The special court dealing with multi-crore Satyam scam case on Monday adjourned the examination and hearing of charges of Satyam accused to July 29.
The court also adjourned the hearing of other cases filed by the CBI and the Enforcement Directorate against the fraud-hit software major to the same date. Mahindra Satyam, in its petition filed on February 15, requested the court to order the CBI to release documents and data storage devices sized by the Central agency and State CID (initial investigator of the case) during searches last year.
The Satyam buyout gives the tech firm a chance to diversify away from telecom, something it badly needed to do. It shouldn't be too difficult for Satyam to be able to turn in an operating profit of close to Rs 1,000 crore in 2009-10, so that would translate into an EV/ebitda of 8.4 times for the company.
Satyam Computer Services on Friday announced a consolidated net profit of Rs 580.85 crore (Rs 5.81 billion) for the second quarter ended September 30, a growth of 42 per cent over the corresponding period a year ago.
The eight companies, against which the ministry of corporate affairs has ordered inspection on Thursday, include Maytas Properties and Maytas Infrastructure. Following the disclosure, the MCA has asked the Registrar of Companies, Hyderabad to investigate the company, while market regulator Sebi also ordered a probe.
Software company Tech Mahindra said it may evaluate the telecom business of the Satyam Computer Services for acquisition.
As the New York Stock Exchange, Euronext and NSE are affiliated entities, upon listing on Euronext, it would establish its association with all three exchanges under one group, strengthening its presence in these three important markets, Satyam said in a communique to the Bombay Stock Exchange.
IT major Wipro on Wednesday ruled out taking over scam-hit Satyam Computer or Maytas Infra.
The Serious Fraud Investigation Office (SFIO), the investigation arm of the Union corporate affairs ministry, has begun prosecution proceedings against the alleged perpetrators of the country's largest accounting fraud that took place in Satyam Computers last year.
Raju was arrested by the Crime Investigation Department of Andhra Pradesh Police two days later along with his brother.
The Andhra Pradesh High Court on Tuesday stayed a provisional order of Enforcement Directorate attaching Rs 822 crore (Rs 8.22 billion) deposit belonging to Mahindra Satyam in a money laundering case involving former Satyam Chairman B Ramalinga Raju and others.
Two years after the scam broke, Satyam is almost back on track. Here is the story of the impressive turnaround.
The boards of Mahindra Satyam and Tech Mahindra last year proposed a swap ratio of 2:17. Mahindra Satyam shareholders will get two shares of Tech Mahindra of Rs 10 each for every 17 shares they hold.
Fresh suitors have emerged, and a cleanup is proceeding under a board appointed by the government. But the fraud leaves a cloud over Indian outsourcing.
The hearing of the forgery case filed by British mobile solution firm Upaid against Satyam Computer Services is not scheduled for hearing during this week. This means no Satyam official -- neither B Ramalinga Raju who stepped down as its chairman after admitting to a financial fraud nor any other top executive -- is in the US for the case. When contacted, a Satyam spokesperson confirmed the development and added that Raju was 'very much' in Hyderabad.
UN spokesperson Michele Montas has said she no new information about reassessment of UN contracts with Satyam, now under investigation by Indian authorities for fraud. The UN, however, did not assign any reason for the action against the Indian IT company, which is smarting from the shock of a Rs 7,800 crore (Rs 78 billion) accounting fraud engineered by its founder Ramalinga Raju.
Nissan has signed a five-year-deal with Satyam Computer Services Ltd to enhance its key North America business portfolio.
In its glory days, Satyam was the lifeline of Hyderabad.
The CBI, which has already filed its chargesheet, is preparing to file a supplementary chargesheet. It has time till the end of this month for this.
Restated numbers are better than the Street's expectations.
On February 17, 2009, Satyam case was handed over to CBI.
Two contradictory remarks by ministers caused wild fluctuations in Satyam's stock. Why did they make them?
Director general of police S S P Yadav will personally supervise the investigation, highly-placed police sources told PTI.
Independent directors of Satyam Computers, who agreed to the company's proposal of buying out two promoter-related companies, failed to be independent in 'spirit', industry captains said.
Besides, 43 other customers partially or completely withdrew their businesses from Satyam, although they did not terminate their service agreements, Satyam said. The disclosure about customer wins and losses post Raju's resignation and fraud admittance letter have been made for the period till March 26, 2009.
The Hinduja Group on Monday said it is looking at bidding for Satyam Computer Services but yet to take a decision.
'Mrs Gandhi had nothing to do in the day-to-day working of Dr Singh's government.' 'People say Mrs Gandhi's office used to give orders, which is nonsense.'
The meeting of the six-member Satyam Board, which started in Hyderabad on Wednesday, has been extended till Thrusday.
World football body FIFA, one of the most coveted clients of the beleaguered Satyam Computer, on Thursday said it was closely monitoring the developments.
In just two years after taking over Mahindra Satyam (the brand identity of Hyderabad-based information technology outsourcing company Satyam Computer Services), its parent company Tech Mahindra is looking at inorganic growth to take Satyam, which it had nursed back to health, to do a marathon.
These include B K Modi's Spice, Larsen & Toubro and Tech Mahindra. iGate, which had participated in the first round of bidding, backed out from completing the second round. Global majors like IBM are understood to have entered the second round, but this could not be independently confirmed. Other names floating include that of Hewlett-Packard and KKR Private Equity Investors.
'The company (Mahindra Satyam) is authorised to issue and allot 19,86,58,498 (approximately 198.66 million) equity shares of Rs 2 each at the premium of Rs 2.50 to Venturebay,' said CLB Chairman S Balasubramanian, allowing Mahindra Satyam's application requesting permission to issue equity. Mahindra Satyam (earlier Satyam Computer) had moved the CLB after Venturebay failed to subscribe to 20 per cent of Satyam's shares from the open market.
Mahindra Satyam's Gurnani to be CEO after Tech M integration.
The court directed Raju, the prime accused in Satyam scam, and others to furnish personal bond of Rs 20,000 each and sureties of the like amount on or before December 22 and posted the matter to the same date.
Satyam Computer Services (rebranded as Mahindra Satyam) has recovered 32 clients of Satyam since May. The company has close to 420 clients at present -- down from the approximately 500 clients it had before takeover.
IT major Satyam Computer Services Ltd on Wednesday said it will implement an infrastructure lifecycle management solution for the Dubai Municipality engineering departments with a view to address its administrative and technical problems.
Also, on Wednesday Mahindra Satyam said its board has approved settlement of lawsuits brought by its former client Upaid Systems by paying $70 million.
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