best-car-wallpapers.com

Wednesday, December 30, 2009

Times Square was shut down today due to a suspicious vehicle parked on 42nd Street and Broadway in New York. Police cordoned the area surrounding the white 1992 Dodge van to investigate the auto. The van has temporary license plates and tinted windows with tarps covering them.

The nearby NASDAQ building was evacuated, and reports from CBS said the Conde Nast building had been partially evacuated.

The investigation disrupted preparations for the New Year’s eve ball drop atop One Times Square, although it still appears that the celebration will continue unaffected.

The investigation comes a day after police commissioner Raymond Kelly was interviewed by local TV outlet, WNBC, about how the city is after recent terrorist activity. “Reality is that New York is the number one target in this country […] But it has been doing more than any other city in America and probably the world,” he said on the topic that New York had adequate counter-terrorism procedure. Wikinews contacted the New York City Police Department, but they had no comment about the specific issue at this time.

Saturday, April 28, 2007

Saint Paul, Minnesota Mayor Chris Coleman had a close encounter with a drunk driver Thursday evening when he was rear-ended. The car wasn’t traveling much faster than 10 miles per hour, but the driver registered with a 0.26 blood alcohol level, over twice the legal limit.

Mayor Coleman was traveling in a city vehicle and accompanied by a police escort when they stopped at a red light at Victoria and Summit Avenues. At approximately 8:40pm, it was struck by the vehicle of Abbie Raymond, a 22-year-old St. Paul student, who was arrested at the scene. She was booked into the Ramsey County Jail under gross misdemeanor charges of driving while intoxicated. Raymond is a student at the William Mitchell School of Law. She was traveling with a passenger, another woman in her early 20s who may have also been intoxicated. They had been coming from a nearby bar or restaurant.

“The mayor is pleased there were no injuries,” said Bob Hume, a spokesman for the mayor. Both vehicles suffered only minor damage.

Friday, April 11, 2008

Since the AutoTronics Taipei was held from 2006, companies from electronic and automobile-related industries steadily made their stages and a good complementary in this trade show.

Before the first holding in 2006, because of the establishment of Car Electronics Pavilion in 2005 TAITRONICS Autumn (Taipei International Electronic Autumn Show), it (the pavilion) ever became a hot topic in these 2 industries. And eventually, Yulon Group recruited their sub-companies grouping their own pavilion to showcase automobile parts, accessories, and applications.

Currently, automobile navigation, mobile entertainment, and road safety, were included in modern automotive devices. But in a keynote speech of TARC Pavilion, Jamie Hsu (Consultant of Ministry of Economic Affairs of the Republic of the China) pointed out several threats and opportunities on the automotive industry, his words also echoed a notable quote by Yi-cheng Liu (Chairman of Taiwan Transportation Vehicle Manufacturers’ Association): “The automobile industry shouldn’t be monopolized by a company or its own industry. If this industry want to be grown up, it [the industry] should do more optimizations and transformations with the other related industries like IT and electronic.”

Although some participants like Renesas, Fujitsu, MiTAC, TomTom NV, and Agilent ever participated in Taipei IT Month, CeBIT, or Computex Taipei, but there were varied comments for participation on Computex 2008.

Renesas Technology, a participant of Computex 2007, won’t showcase in Computex 2008, but Fujitsu and TomTom both declared to participate in the 2008 Taipei IT Month.

Generally in the automobile industry, progressively conformed by the other industries, its success should depend on collaborations between different and similar industries because “not any company can do any monopoly in any industry” even though the automobile industry will become a “trillion industry” not only in Taiwan.

Sunday, October 7, 2012

A Norwegian University of Science and Technology study released Thursday found electric vehicles have a potential for higher eco-toxicity and greenhouse impact than conventional cars. The study includes an examination of the electric car’s life cycle as a whole rather than a study of the electric car’s environmental impact during the use phase.

The researchers conducted a comparison of the environmental impact of electric cars in view of different ratios of green-to-fuel electricity energy sources. In the case of mostly coal- or oil-based electricity supply, electric cars are disadvantageous compared to classic diesel cars with the greenhouse effect impact being up to two times larger.

