Archive for March, 2007

Hutch-Vodafone deal to get delayed

Friday, March 9th, 2007


The Hutch-Vodafone deal will be delayed by two months with the Delhi High Court referring the case to the Foreign Investment Promotion Board (FIPB).

The Court was hearing a petition by NGO Telecom Watchdog, which alleges that foreign holding in the mobile venture is 89.03 per cent – far more than the 74 per cent FDI cap for the telecom sector.

A division bench comprising Chief Justice M K Sharma and Justice Sanjiv Khanna said: “(Since) the aforesaid matter is before FIPB and an inquiry is (being) done by FIPB, we are not issuing any notice to the companies. The Centre and FIPB will decide the matter as expeditiously as possible within two months.”

Hutchison Telecom had denied the allegations as groundless.

Shareholder approval

Meanwhile, shareholders of Hutchison Telecom International Ltd (HTIL) have approved sale of the company’s Indian assets to UK mobile giant Vodafone for $11.1 billion in cash with an overwhelming majority.

The shareholders, representing a majority of HTIL shares, approved the deal at an Extraordinary General Meeting in Hong Kong on Friday. (with PTI inputs)

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The story about how Stanford University began

Friday, March 9th, 2007

A lady in faded dress and her husband, dressed in a threadbare suit, walked in without an appointment into the office of the president of the most prestigious educational institution in America.

The secretary frowned at them and said, “He will be busy all day.”

“We will wait,” said the couple quietly.

The secretary ignored them for hours hoping they will go away. But they did not. Finally, the secretary decided to disturb the president, hoping they will go way quickly once they meet him.

The president took one look at the faded dresses and glared sternly at them. The lady said, “Our son studied here and he was very happy. A year ago, he was killed in an accident. My husband and I would like to erect a memorial for him on the campus.”

The president was not touched. He was shocked. “Madam, we cannot put up a statue for every student of ours who died. This place would look like a cemetery.”

“Oh, no,” the lady explained quickly, “we don’t want to erect a statue. We thought we would give a building to you.”

“A building?” exclaimed the president, looking at their worn out clothes. “Do you have any idea how much a building costs? Our buildings cost close to ten million dollars!”

The lady was silent. The president was pleased and thought this would get rid of them.

The lady looked at her husband. “If that is what it costs to start a university, why don’t we start our own?” Her husband nodded.

Mr. and Mrs. Leland Stanford walked away, traveling to Palo Alto, California, where they established the university as a memorial to their son, bearing their name—the Stanford University.

The story goes that this is how Stanford University began.

Source : An excerpt from IIT Convocation Address by Azim Premji

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