Satyam

Tech Mahindra raises Rs 550 crore to fund Satyam’s buyout

Tech Mahindra raises Rs 550 crore to fund Satyam’s buyoutTech Mahindra, Country's leading information technology services and solution provider, has raised Rs 550 crore from Tata Capital and IDFC to fund its takeover of scam-hit Satyam Computer Services.

The company has informed that it raised the funds by issuing debentures which are convertible into shares of Venturbay Consultants, a special purpose vehicle through which it acquired Satyam Computer.

Satyam reports net profit at Rs 181 crore

Satyam reports net profit at Rs 181 croreThe fraud hit Indian outsourcing firm, Satyam Computer Services, announced the financial figures for the quarter ended December 31, 2008, reporting a net profit at Rs 181 crore in the midst of tight market conditions and shadows of its tainted past.

Three Big Players to Stay With Satyam

satyamHere's a good news for Satyam employees. Three of their big clients Nestle, Nissan and CIBA have decided to continue business with the firm.

Commenting on the development, a top official working for Satyam said, "Clients such as Nestle and Nissan have already expressed confidence in the company and had assured us that they will continue with us."

The official also added that Nestle has already given some additional business to Satyam last month. Earlier Nestle was keeping a close look on the developments of the company.

Satyam gets nod from NYSE Euronext to delist its American depositary shares

Satyam gets nod from NYSE Euronext to delist its American depositary sharesHyderabad-based Satyam Computer Services Ltd. notified on Tuesday that it has got regulatory approval from NYSE Euronext, to delist its American depositary shares, effective May 20.

NYSE Euronext is a Euro-American corporation that operates multi-securities exchanges.

The latest development comes after Venturbay Consultants Private Ltd, a subsidiary controlled by Tech Mahindra last week emerged as the highest bidder to acquire a majority stake in the troubled software company.

Tech Mahindra successfully raises Rs 600 crore

Tech Mahindra successfully raises Rs 600 croreTech Mahindra, an M&M-promoted company, has notified that it has successfully raised Rs 600 crore of debt through issuance of bonds.

The company said that it has allotted 6,000 non-convertible debentures (NCDs) of face value of Rs 10 lakh each, aggregating to Rs 600 crore on April 17.

Recently, Tech Mahindra through its arm Venturbay Consultants, won the race to acquire controlling stake in scam-hit Satyam Computer. The company has to pay Rs 1,756 crore by April 21, for acquisition of a 31 per cent stake in the company.

Satyam Computer Chairman says 10% extra staff to be rendered redundant

Satyam Computer Chairman says 10% extra staff to be rendered redundantAccording to Economic Times' reports, Kiran Karnik, the government-appointed Chairman of the scandal-ridden Satyam Computer Services said that up to 10 percent of the company's 48,000-strong workforce might be rendered redundant, as the founder had hired excessive staff to conceal the monetary scam at the firm.

The proposed move of downsizing the staff comes after mid-sized outsourcer Tech Mahindra Ltd - the highest bidder of this week's bid for a controlling stake in the Satyam Computer - took over the company.

Ex-Satyam founder Raju and four accomplices give specimen signatures to CBI

Ex-Satyam founder Raju and four accomplices give specimen signatures to CBI Complying with the legal orders pertaining to specimen signatures, based on a petition filed by the CBI, the scandal-plagued founder of Satyam Computer Services, B Ramalinga Raju and his four accomplices in the Rs. 7000 crore swindling at the IT company, have furnished their signatures on Thursday. All of the accused are currently in judicial custody.

Prospective bidders meet Satyam board to seek clarification on liability position

Satyam HyderabadWith the liability position of the deceit-ridden IT company, the Hyderabad-based Satyam Computer Services, looming large on the minds of the prospective bidders, at least three such bidders - L&T CFO YM Deosthalee and director JP Nayak; and Tech Mahindra CEO Vineet Nayyar and president CP Gurnani - separately met the Satyam board on Friday, seeking clarifications on certain issues before their go-ahead with the financial bids.

L&T, Spice short listed for Satyam bidding

L&T, Spice short listed for Satyam biddingL&T and Spice Group have emerged as front runners among seven other players for acquiring 51 per cent stake in the tainted Satyam Computer Services.

The company has been in limelight following the disclosure of largest ever corporate auditing fraud by its founder chief B Ramalinga Raju and other top executives of the Indian outsourcer.

iGate Corp exits Satyam acquisition race

iGate Corp exits Satyam acquisition raceU. S.-based iGate Corp has decided not to go for acquisition of 51 per cent stake in the fraud-hit Satyam Computer Services, leaving three firms L&T, Spice Corp and Tech Mahindra in the acquisition race, who submitted their expressions of interest (EoI) for the acquisition on Friday.

Government appointed board of Satyam Computers would discuss the matter on Saturday. The board would analyze the presentations made by firm's appointed investment bankers Goldman Sachs and Avendus to evaluate the financial positions of firms who submitted expression of interest by Friday.

