GE extends multi-million dollar deal with SatyamSeptember 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.
Maytas diverted Rs.390 crore to Satyam: KhurshidAugust 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.
Tech Mahindra gets 43 percent stake in SatyamJuly 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.
Court extends judicial custody of Satyam accused till July 22July 8th, 2009 HYDERABAD - A local court on Wednesday extended the judicial custody of former Satyam Computers chairman B Ramalinga Raju and other accused in connection with the 7,800 crore fraud at the IT major till July 22. The accused-Ramalinga Raju, his brother and Satyam's former managing director Rama Raju, ex-CFO V Srinivas, former partners of Price Waterhouse S Gopalakrishnan and T Srinivas along with Satyam Computer Services former employees G Ramakrishna, D Venkatapathi Raju and Ch Srisailam-were produced before the XIV additional chief metropolitan magistrate.
Gurnani named Mahindra Satyam chief executiveJune 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.
Satyam renamed Mahindra SatyamJune 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.
Satyam appoints new leaders in Australia, New ZealandJune 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.
Satyam names four new directorsMay 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.
Satyam to remain stand alone entity, says MahindraApril 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.
Satyam not a sinking ship, says MahindraApril 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.
Satyam to delist shares from Euronext AmsterdamApril 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.
Final bidding for 31 percent Satyam stake todayApril 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.
Timeline of events surrounding Satyam ComputerApril 13th, 2009 MUMBAI - The following is the timeline of events surrounding Satyam Computer Services since its founder B. Ramalinga Raju made an abortive bid to make the company acquire two family enterprises, raising questions on corporate governance, followed by his admission to perpetrating India's biggest corporate fraud:
Dec 16, 2008 - Satyam announces plan to buy two realty firms part-owned by its founders for $1.6 billion, but does a U-turn after negative investor fallout
Dec 18 - Satyam board plans to meet Dec 29 to consider a share buyback to restore confidence
Dec 23 - Satyam barred from business with the World Bank for eight years for providing bank staff with 'improper benefits'
Dec 26 - Mangalam Srinivasan, an independent director, resigns
Dec 29 - Three more directors quit
Jan 7, 2009 - Raju resigns saying the company's profits had been inflated
Jan 8 - Chief financial officer (CFO) Vadlamani Srinivas resigns
Jan 9 - Andhra Pradesh police arrest Raju and his brother and former company managing director B.
Tech Mahindra to be Satyam's new ownerApril 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.
Satyam informs market regulator on bidding processMarch 24th, 2009 HYDERABAD - Scam-hit Satyam Computer Services Ltd has informed the Securities Exchange Board of India (SEBI) on its bidding process under the market regulator's amended takeover regulations for selecting an investor to buy majority stake in the company, the IT bellwether said late Tuesday. 'A letter relating to the process followed by the company pursuant to regulation 29A of the SEBI takeover regulations to select an investor and the in-principle exemptions/relaxations granted by SEBI from applicable regulations and guidelines has been submitted,' the company said in a statement.
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