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.
Union of scam-tainted Satyam and telecom-focused Tech Mahindra has produced a fitter company.
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.
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.
Last year, Tech Mahindra and Mahindra Satyam announced their intention to merge aming to create a $2.4 billion entity.
Of the 10 accused in the case, B Suryanarayana Raju, who is Raju's brother, and T Srinivas, a former auditor of PricewaterhouseCoopers, had been granted bail by different courts earlier.
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.
More developers may withdraw their special economic zones projects, as they lose tax-free status with imposition of minimum alternate tax and further burden through direct tax code, Export Promotion Council for Export-oriented Units and and SEZs said.
Satyam Computer Services Ltd will set up a business continuity center in Singapore, its headquarters for Asia-Pacific Region. This would be the first such center outside India.
Judgement is subject to an appeal period of 30 days from the date of its entry.
This settlement relates to an accounting fraud perpetrated by the company's former management from at least 2003 through September 2008.
Keep your nerve and don't exit at once. For all you know, there could be a turnaround story.
Byrraju Foundation, the non-governmental organisation set up by Satyam Computer Services founder B Ramalinga Raju and his family, was left orphaned in January 2009.
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.
The Institute of Chartered Accountants of India (ICAI) is likely to take disciplinary action against two Pricewaterhouse Coopers (PwC) auditors who were involved in auditing the account books of erstwhile Satyam Computers.
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.
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 Securities Appellate Tribunal on Wednesday directed the Securities and Exchange Board of India (Sebi) to allow PW cross-examination of former key executives of Satyam - former chairman Ramalinga Raju, former managing director Rama Raju, former chief financial officer (CFO) Vadlamani Srinivas and former vice-president (finance) G Ramakrishna.
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.
ED filed a bulky prosecution investigation report before the XXI Additional Chief Metropolitan Magistrate cum Special Sessions Judge here today seeking to "prosecute the accused for the offence of money laundering" under the Prevention of Money Laundering Act.
In a major development in the Satyam fraud case, US regulators on Tuesday fined the software firm and its auditors PriceWaterhouse India up to $17.5 million for the accounts bungling that went undetected for several years.
Institute of Chartered Accountants of India has sought broad-ranging information about the association of its member institutions with foreign auditing firms.The move assumes significance following the accountancy fraud by the promoters of Satyam Computers that brought the role of auditors under scrutiny. The auditors concerned were associate firms of international auditing entity PricewaterHouseCoopers.
Custody and probe still on after 15 months, 800 witnesses, 160,000 pages of evidence so far.
Satyam founder R Raju challenges fraud case verdict
"After Ramalinga Raju made his confession, we encouraged our leaders to meet with their teams hourly and then several times a day," says Ed Cohen.
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.
Raju, the prime accused in the accounting scam in the IT firm, made his fifth appearance in the XXI Additional Chief Metropolitan Magistrate court, after he got bail from the Andhra Pradesh high court.
B Ramalinga Raju, the tainted founder of Satyam Computer, on Tuesday made a dramatic appearance before a local court, which is trying India's largest corporate fraud running into about Rs 14,000 crore (Rs 140 billion).
A local court in Hyderabad on Thursday put the hearing of arguments on framing of charges against former Chairman of Satyam Computers B Ramalinga Raju and nine other accused in the multi-crore accounting scam in the IT firm to August 24.
Two years after the scam broke, Satyam is almost back on track. Here is the story of the impressive turnaround.
Prime accused B Ramalinga Raju has been avoiding court proceedings since September citing health reasons.
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 Serious Fraud Investigation Office (SFIO), the investigation arm of the Union corporate affairs ministry, has begun prosecution proceedings against the alleged perpetrators of the country's largest accounting fraud that took place in Satyam Computers last year.
Second-quarter net profit plunges to Rs 23 crore (Rs 230 million) from Rs 98 crore (Rs 980 million) in first quarter.
The Enforcement Directorate, the agency under the finance ministry exclusively dealing with violations of foreign exchange regulations, is part of the multi-disciplinary investigation team probing the Satyam accounting scam.
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.
Accountancy regulator ICAI on Wednesday agreed to withdraw disciplinary proceedings against audit firm Price Waterhouse Delhi for its alleged involvement in the multi-crore scam in Satyam Computer Services.
Experts say, auditors must not allow themselves to be intimidated by the client management into conducting audits by conversation. It is important for auditors to conduct proper interviews and ask probing and searching questions.
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