Companies dissatisfied with 'intent and focus' of tech major.
The bid-pack for potential investors is ready and the government-appointed board has already sent it to the Company Law Board and Securities Exchange Board of India, according to sources close to the development.
Mahindra Satyam still has to face 13 Class Action Law suits filed in the US. Analysts peg the cash outflow for these cases to be around $100 million. Satyam also has to get large marquee outsourcing deals, and is yet to restate its accounts which will give investors a good picture of where the company stands.
The Securities and Exchange Board of India chairman C B Bhave said punishment should be quick for the perpetrators of fraud at IT firm Satyam Computer.
Tech Manhindra, the parent company, expects to complete merging Satyam with itself in March.
The special court trying the Satyam scam cases on Tuesday posted the matter to June 4, on CBI's plea for examination of former chairman of Satyam Computers B Ramalinga Raju, through video conferencing in connection with the multi-crore financial fraud in the IT firm.
If extra tax has been paid on inflated income, only a 'bona fide mistake' will get refund.
Engineering major L&T on Monday said it will not dilute stake in IT major Satyam, where it lost the race to Tech Mahindra for 31 per cent strategic holding, and exuded confidence that the new owner of the Hyderabad-based giant would add value for shareholders.
Intel Capital has announced an investment of $23 million (about Rs 1.15 billion) in three Indian companies -- Indiamart.com, One97 Communications and Global Talent Track. However, figures were not disclosed. The funding will come from the $250 million Intel Capital India technology fund. The fund invests in Indian technology companies to help stimulate local technology innovation.
Scandal-hit Satyam Computer Services is likely to abandon its proposed IT park project in Gandhinagar in view of the multi-crore fraud in the Hyderabad-based software firm, Gujarat government officials said on Friday.
Fearing that the image of the Indian IT companies globally will take a beating following the Satyam fiasco,IT-BPO union UNITES on Friday said that industry body Nasscom should institute an inquiry in association with World Bank on Satyam, which has been banned from doing business with the bank for eight years.
The board of Spice Corp which met on Wednesday night is in the process of taking a call whether to go ahead with the bidding for Satyam or not, given its apprehension about the lack of transparency.
The Spice Group on Wednesday alleged that there was no openness and transparency in the bidding for the troubled Satyam Computer and said it would soon decide on whether to go ahead with the bidding process.
The company would be holding walk-in interviews at all major cities across the country in the coming weeks.
Satyam Computer Services Limited has commenced a competitive bidding process, which contemplates the selection of an investor to acquire a 51 per cent equity interest in the troubled IT services company.
ED filed a bulky prosecution investigation report before the XXI Additional Chief Metropolitan Magistrate cum Special Sessions Judge here today seeking to "prosecute the accused for the offence of money laundering" under the Prevention of Money Laundering Act.
It's official now. Engineering giant Larsen & Toubro has sought management control of Satyam.
Australian airline Qantas has hailed the troubled outsourcing partner Mahindra Satyam stating that it maintained its level of service even during the tumultuous period.
There seems to be a business opportunity in every crisis and the same is the case with Satyam, with a "detailed situation analysis" of the case being sold for $499.
The government has suggested that the new Satyam Computer Services board should also look within the company to appoint a CEO and CFO.
The XXI additional chief metropolitan magistrate BVLN Chakravarti after dismissing the petitions of the accused seeking discharge from the case, personally inquired if the accused committed the crime.
On the basis of the complaint filed by Leena Mangat, the CB-CID had filed an FIR on Jan 9, 2009.
Satyam Computer Services Ltd allotted 600 equity shares under a stock option plan.
Raju was arrested by the Crime Investigation Department of Andhra Pradesh Police two days later along with his brother.
Satyam Computer Services Ltd on Tuesday announced the signing of a multi-million dollar deal with the prestigious New Bangkok International Airport-Airport information Management System.\n\n
Mahindra & Mahindra's IT arm Mahindra Satyam plans to double its Middle East workforce in the next two years as part of a $24 million (87.8 million dirhams) global branding push, a senior company official has said.
The latest penalties for insider trading follows an earlier disgorgement order passed by Sebi in July last year.
Satyam Computer's tainted founder B Ramalinga Raju on Wednesday secured bail from the Andhra Pradesh high court, over 17 months after his arrest on charges of allegedly fudging the IT company's accounts.
Analysts have predicted strong results for the country's third largest listed software company Satyam Computers in 2003-04 in terms of both earnings and revenue on the back of high order momentum and client interest in the company.
Analysts have predicted strong results for the country's third largest listed software company Satyam Computers in 2003-04 in terms of both earnings and revenue on the back of high order momentum and client interest in the company.
The legal noose has been tightening around the disgraced founder of Satyam Computers, B Ramalinga Raju, for nearly 22 months since he admitted in January last year to fudging the company's accounts to the tune of Rs 7,200 crore (Rs 72 billion).
A special court for economic offences on Monday issued fresh summons against Ram Mynampati, a former top official of fraud-hit Satyam Computer's Services Limited (SCSL).
'But I would not like to write it myself. I don't think it will be right.'
Paving the way for takeover of crisis-ridden Satyam by Tech Mahindra, the Company Law Board allowed the new owners to appoint Vineet Nayyar, C P Gurnani, Sanjay Kalra and Ulhas N Yargon on the board.
Khurshid said SFIO's investigation was limited to alleged corporate law violations by Satyam founder B Ramalinga Raju, and others.
Satyam Computer Services' bidding contract stipulated 100 people who have to be retained by the new owners for at least a year. The list is 'absolutely non-hierarchical' and based on 'project criticality and customer criticality,' according to a senior company executive. It ncludes people outside the top ranks, essentially those engaged in relationship management, programme management and solution (technology) architects.
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