Riding on the success of the just-concluded FIFA World Cup 2010, Satyam Computer Services Ltd (rebranded Mahindra Satyam) is gearing up to provide its technology backbone solutions to two more world sporting events.
However, the regulatory body has asked Tech Mahindra to share with the company's stakeholders the information Satyam had provided to the bidders.
Satyam Computer has 10,000 excess employees, its new owner Tech Mahindra said on Friday.
TM has an agreement with the Union of European Football Associations, while Satyam has signed up with Fifa. A Satyam spokesperson said: "Tech Mahindra has been providing mobile streaming services to Uefa, besides other telecom services. The company will support us by offering its technology expertise in football. We will go together for the two World Cups." TM and Satyam's alliance on sports may not end with the World Cup and may expand to other disciplines as well.
The company is holding a series of meetings with investors, analysts and clients in Singapore.
A year has gone by since the fateful day when founder and former chairman of Satyam Computer Services (rebranded Mahindra Satyam), Ramalinga Raju, admitted to a multi-crore accounting fraud.
The company would fund the expansion through a mix of debt, equity and internal accruals.
Three days after announcing the reinstatement of the variable portion of staff salaries, Mahindra Satyam (earlier, Satyam Computer Services) has begun re-introducing other benefits, including employee stock option plans (ESOPs), beside giving promotions and salary hikes across different bands (grades).Mahindra Satyam, now treading a recovery path after it was hit by a big scandal involving its top management, had withdrawn variable pay in April this year.
Quoting Jacob Rees-Mogg, the lead manager with Somerset capital management, a fund that specialises in emerging markets, NYT said, "[T]he fraud will make people even more nervous about investing in India and other developing markets". Meanwhile, the Wall Street Journal said, "[T]he chairman of one of India's largest technology companies said he concocted key financial results, . . . sending shock waves across India".
Satyam Computer on Thursday said its new owner Tech Mahindra's stake will go up to 50.42 per cent in the company following a preferential allotment of over 19.86 lakh shares.
Mahindra Satyam, the rebranded Satyam Computer Services, is planning to recruit 2,000 professionals. It will be a mix of freshers and lateral hiring, to cater to specific requirements of some clients.
n February 2009, the CBI took over the investigation.
In an hour-long chat on Wednesday, stock market expert Pranav Sanghavi, director, Jitendra Harjivandas Securities (P) Ltd, offered some tips on the stock market.
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.
Amidst the outrage among certain Satyam employees to Infosys Co-Chairman and Chief Mentor N R Narayana Murthy's statement last week that Infosys would not recruit employees from the disgraced IT firm based in Hyderabad, top Infosys executives on Tuesday stood by their stand. They also couched their views on the Satyam scam in decidedly softer terms. Infosys said that the accounting scandal at Satyam did not call into question the competence of its (Satyam) employees.
ANZ Bank has about 100 Satyam contractors who support IT projects. They are mainly based at the bank's Indian subsidiary, which employs about 2,000 people, it said. Last week, the bank told employees that it would develop a contingency plan although its relationship with Satyam was 'modest'.
The CBI recently moved the court for permission to establish a video link with the Nizam's Institute of Medical Sciences, where Raju has been admitted.
In offices of IT companies across Britain, Indian employees congregate often to discuss the latest news about Satyam, and try to figure out how the fate of the IT giant will affect them professionally. Many of them described Satyam's fall as no less than an 'earthquake'.
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Raju was arrested by the Crime Investigation Department of Andhra Pradesh Police two days later along with his brother.
At the end of the third quarter (October-December period), Mahindra Satyam's headcount stood at 28,832, an increase of 764 personnel from 28,068 employees on September 30, 2010.
A court in Hyderabad hearing the alleged multi-billion-rupee Satyam accounting scam, on Thursday posted the hearing on framing of charges against B Ramalinaga Raju, former chairman of Satyam Computer and nine other accused in the matter to December 9.
The suit was filed on behalf of purchasers of Satyam's ADRs between January 6, 2004 through January 6, 2009. Price Waterhouse, the Indian unit of the global audit major, has been maintaining that it followed all the standard accounting principles while auditing the books of Satyam Computers. However, it also said that its auditing on Satyam could be construed invalid if the statements made by Raju in his admission letter on January 7 about the fraud were correct.
Analyst following the sector feels that due to the slowdown in the US economy, the Indian IT companies, who mostly depend on the US market for their revenue, had postponed joining dates of new recruits, raising doubts about their future.
Because the metropolitan magistrate courts and the additional chief metropolitan magistrate courts are overburdened with cases.
iGate had in a statement on Friday evening said that it had dropped its bid for Satyam on 'further analysis'. Clarfying his stand last week that iGate would be keen to bid for Satyam at an offer price of below 90 cents a share, Murthy said, "Had we decided to pursue the bid, the share price would have had no bearing on our offer price as we would have bid at a price we thought was a fair valuation."
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Former economic affairs secretary E A S Sarma has written to the Securities and Exchange Board of India questioning the delay in investigating Satyam Computer even after he had alerted the regulator 'well in advance' about certain irregularities in the company's books of accounts after the Maytas deal was called off last month.
The industry, which is also passing through one of its lows in the wake of the ongoing global financial downturn, expects that clients will now be more cautious, despite Satyam's case being an isolated one.
The police tracked the kidnappers by tracing a ransom call that Satyanarayana's family received late in the evening
The Ministry of Corporate Affairs (MCA) has worked out new parameters for scrutiny of companies. These are based on reports on the Satyam fraud investigation.
Indian software major Satyam Computer Services Ltd plans to expand its China operations by setting up a large research and development centre as well as hiring up to 3,000 engineers by 2007, a senior executive has said.
The board of Satyam will meet for two days from Monday to finalise the twin issues of appointing CEO and CFO and working capital arrangement, and may discuss L&T increasing stake in the company to 12 per cent.
According to The Australian newspaper, Satyam pledged to repay the funds given to the company by the Victorian government to lure it to Geelong after the scheme, which would have created 2000 jobs and contributed $175m to the state's economy, was canned in September as the IT firm struggled with the global financial crisis.
That the value of brand Satyam would be eroded many times over, following its former chairman Ramalinga Raju's admission that he had cooked the company's books, was a given.
Satyam is still to log out Raju, his brother and other members of his top management team, despite his quitting as chairman on January 7 after admitting to a Rs 7,800-crore (Rs 78-billion) financial wrongdoing. His brother Rama Raju, who quit on the same day and is also in the jail, is still being presented as the managing director and member of the board of the scam-tainted company on its official website.
After resuming trading on Monday, shares of Satyam plummeted 84 per cent to close at $1.46. It had touched its intra-day low at $0.78. Asked if the NYSE will issue a notice for possible delisting of the company for shares dipping below $1, NYSE spokesperson told PTI in an e-mailed statement, "No, the average closing price of a security must be less than one dollar over a consecutive 30 trading-day period.
Satyam Computer Services has announced enrollment of over 136 employees in the graduate management and MBA programmes offered by online graduate school Universitas 21 Global.
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