CII believes there is a need to immediately examine the loopholes in regulation, accounting, audit and governance that allowed such lapses to occur and address them with urgency. While the occurrence of such events in a major company is a matter of deep regret, CII believes it would be inappropriate for this to be the basis of questioning of general governance standards in other companies.
Tech Mahindra executive vice-chairman Vineet Nayyar said construction of the 10ha development on Deakin University grounds would begin as soon as discussions with the Victorian government were complete. He said the company is determined to complete the project. However, he warned that certain aspects of the initial agreement, including funding, could change.
The three-member board of Satyam Computer Services outlined a formidable agenda that includes seeking a bailout, changes in the top management and asking clients to accelerate payments to overcome a cash crunch.
Upaid claimed it had served requests for production of documents related to the 'now scuttled Maytas transfers on Satyam' on Friday, but now had to submit this motion to the court 'because Satyam had repeatedly resisted its efforts to depose Raju and Vadlamani in the case.' The current motion is in reply to a disparagement case that Satyam had filed against Upaid wherein the former had claimed that the payment services firm has been disparaging them in the public domain.
The official said that L&T did not jack up its stake in Satyam in recent times and the stake the group owns was acquired in phases from the secondary market. Speculations were rife that the engineering major might look at acquiring Satyam in order to strengthen its presence in the information and technology arena where it has presence through L&T Infotech, a wholly-owned subsidiary of the group.
Satyam Computer Services did not consult Mendu Rammohan Rao, dean of the Indian School of Business and an independent director on the board of India's fourth largest IT services provider, when it called off the deal to acquire Maytas Infra and Maytas Properties following shareholder protests. Rao had chaired the board meeting that endorsed the company's proposal to buy the two firms linked to the family of Satyam's founder and chairman B Ramalinga Raju.
The trial in Satyam fraud case had concluded in second half of June before the special court, which examined 216 witnesses and marked 3,038 documents during the course of the hearing.
The board, whose size was doubled with the induction of three members on Thursday, is likely to elect a new chairman to steer the company out of the financial mess that its founder Ramalinga Raju led it into.
Following the disclosure of fraud by Raju on January 7, Gupta said the share price of Satyam Computer on the bourses dropped from Rs 188 to Rs 30.70 before closing at Rs 38.40. "It (the share) has been traded at different prices since then," he added. The new board of Satyam, headed by former Nasscom president Kiran Karnik, is trying to ensure 'continuity of business and operations of the company in the interest of its stakeholders', the minister said.
The New York Stock Exchange-listed Indian IT major Satyam Computer Services' founder and then-chairman Ramalinga Raju had shocked the world three weeks ago on January 7 with the disclosure of a massive financial wrongdoing to the tune of over a billion dollar at the company. This was followed by the NYSE suspending trading in Satyam shares the very same day.
The regulator's announcement on disclosure of pledged shares comes in the wake of the Satyam scam, wherein promoter Ramalinga Raju had pledged nearly all his shares -- whose prices he had inflated by falsifying profits. The details of disclosure, which should be made in two stages -- event-based and periodical -- will be notified shortly after amending the relevant regulations and listing agreements, Sebi chairman C B Bhave told reporters after the board meeting in Mumbai.
Earlier, the Sebi had interrogated and recorded the statement of Raju and his brother and Rama Raju for three days from February 4 in Chanchalguda Jail. In a petition filed in the court of 6th Additional Chief Metropolitan Magistrate, the I-T department sought three days time to examine and record the statement of Raju.
Foxnews.com on Tuesday reported that the World Bank ban started in September this year "due to alleged malpractice's including bribery". The news report said the World Bank debarment -- the harshest sanction ever made by the bank since 2004 -- was meted out for 'improper benefit to bank staff' and 'lack of documentation on invoices'.When contacted, a Satyam spokesperson said that "the company does not comment on individual clients".
