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The board of Satyam will meet for two days from Monday to finalise the twin issues of appointing CEO and CFO and working capital arrangement, and may discuss L&T increasing stake in the company to 12 per cent.
According to The Australian newspaper, Satyam pledged to repay the funds given to the company by the Victorian government to lure it to Geelong after the scheme, which would have created 2000 jobs and contributed $175m to the state's economy, was canned in September as the IT firm struggled with the global financial crisis.
That the value of brand Satyam would be eroded many times over, following its former chairman Ramalinga Raju's admission that he had cooked the company's books, was a given.
Satyam is still to log out Raju, his brother and other members of his top management team, despite his quitting as chairman on January 7 after admitting to a Rs 7,800-crore (Rs 78-billion) financial wrongdoing. His brother Rama Raju, who quit on the same day and is also in the jail, is still being presented as the managing director and member of the board of the scam-tainted company on its official website.
After resuming trading on Monday, shares of Satyam plummeted 84 per cent to close at $1.46. It had touched its intra-day low at $0.78. Asked if the NYSE will issue a notice for possible delisting of the company for shares dipping below $1, NYSE spokesperson told PTI in an e-mailed statement, "No, the average closing price of a security must be less than one dollar over a consecutive 30 trading-day period.
Satyam Computer Services has announced enrollment of over 136 employees in the graduate management and MBA programmes offered by online graduate school Universitas 21 Global.
Satyam Computer Services Ltd was beset by selling as a drop in Q3 net profit set concerns about the entire tech sector.
The inspection would be conducted as per the provisions of section 209A of the Companies Act, corporate affairs minister Prem Chand Gupta told reporters on Thursday.
Satyam Computer Services Limited on Friday signed a memorandum of understanding with West Bengal Electronics Industry Development Corporation Limited for setting up its development centre in Kolkata.
Effective this month, the 'Virtual Pool' programme is applicable on those Satyam employees based in India. It allows them to take time off from work on a reduced pay structure (for up to six months) while they continue to retain their employment. The company expects approximately 7,000 to 10,000 associates will be a part of the programme.
Satyam on Thursday closed registrations for potential bidders as it began a process to sell 51 per cent stake in the company, which is caught in the country's biggest corporate scandal. The board will make the financial and legal data available to those shortlisted companies who will qualify in the EoI criteria.
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.
As the company's financial accounts were in question, complexities have cropped up in arranging the induction of a new investor. Though the intent was to progress in a swift manner, the board was of the view that the intricacies of diligence and need for the confidentiality of the bidders would need due consideration. Thus, it was likely to take another six to eight weeks to know who would be the strategic investor in the company.
Satyam Computer Services Limited has been awarded new business in the manufacturing space by a fire suppression technologies and advanced building support systems major.
After charge-sheeting Ramalinga Raju and others in the multi-crore rupee accounting fraud at Satyam, the Central Bureau of Investigation is trying to ascertain the role of 'hawala' operators who allegedly brought in crores of rupees from abroad.
How many employees does Satyam Computer Services really have? Doubts over the company's claim of 53,000 employees have arisen ever since founder B Ramalinga Raju's January 7 confession to fraud.
The edtech major promised a learning revolution, offering hope to millions of under-educated youth. Now, those dreams are shattered, observes Devangshu Datta.
The Board of Mahindra Satyam will meet on July 10 to clear the proposal of Tech Mahindra seeking a second round of preferential share allotment to hike its stake in the newly acquired company to about 43 per cent after an open offer evoked a weak response.
The agreement with the new owners of Satyam Computer Services will incorporate restrictions to prevent mass retrenchment of employees, according to a top functionary of the Ministry of Corporate Affairs (MCA).
Early on Monday morning, the chairman of the government-appointed board of Satyam Computer Services, Kiran Karnik, hurried into the Taj President Hotel in south Mumbai to begin one of India's strangest corporate sell-offs.
The government ordered the probe by the SFIO after receiving a report from the Registrar of Companies (RoC), Hyderabad, which inspected the books of accounts of Satyam Computer Services and eight other companies belonging to the kin of the former chairman of the IT major, B Ramalinga Raju.
Moving quickly to stabilise the fraud-devastated Satyam Computer, the government on Sunday nominated noted banker Deepak Parekh, IT expert Kiran Karnik and former Sebi member C Achuthan to the infotech company's board.
India's embattled Satyam Computer Services could become the country's first large outsourcing company to merge or be taken over amid increasing doubts over whether its founding family still controls the company.
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.
Market regulator Sebi is likely to approve the Satyam Board-formulated framework to induct a strategic investor.
Following the disclosure of fraud by Raju on January 7, Gupta said the share price of Satyam Computer on the bourses dropped from Rs 188 to Rs 30.70 before closing at Rs 38.40. "It (the share) has been traded at different prices since then," he added. The new board of Satyam, headed by former Nasscom president Kiran Karnik, is trying to ensure 'continuity of business and operations of the company in the interest of its stakeholders', the minister said.
The government constituted board of scam-tainted Satyam Computer Services is looking at reducing the number of senior managers so as to ensure that the IT company is "as viable as possible" for a strategic investor.
The Andhra Legislative Assembly witnessed noisy scenes and constant exchange of words between the ruling Congress and the TDP members through the 90-minute reply by the chief minister.
Amid concerns being raised over its revival, the scandal-hit Satyam Computer on Tuesday said it has won as many as 15 new outsourcing contracts in January from clients in the United States, Europe and rest of the world.
Under the takeover code, an investor who acquires 15 per cent of a company needs to make an open offer for another 20 per cent at a price which is not less than the average share price of the previous six months. This means a buyer of more than 15 per cent of Satyam will have to make an open offer at a price almost six times Monday's closing price of Rs 57.60.
Sends team to discuss share auction with Sebi today Satyam board to sell stake via auction.
Back on track under the new management of Tech Mahindra, Mahindra Satyam (the new identity of information technology outsourcing company Satyam Computer Services Limited) is bullish on joining the league of its peers through its predefined three-year turnaround plan.
The New York Stock Exchange-listed Indian IT major Satyam Computer Services' founder and then-chairman Ramalinga Raju had shocked the world three weeks ago on January 7 with the disclosure of a massive financial wrongdoing to the tune of over a billion dollar at the company. This was followed by the NYSE suspending trading in Satyam shares the very same day.
The regulator's announcement on disclosure of pledged shares comes in the wake of the Satyam scam, wherein promoter Ramalinga Raju had pledged nearly all his shares -- whose prices he had inflated by falsifying profits. The details of disclosure, which should be made in two stages -- event-based and periodical -- will be notified shortly after amending the relevant regulations and listing agreements, Sebi chairman C B Bhave told reporters after the board meeting in Mumbai.
While the board had 'unanimously' passed the resolution for the $1.6 billion acquisition of two Maytas firms, run by Satyam founder Ramalinga Raju's family, many of the five independent directors raised concerns over the deal. The concerns related to the valuation, actual benefits to the shareholders being a related party transaction and assurance about board being used as a 'rubber stamp' and the company moving away from core business of IT.
UNITES, the union that represents workers in the IT and ITeS sector in India, has requested the CEC to invoke the model code of conduct to stall the whole process citing the scandal-hit company's legal liabilities and other ambiguities as deterrents for any potential bidder to carry an effective due diligence process. Over 2,000 Satyam employees, claims UNITES, have registered with the union since the scandal was reported on January 7 this year.
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