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.
The bidders had started sending teams from departments like human resources, finance and legal, who were holding discussions with their counterparts at Satyam, the sources added. The Satyam stock was up 4 per cent at Rs 42.20 on BSE. It had dropped a little over 10 per cent in the past month. "Between this week and next week, there will be several meetings between various bidders and company officials," confirmed Satyam's Hari Tallapalli.
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.
The Satyam board said corporate governance, a clean record, management and organisational ability in operating a global company will be considered, apart from the financial bid and other technical criteria. The bidders will furnish an irrevocable and unconditional performance bank guarantee of Rs 100 crore to guarantee the deposit of funds required for the preferential allotment and the requisite escrow amounts for the public offer within four days of being selected.
Almost 18 months after acquiring scam-hit Satyam Computer Services, the new management has come out with a clean balance sheet.
Former Chief Justice S P Bharucha to oversee selection process, guide govt-nominated board.
Maytas Infra Ltd will again petition the Company Law Board to allow it to induct the Saudi Binladen Group (SBG) as its strategic partner, according to IL&FS and Maytas' chairman, Ravi Parthasarathy.
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.
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
The probe agency has challenged the high court decision contending that Raju, who was the Chairman of the company, may influence the witnesses majority of whom are his former employees.
A team of doctors led by Dr Seshagiri Rao, head of cardiology at the Nizam's Institute of Medical Sciences (Nims), conducted the angioplasty. Angioplasty is a technique in which the obstructed blood vessel is widened. According to Dr Rao, two stents have been put in. His condition is stable.
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.
The new chief executive officer of the scandal-hit Satyam Computer Services, AS Murty, has asked the company's employees (associates as they are called) to reduce, avoid or defer operational expenses wherever and whenever possible "to keep the company's business running smoothly and competing effectively in the market for new business".
The Sixth Additional Chief Metropolitan Magistrate on Wednesday allowed Securities and Exchange Board of India (SEBI) to quiz Satyam Computer's former CFO Vadlamani Srinivas and ex-Price Waterhouse partners S Gopalakrishan and Talluri Srinivas.
A Hyderabad court on Friday ordered the initiation of proceedings against the former directors of Satyam Computers in a case filed by Serious Fraud Investigation Office (SFIO) after separating the trials against B Ramalinga Raju and Ram Mynampati.
The new contract, an extension of a previous contract due to expire this year, would end in December 2013.
The court also extended the judicial remand of all the 10 accused till March 18.
Mahindra Satyam's Gurnani to be CEO after Tech M integration.
Infrastructure Leasing and Finance Company is poised to acquire management control of the troubled infrastructure company Maytas Infrastructure owned by family members of Ramalinga Raju, former chairman and managing director of Satyam Computers, who confessed to financial fraud on January 7. The leading non-banking finance company is emerging as a government preference given its prominent role in infrastructure finance in the country.
A day after two former Satyam Computer auditors denied their role in the multi-crore accounting scam at the IT firm, another accused on Friday told a court that CBI had no substantial evidence against him. D Venkatapathi Raju, a former Satyam employee, argued that he cannot be clubbed as a co-conspirator in the corporate fraud which came to light in January last year.
The magistrate also sent Gopalakrishnam Raju, general manager of SRSR Holdings, to judicial remand till February 7 after the two-day police custody ended on Sunday. The police took him under custody for questioning about the land transactions of the Raju brothers. K Ravinder Reddy, his counsel, said that he would move a bail petition on Monday.
Corporate Affairs Minister Salman Khurshid on Wednesday said that the bail granted to B Ramalinga Raju, the tainted founder of Satyam Computer Services, will not hamper investigations.
The government has decided to make all former Satyam Computer Services top executives and board members, including the independent directors, answerable for the fraud in the company on grounds that they "attempted to enrich themselves unjustifiably at the cost of the company and its stakeholders".
Ever since the trial in the Satyam Computer Services fraud case began on November 8, 2010, close to 100 witnesses have deposed before the special court.
The six-member government-appointed board of scandal-hit Satyam Computer Services today appointed investment banks Goldman Sachs and Avendus to explore various strategic options for the company, which include identifying strategic investors and obtaining expressions of interest from them in a fair and transparent manner.
Andhra Pradesh High court on Monday reserved orders on the bail petition filed by B Ramalinga Raju, the prime accused in multi-crore Satyam Computers accounting scam.
The Andhra police have arrested two Price Waterhouse auditors- Gopalakrishna and T Srinivas- in connection with the financial irregularities case with Satyam Computer Services Ltd.
UN spokesperson Michele Montas has said she no new information about reassessment of UN contracts with Satyam, now under investigation by Indian authorities for fraud. The UN, however, did not assign any reason for the action against the Indian IT company, which is smarting from the shock of a Rs 7,800 crore (Rs 78 billion) accounting fraud engineered by its founder Ramalinga Raju.
The six-member board -- comprising HDFC chairman Deepak Parekh, former Nasscom president Kiran Karnik, former Sebi member C Achuthan, CII chief mentor Tarun Das, renowned chartered accountant TN Manoharan and LIC nominee Suryakant Balakrishnan -- met in Hyderabad on Thursday for the third time after it was constituted January 12.
The company would be holding walk-in interviews at all major cities across the country in the coming weeks.
"We have to improve the institutional framework of companies... (and) need to give more powers and authority to independent directors. Also, the regulations should be enforced much faster," said Infy board member T V Mohandas Pai. Noting that the Satyam case is an aberration and unlikely to affect the domestic IT industry, Pai said the law needs to be amended to ensure that auditing standards are enforceable.
Two contradictory remarks by ministers caused wild fluctuations in Satyam's stock. Why did they make them?
Out of the total dues, Satyam Computer, which has now been re-branded as Mahindra Satyam, alone owes a hefty Rs 532 crore (Rs 5.32 billion) to the Income Tax department
The government has already ordered inspection by registrar of companies, Hyderabad, into eight subsidiaries of Satyam Computer and Maytas Infra and Maytas Properties, the companies promoted by the kin of disgraced Satyam founder B Ramalinga Raju.
Reconstructing the financial statements and appointment of key managerial personnel, especially the chief financial officer, should top the agenda for the newly appointed board of Satyam Computer Services, experts say.
Andhra Pradesh chief minister YS Rajasekhara Reddy said on Sunday public projects being implemented by Maytas Infra in the state, individually or as part of consortia, were being closely reviewed. Andhra Pradesh chief minister YS Rajasekhara Reddy said on Sunday. The total value of the projects awarded to Maytas and its joint venture partners amounts to Rs 3,800 crore (Rs 38 billion).
According to sources, the family has pledged majority of its shareholding and real estate assets to various institutions. Two institutions, Maharashtra government's financial arm, Sicom, and IFCI, confirmed that Maytas promoters had pledged shares around a year ago to raise resources. IL&FS too has similar exposure to Maytas, said sources. However, this could not be confirmed.
Bankers of scam-tainted Satyam Computer on Friday declined to comment if the IT major's accounts have been frozen, citing client confidentiality. India's fourth-largest outsourcing firm plunged into a crisis after its chairman B Ramalinga Raju admitted to gross manipulations in the company's balance sheet and resigned.
Director general of police S S P Yadav will personally supervise the investigation, highly-placed police sources told PTI.
The inspection would be conducted as per the provisions of section 209A of the Companies Act, corporate affairs minister Prem Chand Gupta told reporters on Thursday.
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