Lay-offs begin at satyam as 10000 employees may come under axe including senior executives, benched and non-IT people

January 14th, 2009 HYDERABAD - Fraud-hit Satyam Computer Services Thursday denied that its top executives had fled the country. The IT bellwether termed as 'malicious' reports in a section of media that its executives Ram Mynampati, Virender Aggarwal and Keshab Panda left the country to avoid questioning by authorities investigating the Rs.70 billion ($1.43 billion) fraud.

January 7th, 2009 HYDERABAD - Global clients of the beleaguered Satyam Computer Services will engage the scam-tainted IT bellwether for its software services, the company's interim chief executive Ram Mynampati said Thursday. 'We have received support from our key customers.

January 7th, 2009 HYDERABAD - Jolted by the biggest fraud in India's corporate history, thousands of employees of Satyam Computer Services have begun hunting for jobs in other companies. About 15,000 software professionals and other employees of Satyam have sent their CVs to placement companies and job portals during the last two days.

January 6th, 2009 HYDERABAD - Directors of the beleaguered IT major Satyam Computers Wednesday expressed shock the admission of founder-chairman B. Ramalinga Raju to committing a fraud to the tune of Rs.40 billion (Rs.4,000 crore or $823 million) before he resigned, along with Managing Director Rama Raju.

January 7th, 2009 HYDERABAD - Ten top executives of the tainted Satyam Computer Services Ltd late Thursday pledged to remain with the company and work jointly to steer the IT bellwether, reeling under shocking disclosures of financial fraud by its founder chairman B. Ramalinga Raju.

January 7th, 2009 HYDERABAD - Where is B. Ramalinga Raju? Everyone is trying to find an answer to the question after the chairman of Satyam Computers resigned Wednesday confessing to a Rs.70 billion (Rs.700 crore) fraud.

January 14th, 2009 NEW DELHI - A senior executive with Satyam Computer Services has told the government that the fraud-hit company needs at least Rs.150 crore (Rs.1.5 billion or $30 million) to take care of the health insurance liabilities of employees in the US. Economic Affairs Secretary Ashok Chawla said that the request was made in a mail from Ram Mynampati, who is in the US to speak with the clients of Satyam Computer Services and reinstate their confidence after the Rs.70 billion ($1.43 billion) scam admitted by its founders.

January 10th, 2009 THIRUVANANTHAPURAM - It is advantage time for IT companies in Kerala. With Satyam under a cloud, the software companies in the state are busy trying to win over clients of the tainted IT bellwether even as they are flooded with job applications from Satyam employees.

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.

January 12th, 2009 BANGALORE - IT bellwether Infosys Technologies Ltd would not pro-actively approach clients of the fraud-hit Satyam Computer Services on its own but is open to consider proposals for deals on merits, a top company official said Tuesday. 'We have decided not to pro-actively approach Satyam clients.

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.

January 7th, 2009 HYDERABAD - The new management team of the tainted Satyam Computer Services is looking for a strategic investor to bail it out from the severe liquidity crisis it is facing in the wake of the financial fraud admitted by founder chairman B. Ramalinga Raju, the company said here Thursday.

January 6th, 2009 HYDERABAD - Satyam Computer founder-chairman B. Ramalinga Raju's disclosure of committing a Rs.40-billion ($823-million) fraud has shocked corporate India, especially the investors and over 50,000 employees of the country's fourth largest IT services company.

January 8th, 2009 HYDERABAD/NEW DELHI - The government Friday evening superseded the Satyam board and dismissed three remaining directors, including two independent ones, of the tainted IT major. The government has cancelled a Satyam board meeting scheduled for Saturday in Hyderabad.

February 11th, 2009 NEW DELHI - The Rs.70 billion (Rs.7,000 crore) accounting fraud at Satyam computer Services was not a corporate scam but a 'governmental scandal', senior Bharatiya Janata Party (BJP) leader L.K. Advani said.