Satyam, which incorporated its sports division in 2007, will offer value-in-kind.
The Serious Fraud Investigation Office has referred the issue of Rs 760 crore (Rs 7.6 billion) raised by scam-tainted Satyam Computer through share sales in 2001 in the US to the Enforcement Directorate for further inquiry, after failing to trace the amount.
Larsen & Toubro (L&T), the technology, engineering, construction and manufacturing company, has scaled down its stake in Mahindra Satyam, the erstwhile Satyam Computer Services, to a little over two per cent.
As per the contract, Satyam would develop a customised event management system and build extranet and intranet over the next 12 months.
The court had earlier ordered initiation of proceedings against 11 former directors of Satyam Computers after splitting up the multi-crore accounting scam case
Sukanya Verma looks at how one of the seven primal human emotions is usually treated in Hindi movies.
The new contract, an extension of a previous contract due to expire this year, would end in December 2013.
Satyam Computer Services Ltd set up a learning centre for the families of Satyamites.
Bhupendra Kumar Modi of Spice Corp on Thursday sent an expression of interest to the new Satyam Computer Services board to acquire the fraud-hit company.
This is one of the major corporate frauds in the country.
Deposing before the special court on Tuesday, Sabesan said the CBI had given the bank a set of documents that it seized during its investigation into the Satyam scam and asked it to ascertain if they were issued by the bank.
The global chairman, Dennis M Nally of Satyam, the auditor for the scam-tainted company, says that with the lessons learnt and a small number of clients lost, their focus is to harness quality clients and talent.
The market capitalisation of Satyam fell to Rs 1,607.04 crore (Rs 16.07 billion) on Friday from Rs 15,262 crore (Rs 152.62 billion) at the end of trade on December 16, 2008, the day when Satyam announced an $1.6 billion acquisition deal of two firms promoted by the kin of IT firm's former chairman Ramalinga Raju. However, the company aborted the deal hours later after the investors dissent.
Charges against Raju and others include criminal conspiracy and forgery.
Hyderabad-based Satyam Computers has set aside $1 billion (around Rs 4,100 crore) to buy companies which it finds attractive.
The special court trying the multi-crore Satyam scam cases had last week ordered the Nizam's Institute of Medical Sciences director to file a detailed report on the current status of Raju's health (the prime accused in the scam), after he did not appear before it in view of his treatment for Hepatitis C at the hospital in Hyderabad.
As per the chargesheet, "the accused forged board resolutions and unauthorisedly obtained loans to the tune of Rs 1,220 crore (Rs 12.20 billion) for Satyam Computer.
The B K Modi-led Spice Corporation said on Monday it has been shortlisted by the Satyam board to put its bid for a majority stake in the crisis-ridden IT firm. A senior official of Spice Corp told PTI the company would now get access to financial data relating to revenues, number of employees and clients and other details to value the firm for putting the auction price.
It will serve as a major technological development and software support facility for the company's ASEAN, US and Middle Eastern customers.
Does not want Satyam shareholders to be punished twice.
Judge ruled that ther lawsuits failed to allege that the ex-directors recklessly failed to discover the fraud.
Global consulting and IT giant Satyam Computer Services on Thursday announced plans to launch its largest global delivery campus outside India in the eastern Chinese city of Nanjing
Tech Mahindra executive vice-chairman Vineet Nayyar said construction of the 10ha development on Deakin University grounds would begin as soon as discussions with the Victorian government were complete. He said the company is determined to complete the project. However, he warned that certain aspects of the initial agreement, including funding, could change.
Satyam Computer Services announced on Wednesday that it added 27 new clients in the quarter ended September 30, 2003.
Satyam Computer Services is targeting a 35-40 per cent growth in its revenue from packaged software implementation this fiscal, especially from SAP services.\n\n\n\n
Many software companies are having extra employees and each company is trying to handle in the best possible way and in that sense Tech Mahindra and Satyam are not in an unusual position. Last week only, the minister had said that the government will not turn a 'blind eye' to the issue of layoffs in scam-hit Satyam Computer, which has now been acquired by Tech Mahindra, a group firm of Mahindra and Mahindra group.
"The portal will be accessible to both existing employees as well as the 8,000-10,000 associates who received sabbatical letters as part of the VPP. The internal portal provides modules on competency enhancement, outplacement services, coaching and counselling support for financial planning and project and knowledge management," a Satyam spokesperson said.
The six-member board -- comprising HDFC chairman Deepak Parekh, former Nasscom president Kiran Karnik, former Sebi member C Achuthan, CII chief mentor Tarun Das, renowned chartered accountant TN Manoharan and LIC nominee Suryakant Balakrishnan -- met in Hyderabad on Thursday for the third time after it was constituted January 12.
Engineering giant Larsen and Toubro (L&T) is selling a third of its 6.9 per cent stake in Mahindra Satyam, formerly Satyam Computer Services. The transaction is expected to fetch Rs 304 crore (Rs 3.04 billion) for the company, said banking sources.
The role of a leading stockbroker in management of funds of the firm had surfaced during the probe.
In this extract from The Satyam Saga, Business Standard looks into the origins of EMRI, the allies Raju assembled and the roots of his philanthropic works -- as well as the problems that quickly grew to endanger his vision.
Cisco and Satyam had entered into a joint venture in 2007 to focus on healthcare management solutions. As a part of this announcement, Cisco had also lined up an additional investment of $100 million, targeting innovation.
Upon delisting from Euronext Amsterdam, the company's equity shares are expected to remain listed and continue to be traded on the Bombay Stock Exchange and the National Stock Exchange of India and its ADS are expected to continue being traded on the New York Stock Exchange in New York. The company does not intend to delist from the BSE, the NSE or the NYSE.
Judge T Rajani issued the summons to Ram Mynampati as he failed to appear before the court despite being asked thrice by it in connection with the case filed by Serious Fraud Investigation Office.
The housing finance regulator National Housing Bank on Thursday said it was collecting information from housing finance companies about their exposure in group entities of the scam-tainted Satyam Computer Services.
The company would hold a press conference in Hyderabad on Thursday to outline an action plan to address key concerns of various stakeholders, including customers, investors, employees and business partners.
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