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.
Satyam Computer could have been hurtling down today, what with its none-too-impressive results, but a balance sheet clean-up initiative garnered positive market focus for the company.
The Enforcement Directorate in October last year had filed the complaint against Raju and 212 others, including 166 companies, before the XXI Additional Chief Metropolitan Magistrate Court cum Special Sessions Judge here for allegedly laundering funds under a 'corporate veil' to perpetrate the accounting scam that rocked the business world in 2009.
The trial in Satyam fraud case had concluded in second half of June before the special court, which examined 216 witnesses and marked 3,038 documents during the course of the hearing.
A special court on Tuesday set March 9, 2015, as the date for the verdict in the multi-crore accounting fraud in erstwhile Satyam Computer Services Limited.
The court directed Raju, the prime accused in Satyam scam, and others to furnish personal bond of Rs 20,000 each and sureties of the like amount on or before December 22 and posted the matter to the same date.
The big thing was inflating the revenue of the company through fake invoices.
In June last year, Tech Mahindra completed acquisition of Mahindra Satyam -- erstwhile Satyam Computer Services -- to become India's fifth largest software services firm. Mahindra is also the Chairman of Tech Mahindra.
Raju and nine others accused, including his two brothers, are currently on bail in a case related to fudging of Satyam accounts in 2009.
Closing five-and-a-half year long probe into the country's biggest corporate fraud, Sebi on Tuesday barred erstwhile Satyam Computer's founder B Ramalinga Raju and four others from markets for 14 years and asked them to return Rs 1,849 crore (Rs 18.49 billion) worth of unlawful gains with interest.
Mahindra Satyam merged with Tech Mahindra, creating a new entity with revenues of $2.7 billion.
The boards of Mahindra Satyam and Tech Mahindra last year proposed a swap ratio of 2:17. Mahindra Satyam shareholders will get two shares of Tech Mahindra of Rs 10 each for every 17 shares they hold.
Satyam Computer Services Ltd allotted 600 equity shares under a stock option plan.
Msat said on Monday it is stepping up efforts to attract the talent across Asia-Pacific and India, two of its fastest growing markets.
Class action, whistleblower protection and exit option likely to bring back investor confidence.
SFIO, the investigation arm of the Corporate Affairs Ministry, has been ordered to probe alleged fraud in 83 companies in the last four years, Parliament was informed on Thursday.
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.
The Enforcement Directorate on October 18 issued provisional attachment order of the company's fixed deposits worth Rs 822 crore (Rs 8.22 billion) in a money laundering case related to the previous management.
In its glory days, Satyam was the lifeline of Hyderabad.
IT major Wipro on Wednesday ruled out taking over scam-hit Satyam Computer or Maytas Infra.
All the 10 accused in the case, including prime accused Satyam Computers founder and former chairman B Ramalinga Raju and his brother and Satyam's former MD B Rama Raju, appeared in the court, as per its direction.
Judge ruled that ther lawsuits failed to allege that the ex-directors recklessly failed to discover the fraud.
Steady performance of Mahindra Satyam and increasing traction in non-BT revenues are key positives for Tech Mahindra.
Chairman Vineet Nayyar says firm has seen lot of positive sentiment among stakeholders following merger announcement with Tech Mahindra.
The final arguments in the multi-crore accounting "fraud" in Satyam Computers commenced on Wednesday in a local court with the prosecution starting its arguments in the case.
Satyam Computer Services Ltd said Giga Information Group named it 'Top choice for SAP support' among offshore service providers.
Tech Mahindra had acquired Satyam as part of a government sponsored bidding process in April 2009
Satyam Computer, Pyra-mid Saimira, KS Oils and Kingfisher Airlines are among those companies whose shares have fallen like eggs on the floor.
Rediff reader Mrunal Samant, 33 reveals why her first job and salary will always be special.
The latest penalties for insider trading follows an earlier disgorgement order passed by Sebi in July last year.
Raju was arrested by the Crime Investigation Department of Andhra Pradesh Police two days later along with his brother.
Pays $68 million to settle with the claimants.
Raju was arrested by the Crime Investigation Department of Andhra Pradesh Police two days later along with his brother.
Bulk of fast-track proceedings completed, with defence cooperating in avoiding delays; court examination of accused & rival arguments remain
The 56-year-old Raju admitted to fraud in January 2009 in the IT major.
Satyam Computer Services on Monday said it has filed a suit in a Hyderabad court against its former Board of Directors, certain employees and the company's audit firm Price Waterhouse seeking damages for perpetrating fraud.
Satyam Computer Services Ltd and Ansys Inc formed a strategic alliance that will help customers accelerate product innovation, time-to-market and quality.
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