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.
Satyam Computer Services Ltd on Tuesday announced the signing of a multi-million dollar deal with the prestigious New Bangkok International Airport-Airport information Management System.\n\n
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.
Effective this month, the 'Virtual Pool' programme is applicable on those Satyam employees based in India. It allows them to take time off from work on a reduced pay structure (for up to six months) while they continue to retain their employment. The company expects approximately 7,000 to 10,000 associates will be a part of the programme.
It will serve as a major technological development and software support facility for the company's ASEAN, US and Middle Eastern customers.
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.
"Other than the induction of the new board members, Tech Mahindra will have discussions with the management to articulate the growth of the company, strengthen the governance part and also focus on cash-flow issues. The current management members, including CEO A S Murty, will continue for some time," said a source close to the development. Tech Mahindra members are also expected to take stock of operations at Satyam.
The agreement with the new owners of Satyam Computer Services will incorporate restrictions to prevent mass retrenchment of employees, according to a top functionary of the Ministry of Corporate Affairs (MCA).
Early on Monday morning, the chairman of the government-appointed board of Satyam Computer Services, Kiran Karnik, hurried into the Taj President Hotel in south Mumbai to begin one of India's strangest corporate sell-offs.
Satyam Computer has approached the Company Law Board (CLB) to seek approval for acquisition of IT firm by Tech Mahindra.
Amid a crowd of suitors lining up for acquiring Satyam Computer Services, the board of the beleaguered IT firm started its meeting on Wednesday.
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 government constituted board of scam-tainted Satyam Computer Services is looking at reducing the number of senior managers so as to ensure that the IT company is "as viable as possible" for a strategic investor.
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.
Under the takeover code, an investor who acquires 15 per cent of a company needs to make an open offer for another 20 per cent at a price which is not less than the average share price of the previous six months. This means a buyer of more than 15 per cent of Satyam will have to make an open offer at a price almost six times Monday's closing price of Rs 57.60.
Sends team to discuss share auction with Sebi today Satyam board to sell stake via auction.
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.
The decision of Satyam Computer Services to give itself time to consider a series of options to shore up investor confidence, including steps to strengthen governance, has come as a welcome surprise to institutional investors in the company.
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".
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 Ltd on Tuesday said it is providing a free data management solution, as well as IT services to 'Project Hope' in China.\n
Satyam Computer Services on Monday said it has filed a suit in a Hyderabad court against its former Board of Directors, certain employees and the company's audit firm Price Waterhouse seeking damages for perpetrating fraud.
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.
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.
Indian software major Satyam Computer Services Ltd plans to expand its China operations by setting up a large research and development centre as well as hiring up to 3,000 engineers by 2007, a senior executive has said.
Satyam Computer Services is targeting a 35-40 per cent growth in its revenue from packaged software implementation this fiscal, especially from SAP services.\n\n\n\n
Tech Mahindra had acquired Satyam as part of a government sponsored bidding process in April 2009
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).
Paving the way for takeover of crisis-ridden Satyam by Tech Mahindra, the Company Law Board allowed the new owners to appoint Vineet Nayyar, C P Gurnani, Sanjay Kalra and Ulhas N Yargon on the board.
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.
Meeting agenda to go beyond buyback.
A team from India's $7 billion engineering behemoth, Larsen & Toubro, which holds 12 per cent stake in Satyam Computer Services started inspecting the books of the troubled company.
Satyam Computer Services Ltd, said on Monday it will buy out the 24 per cent stake held by Northrop Grumman Space and Mission Systems Corp, formerly known as TRW Inc, in a joint venture, for $3.5 million.
Upaid has filed for damages exceeding $1 billion on charges of forgery, fraud and breach of contracts. The cases have been filed in a federal court and a state court in Texas, USA. The legal teams of UK-based Upaid and Satyam Computer Services are holding talks for an out-of-court settlement of a case filed by the UK-based mobile payment services firm. The hearing of the case is on June 1.
The bid-pack for potential investors is ready and the government-appointed board has already sent it to the Company Law Board and Securities Exchange Board of India, according to sources close to the development.
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