Mahindra Satyam on Wednesday said its board has approved settlement of lawsuits brought by its former client Upaid Systems by paying $70 million.
Key leadership hiring in different pockets -- a few from other companies -- to beef up the company's sales efforts is currently on.
Mahindra Satyam has approached the Commerce Ministry for more time to develop the three IT Special Economic Zones in Andhra Pradesh as it has decided to go slow on its expansion plans due to the slowdown.
Engineering and construction major L&T on Tuesday said Satyam Computer Services, which is rebranded as Mahindra Satyam, has kept its shareholders in the dark about it's performance.s
The company is planning to add a net of 7,000 employees in the next fiscal.
Following the CLB nod, the company can also publish the June 2010 quarterly numbers with the September quarter results.
Second-quarter net profit plunges to Rs 23 crore (Rs 230 million) from Rs 98 crore (Rs 980 million) in first quarter.
F1 is the highest class of single-seater auto racing sanctioned by the Federation Internationale deRs Automobile.
Mahindra Satyam said it will withdraw the petition filed against the Tax Department challenging its direction to pay tax.
On February 17, 2009, Satyam case was handed over to CBI.
In its glory days, Satyam was the lifeline of Hyderabad.
Mahindra Satyam still has to face 13 Class Action Law suits filed in the US. Analysts peg the cash outflow for these cases to be around $100 million. Satyam also has to get large marquee outsourcing deals, and is yet to restate its accounts which will give investors a good picture of where the company stands.
For the first time since its founder admitted to falsifying the company's accounts, Satyam Computer will come out with its financials for fiscal years 2008-09 and 2009-10 on September 29.
The litigation relates to the 2009 accounting fraud at Satyam Computer.
While the company will gain from enhanced scale and size following the merger with Mahindra Satyam, its ability to bag large deals will be a key growth driver.
Software company Tech Mahindra said it may evaluate the telecom business of the Satyam Computer Services for acquisition.
Mahindra Satyam merged with Tech Mahindra, creating a new entity with revenues of $2.7 billion.
The company has put in place a new team to scout for opportunities in new verticals and geographies in order to double revenue in two years.
This settlement relates to an accounting fraud perpetrated by the company's former management from at least 2003 through September 2008.
W L Ross & Co has acquired 1.8 million American Depository Receipts (ADRs) of Satyam (Mahindra Satyam) from NYSE Euronext for $4.6 million (over Rs 20 crore) at an average price of $2.5 per share, the parent firm of W L Ross, Invesco, said in a Securities and Exchange Commissions (SEC) filing.
Head of investor relations T A N Murti allegedly indulged in insider trading during the sacm.
Mahindra Satyam has reportedly requested Khurshid to take up the issue of taxation with the Finance Ministry as it would be unjust to tax income that was never there.
By all accounts, Satyam (now known as Mahindra Satyam) is out of the woods. Losses have been cut. The hole caused by Ramalinga Raju's misdemeanours has been plugged.
'We wrote to the bank a few weeks ago. We don't expect an immediate response as these things take time but we disagree with the claims they've made,' Australian IT quoted Tech Mahindra executive vice-chairman Vineet Nayyar as saying in Sydney. Satyam was blacklisted last September and a month later was forced to deny reports that its contractors had installed spy software on World Bank computers.
Mahindra Satyam, the rebranded Satyam Computer Services, is planning to recruit 2,000 professionals. It will be a mix of freshers and lateral hiring, to cater to specific requirements of some clients.
Satyam Computer Services (rebranded as Mahindra Satyam) has recovered 32 clients of Satyam since May. The company has close to 420 clients at present -- down from the approximately 500 clients it had before takeover.
Also, on Wednesday Mahindra Satyam said its board has approved settlement of lawsuits brought by its former client Upaid Systems by paying $70 million.
There were speculations that BT may exit in view of likely merger of Mahindra Satyam and Tech Mahindra.
Nearly 18 months after the Mahindra Group acquired Satyam Computer Services following the admission of fraud by the latter's then chairman B Ramalinga Raju, the new management of Mahindra Satyam surprised analysts while restating the company's financials for FY09 and FY10.
According to sources, engineering major L&T had also put in its bid to acquire control of the Hyderabad-based company, while Cognizant has not put in a bid.
Later Mahindra Satyam said its board of directors has allotted 19.86 crore additional shares to Venturebay, which would take Tech Mahindra's stake to approximately 43 per cent of the outstanding share capital. A Tech Mahindra spokesperson said after the preferential allotment Venturebay's stake in Mahindra Satyam would be 42.7 per cent.
The Ministry of Corporate Affairs has suggested that Satyam Computer deposit the salary of directors nominated to its board by the government after a multi-crore accounting fraud was exposed at the IT firm in the government treasury.
India has urged the US Securities Exchange Commission (SEC) not to impose fine on Satyam, now Mahindra Satyam, in view of irregularities as the company was also listed there.
Satyam founder B Ramalinga Raju's confession letter on January 7 also refers to a net amount of Rs 1,230 crore (Rs 12.3 billion) arranged for Satyam by the 37 companies.
Mahindra Satyam, the erstwhile Satyam Computer Services, has sought time until September 30 from the Company Law Board (CLB) to file financial statements.
The court said the company had misinterpreted the assurance of the tax department that it would set aside its earlier order seeking Rs 617 crore.
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.'
IT firm Satyam Computer on Tuesday said its new owner Tech Mahindra has completed the process for acquiring 31 per cent stake in the company.
After announcing the second quarter results, Chairman Vineet Nayyar, Chief Executive C P Gurnani and Chief Financial Officer Vasant Krishnan share their views.
This second report is expected to go deeper into the matter and look at all new facts that may have come up.
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