The researchers found that in Europe, electric cars pose a “10% to 24% decrease in global warming potential (GWP) relative to conventional diesel or gasoline vehicles”.

The researchers suggest to improve eco-friendliness of electric vehicles by “reducing vehicle production supply chain impacts and promoting clean electricity sources in decision making regarding electricity infrastructure” and using the electric cars for a longer time, so that the use phase plays a more important role in the electric vehicle life cycle.

Tuesday, April 22, 2014

Coinciding with Easter Sunday, Glasgow Cannabis Social Club’s annual 420 event was held on Glasgow Green, under sunny blue skies, and overlooking the river Clyde. Despite the city’s council attempting to revoke permission for the gathering at the last minute, police were happy for it to go-ahead with approximately a dozen officers attending in high-visibility vests.

The Daily Record reported five arrests were made for minor offences, likely smoking and possession of small quantities of cannabis. Taking a less-sensational — and more accurate — line of reporting, the Monday edition of Glasgow’s Evening News stated five were referred to the Procurator Fiscal who is responsible for deciding if charges should be brought.

Official figures provided by the police were that 150 attended. With people coming and going, Wikinews reporters estimated upwards of 200 attended, compared to nearly 700 who had signed up for the event on Facebook. Hemp goods were advertised and on sale at the event, and some attendees were seen drinking cannabis-themed energy drinks.

“I was searched and charged under the Misuse of Drugs Act (which is a lot of bollocks)” one attendee noted online, adding “not fair to happen on a brilliant day like it was, other than that I had a great day!” A second said they were openly smoking and ignored by police, who “were only really focusing on people who looked particularly young”.

Cannabis seeds were openly and legally sold at the event and a hydroponics supplier brought a motortrike towing an advertising trailer. Actually growing cannabis is, however, illegal in the UK.

With the event openly advocating the legalisation of cannabis, speakers put their arguments for this to a receptive crowd. Retired police officer James Duffy, of Law Enforcement Against Prohibition, spoke of the failed United States alcohol prohibition policy; stressing such policies needlessly bring people into contact with criminal elements. Highlighting other countries where legalisation has been implemented, he pointed out such led to lower crime, and lower drug use overall.

One speaker, who produced a bottle of cannabis oil he had received through the post, asserted this cured his prostate cancer. Others highlighted the current use of Sativex by the National Health Service, with a cost in-excess of £150 for a single bottle of GW Pharmaceuticals patented spray — as-compared to the oil shown to the crowd, with a manufacturing cost of approximately £10.

Similar ‘420’ pro-cannabis events were held globally.

Sunday, June 27, 2010

Toyota announced on Friday that it will recall around 17,000 Lexus vehicles in response to risks of the fuel tank in the cars leaking after a collision.

The Lexus HS 250h model was subjected to the recall following a US National Highway Traffic Safety Administration (NHTSA) investigation. Despite previously passing Toyota safety inspections, the conclusions of an NHTSA sub-contracted investigator were that; when the vehicles in question collided with an object at more than fifty-miles-per hour, more than 142 grams of fuel, the maximum allowed by US law, leaked from the crashed car.

According to Toyota, further tests did not show any additional failure of the fuel tank.

In response to the findings, Toyota issued a recall of all affected vehicles, since the company had no solution immediately available. The recall includes 13,000 cars already sold, as well as another 4,000 still at dealerships.

Toyota says it plans to conduct further tests to determine the cause of the leak. A Toyota spokesman, Brian Lyons, said that the company was “still working to determine what the root cause of the condition is.” It’s still unclear when exactly the recall will take place, or when dealerships will be allowed to sell this model again. Lyons said that Toyota is “working feverishly to get this resolved as soon as possible.”

Toyota isn’t aware of any accidents stemming from the leaking fuel tank in the affected vehicles, first introduced in the summer of 2009.

