Slashed pay, ‘virtual’ job for over 7,000 Satyam staff

January 14th, 2009 NEW DELHI - A senior executive with Satyam Computer Services has told the government that the fraud-hit company needs at least Rs.150 crore (Rs.1.5 billion or $30 million) to take care of the health insurance liabilities of employees in the US. Economic Affairs Secretary Ashok Chawla said that the request was made in a mail from Ram Mynampati, who is in the US to speak with the clients of Satyam Computer Services and reinstate their confidence after the Rs.70 billion ($1.43 billion) scam admitted by its founders.

December 22nd, 2008 NEW DELHI - The World Bank has said it has banned leading software vendor Satyam Computers from all business at the bank for a period of eight years - and that the ban started in September, according to a US broadcaster. The World Bank move came after bank investigators discovered that spy software was covertly installed on workstations inside the bank's Washington headquarters - allegedly by one or more contractors from Satyam Computers, broadcaster Fox News said.

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.

December 24th, 2008 HYDERABAD - Taking objection to certain statements made by the World Bank, India's fourth largest software services company Satyam Computer Services Thursday demanded an apology from the international aid institution. The company, in a statement here, said it 'vigorously objects to certain inappropriate statements made by World Bank representatives reported recently in the press'.

April 13th, 2009 MUMBAI - It was with a sense of satisfaction and achievement that the six-member board of Satyam Computer Services Monday announced the virtual 'rebirth' of the crisis-ridden software giant, hoping its future would now be sound and secure. At a hurriedly convened press conference after Tech Mahindra agreed to pick up a 31 percent stake in Satyam for Rs.1,756 crore (Rs.17.56 billion/$351 million) at Rs.58 per share, the board members appeared relaxed.

January 8th, 2009 HYDERABAD/NEW DELHI - The government Friday evening superseded the Satyam board and dismissed three remaining directors, including two independent ones, of the tainted IT major. The government has cancelled a Satyam board meeting scheduled for Saturday in Hyderabad.

December 22nd, 2008 NEW DELHI - Satyam Computers' cup of woes seems to be overflowing, with news surfacing Tuesday that the software vendor has been debarred by the World Bank for alleged data theft and bribing bank officials. Fox News, a US-based broadcaster, said the World Bank has admitted to it that it had banned Satyam from all business at the bank for a period of eight years - and that the ban started in September.

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 20th, 2009 NEW DELHI - The Central Bureau of Investigation (CBI) Friday registered a case against disgraced Satyam founder B. Ramalinga Raju for the Rs.70 billion fraud and constituted a multi-disciplinary investigation team (MDIT) for the probe.

January 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.

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.

April 20th, 2009 Tech Mahindra deposits $582M for Satyam stakeMUMBAI, India — The new owners of Satyam Computer Services Ltd. made their first visit to the company's Hyderabad headquarters Monday, speaking with employees just hours after depositing $582 million to buy a 51 percent stake in the troubled outsourcing giant.

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.

April 21st, 2009 Tech Mahindra Limited, which is taking over Satyamomputer Services Limited in a deal worth about 580 million dollars, has said that it would run the fraud-hit outsourcing firm as a standalone unit. Tech Mahindra said its immediate priority was to retain and win back lost clients of Satyam and the company intended to meet key customers across the world.

January 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.