Satyam Computer Services Ltd (rebranded as Mahindra Satyam to reflect its new ownership by Tech Mahindra) has filed a fresh lawsuit in a New York court, challenging the tax payment claims made by mobile payment services company Upaid Systems.
For the first time in almost six months after it was acquired by Tech Mahindra, Satyam Computer Services (now rebranded as Mahindra Satyam) will hire 130 people from outside the company.
The Board of Mahindra Satyam will meet on July 10 to clear the proposal of Tech Mahindra seeking a second round of preferential share allotment to hike its stake in the newly acquired company to about 43 per cent after an open offer evoked a weak response.
According to a department notification, Tech Mahindra has approached the Board of Approvals under the Department of Commerce for transferring rights of three SEZs (one in Tamil Nadu and two in Andhra Pradesh) and the proposal will come up for a discussion before the BoA on August 30.
While the company will gain from enhanced scale and size following the merger with Mahindra Satyam, its ability to bag large deals will be a key growth driver.
Relative to its competitors such as Infosys, Wipro and TCS, Cognizant's spending on sales and marketing is 50% higher, says an expert.
Mahindra Satyam merged with Tech Mahindra, creating a new entity with revenues of $2.7 billion.
In its glory days, Satyam was the lifeline of Hyderabad.
The company has put in place a new team to scout for opportunities in new verticals and geographies in order to double revenue in two years.
Head of investor relations T A N Murti allegedly indulged in insider trading during the sacm.
After announcing the second quarter results, Chairman Vineet Nayyar, Chief Executive C P Gurnani and Chief Financial Officer Vasant Krishnan share their views.
Market looks at a share swap ratio of 1:8
The Ministry of Corporate Affairs has suggested that Satyam Computer deposit the salary of directors nominated to its board by the government after a multi-crore accounting fraud was exposed at the IT firm in the government treasury.
This settlement relates to an accounting fraud perpetrated by the company's former management from at least 2003 through September 2008.
As Japan makes frantic efforts to deal with the nuclear radiation leaks from the Fukushima Daiichi nuclear power plant in the aftermath of earthquake and tsunami, Indian information technology firms have begun relocating the families of their Indian employees in the country.
Wipro has emerged as the leader followed by HCL , Patni, Infosys , Mahindra Satyam and MindTree in the rating of global R&D service providers across various countries like India, China, Russia and Eastern Europe, according to a study.
A senior finance ministry official said, on the condition of anonymity, that the top echelons of the government tried to convince the Central Board of Direct Taxes (CBDT) for a sympathetic consideration of the company's plea in the case pertaining to the income of the erstwhile Satyam Computer Services Ltd (SCSL) from abroad.
Sources close to the development said that as of now, the court has advised the company to wait for the judgment of a similar case that is pending before Andhra Pradesh high court.
The litigation relates to the 2009 accounting fraud at Satyam Computer.
The consortia include algorithm and system integration providers.
Mahindra Satyam still has to face 13 Class Action Law suits filed in the US. Analysts peg the cash outflow for these cases to be around $100 million. Satyam also has to get large marquee outsourcing deals, and is yet to restate its accounts which will give investors a good picture of where the company stands.
The court said the company had misinterpreted the assurance of the tax department that it would set aside its earlier order seeking Rs 617 crore.
By all accounts, Satyam (now known as Mahindra Satyam) is out of the woods. Losses have been cut. The hole caused by Ramalinga Raju's misdemeanours has been plugged.
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.
Three days after announcing the reinstatement of the variable portion of staff salaries, Mahindra Satyam (earlier, Satyam Computer Services) has begun re-introducing other benefits, including employee stock option plans (ESOPs), beside giving promotions and salary hikes across different bands (grades).Mahindra Satyam, now treading a recovery path after it was hit by a big scandal involving its top management, had withdrawn variable pay in April this year.
Australian airline Qantas has hailed the troubled outsourcing partner Mahindra Satyam stating that it maintained its level of service even during the tumultuous period.
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.
There were speculations that BT may exit in view of likely merger of Mahindra Satyam and Tech Mahindra.
A year has gone by since the fateful day when founder and former chairman of Satyam Computer Services (rebranded Mahindra Satyam), Ramalinga Raju, admitted to a multi-crore accounting fraud.
Mahindra Satyam, the erstwhile Satyam Computer Services, has sought time until September 30 from the Company Law Board (CLB) to file financial statements.
Satyam, which incorporated its sports division in 2007, will offer value-in-kind.
A United States firm has moved the Indian Supreme Court for permission to use the confessional statement of its scam-tainted joint venture partner Satyam's founder Ramalinga Raju in its shareholding dispute.
The court wants to examine all the accused, including B Ramalinga Raju, in regard to allegations mentioned against them by the CBI in two separate chargesheets before commencing the trial.
Satyam Computers founder B Ramalinga Raju, main accused in the multi-crore accounting scam, is receiving a stream of visitors in the hospital, an indication that he is medically fit to attend the judicial proceedings
For the first time since its founder admitted to falsifying the company's accounts, Satyam Computer will come out with its financials for fiscal years 2008-09 and 2009-10 on September 29.
Mahindra Satyam has reportedly requested Khurshid to take up the issue of taxation with the Finance Ministry as it would be unjust to tax income that was never there.
Mahindra Satyam, the rebranded Satyam Computer Services, is planning to recruit 2,000 professionals. It will be a mix of freshers and lateral hiring, to cater to specific requirements of some clients.
After Tech Mahindra emerged as an investor in April, he said he travelled to meet customers, associates and teams across the world. 'All of them are interested in the future. I dream of an enterprise which remains connected to its customers, partners, influencers and the society in more ways than one,' Mahindra Satyam CEO C P Gurnani said. 'Let's make a great future together.'
Also, on Wednesday Mahindra Satyam said its board has approved settlement of lawsuits brought by its former client Upaid Systems by paying $70 million.
Private equity (PE) players and investment bankers are divided over the timing of the BT Group's reported move to exit Tech Mahindra. BT owns about 30 per cent in TechM.
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