Hyderabad: The Andhra Pradesh High Court on Tueday approved the merger of Mahindra Satyam (MSat) with Tech Mahindra while dismissing the petitions of some shareholders seeking to stall the proposal in its current form so as to safeguard their financial interest.
The Court said, however, that the investigations into the alleged fraud committed by Satyam Computer's former Chairman B Ramalinga Raju and others would continue. Following the financial fraud by Raju, Satyam was taken over by Mahindras, who now plan to merge MSat with Tech Mahindra - a move opposed by some stakeholders.
"CP 123 (the merger petition) is allowed. Investigations will continue until they are disposed of," Justice NRL Nageswara Rao said while dismissing other petitions seeking to stall the merger. The merger when completed will lead to creation of the country's fifth largest software services firm.
MSat CEO C P Gurnani said it will take another 2-4 weeks to get technical clearances and form the single entity. "There are some formalities with registrar of companies in different states where we are registered. We expect it will take 2 to 4 weeks to compete all the issues," Gurnani told reporters....
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08:38 PM, Jun 11, 2013
In January 2009, in what is widely referred to as 'India's Enron', 300,000 shareholders of Satyam Computer Services (now Mahindra Satyam) came together and sued the company. Satyam's founder Ramalinga Raju had confessed to misstating accounts, and the company stock plummeted. The shareholders claimed damages worth Rs 5,000 crore. ...
02:55 PM, Mar 01, 2013
Mahindra Satyam, a software services provider, said it acquired a majority stake in Brazil's Complex IT, a provider of consultancy on the use of SAP AG's business management software, for an undisclosed sum. ...
12:00 PM, Feb 15, 2013
A US federal judge dismissed claims against seven former directors of Satyam Computer Services Ltd in shareholder lawsuits stemming from the massive fraud at the heart of India's largest corporate scandal. US District Judge Barbara Jones in New York ruled on Wednesday the lawsuits failed to allege that the ex-directors recklessly failed to discover the fraud, which came to be known as "India's Enron." ...
10:52 AM, Jan 03, 2013
Mumbai: Shares of Mahindra Satyam on Friday soared about 10 per cent following its posting over 56 per cent jump in net profit for the quarter ended June 30. Boosted by the robust earnings, shares of the company opened firm and as the trade progressed it surged 9.8 per cent to a 52-week high of Rs 91.85 on the BSE. At the NSE, the scrip gained 9.67 per cent to...
10:47 AM, Aug 04, 2012
New Delhi: The swap ratio for the merger of Mahindra Satyam with Tech Mahindra has been fixed at 8.5 shares of Satyam for every one share of Tech Mahindra, by the boards of the two companies. The ratio is on expected lines, though some players felt Tech Mahindra shareholders should have got a slightly better deal because of the liabilities in Mahindra Satyam. The merger will create the fifth largest...
12:14 PM, Mar 21, 2012
New Delhi: Outraged over a case filed by Satyam against it, audit firm Price Waterhouse on Monday said it was an attempt to shift responsibility to auditors. "Price Waterhouse India is outraged that Satyam is attempting to shift responsibility to auditors for the consequences of a carefully and deliberately concealed fraud that was undertaken at the direction of its own senior management," said a statement by the audit firm. The...
09:19 AM, Jan 10, 2012
Hyderabad: Software services exporter Mahindra Satyam warned on Thursday the euro zone debt crisis could dent demand for outsourcing, after beating estimates with a more than 10-fold jump in its quarterly profit. Europe is the largest market after the United States for India's $ 76 billion information technology industry that gets more than 90 per cent of its revenue from providing services such as developing software applications and managing call...
03:08 PM, Nov 10, 2011
Hyderabad: Saab India Technologies inaugurated Saab India Technology Centre (SITC), a Research and Development Centre, in partnership with Mahindra Satyam in Hyderabad on Friday. "An initial base of 100 skilled Indian engineers, to be inducted by the close of 2012, will form the backbone of the Centre. The SITC is expected to increase its head count to at least 300 over the next three years," Saab President and CEO Hakan...
01:05 PM, Oct 22, 2011
Mumbai: The Income Tax Department has slapped a tax demand of Rs 2,114 crore on IT firm Mahindra Satyam (erstwhile Satyam Computer Services), after disallowing exemptions claimed by the company. "The company has received draft notices of demand for Rs 1,037.69 crore and Rs 1,075.73 crore for assessment years 2002-03 and 2007-08, respectively," Mahindra Satyam said in a filing to the Bombay Stock Exchange. A senior official of the company...
08:47 PM, Aug 22, 2011
Washington: US market regulator SEC on Tuesday said that India's fraud-hit Satyam Computer Services, now Mahindra Satyam, has agreed to pay $10 million to settle charges related to the accounting scam by its promoter B Ramalinga Raju. It also said five India-based affiliates of Price Water House Coopers (PWC), auditors to Satyam Computer, have agreed settle the SEC charges and pay $6 million in penalty. "Satyam, whose new leadership cooperated...
11:52 PM, Apr 05, 2011
Hyderabad: The Income Tax Department has issued a notice to Mahindra Satyam, the new brand identity of Satyam Computer Services Ltd, to pay Rs 616.53 crore in taxes, the company said in a stock exchange filing on Tuesday. The company said the Central Board of Direct Taxes, under Section 119 of the Income Tax Act, 1961, rejected various petitions filed by the company seeking reliefs for reopening of past assessments...
11:31 AM, Mar 22, 2011
Mumbai: Mahindra Satyam, formerly known as Satyam Computer Services, on Thursday said it has agreed to pay $125 million to settle a putative class action suit filed against the company in a United States District Court. The litigation relates to the 2009 accounting fraud at Satyam Computer, which was later taken over by Tech Mahindra and renamed. Furthermore, the company will also pay the lead plaintiffs 25 per cent of...
11:26 AM, Feb 17, 2011
SEBI had earlier requested the SEC to waive the penalty on Mahindra Satyam for frauds committed by its previous management. ...
04:37 PM, Jul 13, 2010
With this settlement all pending actions against the company will be dismissed. ...
08:56 PM, Dec 09, 2009
The CBI has filed a chargesheet containing new charges against Raju. ...
11:15 PM, Nov 25, 2009
The company had allegedly provided improper benefits to World Bank staff. ...
08:58 PM, Sep 15, 2009
Ramalinga Raju suffered a cardiac arrest in a Hyderabad jail on Monday. ...
11:16 AM, Sep 08, 2009
SFIO submitted a detailed report on the Rs 10,000-crore Satyam fraud. ...
11:40 PM, Aug 17, 2009
Last Sunday, Tech Mahindra rebranded Satyam as Mahindra Satyam. ...
09:36 PM, Jun 23, 2009
