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.
Sources said that the new management made a formal announcement before senior management personnel on Thursday on the issue of reducing manpower by up to 14,000 people.
The new contract, an extension of a previous contract due to expire this year, would end in December 2013.
Tata Consultancy Services topped the list of top 10 best performing IT service providers worldwide rated by Global Services, a specialised publication for IT businesses.
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.
The board has the power to appoint a professional even without a formal application if found apt for the job, the source told PTI.
The company's move to mollify shareholders comes after it raised investor ire on its proposed $1.6-billion acquisition deal, which had to be called off. After suffering a severe battering on Wednesday, Satyam shares surged 13.88 per cent to an intra-day high of Rs 180 on Thursday on the Bombay Stock Exchange.
Global consulting and IT giant Satyam Computer Services on Thursday announced plans to launch its largest global delivery campus outside India in the eastern Chinese city of Nanjing
Judge ruled that ther lawsuits failed to allege that the ex-directors recklessly failed to discover the fraud.
Meanwhile, the company lost 66 clients, worth $183 million (around Rs 900 crore) in the same period -- either because contracts were terminated, or they expired, or were withdrawn. About 23 customers terminated contracts accounting for $70 million as on March 26, 2009.
The Satyam board may present prospective bidders for the troubled Satyam Computer Services with operating statements for two quarters - October-December 2008 and January-March 2009 - to help them arrive at a decision.
Satyam Computer Services on Friday said it would invest $75 million in 2006-07 to augment its infrastructure and was looking at a location in the National Capital Region to set up a new development centre.\n\n
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.
The stake of B Ramalinga Raju's family in Satyam Computer Services may have come down to just around four per cent from 8.61 per cent of the equity of Rs 134.10 crore as at the end of March 2008.
The government has decided to make all former Satyam Computer Services top executives and board members, including the independent directors, answerable for the fraud in the company on grounds that they "attempted to enrich themselves unjustifiably at the cost of the company and its stakeholders".
Larsen & Toubro (L&T), the technology, engineering, construction and manufacturing company, has scaled down its stake in Mahindra Satyam, the erstwhile Satyam Computer Services, to a little over two per cent.
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.
Ram Myanampati, the interim chief executive officer of beleaguered Satyam Computer Services, on Thursday admitted that he himself is on a shaky ground.
Australian telecom giant Telstra has reportedly dropped outsourcing partner Satyam Computer Services from an applications support contract worth Aus $32 million annually.
On one hand, they feel the sale will help in restore the firm's past glory. On the other, they fear that life would be tougher in the new company. Notwithstanding management assurances that existing staff won't be retrenched after the takeover, several employees are understood to be hunting for openings elsewhere.
This was decided in the business advisory committee meeting, where the leaders of various political parties agreed for a discussion on the fraud. The short duration discussion in the Lok Sabha was listed for February 13 but was deferred following a request from leader of the Opposition L K Advani.
The company had a net profit of Rs 4 crore (Rs 40 million) in January this year, Satyam said in a regulatory filing to the stock exchanges. The total income in February stood at Rs 637 crore (Rs 6.37 billion) while in January it was at Rs 647 crore (Rs 6.47 billion).
Sources said that Essar group firm Aegis BPO submitted the EoI recently as the Essar group is trying to expand its BPO business. Both Aegis and Satyam BPO work with companies in telecom, banking, finance and insurance. Satyam BPO's biggest international clients reportedly include BellSouth, Verizon and GlaxoSmithKline
The board also confirmed that the search for the CEO and CFO continues and that till such time these appointments are concluded, it will continue to meet on a weekly basis, to address ongoing issues. The board members reiterated that they are in touch with key customers and so far have not heard of deliveries being affected in any way.
In June last year, Tech Mahindra completed acquisition of Mahindra Satyam -- erstwhile Satyam Computer Services -- to become India's fifth largest software services firm. Mahindra is also the Chairman of Tech Mahindra.
Ram Mynampati, the interim chief executive of the beleaguered Satyam Computer Services, wrote an impassioned letter to all the employees to the company, asking them to stand together in these turbulent times.
Unlikely to launch formal probe into IT firm's Maytas move.
The special court trying the multi-crore Satyam scam cases had last week ordered the Nizam's Institute of Medical Sciences director to file a detailed report on the current status of Raju's health (the prime accused in the scam), after he did not appear before it in view of his treatment for Hepatitis C at the hospital in Hyderabad.
Nasdaq-listed Sify Ltd said on Thursday that Infinity Capital, a company controlled by Silicon Valley entrepreneur Raju Vegesna
Lakshmi Narayana, deputy inspector general of police, CBI said as per the apex court directives, the number of documents supporting the charge sheet which were about 3,067 have also been reduced to a thousand-odd.
Satyam Computer Services Ltd plans to expand its operations into smaller Chinese cities to meet the growing outsourcing requirements.
Satyam Computer Services Ltd is launching an automotive development centre in Detroit to consolidate its base in the automotive industry.
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 company has over 100 engineers operating in the country over the last three months. The team would work in programme managing deliveries out of China, Japan and India. Besides, Satyam has been successfully sourcing Japanese bilingual manpower from Vietnam.
They will take stock of the current situation and discuss the way forward. Handing over the share allotment documents to Tech Mahindra is also on the agenda of Monday's board meet, according to a Satyam spokesperson. Tech Mahindra Vice-Chairman, MD & CEO Vineet Nayyar, C P Gurnani, president (international operations), and President (strategic initiatives) Sanjay Kalra have confirmed their participation in the meet.
Custody and probe still on after 15 months, 800 witnesses, 160,000 pages of evidence so far.
Some employees have alleged that close to 20 employees of the troubled Satyam Computer Services have been promoted to the I-1 and I-2 bands (representing assistant vice-president and vice-president levels) and also received a salary hike of 20-40 per cent. The timing has caused much resentment with some employees taking up the matter with the human resources department.
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