Satyam's director Tarun Das had earlier said that the company had been approached by Indian and international IT companies and that the board would decide on it. Reports have suggested that engineering major L&T has expressed interest in acquiring Satyam, while Tech Mahindra is interested in the telecom business of the Satyam group.
If extra tax has been paid on inflated income, only a 'bona fide mistake' will get refund.
Scandal-hit Satyam Computer Services is likely to abandon its proposed IT park project in Gandhinagar in view of the multi-crore fraud in the Hyderabad-based software firm, Gujarat government officials said on Friday.
iGate had in a statement on Friday evening said that it had dropped its bid for Satyam on 'further analysis'. Clarfying his stand last week that iGate would be keen to bid for Satyam at an offer price of below 90 cents a share, Murthy said, "Had we decided to pursue the bid, the share price would have had no bearing on our offer price as we would have bid at a price we thought was a fair valuation."
Second-quarter net profit plunges to Rs 23 crore (Rs 230 million) from Rs 98 crore (Rs 980 million) in first quarter.
After resuming trading on Monday, shares of Satyam plummeted 84 per cent to close at $1.46. It had touched its intra-day low at $0.78. Asked if the NYSE will issue a notice for possible delisting of the company for shares dipping below $1, NYSE spokesperson told PTI in an e-mailed statement, "No, the average closing price of a security must be less than one dollar over a consecutive 30 trading-day period.
"After Ramalinga Raju made his confession, we encouraged our leaders to meet with their teams hourly and then several times a day," says Ed Cohen.
Fraud-hit IT outsourcing company Satyam Computer Services Limited (rebranded as Mahindra Satyam) is getting itself back on track, and inching closer towards acquiring the multi-million multi-year contracts it lost from Telstra and Merrill Lynch, according to a source close to the development.
The six-member board -- comprising HDFC chairman Deepak Parekh, former Nasscom president Kiran Karnik, former Sebi member C Achuthan, CII chief mentor Tarun Das, renowned chartered accountant TN Manoharan and LIC nominee Suryakant Balakrishnan -- met in Hyderabad on Thursday for the third time after it was constituted January 12.
The court directed Raju, the prime accused in Satyam scam, and others to furnish personal bond of Rs 20,000 each and sureties of the like amount on or before December 22 and posted the matter to the same date.
'But I would not like to write it myself. I don't think it will be right.'
As per the contract, Satyam would develop a customised event management system and build extranet and intranet over the next 12 months.
The government is understood to be in favour of selling a 51 per cent stake in the beleaguered Satyam Computer Services, so that the ailing firm can raise sufficient funds to meet its working capital expenses and liabilities from the class-action suits.
After hearing a petition filed by Satyam on Wednesday, CLB ordered that the company could conduct an open transparent auction process for inducting a strategic investor.
Satyam founder R Raju challenges fraud case verdict
The government is planning to nominate full-time directors while inducting the remaining seven members in the reconstituted board of Satyam Computer Services Ltd, said a top corporate affairs ministry official. The ministry of Corporate Affairs (MCA), which got an interim order from the Company Law Board to supersede the existing board of the Hyderabad-based company, is planning to make the announcement within a week to ensure smooth functioning at Satyam.
IBM's exit leaves the field open for engineering giant Larsen & Toubro, which owns 12 per cent in Satyam, Tech Mahindra, Cognizant Technology and private equity firm Wilbur L Ross. Satyam currently faces 13 class action suits by holders of the company's ADRs in the US. An investment banker close to the deal said IBM was a big name and could, therefore, be vulnerable to more lawsuits.
Millions of shareholders would be hurt by the developments as the Satyam management was not fair to them, said the official, who did not want to be named. The SFIO investigation would form part of the coordinated action by all the regulatory and enforcement agencies, the official said.
Satyam Computer Services Limited has commenced a competitive bidding process, which contemplates the selection of an investor to acquire a 51 per cent equity interest in the troubled IT services company.
CBI on Wednesday announced that it will set up a multi-dimensional team to probe the 'unique' fraud, which involves Satyam founder B Ramalinga Raju and his family members. While the spokesman remained evasive to questions on when the cases would be registered, CBI sources said records and other materials associated with the probe was being taken over by the agency.
The Comptroller of Auditor General (CAG) of India has rapped Maharashtra Government for giving 'undue benefit of over Rs 20 crore (Rs 200 million)' to controversial Satyam Computer Services Ltd by selling land at lower rates in Multimodal International Hub Airport (MIHAN) project at Nagpur.
Speaking to private TV news channel CNBC TV18, Naik said, "Some corporate action will take place in the near future but we cannot comment on taking over Satyam at this stage."
The government has suggested that the new Satyam Computer Services board should also look within the company to appoint a CEO and CFO.
Bhupendra Kumar Modi of Spice Corp on Thursday sent an expression of interest to the new Satyam Computer Services board to acquire the fraud-hit company.
Satyam Computer Services Ltd on Wednesday announced approval of Sponsored American Depository Shares issue against the existing equity shares of the company.
Satyam Computer Services, India's fourth-largest software services provider, today came under fire from institutional investors after the company announced its acquisition of two companies -- Maytas Infra and Maytas Properties--for $1.6 billion (around Rs 7,680 crore).
GramIT, rural business process outsourcing initiative of the Byrraju Foundation, is in talks with various funding agencies 'to expand the scope and presence of its rural BPO services,' said foundation's lead partner Verghese Jacob. Byrraju Foundation is the NGO outfit formed by Satyam Computer Services founder B Ramalinga Raju in his personal capacity.
Satyam Computer Services will scrap the variable pay policy and introduce a revenue-linked allowance from next month for a section of associates in a bid to minimise cost.
Union of scam-tainted Satyam and telecom-focused Tech Mahindra has produced a fitter company.
Sources said, though the board did not meet officially on Monday, the members were engaged with some of the prospective lenders to overcome the financial problems.
The housing finance regulator National Housing Bank on Thursday said it was collecting information from housing finance companies about their exposure in group entities of the scam-tainted Satyam Computer Services.
The centre named Process Manufacturing Innovation Centre of Excellence would help companies to take advantage of the advancements made in IT - mainly in areas of product and process innovation, Satyam said.
The trial in Satyam fraud case had concluded in second half of June before the special court, which examined 216 witnesses and marked 3,038 documents during the course of the hearing.
The Satyam Computer Services board is expected to induct former managing director of Tata Chemicals Homi R Khusrokhan on the company's board of directors as Executive Director and former chief financial officer of Murugappa group Partho S Datta as Director (Finance).
Satyam, which incorporated its sports division in 2007, will offer value-in-kind.
The government's help to the crisis-ridden Satyam Computer Services may include financial support as well, as it is a question of saving jobs and institutional investment, Commerce and Industry Minister Kamal Nath said.
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