In an interview, author and columnist Steve Hamm shared his thoughts on the Satyam episode, World Bank ban on Wipro et al.
Raju and nine others accused, including his two brothers, are currently on bail in a case related to fudging of Satyam accounts in 2009.
"After Ramalinga Raju made his confession, we encouraged our leaders to meet with their teams hourly and then several times a day," says Ed Cohen.
Second-quarter net profit plunges to Rs 23 crore (Rs 230 million) from Rs 98 crore (Rs 980 million) in first quarter.
Fraud-hit IT outsourcing company Satyam Computer Services Limited (rebranded as Mahindra Satyam) is getting itself back on track, and inching closer towards acquiring the multi-million multi-year contracts it lost from Telstra and Merrill Lynch, according to a source close to the development.
Scandal-hit Satyam Computer Services is likely to abandon its proposed IT park project in Gandhinagar in view of the multi-crore fraud in the Hyderabad-based software firm, Gujarat government officials said on Friday.
B Ramalinga Raju, the disgraced founder of the erstwhile Satyam Computer Services, and his family members wrongfully gained Rs 2,743 crore (Rs 27.43 billion), the Central Bureau of Investigation (CBI) said.
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.
Satyam, which started its Chennai operations in 1997 with exports of Rs 20 million, now has six offices in the city with about 3,500 employees and exports of Rs 154 crore (Rs 1.54 billion) in the year ended March 2004.
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.
Satyam Computer Services expects to grow its headcount substantially in China from the current 300 to a few thousand in the next few years, even as it scouts for acquisitions to enhance its skills in areas it does not have a foothold.
CBI on Wednesday announced that it will set up a multi-dimensional team to probe the 'unique' fraud, which involves Satyam founder B Ramalinga Raju and his family members. While the spokesman remained evasive to questions on when the cases would be registered, CBI sources said records and other materials associated with the probe was being taken over by the agency.
Satyam Computer Services Ltd on Wednesday announced approval of Sponsored American Depository Shares issue against the existing equity shares of the company.
Judge ruled that ther lawsuits failed to allege that the ex-directors recklessly failed to discover the fraud.
The XIV additional chief metropolitan magistrate on Saturday reserved the orders on the plea filed by the CBI, seeking permission to administer lie detection test on Satyam Computer Services Limited founder B Ramalinga Raju, his brother and former managing director and former Chief Financial Officer Srinivas Vadlamani, to July 9.
Even as the buzz around Vivel Paul's candidature as CEO is still doing the rounds at Satyam Computer Services, insiders say the government is considering a person who was an integral part of the company till three months ago.
Talks of a possible merger or takeover will not have credence for a while
The jury members included Ashish Dhawan, senior managing director, ChrysCapital, Keki Dadiseth, managing director, Omnicom, Kiran Mazumdar Shaw, chairman and managing director, Biocon, Kumar Mangalam Birla, chairman and managing director, Aditya Birla Group and S Ramadorai, chief executive, TCS.
A special court on Tuesday set March 9, 2015, as the date for the verdict in the multi-crore accounting fraud in erstwhile Satyam Computer Services Limited.
The National Association of Software and Services Companies, the apex body of the IT-BPO industry in India, on Wednesday expressed shock at the disclosures made by Satyam Computer Services chairman B Ramalinga Raju.
Leading IT services firm Satyam Computer Services will be allotted 50 acres of land in Chennai by the Tamil Nadu government for expanding its operations.
PricewaterhouseCoopers India campaigns to appear responsible as it distances itself from the mess surrounding former client Satyam
More trouble is brewing for Maytas Properties Ltd, the unlisted company promoted by the family of Satyam Computer Services Ltd founder B Ramalinga Raju.
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.
Satyam Computer Services announced on Wednesday that it added 27 new clients in the quarter ended September 30, 2003.
The company aims to book a profit of over Rs 250 crore from the open market sale, said two sources familiar with the development.
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