Saturday, November 27, 2010

A 19-year-old Oregon, U.S. resident has been charged with attempting to use a weapon of mass destruction after a sting operation; authorities say Mohamed Osman Mohamud, born in Somalia, tried to detonate a van bomb using a mobile phone at a Christmas tree lighting ceremony in Portland.

The device, police stated, was fake; he reportedly obtained it from undercover agents during a sting operation. Reports say Mohamud, a US citizen, had been in regular contact with somebody in north-west Pakistan.

Authorities intercepted e-mails they say were between Mohamud and this contact in August 2009. Holton reassured Oregon residents, adding that there was “no reason to believe there is any continuing threat arising from this case”. Mohamud allegededly told an FBI agent “I want whoever is attending that event to leave, to leave either dead or injured.” Dwight Holton, a U.S. attorney, described Mohamud’s “chilling determination” as a “stark reminder that there are people—even here in Oregon—who are determined to kill Americans.”

An FBI agent told reporters “[t]he threat was very real. Our investigation shows that Mohamud was absolutely committed to carrying out an attack on a very grand scale. I want to reassure the people of this community that, at every turn, we denied him the ability to actually carry out the attack.” On the day of the tree lighting ceremony, he drove a vehicle to the area where the event was to be held, and was arrested, prosecutors said, twenty minutes before the tree was to be lit. He kicked at agents as they tried to apprehend him and shouted “Allahu Akbar!” (God is great!).

Court papers indicated that an undercover agent told Mohamud that he was an associate of the Pakistani contact. When the agent and Mohamud discussed the plan, Mohamud said that he wanted a “huge mass that will be attacked in their own element with their families celebrating the holidays”. Mohamud told the agent that he had wanted to carry out a jihad (holy war) against the U.S. since he was fifteen years old.

Sunday, September 6, 2015

7,810 Jeep SUVs are to be recalled in order to address a software vulnerability in the vehicles’ entertainment systems which allows the vehicles to be “hacked” — allows vehicle software security to be compromised — Fiat Chrysler Automobiles US (FCA US) said on Friday. This recall affects some 2015 model Jeep Renegades.

FCA US said exploiting the vulnerability would take “unique and extensive technical knowledge, prolonged physical access to a subject vehicle and extended periods of time to write code.” They said there are no known instances where the software vulnerability has caused injury to anyone.

They said owners of affected cars can fix the software vulnerability by inserting a device containing a software patch into a USB port inside the car.

Another 1.4 million vehicles manufactured by the company have also been recalled last month, when white hat hackers discovered they were able to hack and disable the engines of the affected vehicles remotely.

Tuesday, January 21, 2014

In late 2010 a geological expedition to Antarctica drilled through the Ross Ice Shelf so they could send an ROV under it. What they found was unexpected: Sea anemones. In their thousands they were doing what no other species of sea anemone is known to do — they were living in the ice itself.

Discovered by the ANDRILL [Antarctic Drilling] project, the team was so unprepared for biological discoveries they did not have suitable preservatives and the only chemicals available obliterated the creature’s DNA. Nonetheless Marymegan Daly of Ohio State University confirmed the animals were a new species. Named Edwardsiella andrillae after the drilling project that found it, the anemone was finally described in a PLOS ONE paper last month.

ANDRILL lowered their cylindrical camera ROV down a freshly-bored 270m (890ft) hole, enabling it to reach seawater below the ice. The device was merely being tested ahead of its planned mission retrieving data on ocean currents and the sub-ice environment. Instead it found what ANDRILL director Frank Rack of the University of Nebraska–Lincoln, a co-author of the paper describing the find, called the “total serendipity” of “a whole new ecosystem that no one had ever seen before”.

The discovery raises many questions. Burrowing sea anemones worm their way into substrates or use their tentacles to dig, but it’s unclear how E. andrillae enters the hard ice. With only their tentacles protruding into the water from the underneath of the ice shelf questions also revolve around how the animals avoid freezing, how they reproduce, and how they cope with the continuously melting nature of their home. Their diet is also a mystery.

