Satyam

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.

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