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About LinkBacksI have similar doubts about ICICI.Originally Posted by prasannaganesh
I have similar doubts about ICICI.
@Admin
did you calculate the value 18 with the figure, which is released.
i dont trust the figure which was out now.
it has lot more to get corrected.
so i see the value less then what you say.
i just wanna know, why you doubt ICICI.
Are you doubt ICICI strongly. could you give some reasons.
Last edited by prasannaganesh; 01-08-09 at 03:46 PM. Reason: Automerged Doublepost
I dunno y did u doubt ICICI.....anyways banks in India wud not go bankrupt due to the CRR & other deposits....there was a rumour sometime back about ICICI Bank but that was all false.....ICICI bank the funda r really very strong .....!!!
DLF i m really not sure .......
Which ever company goes bankrupt...Its the common man who is going to suffer.I spoke to one of my friend,he works in Satyam.He is really upset.He is really worried.Just because of the fraud of the Top Management of Satyam, the future of 53,000 employees has become a question mark.
The IT industry is going through a very tough phase.I know this year I wont be getting any (much) hike/increment.But no body is complaining.They are happy that they have a job in hand.Its very difficult to get a new job now.
Collection of my useful Threads -
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i guess why just4kix doubt ......
1) there are more defaulters for home loan, which is not disclosed yet.
2) their market share is reducing significantly.
3) the actual exposure to the LEHMAN group is not unveiled yet.
Eaxctly. ICICI has not probably disclosed the full extent of its exposure to the sub-prime market.
In India, we do not have sub-prime. But the case is somewhat similar. People secured loans at floating rates when the rates were low and are now faced with increased tenure or EMI or both. There could be (and must be) lot of defaults. What will a bank do? At most seize the property? But what will happen if there are too many properties with the bank?
@Aashaka, No ICICI will not go bankrupt. But Satyam is not bankrupt either (although this may happen if all clients desert it). CRR covers only 5~6%. My salary account is with ICICI but I keep my fixed deposits with SBI or Canara Bank. I simply do not trust these private banks - they have grown too big in a short while and ICICI is one of the worst banks in terms of service.
*** Never argue with an idiot. ***
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Its a very good practice to keep your money in different banksYou never know which one is going to raise the white flag and say game over... current scenario is such that anything is possible.
In terms of service charge and penalty charges also.
i heard that they are NO 1 in making profit through penalty charges.
yes i too feel the same.
Last edited by prasannaganesh; 01-08-09 at 05:10 PM. Reason: Automerged Doublepost
Even my salary account is in ICICI bank.I have another account in SBI. Since I heard abt that rumours abt ICICI bank, I have moved about 70% of my money from ICICI to SBI.
yes i totally agree wid u jee......I used to work wid ICICI Bank n even i ve an account there....!!! but as u mentioned....i too keep FD's n my other deposits as well as my co's account is definately in govt bank....BOI....cant take the risk!!!
well pls dont talk abt the service part in ICICI.....it sucks totally...!!!!! but u guys if u can understand the way how to operate the account than its really beneficial....!!!
Int'l Bank i really do not trust any at the moment n be4 also the only bank i banked was HSBC....
as far as about satyam....u neva kno whts gng on behind in these all corps....!!!!
Dont count wat u lost, cherish wat u ve & plan wat to gain...coz past neva returns but future may return the lost! Think-Decide-Act!!!!
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The Bombay Stock Exchange will replace Satyam Computer Services with Sun Pharma in the benchmark share index, effective Jan.12.
I got one ac in ICICI which was my salary ac in Wipro. while here I got the salary ac with Kotak mahindra
I have to get one ac in some Govt .bank, no one can be trusted here
well meh experience with the ICICI is fine till now....i am only holding the ICICI accnt to transfer money between Dmat & bank accnt online......i think ICICIs internet banking is best at present in India......but yeah there service at bank in actual is pretty worst......
& abt the PSU banks.....main they dont need any customer....i mean here in my city have SBI accnt......& serive there is worst same as ICICI....only thing is that UR money is at max (not 100%) security in PSU banks
Some info. which came in the media about Satyam.
