Gurnani named Mahindra Satyam chief executive

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.

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.

July 2nd, 2009 SYDNEY - Tech Mahindra, the new owner of the troubled Indian IT services firm Satyam, has officially written to the World Bank seeking an end to the eight-year ban against Satyam Computer Services for allegedly providing improper benefits to bank staff. The company has rebranded itself as Mahindra Satyam.

June 21st, 2009 HYDERABAD - Satyam Computer Services has been renamed as Mahindra Satyam, while the logo will be adopted from the Mahindra Group. Tech Mahindra had bought it in April, The decision was taken at a closed-door meeting attended by top executives of Tech Mahindra in Hyderabad.

June 21st, 2009 HYDERABAD - Two months after taking over scam-tainted Satyam Computer Services, Tech Mahindra Sunday renamed the IT major as Mahindra Satyam. The logo will be adopted from the Mahindra Group.

June 11th, 2009 NEW DELHI - The surge in the Satyam Computer Services scrip might prompt the scam-tainted IT major to issue fresh shares to its new owner Tech Mahindra, analysts say. Tech Mahindra, which acquired 31 percent stake in Satyam in a global auction, is required under the bidding process stipulations to make an open offer for another 20 percent.

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 27th, 2009 NEW DELHI - IT services exporter Tech Mahindra, which is taking over the fraud-hit IT giant Satyam Computer Services, Monday reported a net profit of Rs.221.3 crore for the fourth quarter of 2008-09. The company had reported a loss of Rs.207.07 crore in the corresponding period in 2007-08 after it accounted for one-time expense of Rs.440 crore, an official statement said.

April 22nd, 2009 MUMBAI - After buying 31 percent of scam-tainted Satyam Computer Services, Tech Mahindra Wednesday announced an 'open offer' to acquire a further 20 percent stake so that it can get a controlling stake. As per the next steps laid out by the Satyam board, Tech Mahindra announced the 'open offer' to obtain 20 percent at Rs.58 per share for 199,079,413 shares of Satyam, the company said in a regulatory filing.

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 20th, 2009 HYDERABAD - Tech Mahindra, the new owner of Satyam Computer Services, Monday said it was excited about the prospects of the fraud-hit IT major and that restoring financial health was the priority. After the first meeting with the government-appointed board, Anand Mahindra, chief of Mahindra Group, said Satyam would remain a stand-alone unit in foreseeable future and its leadership would continue with marginal changes.

April 20th, 2009 HYDERABAD - Tech Mahindra, the new owner of Satyam Computer Services, Monday said the fraud-hit IT major would remain a stand-alone entity in the foreseeable future. Excited about the prospects of the fraud-hit IT major, the buyer declared that restoring Satyam's financial health will be its priority.

April 20th, 2009 HYDERABAD - Tech Mahindra, the IT arm of auto major Mahindra and Mahindra, Monday said it has deposited the amount needed for acquiring a majority stake in the fraud-hit Satyam Computer Services. Venturbay Consultants, a subsidiary of Tech Mahindra, was to pay $351 million for a 31 percent preferential allotment of new shares and would then make an open offer for a further 20 percent of the company at a cost of about $231 million, a company statement said.

April 14th, 2009 HYDERABAD - Fraud-hit Satyam Computer Services has filed an application with the New York Stock Exchange (NYSE) to delist its American depository shares traded on Euronext Amsterdam, the company said Tuesday. 'The board of directors has come to the conclusion that the financial and legal burdens no longer justify a listing on NYSE Euronext, the regulated market of Euronext Amsterdam,' Satyam said.

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.