'We wrote to the bank a few weeks ago. We don't expect an immediate response as these things take time but we disagree with the claims they've made,' Australian IT quoted Tech Mahindra executive vice-chairman Vineet Nayyar as saying in Sydney. Satyam was blacklisted last September and a month later was forced to deny reports that its contractors had installed spy software on World Bank computers.
Satyam Computer Services Ltd, India's fourth-largest software company, plans to hire more Chinese engineers and programmers to expand its business of writing computer software for clients in China and Japan.\n\n\n\n
Msat said on Monday it is stepping up efforts to attract the talent across Asia-Pacific and India, two of its fastest growing markets.
A Supreme Court ruling that termed narco and polygraph tests on accused persons "illegal and a violation of fundamental rights" if conducted without their consent could turn out to be a boon for B Ramalinga Raju.
IT firm Mahindra Satyam on Tuesday reported a 16.65 per cent jump in its net profit at Rs 277.93 crore (Rs 2.77 billion) for the quarter ended September 30, 2012.
The review meeting, according to government officials, was attended by the representatives of different ministries, including finance and corporate affairs, Sebi and AP government.
Scam-tainted Satyam Computer is planning to restate its financial results for the third quarter ended December 2008 by March-end. "Our auditors are working towards this end," a Satyam spokesperson said on Friday, adding that the only caveat to this possibility would be if the auditors decide to restate results of the company over the past several years, which could further delay a clearer picture of the Hyderabad-based IT company's actual financial position.
IBM's exit leaves the field open for engineering giant Larsen & Toubro, which owns 12 per cent in Satyam, Tech Mahindra, Cognizant Technology and private equity firm Wilbur L Ross. Satyam currently faces 13 class action suits by holders of the company's ADRs in the US. An investment banker close to the deal said IBM was a big name and could, therefore, be vulnerable to more lawsuits.
Satyam's director Tarun Das had earlier said that the company had been approached by Indian and international IT companies and that the board would decide on it. Reports have suggested that engineering major L&T has expressed interest in acquiring Satyam, while Tech Mahindra is interested in the telecom business of the Satyam group.
Dow Jones Indexes, a leading global index provider, has removed scandal-hit Satyam Computer from its 'Dow Jones India Titans 30 Index' and replaced it by Axis Bank.
The Satyam Computer board plans to invite bids for a strategic investor in the next few days and expects to garner a healthy amount as investment, company chairman Kiran Karnik said on Monday.
Siddharth Gollapudi, a former Satyam employee, shares his rollercoaster experience with the company -- from the high of beind recruited by India's fourth largest software firm to the low of possible retrenchment.
Satyam Computer Services on Monday said it has filed a suit in a Hyderabad court against its former Board of Directors, certain employees and the company's audit firm Price Waterhouse seeking damages for perpetrating fraud.
CBI on Wednesday announced that it will set up a multi-dimensional team to probe the 'unique' fraud, which involves Satyam founder B Ramalinga Raju and his family members. While the spokesman remained evasive to questions on when the cases would be registered, CBI sources said records and other materials associated with the probe was being taken over by the agency.
The Comptroller of Auditor General (CAG) of India has rapped Maharashtra Government for giving 'undue benefit of over Rs 20 crore (Rs 200 million)' to controversial Satyam Computer Services Ltd by selling land at lower rates in Multimodal International Hub Airport (MIHAN) project at Nagpur.
IT firm Tech Mahindra on Monday deposited Rs 2,910 crore (Rs 29.10 billion) for 51 per cent controlling stake in Satyam Computer.
Terming the nearly Rs 10,000 crore (Rs 100 billion) scam in Satyam Computers as an aberration, the government on Thursday said the proposed new Companies Bill provides more stringent provisions to avoid such frauds in the future.
Satyam Computer Services Ltd has set up a 25-member specialised team at Singapore to provide support to its high-end outsourcing projects in Asia-Pacific region, global IT services provider.
Speaking to private TV news channel CNBC TV18, Naik said, "Some corporate action will take place in the near future but we cannot comment on taking over Satyam at this stage."
