Satyam Fiasco

  • Watch: Ex-Satyam chief feigning a heart attack? September 9, 2009

    Hyderbad: After eight months in jail on charges of fraud, forgery and cheating, the former chairman of Satyam Computers, Ramalinga Raju is now recovering in the intensive care unit of a government hospital. Raju's lawyers say he has suffered a heart attack, but the hospital says Raju is being treated...
  • Former Satyam chief Raju suffers cardiac arrest in jail September 9, 2009

    Hyderabad: Disgraced founder of Satyam Computer Services Limited B Ramalinga Raju suffered cardiac arrest in a jail on Monday night and was rushed to a hospital. Raju, who is in Chanchalguda Jail along with seven other accused in connection with Rs 7,800 crore accounting fraud, was given first aid by the...
  • Court permits CBI to conduct forensic tests on Raju July 9, 2009

    Hyderabad: A designated CBI court on Thursday permitted the Central Investigating Agency to conduct forensic tests on Satyam Computers' former Chairman B Ramalinga Raju and others accused in the multi-crore accounting fraud in the IT firm. The XIV Additional Chief Metropolitan magistrate, K Sudhakar, accepted the CBI s plea to perform...
  • Raju's sons move court to de-freeze account May 26, 2009

    Hyderabad: The family of B Ramalinga Raju, the main accused in the multi-crore fraud at Satyam Computer, has approached a local court seeking a direction to de-freeze bank accounts and get back seized electronic items. In two separate petitions filed in the XIV Additional Chief Metropolitan Magistrate court by kins of...
  • Tech Mahindra completes 31 pc acquisition in Satyam May 6, 2009

    Mumbai: IT firm Satyam Computer on Tuesday said its new owner Tech Mahindra has completed the process for acquiring 31 per cent stake in the company. In a filing to the BSE, Satyam said Tech Mahindra, via its subsidiary Venturbay Consultants, has been alloted 30,27,64,327 shares or 31 per cent stake...
  • Raju used 7,000 false invoices to fudge books: CBI April 27, 2009

    New Delhi: The financial fraud perpetrated by the founders of Satyam Computer Services was executed through a well-planned accounting system that used as many as 7,561 fraudulent invoices worth Rs 5,117 crore to inflate the company's sales, the Central Bureau of Investigation (CBI) alleged on Monday. To perpetrate the fraud, the...
  • Tech Mahindra may raise Satyam share's offer price April 24, 2009

    New Delhi: Hinting at a possible increase in its open offer price for Satyam, the new owner Tech Mahindra has advised shareholders of crisis-hit IT firm to wait till June 22 for the final price before tendering their shares. The open offer for acquiring 20 per cent equity in Satyam at Rs...
  • Tech Mahindra's open offer for Satyam opens June 12 April 22, 2009

    New Delhi: IT firm Tech Mahindra on Wednesday said its Rs 1,154.66-crore open offer for an additional 20 per cent stake in Satyam Computer will begin on June 12 and close on July 1, 2009. In a public announcement made to the shareholders of Satyam Computer,...
  • We are victims of Satyam fraud: Price WaterHouse April 17, 2009

    New Delhi: Auditing firm Price WaterHouse today sought to distance its auditors from the multi-crore rupees Satyam scam saying its partners, S Gopalkrishnan and Srinivas Talluri, were victims of the financial fraud at IT company. The auditing firm was reacting to the allegation made by SFIO that...
  • Regulator nod for Mahindra over Satyam buy April 16, 2009

    New Delhi: The Company Law Board on Thursday approved the strategic sale of Satyam Computer Services to Tech Mahindra, and directed the consideration of Rs.1,756 crore for a 31-per cent stake be submitted by April 21. Tech Mahindra, which is acquiring Satyam through its subsidiary Venturbay, has also been allowed to...
  • Tech Mahindra raises $55 mln via comm paper April 15, 2009

    Mumbai: Software services group Tech Mahindra, which is waiting for regulatory approval to buy Satyam Computer Services, has raised $55 million via short-term debt, two sources said. The one-year commercial paper carries a coupon rate of 8.50 per cent, the sources were quoted by news agency Reuters as saying. Tech...
  • Winning bid lifts Tech Mahindra, Satyam shares April 13, 2009

    Mumbai: Shares of Satyam Computer Services shot up Monday after its board named Tech Mahindra as the highest bidder to take over a strategic stake of 31 per cent in the company for Rs 1,756 crore ($351 million). Tech Mahindra, which will also make an open offer for another 20 per...
  • Who would have been Satyam's best fit? Experts debate April 13, 2009

    Tech Mahindra has won the bid for Satyam Computer Services. As Satyam's bidding process was gathering steam, experts analysed who would have been the best fit for Satyam. Who would have been the best fit? Senior Analyst at Forrester, Sudin Apte, believes that L&T would have been a...
  • Is Tech Mahindra best Satyam suitor? Experts react April 13, 2009

    Tech Mahindra finally emerged as the winner to take over crisis-ridden Satyam Computer Services. Reacting to the news of Tech Mahindra winning the Satyam bid, Som Mittal of industry body National Association of Software and Services Companies (NASSCOM) said the deal was synergistic for both companies. "All three bidders were...
  • Tech Mahindra wins Satyam Computer bid April 13, 2009

