A senior finance ministry official said, on the condition of anonymity, that the top echelons of the government tried to convince the Central Board of Direct Taxes (CBDT) for a sympathetic consideration of the company's plea in the case pertaining to the income of the erstwhile Satyam Computer Services Ltd (SCSL) from abroad.
Dow Jones Indexes, a leading global index provider, has removed scandal-hit Satyam Computer from its 'Dow Jones India Titans 30 Index' and replaced it by Axis Bank.
Satyam Computer Services Ltd allotted 600 equity shares under a stock option plan.
Satyam Computer Services Ltd said Giga Information Group named it 'Top choice for SAP support' among offshore service providers.
Satyam Computer Services Ltd and Ansys Inc formed a strategic alliance that will help customers accelerate product innovation, time-to-market and quality.
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.
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.
The Enforcement Directorate on October 18 issued provisional attachment order of the company's fixed deposits worth Rs 822 crore (Rs 8.22 billion) in a money laundering case related to the previous management.
Satyam Computer Services Ltd said it will provide consulting services to Texas InstrumentsÂ’ incorporated digital signal processor customers.
Judge ruled that ther lawsuits failed to allege that the ex-directors recklessly failed to discover the fraud.
In its glory days, Satyam was the lifeline of Hyderabad.
Head of investor relations T A N Murti allegedly indulged in insider trading during the sacm.
Satyam Computer Services Ltd set up a learning centre for the families of Satyamites.
The former Satyam employees, who were granted bail, were its former internal chief auditor V S Prabhakar Gupta besides executives G Ramakrishna, D Venkatpathi Raju and Ch Srisailam. The fifth accused, who got the bail, is PWC's former auditor Subramani Gopalakrishnan.
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.
In the three months since the scam, Satyam's employee strength has reduced from 53,000 to 50,000, said a senior ministry of corporate affairs official. "Satyam continues to have strong revenues. The difference between its turnover and the next highest is around 10-15 per cent," he said. He did not disclose his idea of the revenue and net profit, saying it would interfere with the ongoing process for selling a strategic stake in Satyam.
The Andhra police have arrested two Price Waterhouse auditors- Gopalakrishna and T Srinivas- in connection with the financial irregularities case with Satyam Computer Services Ltd.
By contrast, the fraud enabled Raju's kin and aides to make hundreds of crores, charges CBI.
Satyam, which incorporated its sports division in 2007, will offer value-in-kind.
Last week, the 20-hectare zone had got embroiled in a controversy amid reports that the state government was taking back the land. This was after allegations that the land was allotted in an unfair manner. But Chief Minister Rajasekhara Reddy said the government would not cancel the allocation as the company was "sound."
Satyam Computer Services Ltd founder, B Ramalinga Raju, his brothers and their spouses have acquired 1,065 properties with a registered value of Rs 350 crore (Rs 3.50 billion). These include 109 properties in coastal Andhra, 11 in Karnataka, 40 in Nagpur, 29 in Chennai and 876 in Hyderabad and the surrounding Rangareddy district, according to sources tracking developments in the Central Bureau of Investigation probe of the Satyam case.
Satyam Computer Services Ltd has appointed Ram Mynampati as the interim CEO.
Satyam Computer Services Ltd has appointed Ram Mynampati as the interim CEO.
Riding on the success of the just-concluded FIFA World Cup 2010, Satyam Computer Services Ltd (rebranded Mahindra Satyam) is gearing up to provide its technology backbone solutions to two more world sporting events.
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.
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.
These facilities will accommodate 3,500 employees, who will be moved to the two company-owned campuses.
Effective this month, the 'Virtual Pool' programme is applicable on those Satyam employees based in India. It allows them to take time off from work on a reduced pay structure (for up to six months) while they continue to retain their employment. The company expects approximately 7,000 to 10,000 associates will be a part of the programme.
More trouble is brewing for Maytas Properties Ltd, the unlisted company promoted by the family of Satyam Computer Services Ltd founder B Ramalinga Raju.
The special court for economic offences here today posted six cases filed by the Serious Fraud Investigation Office (SFIO) against former directors of Satyam Computer Services Ltd in the multi-crore accounting scam to April 29 and the remaining one case to April 21.
Satyam Computer Services Ltd (rebranded as Mahindra Satyam to reflect its new ownership by Tech Mahindra) has filed a fresh lawsuit in a New York court, challenging the tax payment claims made by mobile payment services company Upaid Systems.
Bidding guidelines for inviting a strategic investor in Satyam Computer Services Ltd are expected to be ready in 10-15 days, Corporate Affairs Minister Prem Chand Gupta has said. "It would be a transparent process," said Gupta. The Satyam board was in touch with the financial consultants and would take a decision soon, he added.
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.
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.
In a major initiative expected to give a big boost to its consulting and enterprise business applications space, Satyam Computer Services Ltd on Friday announced the launch of 'Futurus', a state-of-the-art business solutions laboratory in Chennai.
Satyam Computer Services Ltd has set up a 25-member specialised team at Singapore to provide support to its high-end outsourcing projects in Asia-Pacific region, global IT services provider.
Satyam Computer Services Ltd on Tuesday said it is providing a free data management solution, as well as IT services to 'Project Hope' in China.\n
Nissan has signed a five-year-deal with Satyam Computer Services Ltd to enhance its key North America business portfolio.
'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.