E. andrillae is an opaque white, with an inner ring of eight tentacles and twelve-to-sixteen tentacles in an outer ring. The ROV’s lights produced an orange glow from the creatures, although this may be produced by their food. It measures 16–20mm (0.6–0.8in) but when fully relaxed can extend to triple that.

Genetic analysis being impossible, Daly turned to dissection of the specimens but could find nothing out of the ordinary. Scientists hope to send a biological mission to explore the area under the massive ice sheet, which is in excess of 600 miles (970km) wide. The cameras also observed worms, fish that swim inverted as if the icy roof was the sea floor, crustaceans and a cylindrical creature that used appendages on its ends to move and to grab hold of the anemones.

NASA is providing funding to aid further research, owing to possible similarities between this icy realm and Europa, a moon of Jupiter. Biological research is planned for 2015. An application for funding to the U.S. National Science Foundation, which funds ANDRILL, is also pending.

The ANDRILL team almost failed to get any samples at all. Designed to examine the seafloor, the ROV had to be inverted to examine the roof of ice. Weather conditions prevented biological sampling equipment being delivered from McMurdo Station, but the scientists retrieved 20–30 anemones by using hot water to stun them before sucking them from their burrows with an improvised device fashioned from a coffee filter and a spare ROV thruster. Preserved on-site in ethanol, they were taken to McMurdo station where some were further preserved with formaldehyde.

((Wikinews)) How did you come to be involved with this discovery?

Marymegan Daly: Frank Rack got in touch after they returned from Antarctica in hopes that I could help with an identification on the anemone.

((Wikinews)) What was your first reaction upon learning there was an undiscovered ecosystem under the ice in the Ross Sea?

MD I was amazed and really excited. I think to say it was unexpected is inaccurate, because it implies that there was a well-founded expectation of something. The technology that Frank and his colleagues are using to explore the ice is so important because, given our lack of data, we have no reasonable expectation of what it should be like, or what it shouldn’t be like.

((Wikinews)) There’s a return trip planned hopefully for 2015, with both biologists and ANDRILL geologists. Are you intending to go there yourself?

MD I would love to. But I am also happy to not go, as long as someone collects more animals on my behalf! What I want to do with the animals requires new material preserved in diverse ways, but it doesn’t require me to be there. Although I am sure that being there would enhance my understanding of the animals and the system in which they live, and would help me formulate more and better questions about the anemones, ship time is expensive, especially in Antarctica, and if there are biologists whose contribution is predicated on being there, they should have priority to be there.

((Wikinews)) These animals are shrouded in mystery. Some of the most intriguing questions are chemical; do they produce some kind of antifreeze, and is that orange glow in the ROV lights their own? Talk us through the difficulties encountered when trying to find answers with the specimens on hand.

MD The samples we have are small in terms of numbers and they are all preserved in formalin (a kind of formaldehyde solution). The formalin is great for preserving structures, but for anemones, it prevents study of DNA or of the chemistry of the body. This means we can’t look at the issue you raise with these animals. What we could do, however, was to study anatomy and figure out what it is, so that when we have samples preserved for studying e.g., the genome, transcriptome, or metabolome, or conduct tests of the fluid in the burrows or in the animals themselves, we can make precise comparisons, and figure out what these animals have or do (metabolically or chemically) that lets them live where they live.

Just knowing a whole lot about a single species isn’t very useful, even if that animal is as special as these clearly are — we need to know what about them is different and thus related to living in this strange way. The only way to get at what’s different is to make comparisons with close relatives. We can start that side of the work now, anticipating having more beasts in the future.

In terms of their glow, I suspect that it’s not theirs — although luminescence is common in anemone relatives, they don’t usually make light themselves. They do make a host of florescent proteins, and these may interact with the light of the ROV to give that gorgeous glow.

((Wikinews)) What analysis did you perform on the specimens and what equipment was used?

MD I used a dissecting scope to look at the animal’s external anatomy and overall body organization (magnification of 60X). I embedded a few of the animals in wax and then cut them into very thin slices using a microtome, mounted the slices on microscope slides, stained the slices to enhance contrast, and then looked at those slides under a compound microscope (that’s how I got the pictures of the muscles etc in the paper). I used that same compound scope to look at squashed bits of tissue to see the stinging capsules (=nematocysts).

