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.
A bench headed by Chief Justice DY Chandrachud, which had taken cognisance of the incident, has kept the matter on top of the cause list for hearing at 10:30 am on Tuesday.
Last year, Tech Mahindra and Mahindra Satyam announced their intention to merge aming to create a $2.4 billion entity.
'Rajji laughed. "What will I do with you convent girls and your two left feet?" he exclaimed.'
Income from operations stood at Rs 1,375.3 crore (Rs 13.75 billion) during the January-March quarter of 2011.
After taking over scam-hit Satyam, Techn Mahindra has made many structural changes in the latter to turn it around.
Though the controversial Satyam-Maytas deal has been called off, regaining investor confidence will be an uphill task.
Real turnaround started from November 2010, when Mahindra Satyam announced its financial numbers for the first time after the scandal.
Pays $68 million to settle with the claimants.
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.
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 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.
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.
Mahindra Satyam merged with Tech Mahindra, creating a new entity with revenues of $2.7 billion.
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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.
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.
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.
Mahindra Satyam on Wednesday said its board has approved settlement of lawsuits brought by its former client Upaid Systems by paying $70 million.
Bollywood has a history of making heads turn -- theirs and everybody else's -- in shiny hair accessory.
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.
Key leadership hiring in different pockets -- a few from other companies -- to beef up the company's sales efforts is currently on.
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.
During the quarter, Mahindra Satyam paid Rs 294 crore towards settlement of legal claims of Aberdeen.
Speaking to reporters after the board meeting of Mahindra Satyam in New Delhi, Tech Mahindra CEO Vineet Nayyar said, "It (restatement of accounts of Mahindra Satyam) is likely to be completed by the end of the year (2009)".
Satyam Computer Services and Microsoft China signed a memorandum of understanding to jointly develop the enterprise solutions market in China.\n
Board, audit panel to meet on September 4.
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.
Satyam Computer on Monday said it has appointed Venki Prathivadi as the country manager for its Australia and New Zealand operations.
Price Waterhouse, an Indian arm of the global consultancy firm PricewaterhouseCoopers, whose partners got embroiled in the Satyam accounting fraud, failed to get a reprieve from the stock market regulator, the Securities and Exchanges Board of India.
Bulk of fast-track proceedings completed, with defence cooperating in avoiding delays; court examination of accused & rival arguments remain
The 200-page supplementary cited 1,549 additional documents, 301 more witnesses and nine material objects. The CBI filed the first chargesheet on April 7.
The BPO arm of Satyam Computer Services, Nipuna has set up a BPO facility at Chennai.
In a major initiative expected to give a big boost to its consulting and enterprise business applications space, Satyam Computer Services Ltd on Friday announced the launch of 'Futurus', a state-of-the-art business solutions laboratory in Chennai.
Mahindra Satyam has approached the Commerce Ministry for more time to develop the three IT Special Economic Zones in Andhra Pradesh as it has decided to go slow on its expansion plans due to the slowdown.
Satyam Computer Services has reached an agreement with Australia's Victoria University to jointly conduct research and also provide the university's students hands-on working experience on its projects.
Satyam Computer Services Ltd (rebranded as Mahindra Satyam to reflect its new ownership by Tech Mahindra) has filed a fresh lawsuit in a New York court, challenging the tax payment claims made by mobile payment services company Upaid Systems.
As part of its plan to set up a large development centre in China, city-based IT major Satyam Computer Services Ltd will set up its operations in Guangzhou.
