A top company official said, "We are still waiting to receive any communication from the new board. we might make a presentation to the new board."
The government is seeking to replace the 52-year-old Companies Act 1956 with new legislation, a bill for which was introduced in the Rajya Sabha in October. The proposed legislation is primarily aimed at updating corporate laws and reducing state control over the affairs of companies.
Troubled IT firm Satyam Computer is likely to witness a free fall following its chairman Ramalinga Raju's resignation and his admittance of a major accounting fraud, while analysts expect the scrip may plunge to Rs 20 levels in coming days.
At the same time, he cautioned authorities against giving corporate governance and rating awards to companies before they actually prove that they are practising the same. Pointing out that the people were taken in by the wrong numbers given by the company, he said people should always be on guard and ask more questions before making investment decisions.
A team from India's $7 billion engineering behemoth, Larsen & Toubro, which holds 12 per cent stake in Satyam Computer Services started inspecting the books of the troubled company.
B K Modi-promoted Spice Corp on Friday said it is withdrawing from bidding "for the moment" for Satyam Computer alleging non-transparency, multiple short-listing process and lack of clarity in the selection criteria.
Ahead of next month's crucial board meet that is expected to give way to a change in management, Satyam Computer on Monday said that the promoters' stake may have already reduced as a result of institutional lenders selling shares pledged with them.
The decision of Satyam Computer Services to give itself time to consider a series of options to shore up investor confidence, including steps to strengthen governance, has come as a welcome surprise to institutional investors in the company.
Foxnews.com on Tuesday reported that the World Bank ban started in September this year "due to alleged malpractice's including bribery". The news report said the World Bank debarment -- the harshest sanction ever made by the bank since 2004 -- was meted out for 'improper benefit to bank staff' and 'lack of documentation on invoices'.When contacted, a Satyam spokesperson said that "the company does not comment on individual clients".
Media reports in Australia say the contract has now been awarded to EDS (part of IT major Hewlett-Packard). It is also understood that Satyam's new chief executive, A S Murty, had rushed to Australia last week in a last-ditch effort to retain the contract, which accounted for about 35 per cent of Satyam's revenue from Australia.
Companies dissatisfied with 'intent and focus' of tech major.
Following the CLB nod, the company can also publish the June 2010 quarterly numbers with the September quarter results.
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.
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.
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.
If extra tax has been paid on inflated income, only a 'bona fide mistake' will get refund.
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.
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.
Following the order, Raju and others are likely to move the high court.
Tech Manhindra, the parent company, expects to complete merging Satyam with itself in March.
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.
The company would be holding walk-in interviews at all major cities across the country in the coming weeks.
It's official now. Engineering giant Larsen & Toubro has sought management control of Satyam.
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.
Australian airline Qantas has hailed the troubled outsourcing partner Mahindra Satyam stating that it maintained its level of service even during the tumultuous period.
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.
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.
Satyam Computer Services Ltd allotted 600 equity shares under a stock option plan.
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
On the basis of the complaint filed by Leena Mangat, the CB-CID had filed an FIR on Jan 9, 2009.
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.
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