Breaking his silence on the embarrassing developments over the last two weeks, Raju said in an open letter to employees that 'please be assured that the Board and the leadership team are doing everything that's possible to get Satyam back on track'.
'Director Raj Kapoor brought me on board the film, but was concerned about my 'Western' image.'
Terming disclosures of financial wrong-doings at Satyam as an event of 'horrifying magnitude,' the Securities and Exchange Board of India on Wednesday said it would take all steps under the law for which it has started discussions with government and bourses.
Terming disclosures of financial wrong-doings at Satyam as an event of 'horrifying magnitude,' the Securities and Exchange Board of India on Wednesday said it would take all steps under the law for which it has started discussions with government and bourses.
The Securities and Exchange Board of India (Sebi) has allowed Price Waterhouse to cross-examine some of the entities involved in the Satyam scam. The capital market regulator has, however, refused permission to cross-examine the erstwhile top brass of Satyam, including Ramalinga Raju (former chairman) and Vadlamani Srinivas (former senior vice-president & CFO).
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.
The former Satyam Computer's founder, Ramalinga Raju, had confessed in early 2009 to having falsified the company's accounts for years.
Existing investors, who have bought at higher levels of Rs 200 and above, should remain invested for at least a quarter until further clarity emerges from the bidding process.
The merger process started four years ago, with the acquisition of Satyam in April 2009.
The edtech major promised a learning revolution, offering hope to millions of under-educated youth. Now, those dreams are shattered, observes Devangshu Datta.
Special court will announce judgement in Satyam case on Dec 23.
The Securities and Exchange Board of India is expected to take up two critical issues at a board meeting scheduled February 2
"I am of the view that resigning from the board now is like deserting a troubled ship. We should remember Satyam is a major player in global IT space, employing well over 50,000 of the best and the brightest of professionals, with vendor commitments to several global corporates and entities," said Satyam's independent director T R Prasad.
"The situation is bad. Some people are leaving and some are being asked to leave. And more important, several positions are remaining vacant. The selected candidates for these posts are not coming," said an associate, as the employees are called. "There is talk now that the new company, whichever that is, will cut at least 10,000 jobs gradually. We are praying that this is unfounded," a senior associate said.
Upon delisting from Euronext Amsterdam, the company's equity shares are expected to remain listed and continue to be traded on the Bombay Stock Exchange and the National Stock Exchange of India and its ADS are expected to continue being traded on the New York Stock Exchange in New York. The company does not intend to delist from the BSE, the NSE or the NYSE.
ICAI president Uttam Prakash Agarwal said the new board, to be called the Review Reporting Board, will have powers to examine even unlisted firms. Currently, the Financial Reporting Review Board, which was set up in 2004 to monitor and regulate the functioning of CAs in the country, picks up audit reports of about 50-60 listed companies and non-government organisations to see whether procedures are being followed.
The remaining two directors would continue to remain with the board for a period of three years and will not be counted in the maximum number of the directors that the company can have as per its Articles, the CLB order said.
There will be no retrenchment in Satyam, up to 10,000 employees to be put into virtual pool, Tech Mahindra CEO Vineet Nayyar said.
Two more directors on Monday resigned from the board of Satyam Computer Services, taking the number to three, following differences over an abortive acquisition deal involving two firms promoted by chairman Ramalinga Raju's family.
Australian telecom giant Telstra has reportedly dropped outsourcing partner Satyam Computer Services from an applications support contract worth Aus $32 million annually.
Serious Fraud Investigation Office joins multi-agency probe.
Ram Mynampati, the interim chief executive of the beleaguered Satyam Computer Services, wrote an impassioned letter to all the employees to the company, asking them to stand together in these turbulent times.
Unlikely to launch formal probe into IT firm's Maytas move.
T R Prasad, independent director on the Satyam board, defended the decision to acquire the two Maytas firms, and said that the purpose was to create shareholder value. "We looked at it and according to our best judgment we thought the decision was in the long-term interest of the company," Prasad told Business Standard.
Within hours of Company Law Board orders, the government on Thursday appointed its nominees on the boards of Maytas Infra and Maytas Properties, the companies promoted by the kin of disgraced founder of the Satyam Computer Services B Ramalinga Raju.
In an e-mail interview to Assistant Managing Editor Indrani Roy Mitra, chairman of National Association of Software and Service Companies, Ganesh Natarajan discusses the issues related to the Satyam debacle.
In a filing to the Bombay Stock Exchange, Maytas Infra said a meeting of the board of directors of the company will be held on Thursday to appoint Vaish and Jain as directors of the company in accordance with the order of the Company Law Board. Former ICAI president Ved Jain and noted tax lawyer O P Vaish were named as new board members of Maytas Infra following CLB directing the government to appoint four nominee directors, including a chairman, on the company's board.
The move came days after he chaired a controversial board meeting mid-December that cleared Satyam's acquisition of two companies -- Maytas Infra and Maytas Properties -- linked to the family of the IT firm's founder and chairman B Ramalinga Raju. On December 29, Rao also resigned from the Satyam board.
L&T is the largest single shareholder in Satyam holding a 12 per cent stake in the IT firm.
Satyam Computer on Monday sank deeper into a crisis with two more directors quitting the board and the company announced that lenders were possibly selling promoters' equity that is entirely pledged with them.
The government has decided to make all former Satyam Computer Services top executives and board members, including the independent directors, answerable for the fraud in the company on grounds that they "attempted to enrich themselves unjustifiably at the cost of the company and its stakeholders".
Talks of a possible merger or takeover will not have credence for a while
Bharatiya Janata Party leader and Investors' Greivance Forum chief Kirit Somaiya has meanwhile filed a criminal complaint against Satyam and demanded that all transactions that have been conducted (after Raju admitted the fraud committed by him) must be reversed today (Friday, Jan 9) before 3 p.m. on the stock exchanges.
If no bid comes within at least 90 per cent of the highest bid, the highest bidder would be declared the final buyer. Accordingly, the government-appointed board and Justice S P Bharucha, the former chief justice who will oversee the bidding, will open the sealed financial bids submitted by the shortlisted qualified bidders whose technical bids have been found satisfactory, and rank them based on price only. Earlier, there was no ranking of the bids.
Security and Exchange Board of India Chairman C B Bhave and representatives from the Reserve Bank and Corporate Affairs Ministry are likely to brief parliamentary standing committee on finance about the latest developments in the Satyam fraud case, at a meeting called on Wednesday to discuss the issue.
The Securities Appellate Tribunal on Wednesday directed the Securities and Exchange Board of India (Sebi) to allow PW cross-examination of former key executives of Satyam - former chairman Ramalinga Raju, former managing director Rama Raju, former chief financial officer (CFO) Vadlamani Srinivas and former vice-president (finance) G Ramakrishna.
In an interview, author and columnist Steve Hamm shared his thoughts on the Satyam episode, World Bank ban on Wipro et al.
Acting chief Vasudevan caught taking Rs 7 lakh.
He also said that there was a need to assure investors that this was a one-off case.
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