The Board of approval in the commerce ministry took these decisions along with approving two fresh proposals of Shyam Steel Industries and Limitless Properties in West Bengal and Tamil Nadu, respectively. The BoA also ratified extension of time to 23 developers, including Satyam Computer Services, for implementing tax-free enclaves in the wake of economic slowdown.
"The portal will be accessible to both existing employees as well as the 8,000-10,000 associates who received sabbatical letters as part of the VPP. The internal portal provides modules on competency enhancement, outplacement services, coaching and counselling support for financial planning and project and knowledge management," a Satyam spokesperson said.
Besides, 43 other customers partially or completely withdrew their businesses from Satyam, although they did not terminate their service agreements, Satyam said. The disclosure about customer wins and losses post Raju's resignation and fraud admittance letter have been made for the period till March 26, 2009.
Mahindra Satyam, the rebranded Satyam Computer Services, is planning to recruit 2,000 professionals. It will be a mix of freshers and lateral hiring, to cater to specific requirements of some clients.
Mahindra Satyam's Gurnani to be CEO after Tech M integration.
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).
Corporate Affairs Minister Salman Khurshid on Wednesday said that the bail granted to B Ramalinga Raju, the tainted founder of Satyam Computer Services, will not hamper investigations.
Satyam Computer Services Ltd set up a learning centre for the families of Satyamites.
PwC has about 1,200 tax professionals and 55 executive directors servicing domestic and international companies.
The new bosses of Satyam Computer Services took the step of directly taking questions from apprehensive employees.
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."
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.
Satyam has been saved. It has a credible owner after an auction in which reputed companies had bid, it has survived the last three months without much loss of business or desertion by staff, it has coped with a severe cash crunch and a national asset can now be re-built into an IT services powerhouse.
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.
Riding on the success of the just-concluded FIFA World Cup 2010, Satyam Computer Services Ltd (rebranded Mahindra Satyam) is gearing up to provide its technology backbone solutions to two more world sporting events.
The fourth additional sessions court in Hyderabad on Wednesday posted the orders on the bail petition of Price Waterhouse auditors to Thursday.
Satyam Computer Services Ltd founder, B Ramalinga Raju, his brothers and their spouses have acquired 1,065 properties with a registered value of Rs 350 crore (Rs 3.50 billion). These include 109 properties in coastal Andhra, 11 in Karnataka, 40 in Nagpur, 29 in Chennai and 876 in Hyderabad and the surrounding Rangareddy district, according to sources tracking developments in the Central Bureau of Investigation probe of the Satyam case.
Ever since the trial in the Satyam Computer Services fraud case began on November 8, 2010, close to 100 witnesses have deposed before the special court.
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 court had earlier asked Raju's lawyers to file an affidavit on whether the Satyam founder can be examined through a questionnaire.
PricewaterhouseCoopers India campaigns to appear responsible as it distances itself from the mess surrounding former client Satyam
These include B K Modi's Spice, Larsen & Toubro and Tech Mahindra. iGate, which had participated in the first round of bidding, backed out from completing the second round. Global majors like IBM are understood to have entered the second round, but this could not be independently confirmed. Other names floating include that of Hewlett-Packard and KKR Private Equity Investors.
Satyam on Thursday closed registrations for potential bidders as it began a process to sell 51 per cent stake in the company, which is caught in the country's biggest corporate scandal. The board will make the financial and legal data available to those shortlisted companies who will qualify in the EoI criteria.
India's scandal-hit Satyam Computer Services is to invite formal bids from potential suitors this week, pushing ahead with a possible sale - even though it could be months before its accounts are restated.
As the company's financial accounts were in question, complexities have cropped up in arranging the induction of a new investor. Though the intent was to progress in a swift manner, the board was of the view that the intricacies of diligence and need for the confidentiality of the bidders would need due consideration. Thus, it was likely to take another six to eight weeks to know who would be the strategic investor in the company.
Satyam founder R Raju challenges fraud case verdict
The NYSE also warned that an 'LF' indicator would be appended to the company's trading symbol and profile, date and news pages provided by the Exchange, Satyam announced in a filing to the BSE and NSE on Tuesday.
GramIT, rural business process outsourcing initiative of the Byrraju Foundation, is in talks with various funding agencies 'to expand the scope and presence of its rural BPO services,' said foundation's lead partner Verghese Jacob. Byrraju Foundation is the NGO outfit formed by Satyam Computer Services founder B Ramalinga Raju in his personal capacity.
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.'
Cisco and Satyam had entered into a joint venture in 2007 to focus on healthcare management solutions. As a part of this announcement, Cisco had also lined up an additional investment of $100 million, targeting innovation.
Satyam Computer Services Limited has been awarded new business in the manufacturing space by a fire suppression technologies and advanced building support systems major.
In a letter to the Prime Minister, Reddy said though the CB-CID had been in constant touch with other investigating agencies, there were issues that needed to be looked into by central government organisations such as the Income Tax department, Enforcement Directorate, Registrar of Companies, Ministry of Company Affairs, Serious Fraud Investigation Office and the Securities and Exchange Board of India.
Showing clear signs of quicker recovery from the current crisis, the scam-devastated Satyam Computer Services has been awarded a fixed bid project on data modelling by a leading provider of healthcare solutions by diagnostic, treatment and preventative care.
The Satyam Computer Services board is expected to induct former managing director of Tata Chemicals Homi R Khusrokhan on the company's board of directors as Executive Director and former chief financial officer of Murugappa group Partho S Datta as Director (Finance).
The meeting of the six-member Satyam Board, which started in Hyderabad on Wednesday, has been extended till Thrusday.
Engineering and construction major L&T on Tuesday said Satyam Computer Services, which is rebranded as Mahindra Satyam, has kept its shareholders in the dark about it's performance.s
How many employees does Satyam Computer Services really have? Doubts over the company's claim of 53,000 employees have arisen ever since founder B Ramalinga Raju's January 7 confession to fraud.
Satyam Computer Services founder B Ramalinga Raju, ex-CEO B Rama Raju and ex-CFO Vadlamani Srinivas in window-dressing the company's accounts, according to the remand case diary filed by the Economic Offences Wing of the Andhra Pradesh Crime Investigation Department.
Srinivas Vadlamani, chief financial officer of Satyam Computer Services, was remanded to judicial custody till January 23 by the 6th Metropolitan Magistrate on January 11.
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