Australian Software Giant Telstra Dumps Scandal-ridden Satyam, Cancels 32 Million dollar deal

March 24th, 2009 MELBOURNE - Bangalore-based software giant Infosys will pick up most of IBM Global Services' multi-million dollar applications support contract with Australian software giant Telstra, after the latter's deal with the former was scrapped following TELCO reducing its outsourcing partners from four to two. According to The Australian, the decision to shift from IBM to Infosys could result in hundreds of job losses locally and in Bangalore, where IBM operates outsourcing centres.

September 2nd, 2009 MELBOURNE - Qantas has praised outsourcing partner Mahindra Satyam's performance despite the latter being embroiled in a much-publicised billion-dollar accounting scandal. According to Australian IT, Qantas corporate services and technology executive manager David Hall said despite the fraud saga, Satyam continues to service the Flying Kangaroo.

September 15th, 2009 MELBOURNE - The Government of Victoria's decision to give a grant to Indian software giant Satyam Computers now Mahindra Satyam despite failing a federal government litmus test for funding is shrouded in mystery. The grant by Victoria controversially enabled the original firm to embark on the 75 million dollar Geelong IT project.

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.

January 19th, 2009 NEW DELHI - The Rs.70-billion accounting fraud at Satyam Computer will not mar the image of corporate India abroad, Minister for Science and Technology Kapil Sibal said here Tuesday. 'There are a lot of shining stars in India's corporate world who will ensure that the flag of India keeps flying high,' said Sibal.

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.

January 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.

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.

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.

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.

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.

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.

April 7th, 2009 On what is to be called an aggressive technical decision, The Australian Govt. has announced that they don't want to completely redesign the internet service of the whole country.

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.