1. The employee strength of 53k touted is false. What they have done is calculated employees of their clients (you heard that right) as well as subsidiary companies.
2. As far as penalizing Ramalinga Raju is concerned, as far as in electronic (TV) Media at the most he can get is 7 years, i.e. if they are able to prove his culpability in the court of law.
3. LIC and ICICI Prudential also hit.
http://economictimes.indiatimes.com/...ow/3948512.cms
4. Two law firms in the US have filed class action suits against Satyam.
Two US law firms file class action suit against Satyam
In the media it also came that they (the people holding ADR's) would be getting their moeny through shareholders of Satyam as well. That is an agreement clause when they bought the shares or was listed on NYSE (either of the two)
Couldn't understand if and which part of the last news is true.
Can somebody give some more info.?
Update :- There is also possibility of lopping in PWC
http://economictimes.indiatimes.com/...ow/3950023.cms
This is what each legal firm (both the firms seem to specialize in class action suits)t’s possible that Satyam’s auditor, PricewaterhouseCoopers (PwC), may be sued too.
Cases Under Investigation - Satyam Computer Services Ltd.Case Information: Satyam Computer Services Ltd.
Symbol: SAY
Purchase Dates: January 6th, 2004 - January 6th, 2009
Deadline for Filing Lead Plaintiff Motion: March 9th, 2009
IZARD NOBEL LLP ANNOUNCES CLASS ACTION LAWSUIT AGAINST SATYAM COMPUTER SERVICES LTD.
January 7, 2009 - The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Southern District of New York on behalf of those who purchased the American Depository Receipts (“ADRs”) of Satyam Computer Services Ltd. (NYSE: SAY) (“Satyam” or the “Company”) between January 6, 2004 and January 6, 2009, inclusive (the “Class Period”).
The Complaint charges that Satyam and certain of its executives violated federal securities laws by issuing materially false and misleading statements. On January 7, 2009, the Company's CEO B. Ramalinga Raju sent a letter to the Satyam Board of Directors and the Securities & Exchange Board of India acknowledging a “multi-year” fraud in which Satyam's financial accounts and disclosures were systematically falsified. In the letter, Raju admitted to having inflated the amount of cash on the Company's balance sheet by nearly $1 billion, incurring liability of $253 million on funds arranged by him personally, and overstating Satyam's September 2008 quarterly revenues by 76% and profits by 97%. As a result of this disclosure, the Company's ADRs fell $8.42, or 90%, prior to the opening of the New York Stock Exchange, which has suspended trading in Satyam's ADRs.
If you are a member of the class, you may, no later than March 9, 2009, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.
While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit: Cases Under Investigation - Satyam Computer Services Ltd., or contact Izard Nobel LLP toll-free at (800) 797-5499, or by e-mail: firm@izardnobel.com. For more information about class action cases in general, please visit our website: Class Action Law Firm | Hartford CT.
CONTACT: Nancy A. Kulesa or Wayne Boulton
(800) 797-5499
Class Action Law Firm | Hartford CT
firm@izardnobel.com
Satyam Computer Services Ltd.VIANALE & VIANALE LLP FILES CLASS ACTION ON BEHALF OF
INVESTORS OF SATYAM COMPUTER SERVICES LTD.
BOCA RATON, FL (January 7, 2009) – The law firm of Vianale & Vianale LLP announces that it filed a class action lawsuit on January 7, 2009 on behalf of purchasers of the American Depository Shares of Satyam Computer Services Ltd. (“Satyam” or the “Company”) (NYSE: “SAY”) during the period January 6, 2004 through January 6, 2009 (the “Class Period”). Shareholders may obtain a copy of the complaint by calling our offices or emailing us at the e-mail addresses listed below. The action is pending in Manhattan federal court, Case No. 09-CV-00093.
The complaint alleges that the Company and its top executives violated Section 10(b) and 20(a) of the Securities Exchange Act of 1934 by issuing false and misleading financial statements. On January 7, 2009, the Company’s CEO B. Ramalinga Raju sent a letter to the Satyam Board of Directors and the Securities & Exchange Board of India acknowledging a “multi-year” fraud in which Satyam’s financial accounts and disclosures were systematically falsified. According to the letter, Raju admitted to having inflated the amount of cash on the Company’s balance sheet by nearly $1 billion, incurring liability of $253 million on funds arranged by him personally, and overstating Satyam’s September 2008 quarterly revenues by 76% and profits by 97%. As a result of this disclosure pre-market activity in the stock indicates a loss of roughly 90% of its value.
