Satyam Infoway Limited, an Internet, network and e-commerce services company, announced on Tuesday that it has completed the change of its name to Sify Limited.
'In a country like India where entrepreneurship is not common except in commercial or merchandise families, the situation is different today.'
The entities were involved in fraudulent practises in Sun Infoways stocks.
Official sources said the 2000-01 acquisitions -- notably the high-profile purchase of web portal India World Communications from Rajesh Jain for Rs 499 crore (Rs 4.99 billion) -- by Satyam Infoway could mark the start of the company siphoning funds overseas under the guise of acquiring companies. Satyam Infoway was merged with Satyam Computers in 2002.
One associate feels rebuilding trust in existing and prospective clients will take six months to a year. "Currently, it's business as usual for those who are involved in project development but not for those in business development. We don't have financials and without it we cannot convince clients about our capabilities. Now that we have come under the umbrella of Tech Mahindra, things may change for the good soon," he said.
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