Satyam Computer Services Limited on Thursday announced that it has implemented an organisation-wide, virtual learning environment called Satyam Learning World.
Satyam Computer Services Limited on Friday signed a memorandum of understanding with West Bengal Electronics Industry Development Corporation Limited for setting up its development centre in Kolkata.
Mahindra Satyam (formerly Satyam Computer Services Limited) on Sunday said that a group of investors led by Aberdeen Asset Management have claimed damages of over $150 million (approximately 750 crore) from the company for the losses they suffered post the confession of accounting frauds by its founder B Ramalinga Raju in 2009.
Says Satyam is not a commodity. B K Modi of Spice had earlier pushed for e-auction, for its transparency.
Key leadership hiring in different pockets -- a few from other companies -- to beef up the company's sales efforts is currently on.
Back on track under the new management of Tech Mahindra, Mahindra Satyam (the new identity of information technology outsourcing company Satyam Computer Services Limited) is bullish on joining the league of its peers through its predefined three-year turnaround plan.
Satyam Computer Services Limited has been awarded new business in the manufacturing space by a fire suppression technologies and advanced building support systems major.
IT services provider Satyam Computer Services Limited is setting up a 15-acre campus at Cyber Jaya, the IT hub of Malaysia, which is expected to be operational by this year end, said Prasenjit Kundu, head (global solutions centre in Malaysia), Satyam.
A special court for economic offences on Monday issued fresh summons against Ram Mynampati, a former top official of fraud-hit Satyam Computer's Services Limited (SCSL).
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.
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.
Mahindra Satyam chairman Vineet Nayer said they would stick to the June 30-deadline set by the Company Law Board to submit the restated accounts.
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.
The 10 accused in the case include prime accused Satyam Computers founder and former chairman B Ramalinga Raju, his brother and Satyam's former MD B Rama Raju, ex-CFO Vadlamani Srinivas, former PwC auditors Subramani Gopalakrishnan and T Srinivas, Raju's another brother B Suryanarayana Raju, former employees G Ramakrishna, D Venkatpathi Raju and Ch Srisailam, and Satyam's former internal chief auditor V S Prabhakar Gupta.
Tech M's priorities include retaining current customers, winning back business lost as a result of the crisis, retaining key associates, winning new businesses and exploring the best ways to realise operational and structural synergies between the two companies. On the possibility of layoffs and cost-cutting, Vineet Nayyar, Tech Mahindra's vice-chairman and MD, said, "I can't say anything. The company has to be viable and we will work at it. Layoffs will be the last option."
Raju was arrested by the Crime Investigation Department of Andhra Pradesh Police two days later along with his brother.
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 court directed Raju, the prime accused in Satyam scam, and others to furnish personal bond of Rs 20,000 each and sureties of the like amount on or before December 22 and posted the matter to the same date.
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 Special Court on Monday has sentenced erstwhile Satyam chairman B Ramalinga Raju and his brother Rama Raju to six months imprisonment for violating provision of the Companies Act.
All the 10 accused in the case, including prime accused Satyam Computers founder and former chairman B Ramalinga Raju and his brother and Satyam's former MD B Rama Raju, appeared in the court, as per its direction.
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.
The boards of Mahindra Satyam and Tech Mahindra last year proposed a swap ratio of 2:17. Mahindra Satyam shareholders will get two shares of Tech Mahindra of Rs 10 each for every 17 shares they hold.
Raju was arrested by the Crime Investigation Department of Andhra Pradesh Police two days later along with his brother.
According to Sud, MYNL had sold most of its holding in Satyam immediately after the IT major made an aborted bid to acquire Maytas Infra and Maytas Properties for $1.6 billion on December 16, 2008. MYNL still holds 6,000 equity shares of Satyam.
Unlikely to launch formal probe into IT firm's Maytas move.
Raju was arrested by the Crime Investigation Department of Andhra Pradesh Police two days later along with his brother.
This settlement relates to an accounting fraud perpetrated by the company's former management from at least 2003 through September 2008.
The fourth additional sessions court in Hyderabad on Wednesday posted the orders on the bail petition of Price Waterhouse auditors to Thursday.
The CBI has charged Satyam founder B Ramalinga Raju, his brother B Rama Raju and eight others with creating fictitious customers and siphoning off Rs 430 crore (Rs 4.30 billion) from the IT firm.
Raju and nine others accused, including his two brothers, are currently on bail in a case related to fudging of Satyam accounts in 2009.
Things went from bad to worse since December 2008 for people who purchased bungalows, villas and apartments at Maytas Hill County, promoted by Maytas Properties Limited (MPL) -- the company run by B Rama Raju (Jr), the younger son of Satyam Computer Services founder and former chairman B Ramalinga Raju.
A local civil court in Hyderabad has issued an interim stay restraining Netflix from airing its web series Bad Boy Billionaires-India on a petition filed by B Ramalinga Raju who was convicted in the multi-crore accounting scandal of Satyam Computer Services Limited. The XXV Additional Chief Judge B Prathima, while issuing notices to Netflix Inc in USA, Netflix Entertainment Services India LLP and the nodal officer, department of electronics and information technology, posted the matter for further hearing on November 18 when the plea came up on Tuesday.
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