Satyam Computer Services, in the eye of a storm for financial wrong doings, will be stripped off the Golden Peacock Award -- the very laurel it used for trumpeting its corporate governance norms when the controversy broke out.
In a filing to the Bombay Stock Exchange, Satyam Computer said the last date by which letter of offer will be dispatched to the shareholders has been revised to June nine, from the earlier scheduled date of June three. Further, the last date of withdrawal by shareholders has also been revised to June 26, from the earlier June 27.
If implemented, this will be music to the ears of shareholders and analysts who have been insisting that Satyam would be better off returning money to shareholders.
On April 21, 2008, Satyam announced its plans to acquire the market research and customer analytics business unit from CAT for a total consideration of $60 million (approximately Rs 300 crore), comprising an initial payment of $10 million (Rs 50 crore), which Satyam paid to the seller on August 6, 2008, besides issuing a $50-million (Rs 250 crore) promissory note.
Satyam has been saved. It has a credible owner after an auction in which reputed companies had bid, it has survived the last three months without much loss of business or desertion by staff, it has coped with a severe cash crunch and a national asset can now be re-built into an IT services powerhouse.
Satyam Computer Services Ltd said it will provide consulting services to Texas InstrumentsÂ’ incorporated digital signal processor customers.
'It is revealed that an amount of Rs 1,425 crore out of Rs 1,744 crore loan obtained from NBFCs was transferred to the bank accounts of SCSL by 37 companies as loan over a period ranging from November 17, 2006 to October 30, 2008 to meet the expenses of the Satyam Computer Services Limited. Out of this amount, Rs 194 crore was returned by SCSL during October and November 2008 to 15 out of the 37 companies,' the CBI said in its chargesheet.
The six-member government-appointed board of scandal-hit Satyam Computer Services today appointed investment banks Goldman Sachs and Avendus to explore various strategic options for the company, which include identifying strategic investors and obtaining expressions of interest from them in a fair and transparent manner.
Satyam Computer Services has signed a $71 million seven-year contract with Qantas for development and maintenance of over 150 applications across a wide portfolio of technologies.
UN spokesperson Michele Montas has said she no new information about reassessment of UN contracts with Satyam, now under investigation by Indian authorities for fraud. The UN, however, did not assign any reason for the action against the Indian IT company, which is smarting from the shock of a Rs 7,800 crore (Rs 78 billion) accounting fraud engineered by its founder Ramalinga Raju.
Satyam Computer Services Limited on Thursday announced that it has implemented an organisation-wide, virtual learning environment called Satyam Learning World.
Satyam Computer Services, a leading global IT services company, on Wednesday signed an estimated $200 million (around Rs 900 crore) five-year contract with California-based Applied Materials
Nissan has signed a five-year-deal with Satyam Computer Services Ltd to enhance its key North America business portfolio.
Satyam Computer Services on Wednesday announced the winning of a new long-term contract from its existing customer, the World Bank whereby it has been chosen as the World Bank's primary offshore IT services partner.
Satyam Computer Services and Sun Microsystems India on Wednesday have announced the launch of the Satyam customer solution centre on Sun Technologies.
Besides, 43 other customers partially or completely withdrew their businesses from Satyam, although they did not terminate their service agreements, Satyam said. The disclosure about customer wins and losses post Raju's resignation and fraud admittance letter have been made for the period till March 26, 2009.
Following is the chronological summary of events which saw IT major Satyam Computer Services, founded in 1987, on its path to disaster:
The NYSE-listed Satyam Computer Services on Tuesday said the company has the potential to grow from its current employee strength of 20,000 to 50,000 in a few years.
As the New York Stock Exchange, Euronext and NSE are affiliated entities, upon listing on Euronext, it would establish its association with all three exchanges under one group, strengthening its presence in these three important markets, Satyam said in a communique to the Bombay Stock Exchange.
The 10 accused in the case include prime accused Satyam Computers founder and former chairman B Ramalinga Raju, his brother and Satyam's former MD B Rama Raju, ex-CFO Vadlamani Srinivas, former PwC auditors Subramani Gopalakrishnan and T Srinivas, Raju's another brother B Suryanarayana Raju, former employees G Ramakrishna, D Venkatpathi Raju and Ch Srisailam, and Satyam's former internal chief auditor V S Prabhakar Gupta.
The eight companies, against which the ministry of corporate affairs has ordered inspection on Thursday, include Maytas Properties and Maytas Infrastructure. Following the disclosure, the MCA has asked the Registrar of Companies, Hyderabad to investigate the company, while market regulator Sebi also ordered a probe.
Software company Tech Mahindra said it may evaluate the telecom business of the Satyam Computer Services for acquisition.
The court also adjourned the hearing of other cases filed by the CBI and the Enforcement Directorate against the fraud-hit software major to the same date. Mahindra Satyam, in its petition filed on February 15, requested the court to order the CBI to release documents and data storage devices sized by the Central agency and State CID (initial investigator of the case) during searches last year.
Satyam Computer Services Ltd set up a learning centre for the families of Satyamites.
Two contradictory remarks by ministers caused wild fluctuations in Satyam's stock. Why did they make them?
The Andhra Pradesh High Court on Tuesday stayed a provisional order of Enforcement Directorate attaching Rs 822 crore (Rs 8.22 billion) deposit belonging to Mahindra Satyam in a money laundering case involving former Satyam Chairman B Ramalinga Raju and others.
Satyam Computer Services Ltd will set up a business continuity center in Singapore, its headquarters for Asia-Pacific Region. This would be the first such center outside India.
Satyam Computer Services and Microsoft China signed a memorandum of understanding to jointly develop the enterprise solutions market in China.\n
IT major Satyam Computer Services Ltd on Wednesday said it will implement an infrastructure lifecycle management solution for the Dubai Municipality engineering departments with a view to address its administrative and technical problems.
Two years after the scam broke, Satyam is almost back on track. Here is the story of the impressive turnaround.
Fresh suitors have emerged, and a cleanup is proceeding under a board appointed by the government. But the fraud leaves a cloud over Indian outsourcing.
The hearing of the forgery case filed by British mobile solution firm Upaid against Satyam Computer Services is not scheduled for hearing during this week. This means no Satyam official -- neither B Ramalinga Raju who stepped down as its chairman after admitting to a financial fraud nor any other top executive -- is in the US for the case. When contacted, a Satyam spokesperson confirmed the development and added that Raju was 'very much' in Hyderabad.
In just two years after taking over Mahindra Satyam (the brand identity of Hyderabad-based information technology outsourcing company Satyam Computer Services), its parent company Tech Mahindra is looking at inorganic growth to take Satyam, which it had nursed back to health, to do a marathon.
Restated numbers are better than the Street's expectations.
The Satyam buyout gives the tech firm a chance to diversify away from telecom, something it badly needed to do. It shouldn't be too difficult for Satyam to be able to turn in an operating profit of close to Rs 1,000 crore in 2009-10, so that would translate into an EV/ebitda of 8.4 times for the company.
After Tech Mahindra emerged as an investor in April, he said he travelled to meet customers, associates and teams across the world. 'All of them are interested in the future. I dream of an enterprise which remains connected to its customers, partners, influencers and the society in more ways than one,' Mahindra Satyam CEO C P Gurnani said. 'Let's make a great future together.'
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