Satyam Computer Services Ltd has appointed Ram Mynampati as the interim CEO.
Virender Aggarwal, chief of Satyam Computer Services, Asia Pacific, became the first Indian to receive the prestigious International Management Action Award of Singapore.
Mahindra Satyam merged with Tech Mahindra, creating a new entity with revenues of $2.7 billion.
India's fourth largest IT firm Satyam Computer Services is likely to give pink slips to 2,500 employees. The company's share price fell 9.5 per cent to Rs 368.15 on Monday.Satyam had a total headcount of 52,000 as of June-end. The company has already put some of its employees under performance improvement plan.
Fourth largest software exporter from India, Satyam Computer Services on Thursday said it would expand its global footprint by opening more delivery centres and sales offices overseas.
If it is true that the company pursues wrong business practices, and violates ethical codes, then the only thing that will save the company is a thorough spring-cleaning -- which perhaps can be done only by a completely new management committed to the kind of ethical business practices emphasised in the same field of activity by companies like Wipro and Infosys.
Nasdaq-listed Cognizant Technology Solutions, which did not complete the due diligence process for Satyam Computer Services, is understood to be back in the race to acquire the troubled software company.
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.
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.
Different investigating agencies -- Securities and Exchange Board of India, Registrar of Companies and Serious Fraud Investigation Office -- are looking into the fraud and 'I assure you that those found guilty would be meted out severe punishment.'
The minister further said running the operations of the company and inquiry against people involved in the accounting fraud are two different things and should be viewed separately separately. The new board of Satyam met twice and appointed global accountancy firms KPMG and Deloitte to re-state the accounts of the IT company.
The software company has conducted 'mass recruitment' of entry level engineers from top Malaysian universities.
Satyam Computer Services Ltd on Wednesday launched a Global Development Centre in Melbourne, Australia, which is the company's largest centre outside India.
The beleaguered Satyam Computer Services on Thursday said its top leaders have pledged to remain with the company and work jointly to steer the organisation through the crisis.
Key leadership hiring in different pockets -- a few from other companies -- to beef up the company's sales efforts is currently on.
Satyam Computer Services Ltd has set up a 25-member specialised team at Singapore to provide support to its high-end outsourcing projects in Asia-Pacific region, global IT services provider.
The crux of the problem it appears is one of "trust" and the perception that a unilateral decision was taken by the board, allegedly to favour Raju's sons' companies.
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.
Board, audit panel to meet on September 4.
Satyam Computer Services founder B Ramalinga Raju had made trips to the Indian School of Business in Hyderabad, to Visakhapatnam and even the United States, to convince the independent directors on the his board for acquisition of Maytas Infra and Maytas Properties, the two companies promoted by his family members.
Though the controversial Satyam-Maytas deal has been called off, regaining investor confidence will be an uphill task.
Bulk of fast-track proceedings completed, with defence cooperating in avoiding delays; court examination of accused & rival arguments remain
Employees of Mahindra Satyam, the erstwhile Satyam Computer Services, say they are not worried about the financials of the company. Last week, Mahindra Satyam reported an aggregate loss of Rs 8,300 crore (Rs 83 billion) for 2008-09 and 2009-10.
The board approved the allotment of the shares on March 13, under the stock option plans of the company, Satyam said in a filing to the Bombay Stock Exchange. Pursuant to the allotment, the paid-up share capital of the company stood at Rs 1,34,77,89,584 up from Rs 1,34,77,68,562, the filing added.
In the three months since the scam, Satyam's employee strength has reduced from 53,000 to 50,000, said a senior ministry of corporate affairs official. "Satyam continues to have strong revenues. The difference between its turnover and the next highest is around 10-15 per cent," he said. He did not disclose his idea of the revenue and net profit, saying it would interfere with the ongoing process for selling a strategic stake in Satyam.
Former Chief Justice S P Bharucha to oversee selection process, guide govt-nominated board.
Three days after announcing the reinstatement of the variable portion of staff salaries, Mahindra Satyam (earlier, Satyam Computer Services) has begun re-introducing other benefits, including employee stock option plans (ESOPs), beside giving promotions and salary hikes across different bands (grades).Mahindra Satyam, now treading a recovery path after it was hit by a big scandal involving its top management, had withdrawn variable pay in April this year.
It is quite a shock that that company management, mainly disgraced chairman B Ramalinga Raju, kept everyone -- seemingly --in the dark for a decade.
This second report is expected to go deeper into the matter and look at all new facts that may have come up.
A Letter Rogatory is a formal request from a court in India to a foreign court for judicial assistance. To be sent through a consular or diplomatic channel, the LRs are meant to get evidence.
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.
This is one question that's uppermost in the minds of analysts, marketmen and industry experts even as the Company Law Board on Thursday gave the scam-tainted IT firm's stake sale plan the go-ahead.
Gurnani succeeds A S Murthy who was appointed by the government board after the multi-crore rupee scam broke out in then Satyam Computer Services. Gurnani has been heading the global operations of Tech Mahindra.
These facilities will accommodate 3,500 employees, who will be moved to the two company-owned campuses.
Sudip Banerjee, CEO, L&T Infotech talks about business post-Satyam, expansion plans and bigger acquisition targets.
Companies dissatisfied with 'intent and focus' of tech major.
Satyam Computer Services has announced enrollment of over 136 employees in the graduate management and MBA programmes offered by online graduate school Universitas 21 Global.
Replying to supplementaries during Question Hour in the Rajya Sabha, corporate affairs minister Prem Chand Gupta said while the Serious Fraud Investigation Office under his ministry had been given three-months to wrap up its probe into the Satyam scam, no time-frame has been set for CBI.
