Mahindra Satyam chairman Vineet Nayer said they would stick to the June 30-deadline set by the Company Law Board to submit the restated accounts.
Riding on the success of the just-concluded FIFA World Cup 2010, Satyam Computer Services Ltd (rebranded Mahindra Satyam) is gearing up to provide its technology backbone solutions to two more world sporting events.
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.
Board, audit panel to meet on September 4.
Back on track under the new management of Tech Mahindra, Mahindra Satyam (the new identity of information technology outsourcing company Satyam Computer Services Limited) is bullish on joining the league of its peers through its predefined three-year turnaround plan.
Earlier this year, Tata Consultancy Services, the country's largest software exporter, launched iOn, a cloud computing service for SMBs.
Mahindra Satyam, the rebranded Satyam Computer Services, is set to position itself as an information and communication technologies (ICT) company.
Msat said on Monday it is stepping up efforts to attract the talent across Asia-Pacific and India, two of its fastest growing markets.
The Hyderabad-based company had posted a net loss of Rs 327 crore (Rs 3.27 billion) in the January-March period of 2011.
Tech Manhindra, the parent company, expects to complete merging Satyam with itself in March.
The new contract, an extension of a previous contract due to expire this year, would end in December 2013.
"The company wishes to point out to investors that reported allegations regarding the magnitude of investor harm or historical misstatements in the company's accounting records do not necessarily shed light on the present financial position and liabilities of the company."
Union of scam-tainted Satyam and telecom-focused Tech Mahindra has produced a fitter company.
Larsen & Toubro on Monday said it is yet to take any decision on selling its over 8 per cent stake in Mahindra Satyam, but had sought market regulator Sebi's approval for offloading the holding in the IT company.
The former Satyam Computer's founder, Ramalinga Raju, had confessed in early 2009 to having falsified the company's accounts for years.
The Satyam buyout gives the tech firm a chance to diversify away from telecom, something it badly needed to do. It shouldn't be too difficult for Satyam to be able to turn in an operating profit of close to Rs 1,000 crore in 2009-10, so that would translate into an EV/ebitda of 8.4 times for the company.
Almost 18 months after acquiring scam-hit Satyam Computer Services, the new management has come out with a clean balance sheet.
The merger process started four years ago, with the acquisition of Satyam in April 2009.
TM has an agreement with the Union of European Football Associations, while Satyam has signed up with Fifa. A Satyam spokesperson said: "Tech Mahindra has been providing mobile streaming services to Uefa, besides other telecom services. The company will support us by offering its technology expertise in football. We will go together for the two World Cups." TM and Satyam's alliance on sports may not end with the World Cup and may expand to other disciplines as well.
The company, which is one of the strategic partners for WEF annual meeting at Davos, hosted one of the first company receptions for this year's meeting on January 22.
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.
Earlier, the Scheme of Amalgamation and Arrangement was approved by the High Courts of Andhra Pradesh and Mumbai. The company then had launched Tech Mahindra as the brand identity of the merged entity.
Last year, Tech Mahindra and Mahindra Satyam announced their intention to merge aming to create a $2.4 billion entity.
F1 is the highest class of single-seater auto racing sanctioned by the Federation Internationale deRs Automobile.
Income from operations stood at Rs 1,375.3 crore (Rs 13.75 billion) during the January-March quarter of 2011.
Mahindra Satyam said it will withdraw the petition filed against the Tax Department challenging its direction to pay tax.
Second-quarter net profit plunges to Rs 23 crore (Rs 230 million) from Rs 98 crore (Rs 980 million) in first quarter.
The company is planning to add a net of 7,000 employees in the next fiscal.
Restated numbers are better than the Street's expectations.
Key leadership hiring in different pockets -- a few from other companies -- to beef up the company's sales efforts is currently on.
Employees of Mahindra Satyam, the erstwhile Satyam Computer Services, say they are not worried about the financials of the company. Last week, Mahindra Satyam reported an aggregate loss of Rs 8,300 crore (Rs 83 billion) for 2008-09 and 2009-10.
Mahindra Satyam (formerly Satyam Computer) on Wednesday reported a consolidated loss of Rs 124.60 crore for the year ended March 2010.
Mahindra Satyam's Gurnani to be CEO after Tech M integration.
Deloitee is also the statutory auditor for Tech Mahindra, which acquired Satyam Computer through an open bid in April this year.
Corporate Affairs Minister Salman Khurshid on Tuesday said there is no cause for worry about the possibility of US market regulator SEC slapping a penalty on Mahindra Satyam, related to the multi-crore fraud at the erstwhile Satyam Computer.
Following the CLB nod, the company can also publish the June 2010 quarterly numbers with the September quarter results.
Mahindra Satyam has approached the Commerce Ministry for more time to develop the three IT Special Economic Zones in Andhra Pradesh as it has decided to go slow on its expansion plans due to the slowdown.
Engineering and construction major L&T on Tuesday said Satyam Computer Services, which is rebranded as Mahindra Satyam, has kept its shareholders in the dark about it's performance.s
Mahindra Satyam on Wednesday said its board has approved settlement of lawsuits brought by its former client Upaid Systems by paying $70 million.
The court also adjourned the hearing of other cases filed by the CBI and the Enforcement Directorate against the fraud-hit software major to the same date. Mahindra Satyam, in its petition filed on February 15, requested the court to order the CBI to release documents and data storage devices sized by the Central agency and State CID (initial investigator of the case) during searches last year.
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