Terming Satyam's shocking disclosure of about the Rs 8,000-crore (Rs 80 billion) financial fraud as a 'one off case', corporate leaders today expressed confidence and said it will not damage the image of India Inc.
Reacting strongly to the Satyam fiasco, IT major Infosys has said the fraud is a deliberate act and should be treated under criminal provisions.
The Sixth Additional Chief Metropolitan Magistrate on Wednesday allowed Securities and Exchange Board of India (SEBI) to quiz Satyam Computer's former CFO Vadlamani Srinivas and ex-Price Waterhouse partners S Gopalakrishan and Talluri Srinivas.
A United States firm has moved the Indian Supreme Court for permission to use the confessional statement of its scam-tainted joint venture partner Satyam's founder Ramalinga Raju in its shareholding dispute.
The Enforcement Directorate in October last year had filed the complaint against Raju and 212 others, including 166 companies, before the XXI Additional Chief Metropolitan Magistrate Court cum Special Sessions Judge here for allegedly laundering funds under a 'corporate veil' to perpetrate the accounting scam that rocked the business world in 2009.
Mahindra Satyam (formerly Satyam Computer) on Wednesday reported a consolidated loss of Rs 124.60 crore for the year ended March 2010.
As a festive spirit prevailed in Ayodhya, there was an emotional outpouring among residents of the holy city as the consecration of the new idol of Ram Lalla was held on Monday and said they indeed feel they are living in a divya (divine) Ayodhya, navya (new) Ayodhya and bhavya (grand) Ayodhya.
B Ramalinga Raju, the disgraced founder of the erstwhile Satyam Computer Services, and his family members wrongfully gained Rs 2,743 crore (Rs 27.43 billion), the Central Bureau of Investigation (CBI) said.
The Supreme Court bench comprising Justice Deepak Verma and Justice Dalbeer Bhandari issued notices to the five accused on a petition filed by CBI.
Mahindra Satyam has reportedly requested Khurshid to take up the issue of taxation with the Finance Ministry as it would be unjust to tax income that was never there.
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.
Mahindra Satyam, the rebranded Satyam Computer Services, is set to position itself as an information and communication technologies (ICT) company.
Satyam Computer Services Ltd and Ansys Inc formed a strategic alliance that will help customers accelerate product innovation, time-to-market and quality.
The company is planning to add a net of 7,000 employees in the next fiscal.
Special court will announce judgement in Satyam case on Dec 23.
HCL, MindTree in the fray. The company is reportedly in talks with Delhi-based HCL Technologies and Bangalore-based MindTree. HCL, with whom discussions are on for a cash-less merger, seems to be the front-runner, investment banking sources said.
The Hyderabad-based company may generate about $12 million revenues during the current financial year from its South African operations against $4 million in 2006.
By all accounts, Satyam (now known as Mahindra Satyam) is out of the woods. Losses have been cut. The hole caused by Ramalinga Raju's misdemeanours has been plugged.
The tribunal posted the matter for further hearing in December, when it will decide whether to admit the pleas of the Raju brothers and others against Sebi order.
IT services provider Satyam Computers Services Ltd said on Monday it has entered into an agreement with The University of Melbourne for enabling students of the varsity to do software development internship with the company each year.\n\n
The diary entries are not regular. It included his thoughts on society, poems and couplets by revolutionaries and freedom fighters.
Tech Mahindra had acquired Satyam as part of a government sponsored bidding process in April 2009
The NYSE also warned that an 'LF' indicator would be appended to the company's trading symbol and profile, date and news pages provided by the Exchange, Satyam announced in a filing to the BSE and NSE on Tuesday.
The hearing on framing of charges against ten accused in Satyam Computers multi-crore accounting scam was deferred to August 31.
B Ramalinga Raju, the founder of Satyam computers and main accused in the Satyam accounting fraud case, appeared before a local court for the second time on Thursday after being granted bail by the Andhra Pradesh High Court.
Satyam Computer on Friday said it has shortlisted three candidates for the post of CEO and CFO and was close to arranging funds to meet immediate requirements like salary payments, while dispelling doubts about the total employee strength of 53,000.
CII believes there is a need to immediately examine the loopholes in regulation, accounting, audit and governance that allowed such lapses to occur and address them with urgency. While the occurrence of such events in a major company is a matter of deep regret, CII believes it would be inappropriate for this to be the basis of questioning of general governance standards in other companies.
The United States Securities and Exchange Commission, the federal agency to regulate the securities industry in that country, has sought India's permission to probe the multi-million dollar Satyam fraud case.
"Now it is more of a corporate governance issue projected by the investor community and the media. Whatever we have done, is well within the powers of the Board of Directors," NYSE listed Satyam CFO Srinivas Valdamani told PTI. The deal was touted as something that would help Satyam diversify its business, especially when there was slowdown in the IT business in key markets such as the US and Europe.
Interestingly, mutual funds had increased their holdings in Satyam to 38.6 million shares in December, after its controversial proposal to acquire promoter-family firms Maytas Infra and Maytas Properties was blocked by institutional players. Fund managers believed then that Satyam was available cheap. However, on January 7, Ramalinga Raju delivered a fatal blow by declaring he had fudged the company's balance sheet for seven years.
Judgement is subject to an appeal period of 30 days from the date of its entry.
Amid a crowd of suitors lining up for acquiring Satyam Computer Services, the board of the beleaguered IT firm started its meeting on Wednesday.
The board also will decide on the funding arrangements to ensure scheduled payments, including salaries and vendor fees, for the next two months, till the end of March 2009. The board said in a release last Friday it had short-listed three candidates for the post of CEO and it expected to take a final look at it at the next meeting, which is on Tuesday.
Satyam reveals four sets of issues, each of which calls for a different response.
Nearly 18 months after the Mahindra Group acquired Satyam Computer Services following the admission of fraud by the latter's then chairman B Ramalinga Raju, the new management of Mahindra Satyam surprised analysts while restating the company's financials for FY09 and FY10.
Satyam Computer Services Ltd said on Monday it has signed a strategic partnership agreement with Denmark-based NNIT, a leading consultancy firm in IT operations.
Riding on the success of the just-concluded FIFA World Cup 2010, Satyam Computer Services Ltd (rebranded Mahindra Satyam) is gearing up to provide its technology backbone solutions to two more world sporting events.
However, the regulatory body has asked Tech Mahindra to share with the company's stakeholders the information Satyam had provided to the bidders.
Satyam Computer has 10,000 excess employees, its new owner Tech Mahindra said on Friday.
TM has an agreement with the Union of European Football Associations, while Satyam has signed up with Fifa. A Satyam spokesperson said: "Tech Mahindra has been providing mobile streaming services to Uefa, besides other telecom services. The company will support us by offering its technology expertise in football. We will go together for the two World Cups." TM and Satyam's alliance on sports may not end with the World Cup and may expand to other disciplines as well.
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