I compared the things I saw under the ‘scopes to what had been published on other species in this group. This step seems trivial, but it is really the most important part! By comparing my observations to what my colleagues and predecessors had found, I figured out what group it belongs to, and was able to determine that within that group, it was a new species.

((Wikinews)) It was three years between recovery of specimens and final publication, why did it take so long?

MD You mean, how did we manage to make it all happen so quickly, right? 🙂 It was about two years from when Frank sent me specimens to when we got the paper out. Some of that time was just lost time — I had other projects in the queue that I needed to finish. Once we figured out what it was, we played a lot of manuscript email tag, which can be challenging and time consuming given the differing schedules that folks keep in terms of travel, field work, etc. Manuscript review and processing took about four months.

((Wikinews)) What sort of difficulties were posed by the unorthodox preservatives used, and what additional work might be possible on a specimen with intact DNA?

MD The preservation was not unorthodox — they followed best practices for anatomical preservation. Having DNA-suitable material will let us see whether there are new genes, or genes turned on in different ways and at different times that help explain how these animals burrow into hard ice and then survive in the cold. I am curious about the population structure of the “fields” of anemones — the group to which Edwardsiella andrillae belongs includes many species that reproduce asexually, and it’s possible that the fields are “clones” produced asexually rather than the result of sexual reproduction. DNA is the only way to test this.

((Wikinews)) Do you have any theories about the strategies employed to cope with the harsh environment of burrowing inside an ice shelf?

MD I think there must be some kind of antifreeze produced — the cells in contact with ice would otherwise freeze.

((Wikinews)) How has such an apparently large population of clearly unusual sea anemones, not to mention the other creatures caught on camera, gone undetected for so long?

MD I think this reflects how difficult it is to get under the ice and to collect specimens. That being said, since the paper came out, I have been pointed towards two other reports that are probably records of these species: one from Japanese scientists who looked at footage from cameras attached to seals and one from Americans who dove under ice. In both of these cases, the anemone (if that’s what they saw) was seen at a distance, and no specimens were collected. Without the animals in hand, or the capability of a ROV to get close up for pictures, it is hard to know what has been seen, and lacking a definitive ID, hard to have the finding appropriately indexed or contextualized.

((Wikinews)) Would it be fair to say this suggests there may be other undiscovered species of sea anemone that burrow into hard substrates such as ice?

MD I hope so! What fascinates me about sea anemones is that they’re able to do things that seem impossible given their seemingly limited toolkit. This finding certainly expands the realm of possible.

Monday, January 12, 2009

Byrraju Ramalinga Raju, founder and chairman of Satyam Computer Services, and his brother, B. Rama Raju, the company’s managing director, were arrested late Friday by Andhra Pradesh police. The brothers were placed under judicial custody in a Hyderabad, India jail and will remain there until January 23. Facing charges of criminal breach of trust (Section 406 of IPC), criminal conspiracy (Section 120-B), cheating (Section 420), falsification of records and forgery (Section 468), and fraudulent cancellation of securities (Section 477-a), they face up to ten years imprisonment if convicted.

After 18 hours of interrogation by the Crime Investigation Department (CID) at the state police headquarters, the Raju brothers were sent to the Chanchalguda prison and slept Saturday night on the floor along with 26 other low-risk inmates.

S. Bharat Kumar, the Rajus’s lawyer, asked the magistrate to issue orders for health monitoring. “His blood pressure is fluctuating and he needs medical treatment,” said Bharat Kumar. Mr. Raju appeared before the court Saturday while a team of doctors visited him after he had complained of chest pain.

Raju has Hepatitis-C, and both brothers have high blood pressure, so health precautions are necessary while imprisoned. Prison rules mandate service of jail food thrice a day. The menu includes 650 gm of rice thrice a day with 250 gm of vegetable curry and 125 gm of ‘daal’ plus tea twice a day.

