'Rajji laughed. "What will I do with you convent girls and your two left feet?" he exclaimed.'
Satyam's employees had to undergo mental trauma, job uncertainty and financial problems, after many were forced to leave.
I would say it was unwise, but not necessarily wicked. I suggest that Satyam was ill-served by its M&A investment bankers and lawyers regarding the public-relations backlash such a move would cause
Satyam Computer Services said it continued to support its long-standing partnership with IBM for lotus enterprise solutions.
As this is a Vishal movie, it means that a composer has to work within certain restraints, and though Harris Jeyaraj has tried to fashion it with his own music sense, the strain shows. Some flashes of the genius that created Vaseegara peek at you uncertainly, but all said and done, this hardly is Harris Jeyaraj's best effort.
Satyam founder R Raju challenges fraud case verdict
Board member Tarun Das said the company has been approached for buyouts by both international and Indian IT firms. There have been unconfirmed reports that the company might soon appoint investment bankers to advise on a merger or sale. The board will meet for two days starting January 22 in Hyderabad and would discuss issues such as search CEO and CFO, legal matters and immediate cash requirements to run the company.
Corporate Affairs Minister Salman Khurshid on Tuesday said there is no cause for worry about the possibility of US market regulator SEC slapping a penalty on Mahindra Satyam, related to the multi-crore fraud at the erstwhile Satyam Computer.
If implemented, this will be music to the ears of shareholders and analysts who have been insisting that Satyam would be better off returning money to shareholders.
Satyam Computers on Monday said it plans to launch the Satyam School of Leadership, a corporate university, to develop and nurture leaders to accelerate the company's growth.
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.
The Satyam buyout gives the tech firm a chance to diversify away from telecom, something it badly needed to do. It shouldn't be too difficult for Satyam to be able to turn in an operating profit of close to Rs 1,000 crore in 2009-10, so that would translate into an EV/ebitda of 8.4 times for the company.
Chairman Vineet Nayyar says firm has seen lot of positive sentiment among stakeholders following merger announcement with Tech Mahindra.
Deloitee is also the statutory auditor for Tech Mahindra, which acquired Satyam Computer through an open bid in April this year.
On April 21, 2008, Satyam announced its plans to acquire the market research and customer analytics business unit from CAT for a total consideration of $60 million (approximately Rs 300 crore), comprising an initial payment of $10 million (Rs 50 crore), which Satyam paid to the seller on August 6, 2008, besides issuing a $50-million (Rs 250 crore) promissory note.
Going by the provisions of the new company law, the responsibility and accountability equation for independent directors has seen a major change.
The Company Law Board on Thursday approved Tech Mahindra's proposed acquisition of a 31 per cent stake in Satyam Computer and asked the buyer to deposit Rs 1,756 crore for the deal by April 21 in a designated account.
An independent director on Satyam Computer's board is understood to have resigned days ahead of a scheduled meeting next week.
To expand operations in the South America region, IT major Satyam Computer Services has opened a multi-lingual development centre, named 'Satyam Latam Center' in Sao Paulo.
The court also adjourned the hearing of other cases filed by the CBI and the Enforcement Directorate against the fraud-hit software major to the same date. Mahindra Satyam, in its petition filed on February 15, requested the court to order the CBI to release documents and data storage devices sized by the Central agency and State CID (initial investigator of the case) during searches last year.
Three years after B Ramalinga Raju, the disgraced founder and chairman of Satyam Computer, announced the project, Mahindra Satyam dropped the project and surrendered the 26 acre-land to the state government.
The six-member government-appointed board of scandal-hit Satyam Computer Services today appointed investment banks Goldman Sachs and Avendus to explore various strategic options for the company, which include identifying strategic investors and obtaining expressions of interest from them in a fair and transparent manner.
Satyam has been saved. It has a credible owner after an auction in which reputed companies had bid, it has survived the last three months without much loss of business or desertion by staff, it has coped with a severe cash crunch and a national asset can now be re-built into an IT services powerhouse.
PriceWaterhouse on Wednesday said its Bangalore unit audited the accounts of scam-hit Satyam Computer and was now cooperating with a probe by regulator SEBI, thus quashing reports that it was distancing itself from the multi-crore accounting fraud.
Satyam Computer Services has signed a $71 million seven-year contract with Qantas for development and maintenance of over 150 applications across a wide portfolio of technologies.
India Inc on Friday said that the completion of the bidding process for scam-tainted Satyam Computer demonstrates the country's strength in dealing with complex corporate issues.
Deepak Nangia, head of Satyam's Australia unit who, in his seven-year stint, brought the company a long list of clients, including National Australia Bank, Qantas and Telstra, is the latest to quit. Confirming the development, a Satyam spokesperson said Nangia had resigned two months ago to "pursue better opportunities outside the company." This is the third high-profile departure of a Satyam global head since January.
The special court dealing with multi-crore Satyam scam case on Monday adjourned the examination and hearing of charges of Satyam accused to July 29.
Following is the chronological summary of events which saw IT major Satyam Computer Services, founded in 1987, on its path to disaster:
Mahindra Satyam on Thursday said it has signed a five-year multi-million dollar deal with UK-based GlaxoSmithKline to provide SAP and other critical systems support.Satyam has been working with GSK since 2002 in providing IT application development and support services, Mahindra Satyam said in a statement.
'One year on, it's worked reasonably well. It's been a rewarding journey but the journey has no finish line.'
The fact it is promoted by kin of disgraced Satyam founder Ramalinga Raju is continuing to haunt Maytas Infrastructure, although it has a healthy order book of Rs 8,000 crore (Rs 80 billion) and is no longer run on a day to day basis by Teja Raju.
Auditors seem to have developed a heightened sense of risk and are not content to tick the boxes and sign the papers.
Competitive bids to select the new owner for Satyam Computer Services, once India's fourth largest software company, will soon be announced.
The eight companies, against which the ministry of corporate affairs has ordered inspection on Thursday, include Maytas Properties and Maytas Infrastructure. Following the disclosure, the MCA has asked the Registrar of Companies, Hyderabad to investigate the company, while market regulator Sebi also ordered a probe.
Software company Tech Mahindra said it may evaluate the telecom business of the Satyam Computer Services for acquisition.
It was in 2009 that the accounting regulator set up a special disciplinary committee, comprising six members, to look into the fraud in Hyderabad-based IT firm.
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