Satyam's director Tarun Das had earlier said that the company had been approached by Indian and international IT companies and that the board would decide on it. Reports have suggested that engineering major L&T has expressed interest in acquiring Satyam, while Tech Mahindra is interested in the telecom business of the Satyam group.
Terming the nearly Rs 10,000 crore (Rs 100 billion) scam in Satyam Computers as an aberration, the government on Thursday said the proposed new Companies Bill provides more stringent provisions to avoid such frauds in the future.
Second-quarter net profit plunges to Rs 23 crore (Rs 230 million) from Rs 98 crore (Rs 980 million) in first quarter.
The petition was filed before a magistrate court here seeking permission for interrogating Raju, his brother Rama Raju and Satyam's former CFO Vadlamani Srinivas while they are in judicial custody. Raju's lawyer had earlier sought a day's time to file a counter petition, following which the court posted the matter for hearing on Friday. However, it has now been posted for hearing on January 19.
A week after B Ramalinga Raju, the promoter of Satyam Computer Services, confessed to manipulating the accounts for several years, Price Waterhouse, external auditors of the Hyderabad-based software services firm, said its audit report should not be relied upon.
The chartered accountants body ICAI on Tuesday constituted a six-member special committee to look into the auditing of crisis-hit Satyam Computer, whose disgraced founder chairman Ramalinga Raju has confessed to fudging accounts.
With the developments in Satyam Computer unfolding shocking irregularities, Wipro Technologies, a NYSE-listed company, on Wednesday said this incident is one of its kind and is unlikely to affect the industry.
The Securities and Exchange Board of India chairman C B Bhave said punishment should be quick for the perpetrators of fraud at IT firm Satyam Computer.
Meeting agenda to go beyond buyback.
Satyam Computers' independent directors are mounting pressure on founder B Ramalinga Raju to reveal details of the controversial board meeting that proposed the acquisition of two promoter-related companies, after a director resigned yesterday owning moral responsibility.Directors want Satyam's founders to make public the minutes of the meeting at which around Rs 5,500 crore of the company's cash was proposed to be paid to acquire Maytas Infra and Maytas Properties.
Analysts have predicted strong results for the country's third largest listed software company Satyam Computers in 2003-04 in terms of both earnings and revenue on the back of high order momentum and client interest in the company.
Analysts have predicted strong results for the country's third largest listed software company Satyam Computers in 2003-04 in terms of both earnings and revenue on the back of high order momentum and client interest in the company.
The Spice Group on Wednesday alleged that there was no openness and transparency in the bidding for the troubled Satyam Computer and said it would soon decide on whether to go ahead with the bidding process.
Satyam Computer Services Limited has commenced a competitive bidding process, which contemplates the selection of an investor to acquire a 51 per cent equity interest in the troubled IT services company.
'But I would not like to write it myself. I don't think it will be right.'
'We wrote to the bank a few weeks ago. We don't expect an immediate response as these things take time but we disagree with the claims they've made,' Australian IT quoted Tech Mahindra executive vice-chairman Vineet Nayyar as saying in Sydney. Satyam was blacklisted last September and a month later was forced to deny reports that its contractors had installed spy software on World Bank computers.
Fraud-hit IT outsourcing company Satyam Computer Services Limited (rebranded as Mahindra Satyam) is getting itself back on track, and inching closer towards acquiring the multi-million multi-year contracts it lost from Telstra and Merrill Lynch, according to a source close to the development.
The government has suggested that the new Satyam Computer Services board should also look within the company to appoint a CEO and CFO.
Amid reports that education-focused IT firm Educomp too fudged accounts just like Satyam Computer did to inflate stock prices, the government on Tuesday said it would seek information from the company.
Raju was arrested by the Crime Investigation Department of Andhra Pradesh Police two days later along with his brother.
Noting that the market regulator Sebi and the Registrar of Companies are already on the job, the minister said, "As far as the auditors are concerned we have asked ICAI to take strictest possible action against the erring auditors." While a team of Sebi has already reached Hyderabad, headquarters of Satyam Computer, the government has asked the RoC to look into the matters concerning the erring company.
