This was decided in the business advisory committee meeting, where the leaders of various political parties agreed for a discussion on the fraud. The short duration discussion in the Lok Sabha was listed for February 13 but was deferred following a request from leader of the Opposition L K Advani.
Some employees have alleged that close to 20 employees of the troubled Satyam Computer Services have been promoted to the I-1 and I-2 bands (representing assistant vice-president and vice-president levels) and also received a salary hike of 20-40 per cent. The timing has caused much resentment with some employees taking up the matter with the human resources department.
Hinduja Global Solutions, the BPO arm of the Hinduja group -- one of the interested parties in acquiring the scam-tainted Satyam Computer Services -- said it has chalked out a 100-day plan, just in case it is successful in its attempt. Meanwhile, it has written to the merchant bankers involved in the transaction. "We are very interested in Satyam and accordingly, we have written to the merchant bankers but are yet to receive any reply," said Anand Vohra, CFO.
Wanting to give a clear message to the corporate world that the government means serious business, Corporate Affairs Minister Salman Khursheed said that day-to-day trial in the multi-crore rupee Satyam scam would be the top-most priority, for which his ministry is also talking to Central Bureau of Investigation.
Top Satyam executives accelerated sales of their shares in the company in close to three months before the company's aborted December 16 bid to buy two developers controlled by Ramalinga Raju's family.
The team will then proceed for discussions with the government-appointed Board of Satyam Computer Services in Hyderabad on Thursday to assess the present status of India's fourth- largest software firm. Following the confessions of Satyam's founder and former chairman B Ramalinga Raju that he had cooked up the firm's balance-sheet for several years, US investors have filed over a dozen law suits against the company in various US courts.
The source, however, did not reveal the names of the companies, which have submitted EoIs, but it could be engineering major Larsen & Toubro, Mahindra Group, Hindujas, Spice and i-Gate, among others. Meanwhile, three PSBs have given in-principle nod to Satyam to provide short-term loans for meeting salary, working capital, payment of arrears to vendors, provident fund dues, TDS and rentals charges.
Satyam Computer's potential suitor may get to control the IT company at an affordable price, with market regulator Sebi on Monday saying it would amend regulations governing open offer to ensure transparent pricing.
'It is revealed that an amount of Rs 1,425 crore out of Rs 1,744 crore loan obtained from NBFCs was transferred to the bank accounts of SCSL by 37 companies as loan over a period ranging from November 17, 2006 to October 30, 2008 to meet the expenses of the Satyam Computer Services Limited. Out of this amount, Rs 194 crore was returned by SCSL during October and November 2008 to 15 out of the 37 companies,' the CBI said in its chargesheet.
Sources said that Essar group firm Aegis BPO submitted the EoI recently as the Essar group is trying to expand its BPO business. Both Aegis and Satyam BPO work with companies in telecom, banking, finance and insurance. Satyam BPO's biggest international clients reportedly include BellSouth, Verizon and GlaxoSmithKline
The board also confirmed that the search for the CEO and CFO continues and that till such time these appointments are concluded, it will continue to meet on a weekly basis, to address ongoing issues. The board members reiterated that they are in touch with key customers and so far have not heard of deliveries being affected in any way.
Larsen & Toubro, India's largest engineering company, has sought permission from the market regulator to sell its 6.9 per cent stake in Mahindra Satyam, which is currently valued at around Rs 900 crore.
The company aims to book a profit of over Rs 250 crore from the open market sale, said two sources familiar with the development.
Midas Touch, a consumer protection organisation, filed a petition before the Consumer Commission seeking compensation for the retail investors of Satyam who had suffered because of the accounting fraud perpetrated by the founder of the Hyderabad-based IT company, B Ramalinga Raju, for years.
Serious Fraud Investigation Office joins multi-agency probe.
Welcoming the government's move to name new members on Satyam's board, industry on Sunday exuded confidence that the new directors would help shape the future of the scam-hit company and restore the global investors' confidence in India Inc.
While warning that it may suspend Satyam shares if dealings were not advisable, New York Stock Exchange has said it may resume trading in the securities of Indian IT company on Monday if its assessment was found satisfactory.
"This will definitely send negative signals to the investor community in the near term. There will be widespread impact on the sentiments. However, over a period of time, the confidence will be restored in the market," Global rating agency Standard & Poor's Region Head Ravi Mohan told PTI.
