Existing investors, who have bought at higher levels of Rs 200 and above, should remain invested for at least a quarter until further clarity emerges from the bidding process.
The company's move to mollify shareholders comes after it raised investor ire on its proposed $1.6-billion acquisition deal, which had to be called off. After suffering a severe battering on Wednesday, Satyam shares surged 13.88 per cent to an intra-day high of Rs 180 on Thursday on the Bombay Stock Exchange.
Nasdaq-listed Sify Ltd said on Thursday that Infinity Capital, a company controlled by Silicon Valley entrepreneur Raju Vegesna
The Securities and Exchange Board of India (Sebi) has allowed Price Waterhouse to cross-examine some of the entities involved in the Satyam scam. The capital market regulator has, however, refused permission to cross-examine the erstwhile top brass of Satyam, including Ramalinga Raju (former chairman) and Vadlamani Srinivas (former senior vice-president & CFO).
Hinting towards a possible takeover of Satyam Computer, engineering major Larsen & Toubro on Friday raised its stake in the beleaguered IT firm to 12 per cent through open market share purchases.
Satyam shares on Friday received a severe lashing on the bourses with its shares plunging as much as 84 per cent to just Rs 6.30, but later recovered some of the losses to settle around Rs 20 level.
"After Ramalinga Raju made his confession, we encouraged our leaders to meet with their teams hourly and then several times a day," says Ed Cohen.
So far, the police have not been able to make any headway in the case.
The former Satyam Computer's founder, Ramalinga Raju, had confessed in early 2009 to having falsified the company's accounts for years.
The L&T stock, which fell by over 5 per cent in intra-day trades on Monday bounced back towards the end of the session though it was still in the red. The stock has been badly de-rated since the engineering major made it clear that it was a contender for Satyam, picking up a 12 per cent stake in the tech firm. Had L&T won control at the winning bid of Rs 58 per share, the stock may have lost further ground. As it stands, not too much damage has been done.
Satyam Computer Services Ltd, said on Monday it will buy out the 24 per cent stake held by Northrop Grumman Space and Mission Systems Corp, formerly known as TRW Inc, in a joint venture, for $3.5 million.
Union of scam-tainted Satyam and telecom-focused Tech Mahindra has produced a fitter company.
With a big questions mark on its cash position and a minimum outgo on salary estimated at Rs 500 crore (Rs 5 billion) a month, Satyam may lay off over 10,000 employees next month, says a recruitment firm.
The Enforcement Directorate, the agency under the finance ministry exclusively dealing with violations of foreign exchange regulations, is part of the multi-disciplinary investigation team probing the Satyam accounting scam.
The centre named Process Manufacturing Innovation Centre of Excellence would help companies to take advantage of the advancements made in IT - mainly in areas of product and process innovation, Satyam said.
Satyam Case has not ended after court verdict, there's lot to unfold say insiders.
Even the big and eager will find it quite a mouthful.
Satyam, which incorporated its sports division in 2007, will offer value-in-kind.
As per the contract, Satyam would develop a customised event management system and build extranet and intranet over the next 12 months.
The Serious Fraud Investigation Office has referred the issue of Rs 760 crore (Rs 7.6 billion) raised by scam-tainted Satyam Computer through share sales in 2001 in the US to the Enforcement Directorate for further inquiry, after failing to trace the amount.
Satyam Computer Services Ltd set up a learning centre for the families of Satyamites.
The court had earlier ordered initiation of proceedings against 11 former directors of Satyam Computers after splitting up the multi-crore accounting scam case
Larsen & Toubro (L&T), the technology, engineering, construction and manufacturing company, has scaled down its stake in Mahindra Satyam, the erstwhile Satyam Computer Services, to a little over two per cent.
The new contract, an extension of a previous contract due to expire this year, would end in December 2013.
Guntu Kaaram doesn't deliver on its basic promise: Entertainment, sighs Mayur Sanap.
Bhupendra Kumar Modi of Spice Corp on Thursday sent an expression of interest to the new Satyam Computer Services board to acquire the fraud-hit company.
Deposing before the special court on Tuesday, Sabesan said the CBI had given the bank a set of documents that it seized during its investigation into the Satyam scam and asked it to ascertain if they were issued by the bank.
The market capitalisation of Satyam fell to Rs 1,607.04 crore (Rs 16.07 billion) on Friday from Rs 15,262 crore (Rs 152.62 billion) at the end of trade on December 16, 2008, the day when Satyam announced an $1.6 billion acquisition deal of two firms promoted by the kin of IT firm's former chairman Ramalinga Raju. However, the company aborted the deal hours later after the investors dissent.
Hyderabad-based Satyam Computers has set aside $1 billion (around Rs 4,100 crore) to buy companies which it finds attractive.
The global chairman, Dennis M Nally of Satyam, the auditor for the scam-tainted company, says that with the lessons learnt and a small number of clients lost, their focus is to harness quality clients and talent.
As per the chargesheet, "the accused forged board resolutions and unauthorisedly obtained loans to the tune of Rs 1,220 crore (Rs 12.20 billion) for Satyam Computer.
The special court trying the multi-crore Satyam scam cases had last week ordered the Nizam's Institute of Medical Sciences director to file a detailed report on the current status of Raju's health (the prime accused in the scam), after he did not appear before it in view of his treatment for Hepatitis C at the hospital in Hyderabad.
The B K Modi-led Spice Corporation said on Monday it has been shortlisted by the Satyam board to put its bid for a majority stake in the crisis-ridden IT firm. A senior official of Spice Corp told PTI the company would now get access to financial data relating to revenues, number of employees and clients and other details to value the firm for putting the auction price.
This is one of the major corporate frauds in the country.
It will serve as a major technological development and software support facility for the company's ASEAN, US and Middle Eastern customers.
Charges against Raju and others include criminal conspiracy and forgery.
Satyam Computer Services announced on Wednesday that it added 27 new clients in the quarter ended September 30, 2003.
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