In a BSE filing, the company said it has filed certified copies of the Andhra Pradesh High Court order paving way for the merger with Registrar of Companies, Andhra Pradesh, Hyderabad.
Ramalinga Raju, his brother and Satyam's former managing director Rama Raju, ex-CFO V Srinivas, former partners of PricewaterhouseCoopers S Gopalakrishnan and T Srinivas along with Satyam Computer Services former employees G Ramakrishna, D Venkatapathi Raju and Ch Srisailam -- who are lodged at Chanchalguda Jail in Hyderabad were brought to the court, after their remand ended on Wednesday.
L&T is trying to aggressively diversify again into a field where it does not have much experience.
Though the Satyam episode was shocking, the markets will move on, placing greater premium on good managements and governance and punishing companies that don't inspire confidence
More trouble may be brewing for the beleaguered Satyam Computers with a Texas district court scheduled to hear on January 7, a case filed against the IT major by a small British mobile solution firm, Upaid, over the Maytas deal.
The company yesterday announced a $1.6 billion deal to acquire Maytas Properties and Maytas Infrastructure, companies run by Satyam chief Ramalinga Raju's sons B Rama Raju and Teja Raju. Investors' opposition forced Satyam to call off the deal on Wednesday.
The Ministry of Corporate Affairs has suggested that Satyam Computer deposit the salary of directors nominated to its board by the government after a multi-crore accounting fraud was exposed at the IT firm in the government treasury.
India's fourth largest IT firm Satyam Computer Services is likely to give pink slips to 2,500 employees. The company's share price fell 9.5 per cent to Rs 368.15 on Monday.Satyam had a total headcount of 52,000 as of June-end. The company has already put some of its employees under performance improvement plan.
What is the solution to problems like this? It is probably not more intrusive government regulation. Despite the noises being made in America blaming all finance-sector problems on a lax regulatory environment, it is not clear that more paperwork is the answer.
Public-sector insurer Life Insurance Corp (LIC), which holds 4.34 per cent in the troubled IT firm, Satyam Computer Services, on Thursday said it is assessing the situation and will take a decision on its holding accordingly.
W L Ross & Co has acquired 1.8 million American Depository Receipts (ADRs) of Satyam (Mahindra Satyam) from NYSE Euronext for $4.6 million (over Rs 20 crore) at an average price of $2.5 per share, the parent firm of W L Ross, Invesco, said in a Securities and Exchange Commissions (SEC) filing.
If it is true that the company pursues wrong business practices, and violates ethical codes, then the only thing that will save the company is a thorough spring-cleaning -- which perhaps can be done only by a completely new management committed to the kind of ethical business practices emphasised in the same field of activity by companies like Wipro and Infosys.
Last year, Tech Mahindra and Mahindra Satyam announced their intention to merge aming to create a $2.4 billion entity.
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.
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.
The litigation relates to the 2009 accounting fraud at Satyam Computer.
Satyam Computer Services on Wednesday announced the winning of a new long-term contract from its existing customer, the World Bank whereby it has been chosen as the World Bank's primary offshore IT services partner.
This is one question that's uppermost in the minds of analysts, marketmen and industry experts even as the Company Law Board on Thursday gave the scam-tainted IT firm's stake sale plan the go-ahead.
A local court in Hyderabad on Tuesday allowed the CBI to obtain specimen signatures and handwriting of former Satyam chairman B Ramalinga Raju and four other accused in the Satyam fraud case, all of whom are now in the Chanchalguda jail.
After taking over scam-hit Satyam, Techn Mahindra has made many structural changes in the latter to turn it around.
Pays $68 million to settle with the claimants.
Income from operations stood at Rs 1,375.3 crore (Rs 13.75 billion) during the January-March quarter of 2011.
Real turnaround started from November 2010, when Mahindra Satyam announced its financial numbers for the first time after the scandal.
Though the controversial Satyam-Maytas deal has been called off, regaining investor confidence will be an uphill task.
Upaid, which is already fighting a forgery case against Satyam in a US court, had last week filed a motion against Satyam Computer Services with the state court, saying that they are looking for a testimony from Ramalinga Raju, CFO Srinivas Vadlamani, and the company's head of corporate governance Jayraman after the abortive Maytas deal.
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.
Mahindra Satyam merged with Tech Mahindra, creating a new entity with revenues of $2.7 billion.
The Indian IT company in turn will host the cloud and mobile-based services in Singapore and Malaysia, while providing direct sales and IT services to clients throughout Association of Southeast Asian Nations region.
A special court trying the multi-crore Satyam accounting fraud today dismissed the petition of three accused in the scam seeking postponement on hearing of charges against them.
Mahindra Satyam, the erstwhile Satyam Computer Services, has sought time until September 30 from the Company Law Board (CLB) to file financial statements.
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.
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.
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.
IT major Satyam Computer Services Ltd on Wednesday said it will implement an infrastructure lifecycle management solution for the Dubai Municipality engineering departments with a view to address its administrative and technical problems.
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During the quarter, Mahindra Satyam paid Rs 294 crore towards settlement of legal claims of Aberdeen.
Mahindra Satyam on Wednesday said its board has approved settlement of lawsuits brought by its former client Upaid Systems by paying $70 million.
Guntu Kaaram doesn't deliver on its basic promise: Entertainment, sighs Mayur Sanap.
Key leadership hiring in different pockets -- a few from other companies -- to beef up the company's sales efforts is currently on.
If you have watched the matches closely enough, it's difficult to miss the white-on-red logos of Mahindra Satyam in the soccer stadia across South Africa.
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