Last week, the 20-hectare zone had got embroiled in a controversy amid reports that the state government was taking back the land. This was after allegations that the land was allotted in an unfair manner. But Chief Minister Rajasekhara Reddy said the government would not cancel the allocation as the company was "sound."
Satyam Computer chairman B Ramalinga Raju can face seven years' imprisonment in addition to monetary penalties for forging accounts, breach of trust and misappropriating funds.
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Ramalinga Raju founded Satyam in 1987.
Andhra Pradesh High court on Monday reserved orders on the bail petition filed by B Ramalinga Raju, the prime accused in multi-crore Satyam Computers accounting scam.
Satyam Computer Services posted 37.11 per cent increase in profit after tax on Friday at Rs 397.50 crore (Rs 3.97 billion) for the quarter ended March 31, as compared to Rs 289.90 crore (Rs 2.89 billion) for the same quarter last year.
The firm had an outstanding loan of Rs 200 crore (Rs 2 billion) at the beginning of 2009 and it availed fresh loans of Rs 369 crore in the first quarter. However, it also repaid Rs 100 crore (Rs 1 billion) of loan, Satyam said in a regulatory filing to the stock exchanges.
The XXI additional chief metropolitan magistrate court allowed the petition of G Rama Krishna, accused No. 7 in the case, and directed the superintendent of Chanchalguda Central Prison to provide him a computer.
Even as most of the 50,000-odd employees at Satyam Computer Services remain concerned about job and pay cuts, 250 to 300 employees working on the Merrill Lynch project have accepted an offer from Bank of America (BofA), the bank that bought the sub-prime meltdown-hit investment bank in September last year.
Leading IT services firm Satyam Computer Services will be allotted 50 acres of land in Chennai by the Tamil Nadu government for expanding its operations.
Giving relief to the scam-hit Satyam Computer, the Company Law Board (CLB) on Thursday extended time limit for the IT company to declare quarterly financial results and file statutory documents up to December 31, 2009.
The buzz refuses to die down even though other PE players, investment bankers and analysts say such an alliance is highly unlikely. Wilbur Ross, meanwhile, is understood to have completed the due diligence of the scam-tainted IT company. When contacted, a company official declined comment.
The state government allotted 50 acres of land near Visakhapatnam to Satyam Computer in December 2008 at a concessional rate of Rs 10 lakh.
The regulator said the amendment to the Sebi (Substantial Acquisition of Shares and Takeovers) Regulations, 1997, provides for 'relaxation from the strict compliance of provisions of Chapter-III in certain cases.' Chapter-III deals with mandatory open offer if an entity acquires 15 per cent stake in a company, as also for acquisition or change of control of the company, among others.
While some industry observers said it's good for the company, others dismissed him as an interim arrangement before the government-appointed board finally sells out the company. In an email interview to Business Standard, A S Murty details his course of action.
The team comprising advisors and inspectors from SFIO has gone to assist the officials of the Hyderabad registrar of companies, which is at present conducting investigations. Minister of corporate affairs Prem Chand Gupta had on Wednesday directed the RoC Hyderabad to look into the Satyam issue and submit a preliminary investigation report by January 14.
Out of the total dues, Satyam Computer, which has now been re-branded as Mahindra Satyam, alone owes a hefty Rs 532 crore (Rs 5.32 billion) to the Income Tax department
Satyam Computer Services' consolidated net profit under Indian GAAP has surged 39 per cent to Rs 711.64 crore (Rs 7.1164 billion) for the year ended March 31, 2005 as compared to Rs 513.38 crore (Rs 5.1338 billion) for the year ended March 31, 2004.
Asked about the specific damages sought in the lawsuit, law firm Vianale & Vianale LLP's counsel Keneth J Vianale said that the sum duped could be in hundreds of millions of dollars. After the scandal was revealed, trading in Satyam shares was halted by the NYSE on January 7 and the stock exchange has said that it is assessing whether the firm deserves to stay on the bourses.
ADAG, Mahindra BT, L&T Infotech may team up with PEs.
The maximum size of the offering is 3 crore equity shares
The government on Friday informed the Supreme Court that it will set aside its order directing scam-hit information technology firm Satyam Computer to pay Rs 617 crore (Rs 6.17 billion) as income tax and will give a fresh hearing to the firm's plea challenging the tax demand.
It alloted 6000 non-convertible debentures of face value of Rs 10 lakh
The board had earlier said that the bidder will be announced on April 9.
ICAI starts proceedings against software firm's CFO and head of audit cell.
There were also reports that the board might opt for an open bidding process, which will bring in the much-required funds into the company. The board will also insist that only companies with a good track record can bid for the company. However, this could not be confirmed.
IT major Satyam Computer Services Ltd on Monday said it would consider bonus issue and financial results for the quarter and year ended March 31 on April 21.
ICAI has also imposed a fine of Rs 5 lakh on each of the three accused in Satyam case.
The Tata Group is one of the very few Indian MNCs which has carved out a niche in China's highly competitive market, notes Rup Narayan Das.
Satyam's employees had to undergo mental trauma, job uncertainty and financial problems, after many were forced to leave.
IT major Satyam Computer Services Ltd on Friday posted a 28.56 per cent increase in profit after tax at Rs 322.34
Satyam Computer Services Ltd on Friday posted a 35.96 per cent rise in net profit at Rs 289.90 crore (Rs 2.9 billion)
Experts say, auditors must not allow themselves to be intimidated by the client management into conducting audits by conversation. It is important for auditors to conduct proper interviews and ask probing and searching questions.
The colsolidated net profit of the company was down by 8 per cent.
Following the order, Raju and others are likely to move the high court.
According to a release issued to the Bombay Stock Exchange on Thursday, the company's total income increased to Rs 909.59 crore (Rs 9.09 billion) from Rs 696.21 crore (Rs 6.96 billion) in Q3 FY04.
A local civil court in Hyderabad has issued an interim stay restraining Netflix from airing its web series Bad Boy Billionaires-India on a petition filed by B Ramalinga Raju who was convicted in the multi-crore accounting scandal of Satyam Computer Services Limited. The XXV Additional Chief Judge B Prathima, while issuing notices to Netflix Inc in USA, Netflix Entertainment Services India LLP and the nodal officer, department of electronics and information technology, posted the matter for further hearing on November 18 when the plea came up on Tuesday.
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