Upaid chairman and CEO Simon Simon Joyce told Business Standard, "Yes, Satyam has withdrawn the disparagement case and they have done so unilaterally. But I do not think that this will impact the primary case of fraud and forgery.
The country's largest software exporter, Tata Consultancy Service, on Monday said some Satyam Computer clients have turned to the Tata company on their own, adding it would not approach the clients of the scam-tainted firm.
The two firms, however, cannot be termed as auditors of Satyam as the appointment of an auditor can be done only after securing the company's shareholders' consent. Sleuths investigating the Satyam fiasco on Tuesday conducted raids at the Hyderabad office of PriceWaterhouseCoopers, Satyam's auditing firm, and are understood to have recovered several crucial documents.
The announcement was made by Corporate Affairs Minister P C Gupta, whose ministry had earlier moved the Company Law Board to disband the erstwhile Satyam board after disclosure of fraud by company founder Ramalinga Raju
The Fox News in an online report quoted a spokesman for the UN Secretariat as saying that "one direct contract it (UN Secretariat) had with Satyam is to be terminated."
Ramalinga Raju's letter to Satyam employees.
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.
With only two days left for the final bidding process to start (9 am on April 13), the government-appointed board of Satyam Computer Services is giving final touches to the modalities. And providing the extra information the potential bidders wanted.
Says Satyam is not a commodity. B K Modi of Spice had earlier pushed for e-auction, for its transparency.
India has urged the US Securities Exchange Commission (SEC) not to impose fine on Satyam, now Mahindra Satyam, in view of irregularities as the company was also listed there.
The board approved the allotment of the shares on March 13, under the stock option plans of the company, Satyam said in a filing to the Bombay Stock Exchange. Pursuant to the allotment, the paid-up share capital of the company stood at Rs 1,34,77,89,584 up from Rs 1,34,77,68,562, the filing added.
Satyam founder B Ramalinga Raju's confession letter on January 7 also refers to a net amount of Rs 1,230 crore (Rs 12.3 billion) arranged for Satyam by the 37 companies.
Get worried when a company proposes something unusual and exit if you are not sure.
Though the Satyam episode was shocking, the markets will move on, placing greater premium on good managements and governance and punishing companies that don't inspire confidence
L&T is trying to aggressively diversify again into a field where it does not have much experience.
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.
Steady performance of Mahindra Satyam and increasing traction in non-BT revenues are key positives for Tech Mahindra.
More trouble may be brewing for the beleaguered Satyam Computers with a Texas district court scheduled to hear on January 7, a case filed against the IT major by a small British mobile solution firm, Upaid, over the Maytas deal.
The company yesterday announced a $1.6 billion deal to acquire Maytas Properties and Maytas Infrastructure, companies run by Satyam chief Ramalinga Raju's sons B Rama Raju and Teja Raju. Investors' opposition forced Satyam to call off the deal on Wednesday.
In a BSE filing, the company said it has filed certified copies of the Andhra Pradesh High Court order paving way for the merger with Registrar of Companies, Andhra Pradesh, Hyderabad.
India's fourth largest IT firm Satyam Computer Services is likely to give pink slips to 2,500 employees. The company's share price fell 9.5 per cent to Rs 368.15 on Monday.Satyam had a total headcount of 52,000 as of June-end. The company has already put some of its employees under performance improvement plan.
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.
What is the solution to problems like this? It is probably not more intrusive government regulation. Despite the noises being made in America blaming all finance-sector problems on a lax regulatory environment, it is not clear that more paperwork is the answer.
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.
If it is true that the company pursues wrong business practices, and violates ethical codes, then the only thing that will save the company is a thorough spring-cleaning -- which perhaps can be done only by a completely new management committed to the kind of ethical business practices emphasised in the same field of activity by companies like Wipro and Infosys.
Satyam Computer Services on Wednesday announced the winning of a new long-term contract from its existing customer, the World Bank whereby it has been chosen as the World Bank's primary offshore IT services partner.
W L Ross & Co has acquired 1.8 million American Depository Receipts (ADRs) of Satyam (Mahindra Satyam) from NYSE Euronext for $4.6 million (over Rs 20 crore) at an average price of $2.5 per share, the parent firm of W L Ross, Invesco, said in a Securities and Exchange Commissions (SEC) filing.
This is one question that's uppermost in the minds of analysts, marketmen and industry experts even as the Company Law Board on Thursday gave the scam-tainted IT firm's stake sale plan the go-ahead.
The court said the company had misinterpreted the assurance of the tax department that it would set aside its earlier order seeking Rs 617 crore.
The litigation relates to the 2009 accounting fraud at Satyam Computer.
A local court in Hyderabad on Tuesday allowed the CBI to obtain specimen signatures and handwriting of former Satyam chairman B Ramalinga Raju and four other accused in the Satyam fraud case, all of whom are now in the Chanchalguda jail.
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.
Last year, Tech Mahindra and Mahindra Satyam announced their intention to merge aming to create a $2.4 billion entity.
After taking over scam-hit Satyam, Techn Mahindra has made many structural changes in the latter to turn it around.
Income from operations stood at Rs 1,375.3 crore (Rs 13.75 billion) during the January-March quarter of 2011.
Pays $68 million to settle with the claimants.
Real turnaround started from November 2010, when Mahindra Satyam announced its financial numbers for the first time after the scandal.
Though the controversial Satyam-Maytas deal has been called off, regaining investor confidence will be an uphill task.
Upaid, which is already fighting a forgery case against Satyam in a US court, had last week filed a motion against Satyam Computer Services with the state court, saying that they are looking for a testimony from Ramalinga Raju, CFO Srinivas Vadlamani, and the company's head of corporate governance Jayraman after the abortive Maytas deal.
Employees of Mahindra Satyam, the erstwhile Satyam Computer Services, say they are not worried about the financials of the company. Last week, Mahindra Satyam reported an aggregate loss of Rs 8,300 crore (Rs 83 billion) for 2008-09 and 2009-10.
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