IBM's exit leaves the field open for engineering giant Larsen & Toubro, which owns 12 per cent in Satyam, Tech Mahindra, Cognizant Technology and private equity firm Wilbur L Ross. Satyam currently faces 13 class action suits by holders of the company's ADRs in the US. An investment banker close to the deal said IBM was a big name and could, therefore, be vulnerable to more lawsuits.
All the three tax-free enclaves were given formal approval, which would have lapsed by end of this month. While the ministry granted extension of time 'on file', the decision has to be ratified by the inter-ministerial Board of Approval which is meeting here on June 17.
The Satyam Computer board plans to invite bids for a strategic investor in the next few days and expects to garner a healthy amount as investment, company chairman Kiran Karnik said on Monday.
CBI on Wednesday announced that it will set up a multi-dimensional team to probe the 'unique' fraud, which involves Satyam founder B Ramalinga Raju and his family members. While the spokesman remained evasive to questions on when the cases would be registered, CBI sources said records and other materials associated with the probe was being taken over by the agency.
The Comptroller of Auditor General (CAG) of India has rapped Maharashtra Government for giving 'undue benefit of over Rs 20 crore (Rs 200 million)' to controversial Satyam Computer Services Ltd by selling land at lower rates in Multimodal International Hub Airport (MIHAN) project at Nagpur.
Speaking to private TV news channel CNBC TV18, Naik said, "Some corporate action will take place in the near future but we cannot comment on taking over Satyam at this stage."
"After Ramalinga Raju made his confession, we encouraged our leaders to meet with their teams hourly and then several times a day," says Ed Cohen.
Analysts are optimistic on absorption of new clients, growth possibilities under Tech Mahindra. For Tech Mahindra, the biggest positive is that the two companies have synergies in service offerings and client portfolio, says Sabyasachi Satpathy, director and co-founder, Mindplex Consulting. Satyam will give Tech Mahindra capabilities in enterprise resource planning, systems integration, as well as vertical expertise in the embedded, manufacturing and insurance space.
A union of IT and BPO workers has written to the Election Commission to halt the sale process of fraud-hit Satyam Computer until a new government takes over and current investigations being carried out by CBI reach a logical conclusion.
Satyam Computer's tainted founder B Ramalinga Raju on Wednesday secured bail from the Andhra Pradesh high court, over 17 months after his arrest on charges of allegedly fudging the IT company's accounts.
"Satyam will give us the scale. This will make us stronger," says Phaneesh Murthy, CEO of the Freemont (California)-based IT services provider, iGate Corporation, and one of the suitors of the beleaguered IT corporation.
The government is understood to be in favour of selling a 51 per cent stake in the beleaguered Satyam Computer Services, so that the ailing firm can raise sufficient funds to meet its working capital expenses and liabilities from the class-action suits.
After hearing a petition filed by Satyam on Wednesday, CLB ordered that the company could conduct an open transparent auction process for inducting a strategic investor.
Satyam Computer Services Ltd on Wednesday announced approval of Sponsored American Depository Shares issue against the existing equity shares of the company.
The government is planning to nominate full-time directors while inducting the remaining seven members in the reconstituted board of Satyam Computer Services Ltd, said a top corporate affairs ministry official. The ministry of Corporate Affairs (MCA), which got an interim order from the Company Law Board to supersede the existing board of the Hyderabad-based company, is planning to make the announcement within a week to ensure smooth functioning at Satyam.
The Company Law Board has asked Satyam's interim management for not implementing the decisions of the board, but has allowed it to continue its business, a senior executive of the firm said in Hyderabadon Saturday.
Millions of shareholders would be hurt by the developments as the Satyam management was not fair to them, said the official, who did not want to be named. The SFIO investigation would form part of the coordinated action by all the regulatory and enforcement agencies, the official said.
Satyam Computer Services did not consult Mendu Rammohan Rao, dean of the Indian School of Business and an independent director on the board of India's fourth largest IT services provider, when it called off the deal to acquire Maytas Infra and Maytas Properties following shareholder protests. Rao had chaired the board meeting that endorsed the company's proposal to buy the two firms linked to the family of Satyam's founder and chairman B Ramalinga Raju.
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