Raju and nine others accused, including his two brothers, are currently on bail in a case related to fudging of Satyam accounts in 2009.
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.
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.
This settlement relates to an accounting fraud perpetrated by the company's former management from at least 2003 through September 2008.
Key leadership hiring in different pockets -- a few from other companies -- to beef up the company's sales efforts is currently on.
The XIV additional chief metropolitan magistrate on Saturday reserved the orders on the plea filed by the CBI, seeking permission to administer lie detection test on Satyam Computer Services Limited founder B Ramalinga Raju, his brother and former managing director and former Chief Financial Officer Srinivas Vadlamani, to July 9.
Tech M's priorities include retaining current customers, winning back business lost as a result of the crisis, retaining key associates, winning new businesses and exploring the best ways to realise operational and structural synergies between the two companies. On the possibility of layoffs and cost-cutting, Vineet Nayyar, Tech Mahindra's vice-chairman and MD, said, "I can't say anything. The company has to be viable and we will work at it. Layoffs will be the last option."
The fourth additional sessions court in Hyderabad on Wednesday posted the orders on the bail petition of Price Waterhouse auditors to Thursday.
A special court for economic offences on Monday issued fresh summons against Ram Mynampati, a former top official of fraud-hit Satyam Computer's Services Limited (SCSL).
Satyam Computer Services Limited on Thursday announced that it has implemented an organisation-wide, virtual learning environment called Satyam Learning World.
The CBI has charged Satyam founder B Ramalinga Raju, his brother B Rama Raju and eight others with creating fictitious customers and siphoning off Rs 430 crore (Rs 4.30 billion) from the IT firm.
Satyam Computer Services Limited has been awarded new business in the manufacturing space by a fire suppression technologies and advanced building support systems major.
Fraud-hit IT outsourcing company Satyam Computer Services Limited (rebranded as Mahindra Satyam) is getting itself back on track, and inching closer towards acquiring the multi-million multi-year contracts it lost from Telstra and Merrill Lynch, according to a source close to the development.
Mahindra Satyam chairman Vineet Nayer said they would stick to the June 30-deadline set by the Company Law Board to submit the restated accounts.
IT services provider Satyam Computer Services Limited is setting up a 15-acre campus at Cyber Jaya, the IT hub of Malaysia, which is expected to be operational by this year end, said Prasenjit Kundu, head (global solutions centre in Malaysia), Satyam.
Says Satyam is not a commodity. B K Modi of Spice had earlier pushed for e-auction, for its transparency.
Satyam Computer Services Limited on Friday signed a memorandum of understanding with West Bengal Electronics Industry Development Corporation Limited for setting up its development centre in Kolkata.
A local civil court in Hyderabad has issued an interim stay restraining Netflix from airing its web series Bad Boy Billionaires-India on a petition filed by B Ramalinga Raju who was convicted in the multi-crore accounting scandal of Satyam Computer Services Limited. The XXV Additional Chief Judge B Prathima, while issuing notices to Netflix Inc in USA, Netflix Entertainment Services India LLP and the nodal officer, department of electronics and information technology, posted the matter for further hearing on November 18 when the plea came up on Tuesday.
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.
There is a two-minute footage about Choksi in the series which allegedly shows him in a bad light and therefore, could affect the various proceedings against him in India.
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.
Special court will announce judgement in Satyam case on Dec 23.
Raju was arrested by the Crime Investigation Department of Andhra Pradesh Police two days later along with his brother.
Raju was arrested by the Crime Investigation Department of Andhra Pradesh Police two days later along with his brother.
Raju was arrested by the Crime Investigation Department of Andhra Pradesh Police two days later along with his brother.
This is one of the major corporate frauds in the country.
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.
The 10 accused in the case include prime accused Satyam Computers founder and former chairman B Ramalinga Raju, his brother and Satyam's former MD B Rama Raju, ex-CFO Vadlamani Srinivas, former PwC auditors Subramani Gopalakrishnan and T Srinivas, Raju's another brother B Suryanarayana Raju, former employees G Ramakrishna, D Venkatpathi Raju and Ch Srisailam, and Satyam's former internal chief auditor V S Prabhakar Gupta.
Raju pleaded for leniency citing his philanthropic activities.
The Special Court on Monday has sentenced erstwhile Satyam chairman B Ramalinga Raju and his brother Rama Raju to six months imprisonment for violating provision of the Companies Act.
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.
On the basis of the complaint filed by Leena Mangat, the CB-CID had filed an FIR on Jan 9, 2009.
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.
n February 2009, the CBI took over the investigation.
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