India Business News
Following is the text of Satyam founder chairman B. Ramalinga Raju's resignation letter to the IT firm's board:
The first day of the nationwide strike by employees of public sector oil companies has seen gas supplies to industrial consumers getting disrupted Wednesday, even as the government arrested two employees under ESMA and suspended nearly 100 others across the country.
Over six million trucks went off the roads across India at midnight as transport operators started an indefinite strike to press their demand for cheaper disel and tyres. Traders immediately raised fears of shortages, especially of food.
Fog continued to play havoc with air traffic and rail services in the capital Tuesday. Flights were delayed, and important trains like the Rajdhani Express on the Delhi-Sealdah sector running across north Indian plains were cancelled.
With truck operators beginning their nationwide strike, shortage of vegetables and other essential commodities is expected in markets across India.
India's edible oil deficit is expected to widen by 73.5 percent by 2020 to more than 8.1 million tonnes a year from the current 4.71 million tonnes, said an industry lobby report, released here Monday.
With the telephone subscriber base rising to 374.13 million in November, the congestion levels between one network to another has risen considerably with Bharti Airtel's network emerging the most congested.
Indian equities markets tumbled Wednesday after Satyam Computers chairman B. Ramalinga Raju admitted to having juggled with the firm's balance sheet to the tune of Rs.40 billion ($823 million).
Goa Chief Minister Digambar Kamat will meet union Commerce and Industry Minister Kamal Nath next week in Delhi to reiterate his government's opposition to the special economic zone (SEZ) projects allotted for the state, a Congress MP said Monday.
The Indian economy could lose Rs.10 billion (Rs.1,000 crore) daily on account of the indefinite nationwide truckers' strike, a premier organisation of exporters said here Tuesday.
Reliance Communications (R-Com), India's only telecom service provider to offer GSM and CDMA services nationwide, has launched mobile GSM services in over 1,450 towns and more than 10,000 villages in Rajasthan.
Satyam was the brand image of Andhra Pradesh, Hyderabad was identified with this company, and its founder-chairman B. Ramalinga Raju was a hero to youngsters. But overnight, arguably the biggest fraud in India's corporate history has reduced the chairman and his company to a big zero.
CDMA telecom service provider Tata Teleservices will roll out GSM services by the end of this year on an investment of $2 billion, the company said here Monday.
Reliance Communications, an Anil Dhirubhai Ambani Group company, crossed 100,000 subscribers on the first day of the launch of its service in Mumbai, the company said in a statement Monday.
The truck operators' nationwide strike entered its second day Tuesday, leading to an anticipated shortage of vegetables and other essential commodities here and the neighbouring towns of Mohali and Panchkula.

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