Rs 6-billion bank funds for Satyam working capitalFebruary 4th, 2009 HYDERABAD - The cash-strapped Satyam Computer Services would borrow Rs.6 billion (Rs.600 crore/$130 million) from banks to meet its working capital requirements, the company confirmed Thursday after a two-day board meeting here. 'This funding, along with healthy collections, is expected to help the company tide over its financial challenges,' the IT bellwether said in a statement, but did not name the banks which had sanctioned the funds.
Satyam gets new chief executive, advisorsFebruary 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.
Satyam internal audit scope to be agreed upon: Brahmayya & CoJanuary 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.
Kiran Karnik named Satyam chairman, fraud probe extendedFebruary 5th, 2009 NEW DELHI - Noted technocrat Kiran Karnik was Friday named chairman of the scam-hit Satyam Computer Services even as the probe by the Serious Fraud Investigation Office was extended to 325 more companies associated with the beleaguered firm. Corporate Affairs Minister P.C.
Australian Software Giant Telstra Dumps Scandal-ridden Satyam, Cancels 32 Million dollar dealMarch 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.
Post-Satyam scam, PWC India to set up advisory boardMarch 5th, 2009 CHENNAI - Global audit firm PricewaterhouseCoopers (PwC) is cleaning up its Indian stables in the wake of the accounting scandal in Satyam Computer Services. According to a statement by the firm, an advisory board is being set up to provide guidance to the PwC leadership on its strategy and actions.
Satyam looks up with bank funds, new chief executiveFebruary 4th, 2009 HYDERABAD - The cash-strapped Satyam Computer Services will get Rs.6 billion (Rs.600 crore/$130 million) from banks to meet its working capital requirements, and a new chief executive in company veteran A.S. Murty, the software firm's reconstituted board said here Thursday.
Satyam board meets to assess biddersMarch 20th, 2009 HYDERABAD - The Satyam board met on Friday to assess the proposals of the bidders for acquiring up to 51% stake in the embattled IT company, and discuss several other issues. The Government-appointed company board has received several expressions of interest, including those from engineering major Larsen and Toubro, B K Modi-led Spice Group, software firm Tech Mahindra and iGate, a company official said after the meeting.
Indian firm could get Satyam audit mandateJanuary 11th, 2009 CHENNAI - Perhaps for the first time in the Indian corporate history, an audit firm - and a foreign one at that - is being dumped midway by a company. The government-appointed new board for Satyam Computer Services has declared that the fraud-hit IT bellwether will have a new audit firm to restate the books of accounts.
Slashed pay, 'virtual' job for over 7,000 Satyam staffJune 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.
No Satyam Board meeting Saturday: MinisterJanuary 8th, 2009 NEW DELHI - The beleagured IT firm Satyam Computer cannot hold its board meeting Saturday as scheduled earlier, Minister for Company Affairs Prem Chand Gupta said here Friday. 'The government is restraining all current directors from the board.
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.
C.P. Gurnani appointed chief executive of Indian outsourcer Mahindra SatyamJune 23rd, 2009 Indian outsourcer Mahindra Satyam gets new CEOMUMBAI, India — Mahindra Satyam, a rebranded Indian outsourcing company nearly brought down in a $1 billion fraud, said Tuesday that C.P. Gurnani, an executive from its new controlling shareholder, has been appointed chief executive.
Two more directors resign from Satyam boardDecember 28th, 2008 BANGALORE - Satyam Computer Services Monday announced the resignations of director Vinod K. Dham and non-executive director Krishna G.
Satyam a 'governmental scandal': AdvaniFebruary 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.