Satyam’s chief financial officer Vadlamani Srinivas, who was also arrested Saturday, had undergone preliminary investigation and appeared Sunday before a special court, according to A. Sivanarayana, Andhra Pradesh additional director general of police. Srinivas was remanded to judicial custody until January 23 by Mr. D. Ramakrishna, Sixth Chief Metropolitan Magistrate, and sent to the Chanchalguda jail with the Raju brothers after interrogation by CID’s Crime Branch (the CB-CID). During his Saturday night arrest and probe by CB-CID, Srinivas made revelations which are contained in his confession letter as submitted to Network 18. “According to me fixed deposits are unreal and fictitious which were managed and was an understanding between the audit section management,” Srinivas stated.

The Hyderabad court on Monday postponed the bail hearings of the Raju brothers and Srinivas to January 16. To be defended by a battalion of 25 lawyers, the three accused will remain in Chanchalguda Central Jail until further court order. The Raju brothers were shifted Sunday to a mid-size Old Hospital Barrack cell shared with a bootlegger.

In 2008, the company struggled to purchase two infrastructure companies founded by family members of company founder and CEO Dr. Raju – Maytas Infrastructure and Maytas Properties – for $1.6 billion, despite concerns raised by independent board directors. Dr. Raju tendered his resignation on January 7 after due notice of falsified accounts to board members and the SEBI.

Since January 7 when two lawsuits were commenced, dozens of other class action law suits were filed against Satyam for hundreds of millions of dollars damages based on fraud in the United States District Court for the Southern District of New York in Manhattan, among others. The securities fraud class-action lawsuits have been filed on behalf of investors who bought Satyam American Depositary Receipts (ADRs) since 2004.

On Wednesday Dr. Raju admitted to falsifying and overstating Satyam’s cash reserves by $1B US dollars (£661m) or 94% of its cash and bank balances on books at the end of September.

The fraud was perpetrated several years ago to bridge “a marginal gap” between actual and accounting books operating profits, and continued for several years. “It was like riding a tiger, not knowing how to get off without being eaten,” B. Raju said.

In a letter to the board, Dr. Raju said that neither he nor the managing director had benefited financially from the inflated revenues. Further claiming that none of the board members had any knowledge of the dire company situation, he noted that Satyam’s balance sheet as of the September 30, 2008, carried inflated figures for cash and bank balances of INR 5,040 crore (as against INR 5,361 crore reflected in the books). He alleged it also carried an accrued interest of INR 376 crore which was non-existent. He confessed that he himself prepared an understated liability of INR 1,230 crore on account of funds amid an overstated debtors’ position of INR 490 crore (as against INR 2,651 crore in the books).

Indian analysts have compared the Satyam-Raju scandal to the infamous American Enron scandal. Immediately following the media expose, PricewaterhouseCoopers, auditor of Satyam’s accounts, was set to be probed for complicity in the controversy. Times Now has reported that the Andhra Pradesh CID arrested PricewaterhouseCoopers (PWC) representative Gopal Krishnan for investigation on Saturday night.

New York-listed Satyam Computer Services Ltd., India’s fourth-biggest software firm, is a consulting and information technology services company based in Hyderabad, India. Founded in 1987 by Dr. Byrraju Ramalinga Raju, Satyam’s network spans 67 countries on six continents. It employs 53,000 professionals in India, the United States, the United Kingdom, the United Arab Emirates, Canada, Hungary, Singapore, Malaysia, China, Japan, Egypt and Australia. Its monthly salary outflow is estimated at six billion rupees ($125 million). Deriving more than half of its revenues from the United States, it serves 700 global companies, 185 of which are Fortune 500 corporations.

Satyam’s clients include Nestle, Ford, General Electric Co., General Motors Corp., Nissan Motor Co., Applied Materials Inc., Caterpillar Inc., Cisco Systems Inc. and Sony Corp., and brought in about $40bn last year.

