Satyam Computer Services Ltd was beset by selling as a drop in Q3 net profit set concerns about the entire tech sector.
Head of investor relations T A N Murti allegedly indulged in insider trading during the sacm.
Satyam Computer has been under sustained selling pressure ahead of the announcement of its quarterly results next week, especially after the dismal performance of tech majors like Infosys Technologies and Wipro. \n\n\n\n
The Satyam case is unprecedented in the sense it highlights how a sluggish judicial process has thwarted the efforts of a government authority to attach financial assets of a scam-tainted corporate entity, says Paranjoy Guha Thakurta.
According to sources, engineering major L&T had also put in its bid to acquire control of the Hyderabad-based company, while Cognizant has not put in a bid.
Deloitee is also the statutory auditor for Tech Mahindra, which acquired Satyam Computer through an open bid in April this year.
Corporate Affairs Minister Salman Khurshid on Tuesday said there is no cause for worry about the possibility of US market regulator SEC slapping a penalty on Mahindra Satyam, related to the multi-crore fraud at the erstwhile Satyam Computer.
Three years after B Ramalinga Raju, the disgraced founder and chairman of Satyam Computer, announced the project, Mahindra Satyam dropped the project and surrendered the 26 acre-land to the state government.
PriceWaterhouse on Wednesday said its Bangalore unit audited the accounts of scam-hit Satyam Computer and was now cooperating with a probe by regulator SEBI, thus quashing reports that it was distancing itself from the multi-crore accounting fraud.
Deepak Nangia, head of Satyam's Australia unit who, in his seven-year stint, brought the company a long list of clients, including National Australia Bank, Qantas and Telstra, is the latest to quit. Confirming the development, a Satyam spokesperson said Nangia had resigned two months ago to "pursue better opportunities outside the company." This is the third high-profile departure of a Satyam global head since January.
Competitive bids to select the new owner for Satyam Computer Services, once India's fourth largest software company, will soon be announced.
Four nominee directors of Tech Mahindra, including its chief executive officer Vineet Nayyar, on Wednesday joined the board of the embattled IT firm Satyam Computer.
Dow Jones Indexes, a leading global index provider, has removed scandal-hit Satyam Computer from its 'Dow Jones India Titans 30 Index' and replaced it by Axis Bank.
Satyam Computer Services has signed a memorandum of understanding with Maharashtra Airport Development Company to acquire 100 acres in the Nagpur special economic zone.
Ramalinga Raju, his brother and Satyam's former managing director Rama Raju, ex-CFO V Srinivas, former partners of PricewaterhouseCoopers S Gopalakrishnan and T Srinivas along with Satyam Computer Services former employees G Ramakrishna, D Venkatapathi Raju and Ch Srisailam -- who are lodged at Chanchalguda Jail in Hyderabad were brought to the court, after their remand ended on Wednesday.
GE and Malaysia Airlines have said they are continuing their existing contracts with Satyam. In the newly constituted board's first meeting, Deepak Parekh had said two of Satyam's global clients have vouched for the firm but declined to give further details. Meanwhile, over half a dozen of Satyam Computer's rivals have started exploring ways to take over the business from its various clients, a global technology consultancy firm has said.
This strategic move paves the way for the emergence of a robust brand, which draws from the core values of the Mahindra Group and the inherent strength of the Satyam brand. The logo will be adopted from the Mahindra Group, an official press note of the company said.
The Ministry of Corporate Affairs has suggested that Satyam Computer deposit the salary of directors nominated to its board by the government after a multi-crore accounting fraud was exposed at the IT firm in the government treasury.
The litigation relates to the 2009 accounting fraud at Satyam Computer.
Public-sector insurer Life Insurance Corp (LIC), which holds 4.34 per cent in the troubled IT firm, Satyam Computer Services, on Thursday said it is assessing the situation and will take a decision on its holding accordingly.
IT firm Satyam Computer on Tuesday said its new owner Tech Mahindra has completed the process for acquiring 31 per cent stake in the company.
The 200-page supplementary cited 1,549 additional documents, 301 more witnesses and nine material objects. The CBI filed the first chargesheet on April 7.
Fraud-hit Satyam Computer, which will soon have a new owner in Tech Mahindra, has lost about 5,000 employees during September-March period of the past fiscal.
While warning that many key clients and employees have threatened to quit the company due to its bad financial position, the government-appointed board of Satyam Computer also sought CLB's nod for allotment of preferential equity and increasing its authorised capital to Rs 120 crore (Rs 1.2 billion). The petition has been admitted by CLB, which would continue its hearing on Thursday.
A new class action lawsuit was filed in the US courts on Friday against Satyam Computer, which already has two more such suits against it there filed on behalf of thousands of investors in the American Depositary Shares of the Indian IT firm.
By entering into related-party deals without shareholder approval, the firm has done irreparable damage to India Inc's reputation. Minority shareholders of Satyam Computer have every reason to feel short-changed. Without so much as by your leave, the management has decided to enter into related party transactions using the company balance sheet.
The hearing on framing of charges against ten accused in Satyam Computers multi-crore accounting scam was deferred to August 31.
Quoting Jacob Rees-Mogg, the lead manager with Somerset capital management, a fund that specialises in emerging markets, NYT said, "[T]he fraud will make people even more nervous about investing in India and other developing markets". Meanwhile, the Wall Street Journal said, "[T]he chairman of one of India's largest technology companies said he concocted key financial results, . . . sending shock waves across India".
Mahindra Satyam (formerly Satyam Computer) on Wednesday reported a consolidated loss of Rs 124.60 crore for the year ended March 2010.
Satyam Computer could have been hurtling down today, what with its none-too-impressive results, but a balance sheet clean-up initiative garnered positive market focus for the company.
Satyam Computer has 10,000 excess employees, its new owner Tech Mahindra said on Friday.
ANZ Bank has about 100 Satyam contractors who support IT projects. They are mainly based at the bank's Indian subsidiary, which employs about 2,000 people, it said. Last week, the bank told employees that it would develop a contingency plan although its relationship with Satyam was 'modest'.
The government is understood to have ordered a probe into Satyam Computer Services' controversial decision to buy two group-promoted companies and then reversing the deal within a few hours under pressure from investors.
The Finance Ministry is evaluating options of conducting a special audit of scam-tainted IT firm Satyam Computer's accounts to ascertain the company's tax liability.
The XXI additional chief metropolitan magistrate BVLN Chakravarti after dismissing the petitions of the accused seeking discharge from the case, personally inquired if the accused committed the crime.
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