Ram Mynampati, the interim chief executive of the beleaguered Satyam Computer Services, wrote an impassioned letter to all the employees to the company, asking them to stand together in these turbulent times.
Rajiv Mehta, senior analyst with India Infoline, a large brokerage house said his firm has immediately stopped covering Satyam and many other brokerage houses are also expected to do the same.
The ministry has asked the RoC to submit within three weeks reports of the Satyam-Maytas deal and the details involved. For this, the ministry could even waive the condition of a minimum 10 per cent of shareholders required for moving the CLB with complaints.
CBI director Ashwani Kumar said the Satyam fraud was unique, as it was the founder, and not an outsider, who is the accused. According to sources, the fraud involves an amount that is much bigger than the Rs 7,800 crore (Rs 78 billion) estimated originally. It could be close to Rs 10,000 crore (Rs 100 billion) based on over 7,000 fake invoices and forged documents retrieved by the agency.
Unlikely to launch formal probe into IT firm's Maytas move.
The board -- which includes, Kiran Karnik, T N Manoharan, former chief, ICAI, and HDFC chief Deepak Parekh, appeared relieved after a marathon run of selecting a bidder for the scam-tainted firm.
Satyam Computer Services, India's fourth-largest software services provider, today came under fire from institutional investors after the company announced its acquisition of two companies -- Maytas Infra and Maytas Properties--for $1.6 billion (around Rs 7,680 crore).
Satyam Computer has deferred the joining dates of freshers, citing the global economic slowdown and the turn of events in the once iconic firm, while stopping short of asking them to look for jobs elsewhere.
The short duration discussion under Rule 193 on the situation arising out of the alleged mismanagement of the affairs of the Satyam Computer Services will now be taken up on February 25, the Lok Sabha bulletin said. Initially, the discussion was scheduled to be held on February 13, but was deferred following a request from leader of the Opposition L K Advani.
Employees of Satyam Computer in India will be paid their February salaries by the month-end, while its employees overseas will be paid in two tranches beginning mid-February, a top source said.
Employees of Satyam Computer Services are in a quandary over looking for jobs outside the company. Some admit that consultants are offering them jobs, but at salaries that are almost half their current cost-to-company packages. Many others are running into a dead-end given the poor job market.
Employees of Satyam Computer Services are in a quandary over looking for jobs outside the company. Some admit that consultants are offering them jobs, but at salaries that are almost half their current cost-to-company (C-to-C) packages. Many others are running into a dead-end given the poor job market.
The former Satyam employees, who were granted bail, were its former internal chief auditor V S Prabhakar Gupta besides executives G Ramakrishna, D Venkatpathi Raju and Ch Srisailam. The fifth accused, who got the bail, is PWC's former auditor Subramani Gopalakrishnan.
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According to the cash outlays information of the company for the first three months of this year, Satyam spent a total of Rs 1,026 crore (Rs 10.26 billion) on paying salaries and another Rs 342.72 crore (Rs 3.427 billion) in other employee-related segments.
Those involved in Satyam have also been fudging carbon credits but they get away as there is no penalty. Ever
Though it's over 24 hours since the founder-chairman of Satyam Computer Services, B Ramlinga Raju, resigned after making shocking revelations, its employees (known as associates) are yet to come to terms with the reality.
Lakshmi Narayana, deputy inspector general of police, CBI said as per the apex court directives, the number of documents supporting the charge sheet which were about 3,067 have also been reduced to a thousand-odd.
The judicial remand of former Satyam chairman B Ramalinga Raju and seven other accused was extended by 14 days on Wednesday by a local court in Hyderabad.
IT services provider Satyam Computer Services Limited is setting up a 15-acre campus at Cyber Jaya, the IT hub of Malaysia, which is expected to be operational by this year end, said Prasenjit Kundu, head (global solutions centre in Malaysia), Satyam.
PricewaterhouseCoopers was Satyam's statutory auditor when the company's founder, B Ramalinga Raju, confessed to a massive accounting fraud in January 2009.
In an e-mail interview to Assistant Managing Editor Indrani Roy Mitra, chairman of National Association of Software and Service Companies, Ganesh Natarajan discusses the issues related to the Satyam debacle.
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