Welcoming the government's move to name new members on Satyam's board, industry on Sunday exuded confidence that the new directors would help shape the future of the scam-hit company and restore the global investors' confidence in India Inc.
"This will definitely send negative signals to the investor community in the near term. There will be widespread impact on the sentiments. However, over a period of time, the confidence will be restored in the market," Global rating agency Standard & Poor's Region Head Ravi Mohan told PTI.
Ram Mynampati, the interim chief executive of the beleaguered Satyam Computer Services, wrote an impassioned letter to all the employees to the company, asking them to stand together in these turbulent times.
The ministry has asked the RoC to submit within three weeks reports of the Satyam-Maytas deal and the details involved. For this, the ministry could even waive the condition of a minimum 10 per cent of shareholders required for moving the CLB with complaints.
Satyam Computer Services, India's fourth-largest software services provider, today came under fire from institutional investors after the company announced its acquisition of two companies -- Maytas Infra and Maytas Properties--for $1.6 billion (around Rs 7,680 crore).
Unlikely to launch formal probe into IT firm's Maytas move.
The board -- which includes, Kiran Karnik, T N Manoharan, former chief, ICAI, and HDFC chief Deepak Parekh, appeared relieved after a marathon run of selecting a bidder for the scam-tainted firm.
The short duration discussion under Rule 193 on the situation arising out of the alleged mismanagement of the affairs of the Satyam Computer Services will now be taken up on February 25, the Lok Sabha bulletin said. Initially, the discussion was scheduled to be held on February 13, but was deferred following a request from leader of the Opposition L K Advani.
The former Satyam employees, who were granted bail, were its former internal chief auditor V S Prabhakar Gupta besides executives G Ramakrishna, D Venkatpathi Raju and Ch Srisailam. The fifth accused, who got the bail, is PWC's former auditor Subramani Gopalakrishnan.
Satyam Computer has deferred the joining dates of freshers, citing the global economic slowdown and the turn of events in the once iconic firm, while stopping short of asking them to look for jobs elsewhere.
Employees of Satyam Computer in India will be paid their February salaries by the month-end, while its employees overseas will be paid in two tranches beginning mid-February, a top source said.
Employees of Satyam Computer Services are in a quandary over looking for jobs outside the company. Some admit that consultants are offering them jobs, but at salaries that are almost half their current cost-to-company packages. Many others are running into a dead-end given the poor job market.
Employees of Satyam Computer Services are in a quandary over looking for jobs outside the company. Some admit that consultants are offering them jobs, but at salaries that are almost half their current cost-to-company (C-to-C) packages. Many others are running into a dead-end given the poor job market.
Lakshmi Narayana, deputy inspector general of police, CBI said as per the apex court directives, the number of documents supporting the charge sheet which were about 3,067 have also been reduced to a thousand-odd.
According to the cash outlays information of the company for the first three months of this year, Satyam spent a total of Rs 1,026 crore (Rs 10.26 billion) on paying salaries and another Rs 342.72 crore (Rs 3.427 billion) in other employee-related segments.
Those involved in Satyam have also been fudging carbon credits but they get away as there is no penalty. Ever
Though it's over 24 hours since the founder-chairman of Satyam Computer Services, B Ramlinga Raju, resigned after making shocking revelations, its employees (known as associates) are yet to come to terms with the reality.
The judicial remand of former Satyam chairman B Ramalinga Raju and seven other accused was extended by 14 days on Wednesday by a local court in Hyderabad.
IT services provider Satyam Computer Services Limited is setting up a 15-acre campus at Cyber Jaya, the IT hub of Malaysia, which is expected to be operational by this year end, said Prasenjit Kundu, head (global solutions centre in Malaysia), Satyam.
PricewaterhouseCoopers was Satyam's statutory auditor when the company's founder, B Ramalinga Raju, confessed to a massive accounting fraud in January 2009.
IT firm Mahindra Satyam is likely to approach the Andhra Pradesh High Court challenging the Rs 2,114 crore (Rs 21.14 billion) income tax demand raised by the I-T Department.
In an e-mail interview to Assistant Managing Editor Indrani Roy Mitra, chairman of National Association of Software and Service Companies, Ganesh Natarajan discusses the issues related to the Satyam debacle.
Is it possible to refurbish a brand that has been sullied with a Rs 7,800 crore (Rs 78 billion) fraud? One can't be sure, but to attempt this, the campaign ought to stress on integrity and action, say three of the top minds of the country's advertising industry.
Global IT consulting major, Satyam on Monday announced the acquisition of Chicago-based management consulting firm Bridge Strategy Group for Rs 137.70 crore ($35 million).
The stake of B Ramalinga Raju's family in Satyam Computer Services may have come down to just around four per cent from 8.61 per cent of the equity of Rs 134.10 crore as at the end of March 2008.
There is no duplication in simultaneous investigations being done by CBI and Enforcement Directorate into the multi-crore Satyam Computer scam, Corporate Affairs Minister Salman Khurshid said on Thursday.
The final arguments in the multi-crore accounting "fraud" in Satyam Computers commenced on Wednesday in a local court with the prosecution starting its arguments in the case.
The Central Bureau of Investigation, probing the multi-crore accounting scam in Satyam Computers on Monday completed its arguments on the charges to be framed against 10 accused in the case.
'Asha atya remains down-to-earth and frank.' 'If she likes something, she will tell you to your face.' 'Ditto, if she doesn't.' 'She is full of life and energy, I have never seen her brood.'
Primarily the discussion will be on Satyam matters and also on ensuing parliament and state Assembly polls.
The IPL shows many similarities with India's biggest corporate fraud, the Satyam scandal.
The company has over 100 engineers operating in the country over the last three months. The team would work in programme managing deliveries out of China, Japan and India. Besides, Satyam has been successfully sourcing Japanese bilingual manpower from Vietnam.
Satyam, which started its Chennai operations in 1997 with exports of Rs 20 million, now has six offices in the city with about 3,500 employees and exports of Rs 154 crore (Rs 1.54 billion) in the year ended March 2004.
By wonderful coincidence, the first UID card handed out today by the Prime Minister and Mrs Gandhi was backed by Mahindra Satyam technology, says Anand Mahindra.
Mahindra Satyam had filed a lawsuit in a New York court against Upaid, seeking to make it solely responsible for any tax liability arising from an out-of-court settlement reached by them.
Ever since the trial in the Satyam Computer Services fraud case began on November 8, 2010, close to 100 witnesses have deposed before the special court.
Former chairman of Satyam Computer Services B Ramalinga Raju, the prime accused in multi-crore accounting fraud in the IT firm, on Monday gave consent for his examination on the charges against him through a questionnaire.
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