Satyam Computer Services Ltd was beset by selling as a drop in Q3 net profit set concerns about the entire tech sector.
Head of investor relations T A N Murti allegedly indulged in insider trading during the sacm.
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.
Competitive bids to select the new owner for Satyam Computer Services, once India's fourth largest software company, will soon be announced.
GE and Malaysia Airlines have said they are continuing their existing contracts with Satyam. In the newly constituted board's first meeting, Deepak Parekh had said two of Satyam's global clients have vouched for the firm but declined to give further details. Meanwhile, over half a dozen of Satyam Computer's rivals have started exploring ways to take over the business from its various clients, a global technology consultancy firm has said.
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 has signed a memorandum of understanding with Maharashtra Airport Development Company to acquire 100 acres in the Nagpur special economic zone.
Public-sector insurer Life Insurance Corp (LIC), which holds 4.34 per cent in the troubled IT firm, Satyam Computer Services, on Thursday said it is assessing the situation and will take a decision on its holding accordingly.
Three years after B Ramalinga Raju, the disgraced founder and chairman of Satyam Computer, announced the project, Mahindra Satyam dropped the project and surrendered the 26 acre-land to the state government.
ANZ Bank has about 100 Satyam contractors who support IT projects. They are mainly based at the bank's Indian subsidiary, which employs about 2,000 people, it said. Last week, the bank told employees that it would develop a contingency plan although its relationship with Satyam was 'modest'.
Deloitee is also the statutory auditor for Tech Mahindra, which acquired Satyam Computer through an open bid in April this year.
The Andhra Legislative Assembly witnessed noisy scenes and constant exchange of words between the ruling Congress and the TDP members through the 90-minute reply by the chief minister.
Corporate Affairs Minister Salman Khurshid on Tuesday said there is no cause for worry about the possibility of US market regulator SEC slapping a penalty on Mahindra Satyam, related to the multi-crore fraud at the erstwhile Satyam Computer.
PriceWaterhouse on Wednesday said its Bangalore unit audited the accounts of scam-hit Satyam Computer and was now cooperating with a probe by regulator SEBI, thus quashing reports that it was distancing itself from the multi-crore accounting fraud.
Deepak Nangia, head of Satyam's Australia unit who, in his seven-year stint, brought the company a long list of clients, including National Australia Bank, Qantas and Telstra, is the latest to quit. Confirming the development, a Satyam spokesperson said Nangia had resigned two months ago to "pursue better opportunities outside the company." This is the third high-profile departure of a Satyam global head since January.
Even the big and eager will find it quite a mouthful.
Ramalinga Raju, his brother and Satyam's former managing director Rama Raju, ex-CFO V Srinivas, former partners of PricewaterhouseCoopers S Gopalakrishnan and T Srinivas along with Satyam Computer Services former employees G Ramakrishna, D Venkatapathi Raju and Ch Srisailam -- who are lodged at Chanchalguda Jail in Hyderabad were brought to the court, after their remand ended on Wednesday.
The litigation relates to the 2009 accounting fraud at Satyam Computer.
This strategic move paves the way for the emergence of a robust brand, which draws from the core values of the Mahindra Group and the inherent strength of the Satyam brand. The logo will be adopted from the Mahindra Group, an official press note of the company said.
Quoting Jacob Rees-Mogg, the lead manager with Somerset capital management, a fund that specialises in emerging markets, NYT said, "[T]he fraud will make people even more nervous about investing in India and other developing markets". Meanwhile, the Wall Street Journal said, "[T]he chairman of one of India's largest technology companies said he concocted key financial results, . . . sending shock waves across India".
Satyam Computer Services Ltd said Giga Information Group named it 'Top choice for SAP support' among offshore service providers.
The 200-page supplementary cited 1,549 additional documents, 301 more witnesses and nine material objects. The CBI filed the first chargesheet on April 7.
Satyam Computer Services said it continued to support its long-standing partnership with IBM for lotus enterprise solutions.
The Tamil Nadu government is expected to allot 50 acres of land on the Old Mahabalipuram Road, the IT corridor of Chennai, to Satyam Computer Services Ltd.
While warning that many key clients and employees have threatened to quit the company due to its bad financial position, the government-appointed board of Satyam Computer also sought CLB's nod for allotment of preferential equity and increasing its authorised capital to Rs 120 crore (Rs 1.2 billion). The petition has been admitted by CLB, which would continue its hearing on Thursday.
Satyam Computer Services Ltd allotted 600 equity shares under a stock option plan.
The government is understood to have ordered a probe into Satyam Computer Services' controversial decision to buy two group-promoted companies and then reversing the deal within a few hours under pressure from investors.
Satyam Computer Services on Friday announced a consolidated net profit of Rs 580.85 crore (Rs 5.81 billion) for the second quarter ended September 30, a growth of 42 per cent over the corresponding period a year ago.
Satyam Computer Services Ltd and Ansys Inc formed a strategic alliance that will help customers accelerate product innovation, time-to-market and quality.
The XXI additional chief metropolitan magistrate BVLN Chakravarti after dismissing the petitions of the accused seeking discharge from the case, personally inquired if the accused committed the crime.
The Institute of Chartered Accountants of India has found two top officials of Satyam Computer Services and four auditors of Price Waterhouse prima facie guilty in the Rs 7,800-crore (Rs 78 billion) fraud case, a top ICAI official said.
The former Satyam Computer's founder, Ramalinga Raju, had confessed in early 2009 to having falsified the company's accounts for years.
According to a department notification, Tech Mahindra has approached the Board of Approvals under the Department of Commerce for transferring rights of three SEZs (one in Tamil Nadu and two in Andhra Pradesh) and the proposal will come up for a discussion before the BoA on August 30.
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