Satyam gets new chief executive, advisors

June 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.

January 22nd, 2009 HYDERABAD - Three names have been shortlisted for the posts of chief executive officer and chief financial officer in fraud-hit Satyam Computer Services, the new board announced Friday. The selections will be taken next week.

February 5th, 2009 HYDERABAD - Fraud-hit Satyam Computer Services' new chief executive A.S. Murty Friday exhorted techies of the IT bellwether to regain customer confidence and ensure their retention.

February 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.

February 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.

January 19th, 2009 NEW DELHI - The IT bellwether Satyam Computer Services, embroiled in a Rs.70 billion ($1.7 billion) financial scam, has received buyout offers from both domestic and foreign firms, its new board member Tarun Das said Tuesday. 'Satyam has got enormous fixed, human resources and technology assets.

March 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.

January 26th, 2009 NEW DELHI - Engineering and infrastructure major Larsen and Toubro (L&T) Tuesday said it might further raise its stake in the scam-tainted Satyam Computers. 'Overall, we are only trying to improve our situation,' company chairman A.M.

October 6th, 2009 MUMBAI - S. Ramadorai Tuesday stepped down as the chief executive and managing director of software major Tata Consultancy Services (TCS). Ramadorai will be succeeded by the company's chief operating officer and executive director N.

April 20th, 2009 HYDERABAD - Tech Mahindra, the new owner of scam-hit Satyam Computer Services, will announce an 'open offer' Tuesday to obtain an additional 20 percent stake in the software major, Satyam chairman Kiran Karnik said here Monday. Tech Mahindra, which deposited Rs.2,910 crore (Rs.29.1 billion) in an escrow account Monday for a 31 percent stake in Satyam, will see its total holding increase to 51 percent after the open offer.

February 3rd, 2009 HYDERABAD - The government-appointed directors of fraud-hit Satyam Computer Services Wednesday extended its meeting by a day. The board, which is meeting for the fifth time in three weeks, will continue its meeting Thursday.

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.

January 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.

January 26th, 2009 HYDERABAD - IT bellwether Satyam Computer Services will pay salaries to its employees for January as scheduled from its internal accruals and receivables, the company said in a statement here Tuesday. The decision was taken at a day-long meeting of the six-member board, chaired by T.N.

January 21st, 2009 BANGALORE - The Satyam board will decide on the new chief executive officer (CEO) and chief financial officer (CFO) at its meeting in Hyderabad, industry and commerce minister Ashwani Kumar said here Thursday. 'The new board is meeting in Hyderabad today (Thursday) and tomorrow (Friday).