Satyam to pay salaries for January

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.

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.

March 13th, 2009 NEW YORK - Nasdaq listed IT and outsourcing solutions major iGATE Friday announced its interest in acquiring a 51-percent stake in scam-hit Indian firm Satyam Computer Services by registering for a global auction. This brings up to four the number of firms interested in buying a majority stake in Satyam, whose founder Ramalinga Raju confessed to a Rs.74 billion ($1.5 billion) fraud in January.

September 11th, 2009 MELBOURNE - Mahindra Satyam has pulled out of a 75 million dollars software development project at Deakin University that was set to create 2000 jobs in Geelong, Victoria. The company's president of corporate affairs, Sujit Baksi, informed the state government of its intention in a letter to IT minister John Lenders.

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.

December 28th, 2008 BANGALORE - Satyam Computer Services Monday announced the resignations of director Vinod K. Dham and non-executive director Krishna G.

January 16th, 2009 HYDERABAD - The government-appointed directors of fraud-hit Satyam Computer Services began a meeting here Saturday with the focus on how much the company immediately needs to pay salaries and meet other expenditure and on finding a chief executive officer (CEO) to run its day-to-day operations. Satyam, India's fourth largest IT company, has been without a CEO and a group of senior staff members are running the show since Jan 7, when founder-chairman B.

September 11th, 2009 CANBERA - Mahindra Satyam has pulled out of a $75 million software development project that the disgraced Satyam founder had promised to set up in Australia's Geelong city, media reports said Friday. Sujit Baksi, the company's president of corporate affairs, formally conveyed the decision to the government of Victoria state through a letter addressed to provincial IT Minister John Lenders, the Australian daily reported.

January 26th, 2009 HYDERABAD - The fraud-hit Satyam Computer Services has received several proposals from corporate entities and private equity (PE) firms to evaluate it as an integrated company, the IT bellwether said here Tuesday but ruled out selling 'parts' of its business. 'Appropriate, fair and transparent measures for enabling open bids will be devised by the board in consultation with market regulator (SEBI) and the government, as adequate number of bidding interests have been evinced,' board member T.N.

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.

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 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.

June 26th, 2006 Ever rising salaries and poor quality of manpower are prompting foreign firms to shut their outsourcing operations in India. U.S. based Apple Computer and software maker Pervasive have been joined by Powergen, a British subsidiary of German energy supplier E.ON, in announcing their exit from Bangalore, the Silicon Valley of Indian IT industry.

August 3rd, 2009 GEELONG - The Silicon Valley dream for the Australian city of Geelong were shattered when the massive accounting fraud with its potential partner, Indian IT giant Satyam surfaced in January this year. ollowing job losses in the car manufacturing sector, Geelong could not have asked for more when the plan was proposed for a massive 75 million dollar IT hub at Deakin University.

February 4th, 2009 NEW DELHI - Employees of Infosys Technologies may have to live with a salary cut and without any significant increment, even as the IT bellwether has virtually frozen fresh recruitments on account of the global meltdown, a top company official has said. 'A part of our salary is determined by variable sales component, which is the percentage of the company's revenue,' said Infosys' director for human resources T.V.