DSP Merrill Lynch terminates engagement with SatyamJanuary 6th, 2009 NEW DELHI - DSP Meryll Lynch, a leading financial management and advisory firm, Wednesday announced it has terminated its advisory engagement with Satyam Computer following the Maytas fiasco. 'This is to inform you that we, DSP Meryll Lynch, have terminated our advisory engagement with Satyam Computer Services Ltd for considering various strategic options on Jan 6, 2009.
Satyam denies top executives fled IndiaJanuary 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.
Maytas Infra wins Rs.1.1-bn Railway contractJanuary 5th, 2009 NEW DELHI - Infrastructure development company Maytas Infra, which was embroiled in a major controversy last month over its acquisition by Satyam Computer, has bagged a Rs.1.1-billion (Rs.110-crore) contract from Southern Railway, the company said Tuesday. As per the contract, Maytas will double the broad gauge track between Chengalpattu and Villupuram, two districts in Tamil Nadu, the company said in a statement.
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.
Tarun Das among three new directors on Satyam boardJanuary 14th, 2009 NEW DELHI - The government Thursday appointed three more directors to the board of the fraud-hit Satyam Computer Services, including Tarun Das, the chief mentor of the Confederation of Indian Industry (CII). The other two members announced by Corporate Affairs Minister P.C.
Satyam scam isolated, not a slur on corporate India: Kamal NathJanuary 16th, 2009 MUMBAI - The Rs.70 billion ($1.4 billion) financial scam in Satyam Computer Services is an isolated case and does not tarnish the image of the Indian corporate sector in any way, Commerce Minister Kamal Nath said here Saturday. 'India Inc has established its credentials.
Bombay Stock Exchange de-lists SatyamJanuary 7th, 2009 MUMBAI - Scam-tainted Satyam Computer has been de-listed by the Bombay Stock Exchange (BSE) with effect from Jan 12, the BSE said in a statement Thursday. It has been replaced by Sun Pharmaceutical Industries on the BSE's benchmark index, the Sensex, while GlaxoSmithkline Pharmaceutical nudged it out on the BSE-100 index.
Post-Satyam, IT industry faces tough time, says diasporaJanuary 7th, 2009 CHENNAI - Satyam Computer founder-chairman B. Ramalinga Raju's admission to committing a Rs.70-billion ($1.4 billion) financial fraud will raise questions about the the level of corporate governance in India, feel persons of Indian origin (PIO) at a conference of the Indian diaspora here.
Kerala IT companies get calls from Satyam's clients, employeesJanuary 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.
Satyam one-off failure of corporate governance: PranabFebruary 11th, 2009 NEW DELHI - The Satyam scam was a 'one-off, unfortunate case of failure of corporate governance', Minister for External Affairs Pranab Mukherjee said here Thursday. Addressing a meeting of the Federation of Indian Chambers of Commerce and Industry (FICCI), Mukherjee said: '(Satyam) was an unfortunate case of failure of corporate governance… It was a one-off case.
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.
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.
Apex IT body shocked by Satyam chief's confessionJanuary 6th, 2009 BANGALORE - Nasscom, the apex body of the IT-BPO industry in India, expressed its shock Wednesday at the confession made by Satyam Computers' erstwhile chief B. Ramalinga Raju, who admitted to a Rs.40 billion fraud before quitting his post.
Andhra Pradesh may review Maytas Infra projectsJanuary 8th, 2009 CHENNAI - Andhra Pradesh Chief Minister Y.S. Rajasekara Reddy Friday said the government may take a re-look at projects awarded to Maytas Infra, run by the sons of former Satyam Computer chairman B.
Tech Mahindra Wins Bid for Satyam ComputerApril 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.
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