Giving relief to the scam-hit Satyam Computer, the Company Law Board (CLB) on Thursday extended time limit for the IT company to declare quarterly financial results and file statutory documents up to December 31, 2009.
The buzz refuses to die down even though other PE players, investment bankers and analysts say such an alliance is highly unlikely. Wilbur Ross, meanwhile, is understood to have completed the due diligence of the scam-tainted IT company. When contacted, a company official declined comment.
Broadening the ambit of probe into the country's biggest corporate fraud at Satyam, the Income-Tax department has formed a two-member team to assist the Central Bureau of Investigation (CBI), besides carrying out a parallel inquiry into alleged tax violations.
The country's biggest ever corporate scam, currently being probed by the Serious Fraud Investigation Office in Hyderabad, is expected to be discussed in the Rajya Sabha on Tuesday, corporate affairs minister Prem Chand Gupta told PTI. Gupta said the government is open to all options in the case.
The regulator said the amendment to the Sebi (Substantial Acquisition of Shares and Takeovers) Regulations, 1997, provides for 'relaxation from the strict compliance of provisions of Chapter-III in certain cases.' Chapter-III deals with mandatory open offer if an entity acquires 15 per cent stake in a company, as also for acquisition or change of control of the company, among others.
While some industry observers said it's good for the company, others dismissed him as an interim arrangement before the government-appointed board finally sells out the company. In an email interview to Business Standard, A S Murty details his course of action.
The court also decided to hear the bail pleas of four of the accused.
Market regulator SEBI on Tuesday said it will be able to take action against the culprits in Satyam accounting fraud case in the next one year.
The team comprising advisors and inspectors from SFIO has gone to assist the officials of the Hyderabad registrar of companies, which is at present conducting investigations. Minister of corporate affairs Prem Chand Gupta had on Wednesday directed the RoC Hyderabad to look into the Satyam issue and submit a preliminary investigation report by January 14.
Satyam Computers founder and chairman Ramalinga Raju has resigned from the company.The company's managing director B Rama Raju has also resigned.
The edtech major promised a learning revolution, offering hope to millions of under-educated youth. Now, those dreams are shattered, observes Devangshu Datta.
Leading IT services firm Satyam Computer Services will be allotted 50 acres of land in Chennai by the Tamil Nadu government for expanding its operations.
Asked about the specific damages sought in the lawsuit, law firm Vianale & Vianale LLP's counsel Keneth J Vianale said that the sum duped could be in hundreds of millions of dollars. After the scandal was revealed, trading in Satyam shares was halted by the NYSE on January 7 and the stock exchange has said that it is assessing whether the firm deserves to stay on the bourses.
ADAG, Mahindra BT, L&T Infotech may team up with PEs.
IT major Satyam Computer Services Ltd on Monday said it would consider bonus issue and financial results for the quarter and year ended March 31 on April 21.
It alloted 6000 non-convertible debentures of face value of Rs 10 lakh
The board had earlier said that the bidder will be announced on April 9.
The government on Friday informed the Supreme Court that it will set aside its order directing scam-hit information technology firm Satyam Computer to pay Rs 617 crore (Rs 6.17 billion) as income tax and will give a fresh hearing to the firm's plea challenging the tax demand.
There were also reports that the board might opt for an open bidding process, which will bring in the much-required funds into the company. The board will also insist that only companies with a good track record can bid for the company. However, this could not be confirmed.
The maximum size of the offering is 3 crore equity shares
Market looks at a share swap ratio of 1:8
Guntu Kaaram doesn't deliver on its basic promise: Entertainment, sighs Mayur Sanap.
Out of the total dues, Satyam Computer, which has now been re-branded as Mahindra Satyam, alone owes a hefty Rs 532 crore (Rs 5.32 billion) to the Income Tax department
The NSE Nifty finished with a gain of 180 points at 5,317. The BSE market breadth was bearish - out of 2,795 scrips traded, 1,606 declined.
The NSE Nifty finished with a gain of 180 points at 5,317. The BSE market breadth was bearish - out of 2,795 scrips traded, 1,606 declined.
ICAI starts proceedings against software firm's CFO and head of audit cell.
Stressing a coordinated mechanism between the central agencies and departments like Securities and Exchange Board of India and the Serious Fraud Investigation Office, the Andhra Pradesh chief minister said the scope of probe underway by the state government included Satyam's connection with the Maytas firms.
Satyam has posted a profit after tax and extraordinary items of Rs 140.84 crore for the fourth quarter when compared with a loss (after tax and extraordinary items) of Rs 35.91 crore for the quarter ended March 31, 2003.
'I regret the years that I did not work. I took a break at the peak of my career. I should not have done that. You lose contact with people and to start all over again is a struggle.' Rajnigandha actress Vidya Sinha looks back at her life.
There are huge investments from all parts of Europe and the US, and the investors are not looking at this as a red flag.
IT major Satyam Computer Services Ltd on Friday posted a 28.56 per cent increase in profit after tax at Rs 322.34
The diary entries are not regular. It included his thoughts on society, poems and couplets by revolutionaries and freedom fighters.
Satyam Computer Services Ltd on Friday posted a 35.96 per cent rise in net profit at Rs 289.90 crore (Rs 2.9 billion)
Except for Satyam Computers, attrition rate went higher at Infosys, TCS and Wipro from both the previous quarter as well as the year-ago period.
What if these old classics were made in today's times? Sukanya Verma figures it out.
