The board also confirmed that the search for the CEO and CFO continues and that till such time these appointments are concluded, it will continue to meet on a weekly basis, to address ongoing issues. The board members reiterated that they are in touch with key customers and so far have not heard of deliveries being affected in any way.
While warning that it may suspend Satyam shares if dealings were not advisable, New York Stock Exchange has said it may resume trading in the securities of Indian IT company on Monday if its assessment was found satisfactory.
Midas Touch, a consumer protection organisation, filed a petition before the Consumer Commission seeking compensation for the retail investors of Satyam who had suffered because of the accounting fraud perpetrated by the founder of the Hyderabad-based IT company, B Ramalinga Raju, for years.
Serious Fraud Investigation Office joins multi-agency probe.
Rajiv Mehta, senior analyst with India Infoline, a large brokerage house said his firm has immediately stopped covering Satyam and many other brokerage houses are also expected to do the same.
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.
CBI director Ashwani Kumar said the Satyam fraud was unique, as it was the founder, and not an outsider, who is the accused. According to sources, the fraud involves an amount that is much bigger than the Rs 7,800 crore (Rs 78 billion) estimated originally. It could be close to Rs 10,000 crore (Rs 100 billion) based on over 7,000 fake invoices and forged documents retrieved by the agency.
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.
Unlikely to launch formal probe into IT firm's Maytas move.
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).
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Primarily the discussion will be on Satyam matters and also on ensuing parliament and state Assembly polls.
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.
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