A day after two former Satyam Computer auditors denied their role in the multi-crore accounting scam at the IT firm, another accused on Friday told a court that CBI had no substantial evidence against him. D Venkatapathi Raju, a former Satyam employee, argued that he cannot be clubbed as a co-conspirator in the corporate fraud which came to light in January last year.
Speaking to reporters after the board meeting of Mahindra Satyam in New Delhi, Tech Mahindra CEO Vineet Nayyar said, "It (restatement of accounts of Mahindra Satyam) is likely to be completed by the end of the year (2009)".
Bulk of fast-track proceedings completed, with defence cooperating in avoiding delays; court examination of accused & rival arguments remain
Board, audit panel to meet on September 4.
The bidders had started sending teams from departments like human resources, finance and legal, who were holding discussions with their counterparts at Satyam, the sources added. The Satyam stock was up 4 per cent at Rs 42.20 on BSE. It had dropped a little over 10 per cent in the past month. "Between this week and next week, there will be several meetings between various bidders and company officials," confirmed Satyam's Hari Tallapalli.
Satyam Computer on Monday said it has appointed Venki Prathivadi as the country manager for its Australia and New Zealand operations.
Price Waterhouse, an Indian arm of the global consultancy firm PricewaterhouseCoopers, whose partners got embroiled in the Satyam accounting fraud, failed to get a reprieve from the stock market regulator, the Securities and Exchanges Board of India.
Satyam Computer Services and Microsoft China signed a memorandum of understanding to jointly develop the enterprise solutions market in China.\n
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.
Mahindra Satyam has approached the Commerce Ministry for more time to develop the three IT Special Economic Zones in Andhra Pradesh as it has decided to go slow on its expansion plans due to the slowdown.
Satyam Computer Services Ltd (rebranded as Mahindra Satyam to reflect its new ownership by Tech Mahindra) has filed a fresh lawsuit in a New York court, challenging the tax payment claims made by mobile payment services company Upaid Systems.
National Australia Bank is one of the key customers Tech Mahindra executive vice-chairman Vineet Nayyar will be meeting next week. Nayyar will be in town to spread Satyam's new identity after it was renamed Mahindra Satyam, and try to regain its standing with the NAB and clients such as Qantas and Suncorp. Satyam continues to provide application development and IT maintenance services to the NAB.
The BPO arm of Satyam Computer Services, Nipuna has set up a BPO facility at Chennai.
Satyam Computer, which has been acquired by Tech Mahindra and rebranded as Mahindra Satyam, is likely to get a new chief financial officer (CFO) by the first week of July.
In a major initiative expected to give a big boost to its consulting and enterprise business applications space, Satyam Computer Services Ltd on Friday announced the launch of 'Futurus', a state-of-the-art business solutions laboratory in Chennai.
Satyam Computer Services has reached an agreement with Australia's Victoria University to jointly conduct research and also provide the university's students hands-on working experience on its projects.
To present revival plan to board; Naik meets PMO official.
The complainant, C Anthony Lewis, has said that he had bought 500 shares of Satyam about three weeks prior to Raju admitting to manipulation in the company's accounts for showing higher profits, following which Satyam's share value dropped drastically.
As part of its plan to set up a large development centre in China, city-based IT major Satyam Computer Services Ltd will set up its operations in Guangzhou.
Analysts were fearing that after the debacle, the clients of beleaguered Satyam Computer Services may be forced to review their contracts and may look at other offshore suppliers.
Satyam Computer Services Ltd has appointed Ram Mynampati as the interim CEO.
Satyam Computer Services Ltd has appointed Ram Mynampati as the interim CEO.
In a filing to the stock exchanges, Satyam said that the technology research firm had in its December 18, 2008, report asked organisations to adopt the software major's innovative business strategies. However, the latest Forrester report on December 31, said that its software business associates need to review dependence on Satyam Computer to safeguard themselves in case the IT major is sold.
On January 7, 2009, Raju wrote to regulator Sebi stating that he had falsified revenue and profits for many years and created fictitious assets.
Satyam's short-term requirements include funds for paying salaries to employees in India and abroad, rentals, arrears to vendors and provident fund dues. The Hyderabad IT-major has already secured loans worth Rs 600 crore from IDBI Bank and Bank of Baroda. It is now understood to have plans to seek more loans from other state-owned banks as well.
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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.
Acting as external auditor to World Health Organisation, CAG flagged a number of risks associated with the execution of the Global Management System project, where Satyam happens to be the key contractor. The $55.5 million project was initially targeted to go live in September 2007, but was given its first extension until December 2007, then a second until March 2008 and a third until June 2008, the auditor said.
The board has approved the allotment of the shares, under the employee stock options plans of the company, Satyam said in a filing to the Bombay Stock Exchange. After the allotment, the paid-up share capital of the company stood at Rs 195,35,94,874 up from Rs 195,34,44,694, the filing added.
They had approached the apex court against the August 30 order of Andhra Pradesh High Court which had rejected their bail pleas.
"Tech Mahindra is way too dependent on one sector, telecom, and one client," said an analyst. Satyam will not only give it access to different business verticals but also key clients. But Tech Mahindra have been concerned over the recent client loss Satyam has witnessed. Another big concern is the liabilities Satyam will have to face due to the 13 US class-action suits, the unresolved Upaid case, as well as lack of clarity on client and employee details.
After Tech Mahindra emerged as an investor in April, he said he travelled to meet customers, associates and teams across the world. 'All of them are interested in the future. I dream of an enterprise which remains connected to its customers, partners, influencers and the society in more ways than one,' Mahindra Satyam CEO C P Gurnani said. 'Let's make a great future together.'
It is quite a shock that that company management, mainly disgraced chairman B Ramalinga Raju, kept everyone -- seemingly --in the dark for a decade.
British foreign minister David Miliband expressed confidence that Indian authorities will deal with the Satyam case 'very clearly and very appropriately' as he underlined the need for implementation of Indian laws of corporate governance in a 'hard-headed and clear way'.
Infosys made this position clear, a day after its chairman and chief mentor N R Narayana Murthy reiterated that his company would not act on any CVs received from Satyam employees to ensure that nothing is done that would adversely impact the Hyderabad-based firm's future.
The interim management is running the day-to-day business till the three-member board appointed by the government finds a new chief executive officer as also a chief financial officer. Raju and his brother Rama Raju and Satyam CFO Vadlamani Srinivas have since been arrested and are in judicial custody.
Virender Aggarwal, chief of Satyam Computer Services, Asia Pacific, became the first Indian to receive the prestigious International Management Action Award of Singapore.
The government-appointed board of Satyam Computer Services will meet on Friday to scrutinise the bids for a 51 per cent stake in the company and decide a schedule for completing the selection process.
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