    New Delhi: Tech Mahindra, the IT arm of auto major Mahindra and Mahindra, Monday won the bid for India's fourth largest software exporter Satyam Computer. Satyam's new board of directors, which met to select the highest bidder, chose Tech Mahindra following its bid of Rs 1,757 crore for 31 per cent...
  • Sharp drop expected in Satyam's annual revenue April 9, 2009

    Mumbai: Fraud-hit Satyam Computer Services Ltd's annual revenues appear to be about $1.5 billion to $1.7 billion, three sources who have analysed data provided by the outsourcing firm to bidders said on Thursday. The number is sharply lower than the $2.14 billion the Indian company had reported for the fiscal year...
  • Satyam Computer buyers wary about price tag April 9, 2009

    Bangalore: Fraud-hit Satyam Computer Services' search for a white knight could end on Monday, but bidders face an uphill task to put a price tag on the Indian company due to uncertainty about its finances and liabilities. The government-appointed board meets on Monday to receive bids from suitors. On the same...
  • CBI chargesheet against Satyam's Raju on April 9 April 2, 2009

    New Delhi: Beginning the trial in the multi-core Satyam accounting scam case, the CBI will file its chargesheet against B Ramalinga Raju and other accused on April 9. “We will be filing a chargesheet on April 9 but the investigations into the case would continue even after...
  • Wilbur Ross confirms being in fray for Satyam April 2, 2009

    Wilbur Ross has confirmed exclusively to CNBC-TV18 that he is in the race for Satyam bringing the total tally, that is known, to four, that is L&T, Tech Mahindra, WL Ross and IBM. Chairman and CEO WL Ross & Co, Wilbur Ross said, "We look at all the stress things that...
  • IBM not bidding for Satyam, confirms source March 27, 2009

    New York: IBM is not bidding for Satyam Computer Services, a source with knowledge of the matter said on Thursday. India's Economic Times had earlier reported that International Business Machines Corp -- along with others including private equity firm Apax Partners -- was among the bidders for the fraud-hit outsourcing...
  • Spice decision on Satyam bid process expected March 26, 2009

    Mumbai: Sources in the Spice Group say the company’s board held a meeting to discuss the Satyam buy till late on Wednesday evening in New Delhi. A decision on the Satyam bidding was expected early on Thursday, sources added.But there has been no official word on the issue, as yet. BK Modi,...
  • Satyam informs SEBI, others on bidding process March 25, 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...
  • CBI moves court for lie detector test on Rajus March 25, 2009

    Hyderabad: The CBI on Tuesday approached the special court in Hyderabad for conducting a lie detector and other scientific tests on Satyam's former chairman B Ramalinga Raju and two others. In its plea before the XIV Additional Chief Metropolitan Magistrate here, the CBI said it...
  • Satyam Computers bags dairy firm deal March 23, 2009

    New Delhi: Satyam Computer Services has bagged a contract from a country-based dairy processor Vijay Dairy and Farm Products to automate and integrate their key business processes, the company said on Monday. Under the contract, Satyam would implement SAP business solution for the dairy firm and...
  • Satyam freshers cry foul, demand jobs that were promised March 18, 2009

    New Delhi: Students who were given offer letters by Satyam in 2007 are now demanding that the present management come good on the promise. There are reportedly over 5,000 students who were placed with Satyam. However, the company has not communicated with any of those placed after the software firm’s disgraced...
  • Don't see Satyam as going forward: iGATE CEO March 16, 2009

    CEO of iGATE, Phaneesh Murthy stated that the company is less concerned about Satyam's margins and more on revenues. He feels there is a need to analyse impact of key customers exiting on Satyam's revenues. According to him, shareholder loss in Satyam could be around $100 million. However, he believes that...
  • CBI questions Rajus, ex-CFO in Satyam scam March 10, 2009

    Hyderabad: The investigations into Rs 78 billion (Rs 7,800 crore) scam in Satyam Computer Services picked up momentum as the Central Bureau of Investigation (CBI) Tuesday questioned the IT firm's disgraced former chairman B Ramalinga Raju and four other accused. The CBI's multi-disciplinary investigation team (MDIT) headed by the agency's DIG...
  • Ramalinga Raju, others sent to CBI custody March 9, 2009

    Hyderabad: A city court on Monday sent disgraced former chairman of Satyam B. Ramalinga Raju and four other accused to seven-day custody of Central Bureau of Investigation (CBI). The court allowed CBI to take custody of the Ramalinga Raju, his brother and former managing director B. Rama Raju, former chief financial...
  • Satyam begins bidding process for its sale March 10, 2009

    Mumbai: Fraud-hit Satyam Computer Services on Monday said that it had started the process to sell 51-per cent majority stake in the company by way of a global auction after India's market regulator gave it the go-ahead last week to do so. The company issued an expression of interest, according to...
  • SanDisk faces business risk due to Satyam crisis March 4, 2009

    New Delhi: The world's largest supplier of flash memory cards, SanDisk, is facing problems like project delays and productivity loss owing to the current crisis at distressed IT firm Satyam. In its annual report filed with the US Securities and Exchange Commission for 2008, Nasdaq-listed SanDisk has stated it is facing...