Steady performance of Mahindra Satyam and increasing traction in non-BT revenues are key positives for Tech Mahindra.
Satyam Computer Services has formed a new team to look into its day-to-day affairs, following the resignation of its chairman Ramalinga Raju.
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.
Satyam Computer Services on Wednesday announced the winning of a new long-term contract from its existing customer, the World Bank whereby it has been chosen as the World Bank's primary offshore IT services partner.
The Bombay high court on Tuesday put a stay on the on the production warrant against B Ramalinga Raju, former chairman of Satyam Computer and asked a local court to speed up the hearing on his application for transfer of a cheating case to Hyderabad.
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.
State Farm Insurance, a Fortune 500 US company, which last week terminated its existing contracts with the scam-tainted Satyam Computer, has now started transferring its projects to other IT vendors, including those from India.
Upaid chairman and CEO Simon Simon Joyce told Business Standard, "Yes, Satyam has withdrawn the disparagement case and they have done so unilaterally.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 country's largest software exporter, Tata Consultancy Service, on Monday said some Satyam Computer clients have turned to the Tata company on their own, adding it would not approach the clients of the scam-tainted firm.
The two firms, however, cannot be termed as auditors of Satyam as the appointment of an auditor can be done only after securing the company's shareholders' consent. Sleuths investigating the Satyam fiasco on Tuesday conducted raids at the Hyderabad office of PriceWaterhouseCoopers, Satyam's auditing firm, and are understood to have recovered several crucial documents.
For the first time since its founder admitted to falsifying the company's accounts, Satyam Computer will come out with its financials for fiscal years 2008-09 and 2009-10 on September 29.
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.
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.
More trouble may be brewing for the beleaguered Satyam Computers with a Texas district court scheduled to hear on January 7, a case filed against the IT major by a small British mobile solution firm, Upaid, over the Maytas deal.
The company yesterday announced a $1.6 billion deal to acquire Maytas Properties and Maytas Infrastructure, companies run by Satyam chief Ramalinga Raju's sons B Rama Raju and Teja Raju. Investors' opposition forced Satyam to call off the deal on Wednesday.
Asked whether he would favour dropping the 'Satyam' name from the nomenclature of the merged entity, the Mahindra Satyam CEO said he would favour doing so.
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.
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.
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 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."
The Enforcement Directorate in October last year had filed the complaint against Raju and 212 others, including 166 companies, before the XXI Additional Chief Metropolitan Magistrate Court cum Special Sessions Judge here for allegedly laundering funds under a 'corporate veil' to perpetrate the accounting scam that rocked the business world in 2009.
A local court in Hyderabad on Thursday put the hearing of arguments on framing of charges against former Chairman of Satyam Computers B Ramalinga Raju and nine other accused in the multi-crore accounting scam in the IT firm to August 24.
Says Satyam is not a commodity. B K Modi of Spice had earlier pushed for e-auction, for its transparency.
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 said it will provide consulting services to Texas InstrumentsÂ’ incorporated digital signal processor customers.
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.
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.
Mahindra Satyam merged with Tech Mahindra, creating a new entity with revenues of $2.7 billion.
"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.
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.
The court said the company had misinterpreted the assurance of the tax department that it would set aside its earlier order seeking Rs 617 crore.
Mahindra Satyam, the erstwhile Satyam Computer Services, has sought time until September 30 from the Company Law Board (CLB) to file financial statements.
Satyam Computer Services Ltd, India's fourth-largest software company, plans to hire more Chinese engineers and programmers to expand its business of writing computer software for clients in China and Japan.\n\n\n\n
Satyam Computer Services, a leading global IT services company, on Wednesday signed an estimated $200 million (around Rs 900 crore) five-year contract with California-based Applied Materials
Satyam Computer on Monday said it has appointed Venki Prathivadi as the country manager for its Australia and New Zealand operations.
Satyam Computer Services and Microsoft China signed a memorandum of understanding to jointly develop the enterprise solutions market in China.\n
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances