Meet A Real Hero!!!! Sandeep Unnikrishnan (March 17, 1977 – November 28, 2008) was a Major in the Indian Army serving in the elite National Security Guards (NSG) who was led his life in an encounter with terrorists in November 2008 Mumbai attacks. "Do not come up, I will handle them." These were probably the last words which Major Sandeep Unnikrishnan told his men as he was hit by bullets while engaging terrorists inside the Taj Hotel, Mumbai during the Black Tornado operation. During the operation, when a commando got injured Major Unnikrishnan arranged for his evacuation and started chasing the terrorists himself. The terrorists escaped to another floor of the hotel and during the chase Major Unnikrishnan was seriously injured and succumbed to his injuries.
Family He hails from a family settled in Bangalore that had migrated from Cheruvannur - Kozhikode district, Kerala He was the only son of retired ISRO officer Mr. K. Unnikrishnan and Mrs. Dhanalakshmi.
Childhood Major Unnikirshnan spent 14 years at the Frank Anthony Public School. A popular figure among his contemporaries, he wanted to join the Army, even attending school in a crew cut. He is remembered as an outstanding student. In 1995 he finished ISC Science from here. He was also a fantastic athlete. Most of his athletic records remained unbroken for many years. Tall, slim boy with the most genial personality he was the house captain and loved by all in the school. He described himself as a movie maniac in his orkut profile. Besides his display of courage from young age he had a soft side to him and was a member of the school choir.
Army Career He joined the National Defense Academy in 1994 and was commissioned as Second Lieutenant to the 7 Bihar Regiment in June 1999. After serving the Indian Army in different locations in Jammu & Kashmir to counter insurgencies, he was selected to join the National Security GuardsOn completion of training, he was assigned to the Special Action Group (SAG) of NSG on January 2007 and participated in various operation of the NSG.
Black Tornado Operation On the night of 26 Nov 2008, several iconic buildings in South Mumbai were attacked by terrorists. One of the buildings where the terrorists held people hostage was the 100 year old Taj Mahal Palace Hotel. Major Unnikrishnan was the commander of 51 SAG deployed in the operation at the Taj Mahal Hotel. He led his team from the front and engaged the terrorists in a fierce gunfight. When one of the NSG commandos was injured in the exchange of fire, he arranged for his evacuation and regardless of personal safety chased the terrorists who, meanwhile, escaped to another floor of the hotel, and while doing so Major Sandeep continuously engaged them. In the encounter that followed, he was shot from the back, seriously injured and succumbed to injuries.
Major Sandeep Unnikrishnan Dies a Hero's Death Being in the forefront of the National Security Guards operations at the Taj Mahal Hotel in Mumbai, Major Sandeep Unnikrishnan not only waged a valiant battle against the terrorists but also did his best to save his injured colleagues and in the bargain lost his life. He showed the real warrior in him before laying down his life. Thirty-one-year- old Major Sandeep is the only son of retired ISRO officer K. Unnikrishnan, who is settled in Bangalore. His father told presspersons: "I lost my son in Mumbai on Friday. Though I do not like to call him a martyr, I can proudly say that he has done something for this country." He was informed of the death of his son by the Deputy Inspector-General of Police (National Security Guards). According to information reaching the family, "Major Sandeep was leading a team and during the operations two of his colleagues sustained bullet injuries. In a bid to save them Sandeep turned back. The bullets fired by the terrorists pierced him. On November 26, he had called us and said that one of his childhood friends is getting married in the city on December 17. He had planned to attend that marriage," Mr. Unnikrishnan said. Major Sandeep was ambitious, talented and a brave soul, said his friends and neighbours. He joined the National Defence Academy and was commissioned in the Bihar 7th Regiment in 1999. He was drafted to the NSG after his gallantry was recognised," Kiran Srivasthav, a childhood friend of Major Sandeep. According to Anirudh Uppal, Inspector-General (Headquarters) National Security Guards (NSG), Major Sandeep had exposure to counter insurgency operations after having served in Jammu and Kashmir for two terms. He was deputed to the NSG on January 20, 2007 and participated in various operations conducted by the elite force. The gallant officer of the team commander of 51 SAG was deployed to clear Hotel Taj Mahal of extremists on November 27. He led the team from the front and engaged the terrorists in a fierce gunfight. When one of the NSG commandos was injured in the exchange of fire, he arranged for his evacuation and regardless of personal safety chased the terrorists who, meanwhile, escaped to another floor of the hotel, and while doing so Major Sandeep continuously engaged them. In the encounter that followed, he was seriously injured and succumbed to injuries.
Tearful adieu to Major Unnikrishnan
November 29, 2008 14:59 IST
Bangalore on Saturday bid a tearful farewell to Major Sandeep Unnikrishnan, the NSG commando who was killed in the bloodiest counter-offensive at the Taj hotel in Mumbai. Family members, friends and army personnel besides thousands of ordinary people came out in the streets to pay homage to the martyr who laid down his life during the unprecedented anti-terror operation. Unnikrishnan was killed while trying to pursue a fleeing terrorist at Taj. The body of the slain hero was draped with the tricolour. Tears streamed down the cheeks of many as emotional family members and friends broke down while bidding adieu to the braveheart. The funeral was held with full military honours.
As emotions ran high, the crowd raised slogans like Bharat Mata Ki Jai while paying their last respects to the martyr. Slain Major led from front: NSG chief
"We salute you and your parents Dear Major. Those last three days I have learnt that India needs more people like you. there are no hopes from any party as everybody's are greedy for votes. It's We common Indian who have to take care of ourselves. I thank you and many other brave soldiers for the sacrifice . . Jai Hind, Vande Matram."
Software major Satyam Computer Services has acquired two property development and construction companies —Maytas Infra and Maytas Properties —both promoted by its own promoters. The company has acquired 100% shareholding in Maytas Properties.