Delivering on his commitment to bring fresh parings this season, host Karan Johar welcomed yesteryear divas Zeenat Aman and Neetu Kapoor to Koffee With Karan.
Both private and state-owned banks have told the government that tax deduction at source (TDS) certificates issued to Satyam by them between 2001-02 and 2006-07 were genuine.
Second-quarter net profit plunges to Rs 23 crore (Rs 230 million) from Rs 98 crore (Rs 980 million) in first quarter.
The question of tax concession arises only in the case of short-term capital gains, as a long-term holder of Satyam shares would, in fact, be incurring loss, as the scrip plummeted after the company's disgraced founder Ramalinga Raju confessed to fudging of accounts. Since the gains would be made only in case of those who would have bought the shares recently, the sources said such shareholders would have to be taxed, as they made a killing in the stock market.
Satyam's newly-appointed CEO A S Murty has received a thumbs up from the company's board, which is "very happy" with the way he has shaped up so far in dealing with the evolving situation in the firm.
The passing of the Companies Bill which contains a slew of governance measures is vital.
The Institute of Chartered Accountants of India has found two top officials of Satyam Computer Services and four auditors of Price Waterhouse prima facie guilty in the Rs 7,800-crore (Rs 78 billion) fraud case, a top ICAI official said.
Employees of Satyam Computer were in disarray following their Chairman B Ramalinga Raju's resignation after the firm admitted to financial wrong-doing, leaving the entire business world of the country shell-shocked.
Independent directors of Satyam were not involved in the multi-crore accounting fraud in the IT company and were kept in the dark by founder-chairman B Ramalinga Raju, the Serious Fraud Investigation Office has concluded.
Satyam's revenue per employee is low, but manpower rationalisation can solve only part of the problem, says Shyamal Majumdar.
The Company Law Board earlier this year, extended the deadline for filing of restated accounts from December 2009 to June 30, 2010.
The crux of the problem it appears is one of "trust" and the perception that a unilateral decision was taken by the board, allegedly to favour Raju's sons' companies.
Satyam Computer Services Ltd on Wednesday announced approval of Sponsored American Depository Shares issue against the existing equity shares of the company.
Mahindra Satyam is the first Indian IT company to have a global tie-up with Vision Solutions and both the companies have already started delineating a joint go-to-market plan to tap into the multi-million dollar HA and DR markets.
Following the disclosure of the Satyam scam, the corporate affairs ministry asked the SFIO to probe the books of accounts of 325 companies including those connected with Satyam and family members of B Ramalinga Raju. For instance, the official said in the accounts of a company named Swarnamukhi Green Field Pvt Ltd, the cost of land has been shown as Rs 15,00,000 but it was sold for Rs 3.5 crore (Rs 35 million).
In the three months since the scam, Satyam's employee strength has reduced from 53,000 to 50,000, said a senior ministry of corporate affairs official. "Satyam continues to have strong revenues. The difference between its turnover and the next highest is around 10-15 per cent," he said. He did not disclose his idea of the revenue and net profit, saying it would interfere with the ongoing process for selling a strategic stake in Satyam.
Fraud-hit IT outsourcing company Satyam Computer Services Limited (rebranded as Mahindra Satyam) is getting itself back on track, and inching closer towards acquiring the multi-million multi-year contracts it lost from Telstra and Merrill Lynch, according to a source close to the development.
Amid reports that education-focused IT firm Educomp too fudged accounts just like Satyam Computer did to inflate stock prices, the government on Tuesday said it would seek information from the company.
BJP leader and a former MP Kirit Somaiya, president of the forum, told reporters that the matter was mentioned before the court on Wednesday and the counsels for the forum argued the urgency of the case before Chief Justice Swatanter Kumar and Justice D Y Chandrachud. Advocates Darshan Mehta and Nishant Shashidharan appeared for the petitioners.
Former Chief Justice S P Bharucha to oversee selection process, guide govt-nominated board.
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