Markets fall as Satyam cloud refuses to blow over

January 8th, 2009 MUMBAI - Indian equities markets continued their downward slide Friday morning, with a key index falling 0.34 percent over its previous close. The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was down 0.34 percent or 32.37 points Friday and was trading at 9,544.51 points about 15 minutes into trade.

January 6th, 2009 MUMBAI - Indian equities markets plunged in afternoon trade Wednesday after IT major Satyam Computer's co-founder and chairman B. Ramalinga Raju resigned after confessing to a Rs.40-billion ($823 million) fraud that had been going on for years.

January 6th, 2009 MUMBAI - Indian equities markets tumbled Wednesday after Satyam Computers chairman B. Ramalinga Raju admitted to having juggled with the firm's balance sheet to the tune of Rs.40 billion ($823 million).

January 20th, 2009 MUMBAI - India's markets watchdog Wednesday decided to tighten the disclosure norms for company promoters who pledge their shares with lenders, finding lapses during investigations into the Rs.70-billion scam in Satyam Computer Services. 'The founders must disclose shares with lenders,' C.B.

January 6th, 2009 MUMBAI - The Indian equities markets dropped sharply after Satyam chairman and co-founder B. Ramalinga Raju revealed that the company was involved in a fraud of about Rs.40 billion ($823 million) over several years.

January 20th, 2009 MUMBAI - India's markets watchdog Wednesday decided to tighten the disclosure norms for company promoters who pledge shares with lenders, finding lapses during its probe into the Rs.70-billion Satyam Computer Services scam. 'The founders must disclose shares with lenders,' C.B.

January 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.

January 13th, 2009 NEW DELHI - The newly appointed three-member board of fraud-hit Satyam Computer Services Wednesday appointed Deloitte and KPMG as the new joint auditors for the company in place of PricewaterhouseCoopers. The development was confirmed by Deepak Parekh, one of the board members of the beleaguered firm, which is going through turbulent times following the admission of a Rs.70 billion ($1.43 billion) fraud by its founder and former chairman B.

January 9th, 2009 MUMBAI - Indian equities markets, which had rallied last week and the first two days of trading this week, took a beating since Wednesday after the Satyam fraud blew up, dampening investor confidence and pushing a key index to close Friday 5.54 percent lower over last week's close. The fall from grace of B.

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 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.

January 6th, 2009 HYDERABAD - The New York Stock Exchange Wednesday halted trading in the stock of beleaguered Satyam Computer Services prior to the opening of the market at 9.30 a.m. US eastern time, the NYSE said in a statement.

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 11th, 2009 HYDERABAD - The three-member board appointed by the central government to bring back financial order to the fraud-hit Satyam Computer Services began its meeting here Monday. A Satyam spokesperson said the meeting began at the company's headquarters in Hitec City at 11 a.m.

March 6th, 2009 MUMBAI - Hyderabad-based Satyam Computer Services has secured the nod from the India's markets regulator to sell 51-percent majority stake by way of a global auction to put the software bellwether, hit by a $1.43-bilion fraud, back on rails. The Securities and Exchange Board of India (SEB) gave its permission to Satyam to facilitate a global competitive bidding process so as to sell the majority stake to an investor, the company said in a regulatory filing Friday.