In December 2008, a failed acquisition attempt involving the company Maytas led to a plunge in Satyam’s share price. After Wednesday’s confession, Satyam stocks fell further by more than 70%, while the BSE SENSEX dropped to 7.3% Wednesday, causing the removal of Satyam Computer Services from its indices on Thursday. The shares free fell to 11.50 rupees on Friday, their lowest level since March 1998, compared with around last year’s high of 544 rupees.

The New York Stock Exchange has terminated trading in Satyam stock as of January 7, while the National Stock Exchange of India said it will remove Satyam from its S&P CNX Nifty 50-share index from January 12.

India’s biggest-ever corporate fraud has seriously tainted India Inc.‘s strong corporate governance image. “The admission of fraud in financial affairs has created an adverse impression in the minds of trade, business and industry across the world,” the Indian government admitted. The government intervened on Friday night, dismissing Satyam’s board of directors, announcing it will appoint representatives to manage the affairs of the insolvent outsourcing giant. The board would meet within seven days. Dr Yeduguri Samuel Rajasekhara Reddy, chief Minister of State of Andhra Pradesh, India, on Sunday said that the main agenda is to protect the jobs of the software professionals. “We are taking all needful steps in coordination with the government of India to ensure that the jobs of 53,000 engineers are protected and the shareholders’ money is salvaged,” Reddy said.

“We are working on the names. The Satyam case is an aberration. The credibility of the Indian corporate sector in general, and IT sector in particular, should not be allowed to suffer because of this.” Prem Chand Gupta, the Corporate Affairs Minister said. The Federal Government of India appointed a three-member independent board with full authority for Satyam on Sunday and was set to convene within 24 hours. “We have appointed Deepak Parekh, chairman of Housing Development Finance Corporation, Kiran Karnik, former president of IT industry body NASSCOM and C. Achutan, former member of Securities and Exchange Board (SEBI) of India,” Mr. Gupta said.

In early Monday trading (0535 GMT) after the creation of the three-member board, Satyam shares rocketed upwards 60% to 38.15 rupees, even though the main Mumbai market was down more than 2%. BBC reported that Satyam shares have jumped 51% to 36.05 rupees on Monday after the stock lost 87% last week. “The constitution of the new board is seen as a positive step by the market. It’s a confidence boosting measure,” K.K. Mital, Globe Capital, New Delhi head of portfolio management services said. “But the rally will depend largely on the financial situation at the company and the kind of measures that are taken to improve liquidity,” he added.

The Company Law Board, however, has requested Satyam’s interim board not to implement its decisions. “We are asked by the Company Law Board not to implement the decisions of the board. But we are allowed to continue our activity. The team which was constituted recently is continuing its work,” Satyam head global marketing and communications, Mr. Hari Thalapalli, said.

Lazard Ltd., who has a 7.4% stake in Satyam, sought representation on the new board and wrote as much to The Indian Ministry of Corporate Affairs. “As the largest shareholder in the company, we want to be consulted in whatever decisions are being taken by the Indian government. We have written to the Ministry of Corporate Affairs and are awaiting a reply from them,” Hitesh Jain, a partner at ALMT Legal, who claimed to represent Lazard, said. “It is a fair proposal and we will take a decision as and when we clear other issues. No decision on this has been taken yet,” P.C. Gupta replied.

Meanwhile, the Securities and Exchange Board of India (SEBI) also announced it will try to control the damage and take steps to boost investor confidence. “This exercise will be undertaken after the third quarter results and is expected to be completed by end of February this year,” a SEBI official statement said. A SEBI team is also investigating acting-CEO Ram Mynampati whose salary was greater than that of founder Dr. Raju and all the directors combined. Dr. Raju had just one fifth of Mynampati’s total package of over Rs 3.5 crore as of March 2008. All the directors comparably received only a total of Rs 2.6 crore as salary, commissions, sitting fees, professional fees and other receivables.

Further, the Andhra Pradesh Police CID and teams assigned by the Economic Offences Wing of the CB-CID conducted searches Sunday of homes of the accused including the ex-CFO’s office to gather documentary evidence about the financial fraud.