The Andhra Legislative Assembly witnessed noisy scenes and constant exchange of words between the ruling Congress and the TDP members through the 90-minute reply by the chief minister.
Satyam Computer on Thursday said its new owner Tech Mahindra's stake will go up to 50.42 per cent in the company following a preferential allotment of over 19.86 lakh shares.
The Institute of Chartered Accountants of India has found two top officials of Satyam Computer Services and four auditors of Price Waterhouse prima facie guilty in the Rs 7,800-crore (Rs 78 billion) fraud case, a top ICAI official said.
Satyam Computer Services said it continued to support its long-standing partnership with IBM for lotus enterprise solutions.
A Supreme Court ruling that termed narco and polygraph tests on accused persons "illegal and a violation of fundamental rights" if conducted without their consent could turn out to be a boon for B Ramalinga Raju.
The legal noose has been tightening around the disgraced founder of Satyam Computers, B Ramalinga Raju, for nearly 22 months since he admitted in January last year to fudging the company's accounts to the tune of Rs 7,200 crore (Rs 72 billion).
Reports say that law firms in the US have begun filing class-action suits against Satyam and its beleaguered executives for fraud. Two such class action lawsuits -- one by a US law firm Izard Nobel LLP and the other by an investor in Satyam ADS -- have been filed in a district court in New York.
The former Satyam Computer's founder, Ramalinga Raju, had confessed in early 2009 to having falsified the company's accounts for years.
Satyam Computer Services, in the eye of a storm for financial wrong doings, will be stripped off the Golden Peacock Award -- the very laurel it used for trumpeting its corporate governance norms when the controversy broke out.
In a filing to the Bombay Stock Exchange, Satyam Computer said the last date by which letter of offer will be dispatched to the shareholders has been revised to June nine, from the earlier scheduled date of June three. Further, the last date of withdrawal by shareholders has also been revised to June 26, from the earlier June 27.
The 10 accused in the case include prime accused Satyam Computers founder and former chairman B Ramalinga Raju, his brother and Satyam's former MD B Rama Raju, ex-CFO Vadlamani Srinivas, former PwC auditors Subramani Gopalakrishnan and T Srinivas, Raju's another brother B Suryanarayana Raju, former employees G Ramakrishna, D Venkatpathi Raju and Ch Srisailam, and Satyam's former internal chief auditor V S Prabhakar Gupta.
Even the big and eager will find it quite a mouthful.
Satyam Computer Services Ltd said Giga Information Group named it 'Top choice for SAP support' among offshore service providers.
Satyam Computers on Monday said it plans to launch the Satyam School of Leadership, a corporate university, to develop and nurture leaders to accelerate the company's growth.
I would say it was unwise, but not necessarily wicked. I suggest that Satyam was ill-served by its M&A investment bankers and lawyers regarding the public-relations backlash such a move would cause
'It is revealed that an amount of Rs 1,425 crore out of Rs 1,744 crore loan obtained from NBFCs was transferred to the bank accounts of SCSL by 37 companies as loan over a period ranging from November 17, 2006 to October 30, 2008 to meet the expenses of the Satyam Computer Services Limited. Out of this amount, Rs 194 crore was returned by SCSL during October and November 2008 to 15 out of the 37 companies,' the CBI said in its chargesheet.
On April 21, 2008, Satyam announced its plans to acquire the market research and customer analytics business unit from CAT for a total consideration of $60 million (approximately Rs 300 crore), comprising an initial payment of $10 million (Rs 50 crore), which Satyam paid to the seller on August 6, 2008, besides issuing a $50-million (Rs 250 crore) promissory note.
Satyam Computer Services Ltd and Ansys Inc formed a strategic alliance that will help customers accelerate product innovation, time-to-market and quality.
Chairman Vineet Nayyar says firm has seen lot of positive sentiment among stakeholders following merger announcement with Tech Mahindra.
Jane Street could do what they did because of the most fundamental flaw in the Indian stock market: a fragmented, fractured, fissured, fistula-ed liquidity stream, points out Shankar Sharma.
Satyam Computer Services Ltd allotted 600 equity shares under a stock option plan.
According to a department notification, Tech Mahindra has approached the Board of Approvals under the Department of Commerce for transferring rights of three SEZs (one in Tamil Nadu and two in Andhra Pradesh) and the proposal will come up for a discussion before the BoA on August 30.
An independent director on Satyam Computer's board is understood to have resigned days ahead of a scheduled meeting next week.
If implemented, this will be music to the ears of shareholders and analysts who have been insisting that Satyam would be better off returning money to shareholders.
To expand operations in the South America region, IT major Satyam Computer Services has opened a multi-lingual development centre, named 'Satyam Latam Center' in Sao Paulo.
The NYSE-listed Satyam Computer Services on Tuesday said the company has the potential to grow from its current employee strength of 20,000 to 50,000 in a few years.
The six-member government-appointed board of scandal-hit Satyam Computer Services today appointed investment banks Goldman Sachs and Avendus to explore various strategic options for the company, which include identifying strategic investors and obtaining expressions of interest from them in a fair and transparent manner.
The Tamil Nadu government is expected to allot 50 acres of land on the Old Mahabalipuram Road, the IT corridor of Chennai, to Satyam Computer Services Ltd.
Satyam Computer Services has signed a $71 million seven-year contract with Qantas for development and maintenance of over 150 applications across a wide portfolio of technologies.
Satyam has been saved. It has a credible owner after an auction in which reputed companies had bid, it has survived the last three months without much loss of business or desertion by staff, it has coped with a severe cash crunch and a national asset can now be re-built into an IT services powerhouse.
Satyam Computer Services Limited on Thursday announced that it has implemented an organisation-wide, virtual learning environment called Satyam Learning World.
India Inc on Friday said that the completion of the bidding process for scam-tainted Satyam Computer demonstrates the country's strength in dealing with complex corporate issues.
Following is the chronological summary of events which saw IT major Satyam Computer Services, founded in 1987, on its path to disaster:
Satyam Computer Services and Sun Microsystems India on Wednesday have announced the launch of the Satyam customer solution centre on Sun Technologies.
The trial in Satyam fraud case had concluded in second half of June before the special court, which examined 216 witnesses and marked 3,038 documents during the course of the hearing.
Months before the scam at Satyam had come to light with confessions of its founder and former chairman B Ramalinga Raju, the Satyam scrip had hit a 52-week high of Rs 542 in May last year. The IT firm's market capitalisation had been over Rs 36,600 crore (Rs 366 billion) at that time.
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