This second report is expected to go deeper into the matter and look at all new facts that may have come up.
A Letter Rogatory is a formal request from a court in India to a foreign court for judicial assistance. To be sent through a consular or diplomatic channel, the LRs are meant to get evidence.
Gurnani succeeds A S Murthy who was appointed by the government board after the multi-crore rupee scam broke out in then Satyam Computer Services. Gurnani has been heading the global operations of Tech Mahindra.
These facilities will accommodate 3,500 employees, who will be moved to the two company-owned campuses.
Sudip Banerjee, CEO, L&T Infotech talks about business post-Satyam, expansion plans and bigger acquisition targets.
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.
National Australia Bank is one of the key customers Tech Mahindra executive vice-chairman Vineet Nayyar will be meeting next week. Nayyar will be in town to spread Satyam's new identity after it was renamed Mahindra Satyam, and try to regain its standing with the NAB and clients such as Qantas and Suncorp. Satyam continues to provide application development and IT maintenance services to the NAB.
Satyam Computer, which has been acquired by Tech Mahindra and rebranded as Mahindra Satyam, is likely to get a new chief financial officer (CFO) by the first week of July.
Replying to supplementaries during Question Hour in the Rajya Sabha, corporate affairs minister Prem Chand Gupta said while the Serious Fraud Investigation Office under his ministry had been given three-months to wrap up its probe into the Satyam scam, no time-frame has been set for CBI.
Engineering giant Larsen and Toubro, which acquired little over four per cent stake in Satyam in less than a month, is believed to have approached the government on Tuesday, evincing interest to buy the troubled IT company.
Andhra Pradesh Chief Minister Y S Rajasekhara Reddy on Friday said the CB-CID is independently probing the financial fraud in Satyam Computer, as it appeared likely that its founder Ramalinga Raju would be arrested.
The National Stock Exchange on Wednesday removed Satyam from its benchmark index Nifty and the IT firm will be replaced by Reliance Capital with effect from January 12.
Startled by the disclosure of fudging of accounts by Satyam founder B Ramalinga Raju, market regulator Sebi has ordered a probe into share market operations and inspection of the IT company.
Last year, Tech Mahindra and Mahindra Satyam announced their intention to merge aming to create a $2.4 billion entity.
Msat said on Monday it is stepping up efforts to attract the talent across Asia-Pacific and India, two of its fastest growing markets.
The government-appointed board of Satyam Computer Services will meet on Friday to scrutinise the bids for a 51 per cent stake in the company and decide a schedule for completing the selection process.
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.
Satyam Computer Services Limited on Friday signed a memorandum of understanding with West Bengal Electronics Industry Development Corporation Limited for setting up its development centre in Kolkata.
Scam-tainted Satyam Computer Services has lost its value with customers moving out of the company, according to Phaneesh Murthy, chief executive of the US-based iGate Corporation.
Three days after announcing the reinstatement of the variable portion of staff salaries, Mahindra Satyam (earlier, Satyam Computer Services) has begun re-introducing other benefits, including employee stock option plans (ESOPs), beside giving promotions and salary hikes across different bands (grades).Mahindra Satyam, now treading a recovery path after it was hit by a big scandal involving its top management, had withdrawn variable pay in April this year.
"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.
The official said that L&T did not jack up its stake in Satyam in recent times and the stake the group owns was acquired in phases from the secondary market. Speculations were rife that the engineering major might look at acquiring Satyam in order to strengthen its presence in the information and technology arena where it has presence through L&T Infotech, a wholly-owned subsidiary of the group.
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.
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
IT major Satyam Computer Services Ltd on Monday announced the launch of its development centre in Mississauga, Ontario, Canada.
Engineering and construction major L&T on Tuesday said Satyam Computer Services, which is rebranded as Mahindra Satyam, has kept its shareholders in the dark about it's performance.s
Satyam Computer Services Ltd set up a learning centre for the families of Satyamites.
Satyam Computer Services Ltd will set up a business continuity center in Singapore, its headquarters for Asia-Pacific Region. This would be the first such center outside India.
Prime Minister Manmohan Singh on Monday said the country's regulatory structure is strong enough to prevent a Satyam-like fraud in future.
As part of its plan to set up a large development centre in China, city-based IT major Satyam Computer Services Ltd will set up its operations in Guangzhou.
Mahindra Satyam has reportedly requested Khurshid to take up the issue of taxation with the Finance Ministry as it would be unjust to tax income that was never there.
The board has approved the allotment of the shares, under the employee stock options plans of the company, Satyam said in a filing to the Bombay Stock Exchange. After the allotment, the paid-up share capital of the company stood at Rs 195,35,94,874 up from Rs 195,34,44,694, the filing added.
All the 10 accused in the case, including prime accused Satyam Computers founder and former chairman B Ramalinga Raju and his brother and Satyam's former MD B Rama Raju, appeared in the court, as per its direction.
Satyam Computer Services has announced enrollment of over 136 employees in the graduate management and MBA programmes offered by online graduate school Universitas 21 Global.
PriceWaterhouse (PW) has said that it resigned as statutory auditor of Satyam Computer Services with effect from February 12, 2009, while stating that it would co-operate with the ongoing investigations into the Rs 7,800-crore (Rs 78 billion) fraud at the IT major.
The inspection would be conducted as per the provisions of section 209A of the Companies Act, corporate affairs minister Prem Chand Gupta told reporters on Thursday.
The company had approached the Ministry of Commerce to extend the validity of the project for two more years, according to a senior official of the company.
A year has gone by since the fateful day when founder and former chairman of Satyam Computer Services (rebranded Mahindra Satyam), Ramalinga Raju, admitted to a multi-crore accounting fraud.
The board, whose size was doubled with the induction of three members on Thursday, is likely to elect a new chairman to steer the company out of the financial mess that its founder Ramalinga Raju led it into.
Satyam is likely to see its clients as well as employees deserting it soon due to the competitive wooing by rivals and top IT firms like Infosys would continue to shore up their market share, analysts at Forrester Research said in a report. "Many employees told Forrester that it's too early to comment, but they will weigh their options almost on a daily basis," they added.
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