A special court trying the multi-crore Satyam accounting fraud today dismissed the petition of three accused in the scam seeking postponement on hearing of charges against them.
The Indian IT company in turn will host the cloud and mobile-based services in Singapore and Malaysia, while providing direct sales and IT services to clients throughout Association of Southeast Asian Nations region.
Mahindra Satyam, the erstwhile Satyam Computer Services, has sought time until September 30 from the Company Law Board (CLB) to file financial statements.
Mahindra Satyam merged with Tech Mahindra, creating a new entity with revenues of $2.7 billion.
The Enforcement Directorate on October 18 issued provisional attachment order of the company's fixed deposits worth Rs 822 crore (Rs 8.22 billion) in a money laundering case related to the previous management.
A local court in Hyderabad on Thursday put the hearing of arguments on framing of charges against former Chairman of Satyam Computers B Ramalinga Raju and nine other accused in the multi-crore accounting scam in the IT firm to August 24.
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.
Auditors seem to have developed a heightened sense of risk and are not content to tick the boxes and sign the papers.
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Mahindra Satyam (formerly Satyam Computer Services Limited) on Sunday said that a group of investors led by Aberdeen Asset Management have claimed damages of over $150 million (approximately 750 crore) from the company for the losses they suffered post the confession of accounting frauds by its founder B Ramalinga Raju in 2009.
Mahindra Satyam on Wednesday said its board has approved settlement of lawsuits brought by its former client Upaid Systems by paying $70 million.
During the quarter, Mahindra Satyam paid Rs 294 crore towards settlement of legal claims of Aberdeen.
If you have watched the matches closely enough, it's difficult to miss the white-on-red logos of Mahindra Satyam in the soccer stadia across South Africa.
Key leadership hiring in different pockets -- a few from other companies -- to beef up the company's sales efforts is currently on.
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)".
Board, audit panel to meet on September 4.
Satyam Computer Services and Microsoft China signed a memorandum of understanding to jointly develop the enterprise solutions market in China.\n
Bulk of fast-track proceedings completed, with defence cooperating in avoiding delays; court examination of accused & rival arguments remain
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.
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.
The BPO arm of Satyam Computer Services, Nipuna has set up a BPO facility at Chennai.
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.
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.
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.
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.
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.
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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