Ramalinga Raju, 4 others sent to CBI custody

Ramalinga Raju, 4 others sent to CBI custodyHyderabad, Mar 9: A city court on Monday sent Satyam's founder B. Ramalinga Raju, his brother Rama Raju and three others to Central Bureau of Investigation (CBI) custody for seven days from Tuesday.

The CBI would also be quizzing the company's former Chief financial officer (CFO) Vadlamani Srinivas and audit house Price Waterhouse's partners S. Gopalkrishnan and Talluri Srinivas in connection with Satyam-fraud case.

Pronouncing the orders the Fourteenth Additional Chief Metropolitan Magistrate S. Samuel Victor Emmanuel directed the CBI to question the accused between 10 a. m. and

Satyam’s board looking for strategic partner for the firm

Satyam’s board looking for strategic partner for the firm The fraud hit Indian IT firm, Satyam Computer Services is looking for a strategic partner in a bid to achieve adequate growth rate in the aftermath of disclosure of largest ever corporate fraud committed by its founder chief, B. Ramalinga Raju and other executives of firm. The company is currently under the control of Government-administered board, which is struggling to wash its bad image and retain the clients.

New owner for Satyam in 6-8 weeks

New owner for Satyam in 6-8 weeksIf all goes well, a new management will take control of fraud-hit Satyam Computer Services in the next six to eight weeks. This is what the top management of the company told staffers in a communication on Wednesday.

The company's board is meeting here today to finalise the terms for bidding.

"The company has made firm and steady progress by securing the Company Law Board's order, which exempts the company from obtaining approval of shareholders to increase the authorised share capital," the communication said.

CLB sets stage for buy-out of Satyam Computer

Satyam ComputerThe Company Law Board on Thursday allowed government appointed board of Satyam Computer Services to issue preferential shares by amending the capital clause of Memorandum of Association, a move that paves a way for the buy-out of Satyam Computer Services Ltd. The beleaguered software firm has been in news for financial misdoings of its former founder and CEO B RamaLinga Raju and other top executives of the company.

Kiran Karnik, Satyam’s new chairman

Kiran Karnik New Delhi, Feb. 6, : Former President of The National Association of Software and Services Companies (NASSCOM) Kiran Karnik was appointed as the chairman of Satyam Computers Services Ltd. on Friday.

The decision of Karnik's appointment came a day after appointment of A. S. Murthy as its new chief executive officer. Karnik would be the chairman of Satyam's six-member board.

The Government had initially constituted the board of Satyam with three members including Karnik, Housing Development Finance Corporation (HDFC) chairman Deepak Parekh and past presiding officer of Securities Appellate Tribunal C. Achutan.

Spice expedites Satyam's buyout process

Spice expedites Satyam's buyout processB K Modi-controlled Spice Group expedites process to buy 51 per cent stake, most probably through fresh equity, in the beleaguered Satyam Computer Services. Spice Group is sending a team, comprising top executives of company, to discuss auction process with the Security and Exchange Board of India (SEBI).

Spice Corporation Chairman B K Modi said, "We have firmed up our plans to acquire a majority stake in Satyam and a team from the group will meet Sebi officials on Monday to discuss the issue."

L&T hikes stake in Satyam to 12%

L&T hikes stake in Satyam to 12%The largest engineering company of country, Larsen & Toubro (L&T) bought 7.56 per cent more stake in beleaguered Satyam Computer Services and increased its stake to 12 per cent on Friday. It bought 1.18 crore shares at a price of Rs 35.07 per share through open market.

Court to hear Satyam case today

Court to hear Satyam case todayA Hyderabad court will take up Satyam case and hear the arguments of disgraced Satyam chief B Ramalinga Raju to provide him bail in connection with corporate audit fraud worth Rs 7,000-crore.

Raju along with his brother and CFO of company, Vadlamani Sriniva filed a petition in court to grant them bail as they are fully co-operating in the investigations.

Police is expected to counter the bail petition and ask for their judicial remand.

The court would also hear the petitions filed by Security and Exchange Board of India and Criminal Investigation Department on the same day.

Satyam is looking for financial aid: Kiran Karnik

Satyam is looking for financial aid: Kiran KarnikOne of the new directors of Satyam Computer appointed by the government, Kiran Karnik has expressed concerns over actual financial liability of beleaguered IT giant.

He said that it is difficult to arrange loans under current scenario and it will be difficult for the company to manage the expenses.

While speaking to NDTV, he said that the company has great talent pool which is able to restore its position in the market. The board of directors is working on various measures to get financial aid and to re-build confidence of investors and employees.

Government may announce bailout package for Satyam

Government may announce bailout package for SatyamGovernment is likely to announce a special bailout package for beleaguered IT giant, Satyam Computers Services in few days.

The new Board of the company has reported that the IT major is not having enough of funds for salary pay outs and future of its 53,000 employees is hanging in dark.

Government has already appointed a board of experts who are working on many ideas to restore the image of Satyam Computer Services.

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