A 23-year-old employee of scam-ravaged Satyam Computers allegedly committed suicide in Chennai, apparently fearing that he may lose his job, police said.
"It defies logic, one is not sure whether there is much more to it than is written in the letter and whether the letter contains all the facts," KPMG chief operating officer Richard Rekhy said on the sidelines of a CII function in New Delhi. It is too simplistic at the moment to believe that the kind of thing that has happened in the company is done by Raju alone, he said.
From a premium benchmark index stock to a penny stock and now back to the mid-cap space, the bounce-back has surprised even seasoned market players, though most of them are still wary of taking a call on the stock.
PricewaterhouseCoopers India campaigns to appear responsible as it distances itself from the mess surrounding former client Satyam
In a letter to the Prime Minister, Reddy said though the CB-CID had been in constant touch with other investigating agencies, there were issues that needed to be looked into by central government organisations such as the Income Tax department, Enforcement Directorate, Registrar of Companies, Ministry of Company Affairs, Serious Fraud Investigation Office and the Securities and Exchange Board of India.
Two more directors on Monday resigned from the board of Satyam Computer Services, taking the number to three, following differences over an abortive acquisition deal involving two firms promoted by chairman Ramalinga Raju's family.
Almost 18 months after acquiring scam-hit Satyam Computer Services, the new management has come out with a clean balance sheet.
Satyam Computer Services, India's fourth largest software services exporter, reported a quarterly profit of Rs 116 crore (Rs 1.16 billion) on Thursday.\n\n\n\n
Raising the issue in the Rajya Sabha, Leader of the Opposition Jaswant Singh made a demand for a probe by a House Committee into the Rs 7,800 crore (Rs 78 billion) fraud.
Satyam Computer Services Ltd on Thursday announced that it would recruit fresh graduates in its first management graduates hiring programme outside India
In an economic downturn such as this, when the markets have crashed, there are many more Satyams which are vulnerable to hostile takeovers because the promoters do not have a controlling stake. Such promoters will be tempted to take cash out of their companies and park it elsewhere.
Satyam Computer said on Thursday it expects earnings per share of Rs 14.57 to Rs 14.66 for the full year ending March 31, 2003.
The seven-year deal will enable integration of support functions and build best-in-class organisational processes for the bank.
Software major Satyam Computer Services today posted a 30.37 per cent decline in profit after tax at Rs 343.30 crore
Satyam Computer Services on Friday received approval from market regulator Securities and Exchange Board of India to facilitate a global competitive bidding process enabling it to sell 51 per cent stake in the company to a strategic investor.
Satyam Computer Services has reported a 32.4% in consolidated net profit at Rs 176.86 crore
Terming the newly constituted board of Satyam Computer as "able", former Sebi chairman M Damodaran today expressed the confidence that the new leadership will chalk out ways to tide over the crisis.
The National Association of Software and Services Companies, the apex body of the IT-BPO industry in India, on Wednesday expressed shock at the disclosures made by Satyam Computer Services chairman B Ramalinga Raju.
The holding is expected to come down further as the promoters has pledged the entire holdings over a period of time since September 2006. More institutional lenders are expected to exercise their option of selling the pledged shares to cover margin calls.
Satyam Computer on Monday sank deeper into a crisis with two more directors quitting the board and the company announced that lenders were possibly selling promoters' equity that is entirely pledged with them.
Three days after the World Bank decided to ban it for eight years, Satyam Computer Services today hit back and demanded an apology from the bank for "certain inappropriate statements" made by its representatives.
Satyam Computer Services on Wednesday announced that it is not going ahead with its proposed acquisition of Maytas Properties and Maytas Infra, in light of the feedback received from the Investor community.
"Whether it (stake to be offered in Satyam) is 31 per cent or 26 per cent, anybody coming in would have to make an open offer of 20 per cent in the market. Then the number of shares with the person or with the bidder could be higher than 31 per cent or 26 per cent. So that is not an issue," Corporate Affairs Minister P C Gupta told reporters in New Delhi.
The company expects the division to add double-digit growth to the company's top line during the current financial year, he said.
Satyam Computer Services expects to boost its headcount to 3,000 in China, where it plans to open its fourth development centre, and is also looking at acquisitions in Japan.
Better growth is coming from outside the US - such as Canada, Australia, West Asia, China and APAC (Asia Pacific). Moreover, these are also becoming good delivery centres given the unique nature of these geographies, says Ram Mynampati.
Satyam Computer Services, India's fourth-largest software services exporter, said on Thursday quarterly profit fell 2.2 per cent, below market expectations
Satyam Computer Services Ltd has posted a net profit of Rs 121.49 crore for the quarter ended June 30, 2003 as compared to Rs 108.44 crore for the quarter ended June 30, 2002.
A US Securities and Exchange Commission team is in India to probe the multi-crore rupee accounting fraud at NYSE-listed Satyam Computer and is taking the help of local agencies to this end.
Earlier this month, the corporate affairs ministry had written to various ministries including telecom, railways and steel seeking directions for public sector units under their administrative control for exempting Satyam from submitting audited balance sheets while bidding for projects of the state-owned firms.
Satyam Computer Services has announced a 17.84 per cent jump in its January-March quarter profit after tax at Rs 468.45 crore. Satyam had reported a PAT of Rs 397.51 crore (Rs 3.97 billion) for the fourth quarter ended March 31, 2007. The stand-alone total income increased to Rs 2,337.84 crore (Rs 23.37 billion) for the quarter ended March 31, 2008 from Rs 1,778.40 crore (Rs 17.78 billion) in the year-ago period. The total dividend recommended for the year is 175 per cent.
Tech M's priorities include retaining current customers, winning back business lost as a result of the crisis, retaining key associates, winning new businesses and exploring the best ways to realise operational and structural synergies between the two companies. On the possibility of layoffs and cost-cutting, Vineet Nayyar, Tech Mahindra's vice-chairman and MD, said, "I can't say anything. The company has to be viable and we will work at it. Layoffs will be the last option."
India has assured the world that Satyam Computer, embroiled in fraud by founder Ramalinga Raju, will continue to provide its clients world class services.
Talks of a possible merger or takeover will not have credence for a while
A 20-year old man suspected to be the murderer of an Indian-techie, working with the beleaguered Satyam Computers, was arrested by the police in Little Rock in Arkansas, United States. The Little Rock Police is interrogating the suspect in connection with the killing of Andhra Pradesh engineer Akshay Vishal, who was shot dead on Tuesday, in the seventh case of young students and professionals from the state being killed in the last 14 months.
In an hour-long chat on rediff.com on Monday, Ganesh Natarajan, chairman of National Association of Software and Service Companies, replied to many queries on the Satyam scam.
PwC's comments are still awaited. Following a letter from the Satyam chairman, who accepted that he had misrepresented facts in the company's balance sheet, role of auditors and accountants for the company has also come under scanner.
Andhra Pradesh chief minister Y S Rajasekhara Reddy said on Wednesday he was not aware of the details of the Satyam Computer financial fraud, and would take appropriate action after studying the case. Reddy was in New Delhi for a meeting with Planning Commission deputy chairman Montek Singh Ahluwalia.
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