The Enforcement Directorate, the agency under the finance ministry exclusively dealing with violations of foreign exchange regulations, is part of the multi-disciplinary investigation team probing the Satyam accounting scam.
As per the contract, Satyam would develop a customised event management system and build extranet and intranet over the next 12 months.
Satyam Computer Services will scrap the variable pay policy and introduce a revenue-linked allowance from next month for a section of associates in a bid to minimise cost.
Sources said, though the board did not meet officially on Monday, the members were engaged with some of the prospective lenders to overcome the financial problems.
The six-member board -- comprising HDFC chairman Deepak Parekh, former Nasscom president Kiran Karnik, former Sebi member C Achuthan, CII chief mentor Tarun Das, renowned chartered accountant TN Manoharan and LIC nominee Suryakant Balakrishnan -- met in Hyderabad on Thursday for the third time after it was constituted January 12.
IT firm Tech Mahindra on Monday deposited Rs 2,910 crore (Rs 29.10 billion) for 51 per cent controlling stake in Satyam Computer.
Indian shares listed on the American bourses settled mostly in the red, while Infosys defied the trend, after the New York Stock Exchange halted trading in Satyam Computer at its bourses.
Mahindra Satyam chairman Vineet Nayer said they would stick to the June 30-deadline set by the Company Law Board to submit the restated accounts.
The counsel for Mahindra Satyam, told the court that the CBI has locked both the premises eversince it took over the investigations into the case in February last year.
Union of scam-tainted Satyam and telecom-focused Tech Mahindra has produced a fitter company.
Sources said that the new management made a formal announcement before senior management personnel on Thursday on the issue of reducing manpower by up to 14,000 people.
Satyam Computer moved a step closer towards finalising bids for selling a majority stake in the trouble-torn IT company with the board meeting investment bankers on Thursday.
It will serve as a major technological development and software support facility for the company's ASEAN, US and Middle Eastern customers.
Tech Mahindra executive vice-chairman Vineet Nayyar said construction of the 10ha development on Deakin University grounds would begin as soon as discussions with the Victorian government were complete. He said the company is determined to complete the project. However, he warned that certain aspects of the initial agreement, including funding, could change.
The board has the power to appoint a professional even without a formal application if found apt for the job, the source told PTI.
The centre named Process Manufacturing Innovation Centre of Excellence would help companies to take advantage of the advancements made in IT - mainly in areas of product and process innovation, Satyam said.
Many software companies are having extra employees and each company is trying to handle in the best possible way and in that sense Tech Mahindra and Satyam are not in an unusual position. Last week only, the minister had said that the government will not turn a 'blind eye' to the issue of layoffs in scam-hit Satyam Computer, which has now been acquired by Tech Mahindra, a group firm of Mahindra and Mahindra group.
Satyam, which incorporated its sports division in 2007, will offer value-in-kind.
Chartered accountants body ICAI on Saturday served a showcause notice on auditor PriceWaterhouse and asked it to submit balance sheets of Satyam Computer audited by it in the last five years.
In fact, the ministry of corporate affairs announced that role of directors and auditors at Satyam will be scanned by ICAI and the apex body of company secretaries.
The trading remains halted as of now in securities of Satyam in New York and Amsterdam exchanges, an NYSE Euronext spokesperson said in an e-mailed statement. On January 7, the New York Stock Exchange halted trading in Satyam Computer Services Ltd after Satyam stock plunged by over 90 per cent to $0.85 in pre-market trade in the US.
The company's move to mollify shareholders comes after it raised investor ire on its proposed $1.6-billion acquisition deal, which had to be called off. After suffering a severe battering on Wednesday, Satyam shares surged 13.88 per cent to an intra-day high of Rs 180 on Thursday on the Bombay Stock Exchange.
The court had earlier ordered initiation of proceedings against 11 former directors of Satyam Computers after splitting up the multi-crore accounting scam case
"The portal will be accessible to both existing employees as well as the 8,000-10,000 associates who received sabbatical letters as part of the VPP. The internal portal provides modules on competency enhancement, outplacement services, coaching and counselling support for financial planning and project and knowledge management," a Satyam spokesperson said.
Upaid has filed for damages exceeding $1 billion on charges of forgery, fraud and breach of contracts. The cases have been filed in a federal court and a state court in Texas, USA. The legal teams of UK-based Upaid and Satyam Computer Services are holding talks for an out-of-court settlement of a case filed by the UK-based mobile payment services firm. The hearing of the case is on June 1.
The new contract, an extension of a previous contract due to expire this year, would end in December 2013.
Cisco and Satyam had entered into a joint venture in 2007 to focus on healthcare management solutions. As a part of this announcement, Cisco had also lined up an additional investment of $100 million, targeting innovation.
The housing finance regulator National Housing Bank on Thursday said it was collecting information from housing finance companies about their exposure in group entities of the scam-tainted Satyam Computer Services.
The Satyam Computer Services board is expected to induct former managing director of Tata Chemicals Homi R Khusrokhan on the company's board of directors as Executive Director and former chief financial officer of Murugappa group Partho S Datta as Director (Finance).
On the conclusion of the mandatory open offer to shareholders of Satyam Computers, the new owner, Tech Mahindra, has a little over 42 per cent stake in the company, as against the original plan of acquiring a total of 51 per cent of the equity.
The promoters of Satyam Computers, currently facing the wrath of shareholders over corporate governance issues, used to own as much as 25.60 per cent equity in the company till few years ago before reducing their stake in phases.
The three-member board of Satyam Computer Services outlined a formidable agenda that includes seeking a bailout, changes in the top management and asking clients to accelerate payments to overcome a cash crunch.
The government's help to the crisis-ridden Satyam Computer Services may include financial support as well, as it is a question of saving jobs and institutional investment, Commerce and Industry Minister Kamal Nath said.
The company had a net profit of Rs 4 crore (Rs 40 million) in January this year, Satyam said in a regulatory filing to the stock exchanges. The total income in February stood at Rs 637 crore (Rs 6.37 billion) while in January it was at Rs 647 crore (Rs 6.47 billion).
Judge ruled that ther lawsuits failed to allege that the ex-directors recklessly failed to discover the fraud.
Upaid claimed it had served requests for production of documents related to the 'now scuttled Maytas transfers on Satyam' on Friday, but now had to submit this motion to the court 'because Satyam had repeatedly resisted its efforts to depose Raju and Vadlamani in the case.' The current motion is in reply to a disparagement case that Satyam had filed against Upaid wherein the former had claimed that the payment services firm has been disparaging them in the public domain.
Satyam Computer Services Ltd, said on Monday it will buy out the 24 per cent stake held by Northrop Grumman Space and Mission Systems Corp, formerly known as TRW Inc, in a joint venture, for $3.5 million.
Global consulting and IT giant Satyam Computer Services on Thursday announced plans to launch its largest global delivery campus outside India in the eastern Chinese city of Nanjing
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