MMTC has decided to hold investment plans in a special purpose vehicle created by Maytas group for setting up a Special Economic Zone (SEZ).

Experts believe that that recent auditing fraud by Satyam chief R. Raju is a major cause to roll back from investment plans in SEZ. Maytas Infra Ltd and Maytas Properties are controlled by the sons of Satyam Computer Services Ltd founder, B Ramalinga Raju and their role in the corporate fraud is still not clear.

A senior IPS officer of 1975 batch, Radha Vinod Raju has been appointed as the first director general of National Investigation Agency (NIA).

The recently formed NIC would deal with terrorist attacks, anti-national activities and plane hijacking incidents and hostages by terrorists. NIC was formed after the recent attack on country's financial capital, Mumbai by Pakistan based terrorists.

After bankruptcy of leading financial institutions of United States, its now turn of Nortel Networks Corp. to file bankruptcy following the adverse impact of global financial crisis on its business.

Nortel Networks Corp is a leading telephone equipment manufacturer in US, which is facing tough liquidity conditions under the impact of global financial crisis.

A Hyderabad court will take up Satyam case and hear the arguments of disgraced Satyam chief B Ramalinga Raju to provide him bail in connection with corporate audit fraud worth Rs 7,000-crore.

Raju along with his brother and CFO of company, Vadlamani Sriniva filed a petition in court to grant them bail as they are fully co-operating in the investigations.

Police is expected to counter the bail petition and ask for their judicial remand.

The court would also hear the petitions filed by Security and Exchange Board of India and Criminal Investigation Department on the same day.

Tata Consultancy Services (TCS) posted 2.7 per cent increase in its net profit for the quarter ended December 31, 2008. Its net profit stood at Rs 1,362 crore for the reporting quarter as compared to Rs 1,327 crore in the same quarter last year.

TCS CEO and Managing Director, S. Ramadorai said, "In tough market conditions, TCS continues to perform in a stellar fashion, driving revenue growth through our diversified market presence and boosting our operational profitability by conserving costs and creating efficiencies."

Federal Bank has posted a net profit of Rs 203.89 crore for the third quarter (Q3) ending December 31, 2009, as against Rs 102.92 crore during the corresponding period of the last year (December 2007).

The Kerala-based bank said that a sharp increase in other income and lower interest income helped it to post nearly two-fold increase in its net profit.

The bank said, “The figures for the corresponding previous periods are not reclassified and therefore not comparable.”