Satyam has been saved. It has a credible owner after an auction in which reputed companies had bid, it has survived the last three months without much loss of business or desertion by staff, it has coped with a severe cash crunch and a national asset can now be re-built into an IT services powerhouse.
Satyam Computer Services has signed a $71 million seven-year contract with Qantas for development and maintenance of over 150 applications across a wide portfolio of technologies.
PriceWaterhouse on Wednesday said its Bangalore unit audited the accounts of scam-hit Satyam Computer and was now cooperating with a probe by regulator SEBI, thus quashing reports that it was distancing itself from the multi-crore accounting fraud.
India Inc on Friday said that the completion of the bidding process for scam-tainted Satyam Computer demonstrates the country's strength in dealing with complex corporate issues.
Deepak Nangia, head of Satyam's Australia unit who, in his seven-year stint, brought the company a long list of clients, including National Australia Bank, Qantas and Telstra, is the latest to quit. Confirming the development, a Satyam spokesperson said Nangia had resigned two months ago to "pursue better opportunities outside the company." This is the third high-profile departure of a Satyam global head since January.
Following is the chronological summary of events which saw IT major Satyam Computer Services, founded in 1987, on its path to disaster:
The special court dealing with multi-crore Satyam scam case on Monday adjourned the examination and hearing of charges of Satyam accused to July 29.
Mahindra Satyam on Thursday said it has signed a five-year multi-million dollar deal with UK-based GlaxoSmithKline to provide SAP and other critical systems support.Satyam has been working with GSK since 2002 in providing IT application development and support services, Mahindra Satyam said in a statement.
The fact it is promoted by kin of disgraced Satyam founder Ramalinga Raju is continuing to haunt Maytas Infrastructure, although it has a healthy order book of Rs 8,000 crore (Rs 80 billion) and is no longer run on a day to day basis by Teja Raju.
Competitive bids to select the new owner for Satyam Computer Services, once India's fourth largest software company, will soon be announced.
The eight companies, against which the ministry of corporate affairs has ordered inspection on Thursday, include Maytas Properties and Maytas Infrastructure. Following the disclosure, the MCA has asked the Registrar of Companies, Hyderabad to investigate the company, while market regulator Sebi also ordered a probe.
'One year on, it's worked reasonably well. It's been a rewarding journey but the journey has no finish line.'
Software company Tech Mahindra said it may evaluate the telecom business of the Satyam Computer Services for acquisition.
It was in 2009 that the accounting regulator set up a special disciplinary committee, comprising six members, to look into the fraud in Hyderabad-based IT firm.
Satyam Computer Services and Sun Microsystems India on Wednesday have announced the launch of the Satyam customer solution centre on Sun Technologies.
As the New York Stock Exchange, Euronext and NSE are affiliated entities, upon listing on Euronext, it would establish its association with all three exchanges under one group, strengthening its presence in these three important markets, Satyam said in a communique to the Bombay Stock Exchange.
In its glory days, Satyam was the lifeline of Hyderabad.
Tech Mahindra considered a couple of options -- keep the Satyam name or replace it entirely. But research said Satyam still reflected critical strengths that were recognised and valued by customers. "By combining it with the well-known and highly-regarded Mahindra name, we are able to convey a stronger message more credibly: that Mahindra Satyam has the resources, talent and resolve to ensure a steady performance," says T Hari, its the marketing and communications head.
Satyam Computer Services Limited on Thursday announced that it has implemented an organisation-wide, virtual learning environment called Satyam Learning World.
Two years after the scam broke, Satyam is almost back on track. Here is the story of the impressive turnaround.
According to sources, engineering major L&T had also put in its bid to acquire control of the Hyderabad-based company, while Cognizant has not put in a bid.
Fresh suitors have emerged, and a cleanup is proceeding under a board appointed by the government. But the fraud leaves a cloud over Indian outsourcing.
The Hinduja Group on Monday said it is looking at bidding for Satyam Computer Services but yet to take a decision.
The hearing of the forgery case filed by British mobile solution firm Upaid against Satyam Computer Services is not scheduled for hearing during this week. This means no Satyam official -- neither B Ramalinga Raju who stepped down as its chairman after admitting to a financial fraud nor any other top executive -- is in the US for the case. When contacted, a Satyam spokesperson confirmed the development and added that Raju was 'very much' in Hyderabad.
Of the approximately 11,000 employees of Satyam USA, 7,000 are on H1B visas, says Mathew Daniel, a vice president of US operations with the company.
On Wednesday, the employees of Satyam lost close to Rs 221 crore (Rs 2.21 billion) after investors dumped the stock. At the end of the September quarter, Satyam employees were holding 5.9 million employee stock options. The unfortunate drubbing of the Satyam stock has raised serious questions about the attractiveness of the stocks held by the employees, which may be affected by any 'uncalled for' action by the company.
Restated numbers are better than the Street's expectations.
As many as 40 applicants have thrown their hats in the ring for the top job of CEO at scam-tainted Satyam, whose board meeting is scheduled for Thursday to consider the appointment.
Satyam Computer Services has formed a new team to look into its day-to-day affairs, following the resignation of its chairman Ramalinga Raju.
The trial in Satyam fraud case had concluded in second half of June before the special court, which examined 216 witnesses and marked 3,038 documents during the course of the hearing.
ICAI has also imposed a fine of Rs 5 lakh on each of the three accused in Satyam case.
Mahindra Satyam's Gurnani to be CEO after Tech M integration.
The court directed Raju, the prime accused in Satyam scam, and others to furnish personal bond of Rs 20,000 each and sureties of the like amount on or before December 22 and posted the matter to the same date.
The Supreme Court on Thursday cancelled the bails granted to Price Waterhouse partner Subramani Gopalakrishnan and Satyam's internal auditor V S Prabhakar Gupta, directing them to surrender by April 30.
The Andhra Pradesh High Court on Tuesday stayed a provisional order of Enforcement Directorate attaching Rs 822 crore (Rs 8.22 billion) deposit belonging to Mahindra Satyam in a money laundering case involving former Satyam Chairman B Ramalinga Raju and others.
Raju, the prime accused in the Satyam fraud case, reached the CBI office at around 1000 hours and is likely to be questioned till afternoon, a senior CBI official told PTI.
Mahindra Satyam and Tech Mahindra together have Global Delivery Centres in Shanghai and Nanjing.
Nissan has signed a five-year-deal with Satyam Computer Services Ltd to enhance its key North America business portfolio.
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