Independent director Prasad to continue on Satyam boardDecember 29th, 2008 BANGALORE - T.R. Prasad, independent director on the board of Satyam Computer Services, Tuesday declared he would continue in the non-executive post despite four other directors quitting in succession.
Independent director Prasad to continue on Satyam boardDecember 29th, 2008 BANGALORE - T.R. Prasad, an independent director on the board of Satyam Computer Services, Tuesday declared he would continue in the non-executive post despite four other directors quitting in succession.
Satyam scrip pounded once againJanuary 4th, 2009 MUMBAI - The pounding of Satyam Computers scrip continued Monday with the stock losing 6 percent in the day's trade amid concerns that the recent Maytas deal fiasco could hit the company's new business prospects. At closing bell, the scrip price had crashed Rs.10.65 or 6 percent to end the day's trade at Rs.166.90 with over 11 million shares changing hands.
Raju asks Satyam techies for 'continued faith'December 29th, 2008 BANGALORE - Satyam Computer Services founder-chairman B. Ramalinga Raju Tuesday told his employees to beware of 'wild speculation and unchecked rumours' following the Maytas’ deal fiasco.
Mortgaged shares' sale reduces Satyam promoters' holdingJanuary 5th, 2009 BANGALORE - The sale of mortgaged shares of Satyam promoters by Infrastructure Leasing and Financial Services (IL&FS) has further reduced their minority holding in the beleaguered IT bellwether, a company official said Tuesday. IL&FS has informed the stock exchanges late Monday that over 24,520,500 equity shares of the promoters (pledged with lenders) were sold in the secondary market between Dec 23 and Jan 5 on behalf of Bangar Agro Ltd, Amravati Greenfields Ltd, Narayandri Greenfields and Harangi Agro Farms Ltd.
Two Pricewaterhouse officials arrested in Satyam fraudJanuary 23rd, 2009 HYDERABAD - Two officials of PricewaterhouseCoopers, the firm that audited fraud-hit Satyam Computer Services' books, were arrested Saturday for their alleged role in the irregularities. The Crime Investigation Department (CID) of the Andhra Pradesh police, probing the Rs.70 billion (Rs.7,000 crore/$1.43 billion) fraud in the IT bellwether, arrested chief relationship partner S.
Satyam stock tumbles as chairman Raju resigns after admitting huge fraudJanuary 6th, 2009 HYDERABAD - Shares of Satyam Computer Wednesday crashed by over 72 percent to Rs.50 from a opening of Rs.179.10 on the bourses around 1 p.m., following the resignation of its founder-chairman B. Ramalinga Raju after he admitted to a Rs.40 billion (Rs.4,000 crore or $823 million) fraud - the largest in India Inc.
PriceWaterhouse suspends Satyam-linked duoJanuary 26th, 2009 HYDERABAD - PriceWaterhouse has suspended two of its employees for their alleged involvement in the fraud at Satyam Computer Services, the Indian arm of the global auditing firm said Tuesday. 'In light of recent allegations, chief relationship partner S.
Satyam postpones board meeting to Jan 10December 27th, 2008 BANGALORE - Beleaguered Satyam Computer Services postponed its board meeting, convened Monday (Dec 29) to discuss a proposal for buy-back of shares by promoters, to Jan 10, the IT bellwether said Sunday. 'The next meeting of board of directors has been rescheduled to January 10, 2009, in order to allow the board members to consider additional options,' the Hyderabad-based company said in a statement.
Andhra police get custody of two Satyam auditorsFebruary 2nd, 2009 HYDERABAD - Two suspended PriceWaterhouse employees allegedly involved in the Satyam Computer Services fraud will be in the custody of the Andhra Pradesh police Wednesday and Thursday. S. Gopalakrishnan, who was chief relationship partner at PriceWaterhouse, and Srinivas Talluri, who was engagement leader, will be handed over to the Crime Investigation Department (CID) of police for interrogation for two days from Wednesday, a Hyderabad court ruled Tuesday.
Leasing firm admits selling Satyam's pledged sharesJanuary 5th, 2009 BANGALORE - Infrastructure Leasing and Financial Services (IL&FS) Ltd has sold over 24.5 million equity shares of besieged Satyam Computer Services that were pledged with debenture holders lenders, the leading non-banking financial firm said Tuesday. In a letter to the Indian stock exchanges late Monday, the leading firm said in all 24,520,500 equity shares of the Hyderabad-based IT bellwether were sold over a fortnight (between Dec 23 and Jan 5) in the secondary market on behalf of Bangar Agro Ltd, Amravati Greenfields Ltd, Narayandri Greenfields and Harangi Agro Farms Ltd.
Vedanta terminates Maytas contract in OrissaJanuary 18th, 2009 BHUBANESWAR - Maytas Infra, the infrastructure company linked to scam-tainted Satyam Computer Services, has lost a contract from Vedanta Alumina to develop an integrated township in Orissa, Vedanta said here Monday. 'We have terminated the contract.
Two Price Waterhouse partners arrested for Satyam fraudJanuary 23rd, 2009 HYDERABAD - Two partners of Price Waterhouse, the firm that audited fraud-hit Satyam Computer Services' books, have been arrested, police said Saturday. The Crime Investigation Department (CID) of the Andhra Pradesh police, probing the Rs.70 billion (Rs.7,000 crore/$1.43 billion) fraud in the IT bellwether, arrested chief relationship partner S.
ISB dean Rao quits over Satyam fraudJanuary 7th, 2009 HYDERABAD - Mendu Rammohan Rao, dean of the prestigious International School of Business (ISB) here, Thursday resigned from his position in the wake of the financial fraud at Satyam Computers. He was a member of the Satyam board when the irregularities were committed.
Text of Raju's letter to Satyam boardJanuary 6th, 2009 HYDERABAD - Following is the text of Satyam founder chairman B. Ramalinga Raju's resignation letter to the IT firm's board:
'It is with deep regret and tremendous burden that I am carrying on my conscience, that I would like to bring the following facts to your notice:
1.
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