Hearing the Central Bureau of Investigation plea, a Supreme Court bench comprising Justices Dalveer Bhandari and Deepak Verma on Tuesday cancelled the bails and asked all six persons to surrender by November 8.
The Supreme Court ruling rejecting the legality of narcoanalysis, brain mapping and polygraph tests if they are done without the consent of suspects, could bring reprieve for Satyam Computer Services founder B Ramalinga Raju and two of his associates.
Mahindra Satyam, the rebranded Satyam Computer Services, is set to position itself as an information and communication technologies (ICT) company.
Nine months have passed since the country's largest financial scandal hit Satyam Computers, after its promoter Ramalinga Raju confessed to a fraud that its auditors had failed to detect.
Restated numbers are better than the Street's expectations.
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Satyam, now treading a recovery path after it was hit by a big scandal involving its top management, had withdrawn variable pay in April this year.
B Ramalinga Raju, the founder of Satyam computers and main accused in the Satyam accounting fraud case, appeared before a local court for the second time on Thursday after being granted bail by the Andhra Pradesh High Court.
The Union government on Monday indicated it was hopeful of a favourable reply from the US Securities and Exchange Commission to a request for being lenient on scam-hit Satyam Computers, thereby allowing it to remain on the rehabilitation track."We are expecting to get a fair judgment (from the SEC)," ministry of corporate affairs' Secretary, R Bandyopadhyay, said here at an interactive session organised by the Bengal Chamber of Commerce and Industry.
The accused has been lodged in Chanchalguda central jail.
Satyam Computer Services Ltd said it will provide consulting services to Texas InstrumentsÂ’ incorporated digital signal processor customers.
In a discussion with Business Standard, Murthy shares the roadmap ahead.
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.
A local court on Friday adjourned the case of examination of former Chairman of Satyam Computers B Ramalinga Raju through a questionnaire and nine other accused in the multi-crore accounting fraud in the IT firm to July 26.
Former chairman of Satyam Computer Services B Ramalinga Raju, the prime accused in multi-crore accounting fraud in the IT firm, on Monday gave consent for his examination on the charges against him through a questionnaire.
The court had earlier ordered initiation of proceedings against 11 former directors of Satyam Computers after splitting up the multi-crore accounting scam case
A local court on Tuesday directed the NIMS hospital in Hyderabad to file a fresh report regarding the health condition of former chairman of Satyam Computers B Ramalinga Raju, before it by July 1, even as CBI filed a memo seeking second opinion report through independent committee of doctors.
The government's ambitious highway projects under the public-private partnership mode are in serious trouble. Construction companies have either not put in bids or have withdrawn from 20 such projects, which fall under the build, operate and transfer scheme.
On April 21, 2008, Satyam announced its plans to acquire the market research and customer analytics business unit from CAT for a total consideration of $60 million (approximately Rs 300 crore), comprising an initial payment of $10 million (Rs 50 crore), which Satyam paid to the seller on August 6, 2008, besides issuing a $50-million (Rs 250 crore) promissory note.
Key leadership hiring in different pockets -- a few from other companies -- to beef up the company's sales efforts is currently on.
It directed the Chanchalguda jail authorities to produce him before the court on December 30. The court had earlier issued summons to Raju, former managing director B Rama Raju and former chief financial officer Srinivas Vadlamani for examination on Thursday.
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.
B Ramalinga Raju, the prime accused in Satyam Computers multi-crore scam, needs continous medical attention, a special court trying Satyam scandal cases was told on Monday.
A local court reserved its orders for Saturday on a petition seeking continuation of in-patient treatment for former Satyam Computers chairman B Ramalinga Raju after a senior doctor informed the court that Raju requires at least 2 months treatment for hepatic ailment.
Satyam Computer Services founder B Ramalinga Raju had made trips to the Indian School of Business in Hyderabad, to Visakhapatnam and even the United States, to convince the independent directors on the his board for acquisition of Maytas Infra and Maytas Properties, the two companies promoted by his family members.
By contrast, the fraud enabled Raju's kin and aides to make hundreds of crores, charges CBI.
The CBI, which has already filed its chargesheet, is preparing to file a supplementary chargesheet. It has time till the end of this month for this.
Disgraced former chairman of Satyam Computers B Ramalinga Raju on Wednesday surrendered before a local court trying the nations biggest corporate fraud, allegedly to the tune of Rs 14,000 crore (Rs 140 billion).
He had moved an application in this regard on account of bad health and ongoing family settlement.
The CBI counsel argued that if Raju and Srinivas were permitted to operate laptops they could get access through wireless internet to anybody and destroy the evidence of prosecution.
Satyam, which incorporated its sports division in 2007, will offer value-in-kind.
The government on Friday informed the Supreme Court that it will set aside its order directing scam-hit information technology firm Satyam Computer to pay Rs 617 crore (Rs 6.17 billion) as income tax and will give a fresh hearing to the firm's plea challenging the tax demand.
IT firm Satyam Computer on Tuesday said the delisting of the company's American Depository Shares from NYSE Euronext has been approved.
The World Bank has blacklisted Videocon Industries on allegations of fraud and corruption for three years.
Satyam Computer Services' bidding contract stipulated 100 people who have to be retained by the new owners for at least a year. The list is 'absolutely non-hierarchical' and based on 'project criticality and customer criticality,' according to a senior company executive. It ncludes people outside the top ranks, essentially those engaged in relationship management, programme management and solution (technology) architects.
Raju, prime accused in the Satyam fraud, who is suffering from Hepatitis-C is currently undergoing treatment at the Nizam's Institute of Medical Sciences in Hyderabad, and has not been attending court proceedings since September last year citing health reasons initially the heart ailment and later the hepatic ailment.
In the three months since the scam, Satyam's employee strength has reduced from 53,000 to 50,000, said a senior ministry of corporate affairs official. "Satyam continues to have strong revenues. The difference between its turnover and the next highest is around 10-15 per cent," he said. He did not disclose his idea of the revenue and net profit, saying it would interfere with the ongoing process for selling a strategic stake in Satyam.
"Tech Mahindra is way too dependent on one sector, telecom, and one client," said an analyst. Satyam will not only give it access to different business verticals but also key clients. But Tech Mahindra have been concerned over the recent client loss Satyam has witnessed. Another big concern is the liabilities Satyam will have to face due to the 13 US class-action suits, the unresolved Upaid case, as well as lack of clarity on client and employee details.
Eko helps anyone who owns a cellphone to do banking transactions in just a few seconds.
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.
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