Enforcement Directorate yet to give final report on Satyam

September 24th, 2009 HYDERABAD - General Electric (GE) has extended its multi-million dollar contract with India's leading consulting and IT services provider Mahindra Satyam for the next three years, the company said Thursday. Among Satyam's top five customers for over a decade, GE is supported in the specialised areas of application development maintenance, business intelligence and engineering services.

August 31st, 2009 NEW DELHI - Corporate Affairs Minister Salman Khurshid Monday said prima facie some evidence indicated that funds had been transferred from Maytas Infra to scam-tainted Satyam Computers, now Mahindra Satyam. "When the accounts are stated, this will become clear as to where the money has gone," said Khurshid while briefing reporters on a new Company Law Board (CLB) order regarding Maytas Infra.

August 21st, 2009 HYDERABAD - There is enough material for successful prosecution in the Rs.78-billion Satyam fraud case and as soon as the Andhra Pradesh High Court sets up a fast track court there will be further progress in the matter, the government said Friday. "As far as the CBI (Central Bureau of Investigation) and the ministry of corporate affairs are concerned, the investigations are more or less over.

July 23rd, 2009 NEW DELHI - The Central Bureau of Investigation (CBI), probing the multi-million rupees Satyam fraud, has been investigating the role of "hawala" or money-laundering operators and their transactions related to this case, agency sources said Thursday. B. Ramalinga Raju, Satyam founder and former chairman who has been named in the charge sheet, had fraudulently inflated the number of employees in its offices in India and abroad - creating more opportunities for the use of hawala networks, they said.

July 10th, 2009 MUMBAI - Mahindra Satyam, formerly Satyam Computer Services, Friday said it has allotted 198.6 million shares to Venturebay Consultants, a Tech Mahindra arm. After this allotment, Tech Mahindra will hold about 43 percent in the company.

June 28th, 2009 KOLKATA - The high-powered committee set up by the Institute of Chartered Accountants of India (ICAI) to probe the multi-crore Satyam Computer fraud would submit its report July 9. "We will submit the report to the ministry of corporate affairs on July 9 after we finalise it at the final internal meeting of the committee on July 4 in Agra," ICAI president U.P.

June 23rd, 2009 HYDERABAD - Two days after Satyam Computer Services was re-branded as Mahindra Satyam, the company Tuesday announced changes in its leadership with Tech Mahindra's head of international operations C.P. Gurnani being named the outsourcer's new chief executive.

June 9th, 2009 MUMBAI - The fraud-tainted Satyam Computer Services has a bank balance of Rs.373 crore (about $75 million) as on March 31, the IT bellwether said Tuesday. In a regulatory statement, Satyam said it has posted standalone net profit of Rs.181 crore ($38 million) on revenue of Rs.2,290 crore in the December quarter.

June 1st, 2009 MUMBAI - Satyam Computer Services Ltd Monday announced the appointment of Venki Prathivadi as the new country manager for Australia and New Zealand (ANZ). Satyam has also appointed Vijay Prasad as the principal adviser to the ANZ region, the company said in a regulatory statement.

May 22nd, 2009 NEW DELHI - India's fourth largest outsourcer Saytam Computers Friday said it has appointed four more directors on its board following a Company Law Board (CLB) directive April 16. The appointments were also as per a share subscription agreement between Tech Mahindra and its subsidiary Venturbay Capitals, which is acquiring a controlling stake in the scam-hit Satyam.

April 22nd, 2009 MUMBAI - Tech Mahindra Wednesday announced its open offer for a 20-percent additional stake in Satyam Computer Services at Rs.58 per share, after buying 31 percent equity in the IT bellwether following a global auction. The offer to all existing shareholders of the Hyderabad-headquartered Satyam opens June 12 and closes July 1, the company told the regulators.

April 13th, 2009 MUMBAI - Tech Mahindra has bought a 31 percent stake in the fraud-hit Satyam Computers on Monday. Tech Mahindra outbid Larsen and Toubro and other companies.

April 13th, 2009 MUMBAI - The government-appointed Satyam Board on Monday will conduct the final bidding for the sale of 31 percent stake of the embattled IT company. "We have entered the final stage of the bidding process, and on Monday we will conduct the financial bidding in Mumbai to find the highest bidder for a 31 percent stake in Satyam Computer," Satyam Board Chairman Kiran Karnik said.

February 16th, 2009 NEW DELHI - The Satyam scam generated much heat in the Rajya Sabha Tuesday, but the government sidestepped the demand for ordering a joint parliamentary committee probe into the matter. For the first time in recent memory, the issue took up the entire Question Hour, at the conclusion of which chairman Hamid Ansari summoned the leaders of all parties for a meeting to discuss having a Calling Attention Motion on the issue in the house.

February 9th, 2009 HYDERABAD - Under fire from the opposition, Andhra Pradesh Chief Minister Y.S. Rajasekhara Reddy has written to Prime Minister Manmohan Singh seeking a Central Bureau of Investigation (CBI) probe into the Satyam Computer Services fraud.