If you bought Satyam ADS’s from January 6, 2004 through January 6, 2009, no later than 60 days from today, you may move the court to appoint you as lead plaintiff, a representative party that acts on behalf of other class members. The court must determine whether the class member’s claim is typical of other members’ claims, and hether the class member will adequately represent the class. Your ability to recover is not, however, affected by your decision whether or not to serve as a lead plaintiff. Vianale & Vianale LLP is active in major litigations pending in federal and state courts. More about the firm is available on its website.
If you wish to discuss this action with us, or have any questions concerning our lawsuit, this notice or your rights and interests with regard to this case, please contact:
Kenneth J. Vianale, Esq.
kvianale@vianalelaw.com
Ismael Aviles
iaviles@vianalelaw.com
Vianale & Vianale LLP
2499 Glades Road, Suite 112
Boca Raton, FL 33431
888- 657-9960 (Toll Free)
(561-392-4750)
Vianale & Vianale LLP > Home
I would be reading the complaint which is listed there as well.
Last edited by shirish; 01-08-09 at 08:41 PM. Reason: Automerged Doublepost
I don't know much about this share market and all, can you please say something about citibankIts a very good practice to keep your money in different banks
One of my friend was telling me that citibank may get closed very soon
My friend is working for the client Citigroup. Even he told me long back that the citi might close.But I think the US govt gave some $ 20 billions as bailout to Citigroup.
@Smoothvibes,it better to have another account in another bank like SBI...
Satyam may axe 10,000 employees in Feb 2009
Last edited by Rameshjeee; 01-09-09 at 10:05 AM.
Satyam Low today : Rs.6.30
CMP :Rs 21.10
the volume were reriffic at the start.......huge trading in it
Infy not to hire Satyam employees
I din't expect this from Infy.Till now I had gr8 respect for infy.It was my dream company once a upon a time.What did the poor employees do? Whats their fault?Infosys Technologies, the country’s second-largest IT services exporter by sales, has told its human resources (HR) executives to refrain
from hiring employees of Satyam Computer Services.
This comes a day after revelations of financial fraud at Satyam, which has left its 53,000 employees in a state of uncertainty.
“We have asked our recruitment staff not to poach anybody from Satyam. The company is in the middle of a crisis and people will jump ship,” Infosys Technologies HR, education & research and administration director TV Mohandas Pai told ET. On Wednesday, Infosys had ruled out any possibility of taking over Satyam. “We will not touch such a tainted company,” Infosys founder and non-executive chairman N R Narayana Murthy had said.
This is the time for the big three TCS,Infy & Wipro to help out the employees of Satyam.Profit making should be the only objective of these compnay.They should also have some social responsibilty.
Should employees be punished for the deeds of a few men at the top who compromised thier principle?
Exactly, I agree with you. Atleast if the people in top management were prevented from getting a job it makes sense. But stopping anyone related to satyam from getting a job is reuly maddening.
I agree to point of not acquiring the company.But i dont agree with not hiring the satyam employees.
same here.....!!!
it was only the higher management @ fault...!
not the whole higher management.....only few folks in there & Auditors
yea auditors...PWC.....!!!
I dont know why would some one just quit satyam because of this fraud... the company is still very much in business... its just raju and a selected few who have their hands dirty.
Satyam might loose some of its business but that doesnt really mean that the company is no more... I can assure you all that satyam's stock will touch new hieghts within 4-5 years from now on.
The operating margins as claimed by raju as 3% is a plain load of bull crap... or in other case if thats true then all others like infosys, tcs and wipro are also lying about their operating margins...
Satyam's stock is worth Rs18 as I said before in current scnario an its very much trading in the same range today as I claimed yesterday
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admin ji.....but ppl cant take risk n wait for 4-5 years to reach to new heights !!!!
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