Chairman Vineet Nayyar says firm has seen lot of positive sentiment among stakeholders following merger announcement with Tech Mahindra.
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 company (Mahindra Satyam) is authorised to issue and allot 19,86,58,498 (approximately 198.66 million) equity shares of Rs 2 each at the premium of Rs 2.50 to Venturebay,' said CLB Chairman S Balasubramanian, allowing Mahindra Satyam's application requesting permission to issue equity. Mahindra Satyam (earlier Satyam Computer) had moved the CLB after Venturebay failed to subscribe to 20 per cent of Satyam's shares from the open market.
Mahindra Satyam and Tech Mahindra together have Global Delivery Centres in Shanghai and Nanjing.
While declining to disclose the percentage of wage hikes given to offshore and onsite staff, the spokesperson said that the hike was effective from October 1, 2012.
Three years after B Ramalinga Raju, the disgraced founder and chairman of Satyam Computer, announced the project, Mahindra Satyam dropped the project and surrendered the 26 acre-land to the state government.
If you have watched the matches closely enough, it's difficult to miss the white-on-red logos of Mahindra Satyam in the soccer stadia across South Africa.
'One year on, it's worked reasonably well. It's been a rewarding journey but the journey has no finish line.'
Speaking to reporters after the board meeting of Mahindra Satyam in New Delhi, Tech Mahindra CEO Vineet Nayyar said, "It (restatement of accounts of Mahindra Satyam) is likely to be completed by the end of the year (2009)".
In a BSE filing, the company said it has filed certified copies of the Andhra Pradesh High Court order paving way for the merger with Registrar of Companies, Andhra Pradesh, Hyderabad.
Mahindra Satyam on Tuesday said it has reinstated the variable portion of salaries of employees, a move which indicates the revival of the once fraud-hit firm.
The Indian IT company in turn will host the cloud and mobile-based services in Singapore and Malaysia, while providing direct sales and IT services to clients throughout Association of Southeast Asian Nations region.
Steady performance of Mahindra Satyam and increasing traction in non-BT revenues are key positives for Tech Mahindra.
During the quarter, Mahindra Satyam paid Rs 294 crore towards settlement of legal claims of Aberdeen.
The boards of Mahindra Satyam and Tech Mahindra last year proposed a swap ratio of 2:17. Mahindra Satyam shareholders will get two shares of Tech Mahindra of Rs 10 each for every 17 shares they hold.
Asked whether he would favour dropping the 'Satyam' name from the nomenclature of the merged entity, the Mahindra Satyam CEO said he would favour doing so.
The Mumbai-headquartered company now has an employee strength of 84,000 serving 540 clients across 46 countries. Its revenues are at $2:7 billion.
Satyam Computer, which has been acquired by Tech Mahindra and rebranded as Mahindra Satyam, is likely to get a new chief financial officer (CFO) by the first week of July.
At the end of the third quarter (October-December period), Mahindra Satyam's headcount stood at 28,832, an increase of 764 personnel from 28,068 employees on September 30, 2010.
The company is holding a series of meetings with investors, analysts and clients in Singapore.
Mahindra Satyam (formerly Satyam Computer Services Limited) on Sunday said that a group of investors led by Aberdeen Asset Management have claimed damages of over $150 million (approximately 750 crore) from the company for the losses they suffered post the confession of accounting frauds by its founder B Ramalinga Raju in 2009.
The mood appears to have changed dramatically. Despite the new chief executive officer of Mahindra Satyam assuring them the company and its employees (known as associates) have a great future, most associates this paper spoke to are confused and worried about the goings-on at the workplace.
In just two years after taking over Mahindra Satyam (the brand identity of Hyderabad-based information technology outsourcing company Satyam Computer Services), its parent company Tech Mahindra is looking at inorganic growth to take Satyam, which it had nursed back to health, to do a marathon.
This strategic move paves the way for the emergence of a robust brand, which draws from the core values of the Mahindra Group and the inherent strength of the Satyam brand. The logo will be adopted from the Mahindra Group, an official press note of the company said.
Mahindra & Mahindra's IT arm Mahindra Satyam plans to double its Middle East workforce in the next two years as part of a $24 million (87.8 million dirhams) global branding push, a senior company official has said.
The Company Law Board earlier this year, extended the deadline for filing of restated accounts from December 2009 to June 30, 2010.
Mahindra Satyam is the first Indian IT company to have a global tie-up with Vision Solutions and both the companies have already started delineating a joint go-to-market plan to tap into the multi-million dollar HA and DR markets.
Judgement is subject to an appeal period of 30 days from the date of its entry.
IT firm Mahindra Satyam on Tuesday reported a 16.65 per cent jump in its net profit at Rs 277.93 crore (Rs 2.77 billion) for the quarter ended September 30, 2012.
Gurnani succeeds A S Murthy who was appointed by the government board after the multi-crore rupee scam broke out in then Satyam Computer Services. Gurnani has been heading the global operations of Tech Mahindra.
The company's consolidated revenues surged by 27.01 per cent.
Mahindra Satyam will be able to keep its revenue in the range of $900 million to $1.1 billion, says a study by Forrester, an IT research firm. However, the report stated that clients are still unclear about what is happening in the company.
The company would be holding walk-in interviews at all major cities across the country in the coming weeks.
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.
The Enforcement Directorate on October 18 issued provisional attachment order of the company's fixed deposits worth Rs 822 crore (Rs 8.22 billion) in a money laundering case related to the previous management.
The company had approached the Ministry of Commerce to extend the validity of the project for two more years, according to a senior official of the company.
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.
The company has customers from diverse sectors such as insurance, banking, BPO, retail, manufacturing and aviation.
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