Union of scam-tainted Satyam and telecom-focused Tech Mahindra has produced a fitter company.
Satyam Computer Services Ltd, said on Monday it will buy out the 24 per cent stake held by Northrop Grumman Space and Mission Systems Corp, formerly known as TRW Inc, in a joint venture, for $3.5 million.
Satyam Case has not ended after court verdict, there's lot to unfold say insiders.
With a big questions mark on its cash position and a minimum outgo on salary estimated at Rs 500 crore (Rs 5 billion) a month, Satyam may lay off over 10,000 employees next month, says a recruitment firm.
The Enforcement Directorate, the agency under the finance ministry exclusively dealing with violations of foreign exchange regulations, is part of the multi-disciplinary investigation team probing the Satyam accounting scam.
The centre named Process Manufacturing Innovation Centre of Excellence would help companies to take advantage of the advancements made in IT - mainly in areas of product and process innovation, Satyam said.
Even the big and eager will find it quite a mouthful.
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.
As per the contract, Satyam would develop a customised event management system and build extranet and intranet over the next 12 months.
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.
The court had earlier ordered initiation of proceedings against 11 former directors of Satyam Computers after splitting up the multi-crore accounting scam case
Satyam Computer Services Ltd set up a learning centre for the families of Satyamites.
The new contract, an extension of a previous contract due to expire this year, would end in December 2013.
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.
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 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.
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.
This is one of the major corporate frauds in the country.
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.
Charges against Raju and others include criminal conspiracy and forgery.
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.
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
Judge ruled that ther lawsuits failed to allege that the ex-directors recklessly failed to discover the fraud.
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
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.
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.
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