The meeting of the six-member Satyam Board, which started in Hyderabad on Wednesday, has been extended till Thrusday.
Mahindra Satyam, the rebranded Satyam Computer Services, is set to position itself as an information and communication technologies (ICT) company.
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.
In its glory days, Satyam was the lifeline of Hyderabad.
Pays $68 million to settle with the claimants.
The Hinduja Group on Monday said it is looking at bidding for Satyam Computer Services but yet to take a decision.
Satyam Computer Services (rebranded as Mahindra Satyam) has recovered 32 clients of Satyam since May. The company has close to 420 clients at present -- down from the approximately 500 clients it had before takeover.
Mahindra Satyam's Gurnani to be CEO after Tech M integration.
The bidders had started sending teams from departments like human resources, finance and legal, who were holding discussions with their counterparts at Satyam, the sources added. The Satyam stock was up 4 per cent at Rs 42.20 on BSE. It had dropped a little over 10 per cent in the past month. "Between this week and next week, there will be several meetings between various bidders and company officials," confirmed Satyam's Hari Tallapalli.
The mood appears to have changed dramatically. Despite the new chief executive officer of Mahindra Satyam assuring them the company and its employees (known as associates) have a great future, most associates this paper spoke to are confused and worried about the goings-on at the workplace.
Bidding guidelines for inviting a strategic investor in Satyam Computer Services Ltd are expected to be ready in 10-15 days, Corporate Affairs Minister Prem Chand Gupta has said. "It would be a transparent process," said Gupta. The Satyam board was in touch with the financial consultants and would take a decision soon, he added.
HCL, MindTree in the fray. The company is reportedly in talks with Delhi-based HCL Technologies and Bangalore-based MindTree. HCL, with whom discussions are on for a cash-less merger, seems to be the front-runner, investment banking sources said.
The US Securities and Exchange Commission (SEC) team met the six-member government appointed board of the Satyam Computer Services here on Thursday.
The board meeting, which was expected to be held on February 5, was brought forward by a day. "Announcements relating to critical leadership appointments are expected to be made at the board meeting," the company's internal newsletter stated.
Upaid chairman and CEO Simon Simon Joyce told Business Standard, "Yes, Satyam has withdrawn the disparagement case and they have done so unilaterally. But I do not think that this will impact the primary case of fraud and forgery.
The Hyderabad-based company may generate about $12 million revenues during the current financial year from its South African operations against $4 million in 2006.
With only two days left for the final bidding process to start (9 am on April 13), the government-appointed board of Satyam Computer Services is giving final touches to the modalities. And providing the extra information the potential bidders wanted.
In a major initiative expected to give a big boost to its consulting and enterprise business applications space, Satyam Computer Services Ltd on Friday announced the launch of 'Futurus', a state-of-the-art business solutions laboratory in Chennai.
IT services provider Satyam Computers Services Ltd said on Monday it has entered into an agreement with The University of Melbourne for enabling students of the varsity to do software development internship with the company each year.\n\n
The Enforcement Directorate on October 18 issued provisional attachment order of the company's fixed deposits worth Rs 822 crore (Rs 8.22 billion) in a money laundering case related to the previous management.
"Tech Mahindra is way too dependent on one sector, telecom, and one client," said an analyst. Satyam will not only give it access to different business verticals but also key clients. But Tech Mahindra have been concerned over the recent client loss Satyam has witnessed. Another big concern is the liabilities Satyam will have to face due to the 13 US class-action suits, the unresolved Upaid case, as well as lack of clarity on client and employee details.
The Satyam board said corporate governance, a clean record, management and organisational ability in operating a global company will be considered, apart from the financial bid and other technical criteria. The bidders will furnish an irrevocable and unconditional performance bank guarantee of Rs 100 crore to guarantee the deposit of funds required for the preferential allotment and the requisite escrow amounts for the public offer within four days of being selected.
Satyam Computer Services Ltd (rebranded as Mahindra Satyam to reflect its new ownership by Tech Mahindra) has filed a fresh lawsuit in a New York court, challenging the tax payment claims made by mobile payment services company Upaid Systems.
For the first time in almost six months after it was acquired by Tech Mahindra, Satyam Computer Services (now rebranded as Mahindra Satyam) will hire 130 people from outside the company.
Satyam Computer Services has formed a new team to look into its day-to-day affairs, following the resignation of its chairman Ramalinga Raju.
Raju was arrested by the Crime Investigation Department of Andhra Pradesh Police two days later along with his brother.
"We were not given to understand by any party, explicitly or implicitly, during the valuation exercise about Satyam's plans to acquire Maytas Properties," an Ernst & Young spokesperson informed Business Standard by e-mail.
While the deal at the bid price of Rs 58 per share may bring some cheer to Satyam's shareholders as it brings to end a host of uncertainties, Tech Mahindra has a tough task on its hands, given that Satyam's revenues and client-base is diminishing slowly.
Satyam Computer Services Ltd said on Monday it has signed a strategic partnership agreement with Denmark-based NNIT, a leading consultancy firm in IT operations.
The Fox News in an online report quoted a spokesman for the UN Secretariat as saying that "one direct contract it (UN Secretariat) had with Satyam is to be terminated."
Mahindra Satyam merged with Tech Mahindra, creating a new entity with revenues of $2.7 billion.
Says Satyam is not a commodity. B K Modi of Spice had earlier pushed for e-auction, for its transparency.
The BPO arm of Satyam Computer Services, Nipuna has set up a BPO facility at Chennai.
Satyam Computer Services has reached an agreement with Australia's Victoria University to jointly conduct research and also provide the university's students hands-on working experience on its projects.
Mahindra Satyam, the erstwhile Satyam Computer Services, has sought time until September 30 from the Company Law Board (CLB) to file financial statements.
Satyam founder B Ramalinga Raju's confession letter on January 7 also refers to a net amount of Rs 1,230 crore (Rs 12.3 billion) arranged for Satyam by the 37 companies.
Satyam Computer Services Ltd has appointed Ram Mynampati as the interim CEO.
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