Pays $68 million to settle with the claimants.
The board approved the allotment of the shares on March 13, under the stock option plans of the company, Satyam said in a filing to the Bombay Stock Exchange. Pursuant to the allotment, the paid-up share capital of the company stood at Rs 1,34,77,89,584 up from Rs 1,34,77,68,562, the filing added.
Mahindra Satyam (formerly Satyam Computer Services Limited) on Sunday said that a group of investors led by Aberdeen Asset Management have claimed damages of over $150 million (approximately 750 crore) from the company for the losses they suffered post the confession of accounting frauds by its founder B Ramalinga Raju in 2009.
L&T is trying to aggressively diversify again into a field where it does not have much experience.
Though the controversial Satyam-Maytas deal has been called off, regaining investor confidence will be an uphill task.
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.
Satyam Computer Services Ltd has appointed Ram Mynampati as the interim CEO.
Satyam Computer Services Ltd has appointed Ram Mynampati as the interim CEO.
In a filing to the stock exchanges, Satyam said that the technology research firm had in its December 18, 2008, report asked organisations to adopt the software major's innovative business strategies. However, the latest Forrester report on December 31, said that its software business associates need to review dependence on Satyam Computer to safeguard themselves in case the IT major is sold.
Employees of Mahindra Satyam, the erstwhile Satyam Computer Services, say they are not worried about the financials of the company. Last week, Mahindra Satyam reported an aggregate loss of Rs 8,300 crore (Rs 83 billion) for 2008-09 and 2009-10.
Key leadership hiring in different pockets -- a few from other companies -- to beef up the company's sales efforts is currently on.
W L Ross & Co has acquired 1.8 million American Depository Receipts (ADRs) of Satyam (Mahindra Satyam) from NYSE Euronext for $4.6 million (over Rs 20 crore) at an average price of $2.5 per share, the parent firm of W L Ross, Invesco, said in a Securities and Exchange Commissions (SEC) filing.
After Tech Mahindra emerged as an investor in April, he said he travelled to meet customers, associates and teams across the world. 'All of them are interested in the future. I dream of an enterprise which remains connected to its customers, partners, influencers and the society in more ways than one,' Mahindra Satyam CEO C P Gurnani said. 'Let's make a great future together.'
Virender Aggarwal, chief of Satyam Computer Services, Asia Pacific, became the first Indian to receive the prestigious International Management Action Award of Singapore.
This is one question that's uppermost in the minds of analysts, marketmen and industry experts even as the Company Law Board on Thursday gave the scam-tainted IT firm's stake sale plan the go-ahead.
Last week Vineet Nayyar, the CEO of Satyam's new owner Tech Mahindra, had said Satyam has an excess staff of 10,000.
Bulk of fast-track proceedings completed, with defence cooperating in avoiding delays; court examination of accused & rival arguments remain
Board, audit panel to meet on September 4.
Fourth largest software exporter from India, Satyam Computer Services on Thursday said it would expand its global footprint by opening more delivery centres and sales offices overseas.
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.
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.'
The Sixth Additional Chief Metropolitan Magistrate on Wednesday allowed Securities and Exchange Board of India (SEBI) to quiz Satyam Computer's former CFO Vadlamani Srinivas and ex-Price Waterhouse partners S Gopalakrishan and Talluri Srinivas.
The minister further said running the operations of the company and inquiry against people involved in the accounting fraud are two different things and should be viewed separately separately. The new board of Satyam met twice and appointed global accountancy firms KPMG and Deloitte to re-state the accounts of the IT company.
The beleaguered Satyam Computer Services on Thursday said its top leaders have pledged to remain with the company and work jointly to steer the organisation through the crisis.
The software company has conducted 'mass recruitment' of entry level engineers from top Malaysian universities.
Satyam Computer Services Ltd on Wednesday launched a Global Development Centre in Melbourne, Australia, which is the company's largest centre outside India.
Upaid, which is already fighting a forgery case against Satyam in a US court, had last week filed a motion against Satyam Computer Services with the state court, saying that they are looking for a testimony from Ramalinga Raju, CFO Srinivas Vadlamani, and the company's head of corporate governance Jayraman after the abortive Maytas deal.
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.
Mahindra Satyam, the rebranded Satyam Computer Services, is set to position itself as an information and communication technologies (ICT) company.
Satyam Computer Services founder B Ramalinga Raju had made trips to the Indian School of Business in Hyderabad, to Visakhapatnam and even the United States, to convince the independent directors on the his board for acquisition of Maytas Infra and Maytas Properties, the two companies promoted by his family members.
Satyam's short-term requirements include funds for paying salaries to employees in India and abroad, rentals, arrears to vendors and provident fund dues. The Hyderabad IT-major has already secured loans worth Rs 600 crore from IDBI Bank and Bank of Baroda. It is now understood to have plans to seek more loans from other state-owned banks as well.
A day after two former Satyam Computer auditors denied their role in the multi-crore accounting scam at the IT firm, another accused on Friday told a court that CBI had no substantial evidence against him. D Venkatapathi Raju, a former Satyam employee, argued that he cannot be clubbed as a co-conspirator in the corporate fraud which came to light in January last year.
Satyam founder R Raju challenges fraud case verdict
It is quite a shock that that company management, mainly disgraced chairman B Ramalinga Raju, kept everyone -- seemingly --in the dark for a decade.
Infosys made this position clear, a day after its chairman and chief mentor N R Narayana Murthy reiterated that his company would not act on any CVs received from Satyam employees to ensure that nothing is done that would adversely impact the Hyderabad-based firm's future.
Srinivas Vadlamani, the Chief Financial Officer of Satyam Computers, was remanded to judicial custody till January 23 by the 6th Metropolitan Magistrate on Sunday. He was later shifted to the Chanchalguda central jail, where former chairman of Satyam B Ramalinga Raju and his younger brother Rama Raju have been lodged since Saturday. Bharat Kumar said that the bail petition for all the three former officials of Satyam will come up for hearing on Monday.
Media reports said that three IT companies, HCL Tech, Tech Mahindra and Cognizant, are in the fray for Satyam. While a HCL spokesperson said the company does not comment on speculation, Tech Mahindra officials termed the reports as baseless.
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