RCom Special Audit: Govt may have lost Rs 250cr

The Telecom Ministry has said a special audit carried out by a government-appointed auditor has shown Reliance Communications under-reported its revenue.“Reliance Communications under-reported its revenue during financial years 2006-07 and 2007-08,” the ministry said, pegging the FY07 misrepresentation at Rs 1,000–1,500 crore.In April this year, the Department of Telecom (DoT) ordered a special audit on five telecom companies: Bharti Airtel, Vodafone-Essar, Tata Teleservices, Idea Cellular and Reliance Communication, amid concerns of misreporting of revenue and evasion of tax and licence fee.In October, the DoT said the audit on Reliance Communications, conducted by a firm Parakh & Co, confirmed under-reporting, a claim questioned the company later. Reliance Communications slammed the special audit and accused it of being biased and said it conflicted with industry practices.The Telecom Ministry today said the government may have lost Rs 250 crore on account of under-reporting.

PM to attend Copenhagen summit on December 17

Prime Minister Manmohan Singh will attend the Copenhagen summit on climate change on December 17, days after India announced that it would consider an emission cut of 20 to 25% by 2020, but would not be coerced into accepting unilateral cuts decided by developed countries.Till now, speculation was rife that Dr Singh would not attend the summit and that India would be represented by its minister of state for environment and forests Jairam Ramesh and the Prime Minister's special envoy for climate change Shyam Saran. It was speculated last week that the Prime Minister had revealed that he would think of going if he thought the inking of a deal to reduce climate change was possible.

CAT schedule extended by one day

After the online Common Admission Test collapsed in several places, creating confusion among thousands of B-school aspirants, the CATauthorities on Friday extended the exam schedule by one day. "Prometric and the Indian Institutes of Management (IIM) have extended the Common Admission Test (CAT) 2009 till Dec 8. CAT 2009 was scheduled to run for 10 days from Nov 28 to Dec 7 2009," the US headquartered Prometric said in an official communique. "We understand and regret the additional stress and inconvenience caused to candidates who have not been able to test on their scheduled day due to technical difficulties," said Ramesh Nava, Prometric vice-president and general manager for Asia Pacific, Japan and Africa.

Assam ready for peace process, ULFA leader offered safe passage

It's official. The government has offered peace talks and safe passage to the top rung of the United Liberation Front of Asom (ULFA).The offers come a day after ULFA's Chairman, Arabinda Rajkhowa, was found along the Triupara border by the Bangaldesh government. Rajkhowa was handed over to the Indian government and was later flown to Delhi on Tuesday night in a special plane. He now becomes a key player in any discussions for peace. That's rattled ULFA's military chief, Paresh Barua, who is underground in Myanmar. He has asked the group's militant cadres in Assam to unleash violence using bomb blasts. Barua's calls to his cadres were intercepted on Tuesday by intelligence officials. Gogoi said that peace talks should be held even without Baruah. However, he clarified that all negotiations are being supervised by the Home Ministry. 

India's economy continues to grow

India's economy grew at a faster-than-expected rate of 7.9% in the three months to September, compared to the same period last year. The growth was helped by government stimulus spending. A boost in manufacturing and services helped the country expand at the fastest pace for 18 months. Some analysts said this could give the central bank room to raise interest rates as early as December to combat rising inflation. "This data could be a green light for the Reserve Bank of India to hike rates, and there are greater chances of this by the end of the calendar year," said Robert Prior-Wandesforde from HSBC. "The exit from the fiscal stimulus by the government may also be earlier post-the GDP data," he added. However, a government official said he expected no change in stimulus policy for the current fiscal year. Farm output was up 0.9% in the third quarter but economists warned that the figures did notreflect the poor monsoon season. The central bank warned that the poor season was more likelyto drive food price inflation.

Senate report: Bin Laden was 'within our grasp

WASHINGTON – Osama bin Laden was unquestionably within reach of U.S. troops in the mountains of Tora Bora when American military leaders made the crucial and costly decision not to pursue the terrorist leader with massive force, a Senate report says.The report asserts that the failure to kill or capture bin Laden at his most vulnerable in December 2001 has had lasting consequences beyond the fate of one man. Bin Laden's escape laid the foundation for today's reinvigorated Afghan insurgency and inflamed the internal strife now endangering

'Outrageous' Raju ranks high on CEO shame list

It's one Forbes list where none would want to figure, but Ramalinga Raju, the founder-chairman Satyam Computers (now Mahindra Satyam), has managed the feat of being among the world's ‘10 Most Outrageous CEOs’.Raju has been ranked as the world's fourth most outrageous CEO in 2009 on the list compiled by the Forbes, known for its rankings of the richest and the most powerful the world over.Giving Raju company are Sri Lankan-origin American hedge fund manager Raj Rajarathnam (third), former Merrill Lynch CEO John Thain (2nd) and Goldman Sachs' Lloyd Blankfein (1st).Raju, the only Indian on the list dominated by Americans, owes his place on the list to his disclosure in January about committing the country's biggest ever corporate fraud.