C.P. Gurnani appointed chief executive of Indian outsourcer Mahindra Satyam

April 20th, 2009 HYDERABAD - Tech Mahindra, the new owner of scam-hit Satyam Computer Services, will announce an 'open offer' Tuesday to obtain an additional 20 percent stake in the software major, Satyam chairman Kiran Karnik said here Monday. Tech Mahindra, which deposited Rs.2,910 crore (Rs.29.1 billion) in an escrow account Monday for a 31 percent stake in Satyam, will see its total holding increase to 51 percent after the open offer.

April 18th, 2009 IT major Tech Mahindra, which needs to pay Rs.1,756 crore for acquiring 31 percent stake in the troubled IT firm Satyam Computer Services, Saturday said it has raised Rs.600 crore through debt instrument.The government-appointed board of Satyam Monday named Venturbay - a subsidiary of Tech Mahindra - as the winner of the auction to sell a majority stake in the fraud-hit IT giant.Under the share subscription agreement signed by the winning bidder and the board, Tech Mahindra will have to deposit the bid amount in an escrow account by April 21. Tech Mahindra will also make an open offer for another 20 percent stake in Satyam at Rs.58 per share for controlling stake (51 percent).

April 21st, 2009 Tech Mahindra Limited, which is taking over Satyamomputer Services Limited in a deal worth about 580 million dollars, has said that it would run the fraud-hit outsourcing firm as a standalone unit. Tech Mahindra said its immediate priority was to retain and win back lost clients of Satyam and the company intended to meet key customers across the world.

April 13th, 2009 MUMBAI - Tech Mahindra, the IT arm of auto major Mahindra and Mahindra, Monday won the bid for India's fourth largest software exporter Satyam Computer. Satyam's new board of directors, which met here to select the highest bidder, chose Tech Mahindra following its bid of Rs.1,757 crore ($351.4 million) for 31 percent stake in the scam-tainted IT giant.

February 4th, 2009 HYDERABAD - The scam-hit Satyam Computer Services Thursday appointed a company veteran, A.S. Murty, as its chief executive, while naming two other outside experts as advisors to the reconstituted board.

April 12th, 2009 BANGALORE - India's fourth largest software exporter Satyam Computer will get a new buyer Monday, a little over three months after its founder B. Ramalinga Raju shocked India Inc by admitting massive financial fraud of Rs.7,800 crore (Rs.78 billion).

June 11th, 2009 MUMBAI - Between 7,000 to 10,000 Satyam employees have been put in a virtual pool, continuing their association with the company but with reduced pay, the IT firm said in a regulatory statement Thursday. The virtual pool programme is an innovative way of retaining the excellent human assets of Satyam despite the difficult economic situation, chairman Kiran Karnik said in the statement.

March 17th, 2009 Telstra cancels 32 m dollar deal with Satyam MELBOURNE - Australian software major Telstra has dumped scandal-ridden outsourcing partner Satyam from an applications support contract believed to be worth 32 million dollars a year. EDS will pick up the embattled Indian outsourcing firm's IT contracts with Telstra, sources told The Australian.

April 20th, 2009 Tech Mahindra deposits $582M for Satyam stakeMUMBAI, India — The new owners of Satyam Computer Services Ltd. made their first visit to the company's Hyderabad headquarters Monday, speaking with employees just hours after depositing $582 million to buy a 51 percent stake in the troubled outsourcing giant.

June 25th, 2009 MELBOURNE - Tech Mahindra, which took over scandal hit Satyam Computer Services, will hold high-level talks with key Australian corporate clients of the troubled IT firm in a bid to salvage the reputation of the company. National Australia Bank is one of the key customers Tech Mahindra executive vice-chairman Vineet Nayyar will be meeting next week.

September 11th, 2009 CANBERA - Mahindra Satyam has pulled out of a $75 million software development project that the disgraced Satyam founder had promised to set up in Australia's Geelong city, media reports said Friday. Sujit Baksi, the company's president of corporate affairs, formally conveyed the decision to the government of Victoria state through a letter addressed to provincial IT Minister John Lenders, the Australian daily reported.

September 11th, 2009 MELBOURNE - Mahindra Satyam has pulled out of a 75 million dollars software development project at Deakin University that was set to create 2000 jobs in Geelong, Victoria. The company's president of corporate affairs, Sujit Baksi, informed the state government of its intention in a letter to IT minister John Lenders.

January 19th, 2009 NEW DELHI - The IT bellwether Satyam Computer Services, embroiled in a Rs.70 billion ($1.7 billion) financial scam, has received buyout offers from both domestic and foreign firms, its new board member Tarun Das said Tuesday. 'Satyam has got enormous fixed, human resources and technology assets.

March 12th, 2009 MUMBAI - IT services major Tech Mahindra has registered its interest in bidding for 51 percent stake in scam-hit Satyam Computers, it was announced Thursday. 'In line with the process set out by the board of Satyam Computer Services, Tech Mahindra, on March 12, 2009, registered its interest in participating in the bidding process.

January 16th, 2009 CHENNAI - The government-appointed board of Satyam Computer Services Limited will have to define the scope of work for the city-based Brahmayya & Co that has been appointed as the beleaguered IT bellweather's internal auditor, an official of the accounting firm said Saturday. 'We were sounded out about the assignment by the authorities and we gave our consent.