MAHINDRA SATYAM

  • Tech Mahindra Q1 net profit up 27 pc at Rs 686.3 crore August 12, 2013

    Software major Tech Mahindra on Monday reported 27 per cent jump in consolidated net profit at Rs 686.3 crore for the quarter ended June 30, 2013, on the back of growth across verticals like manufacturing and media amp; entertainment. The company's net profit stood at Rs 540.5 crore in the same...
  • Mahindra Satyam merges with Tech Mahindra June 25, 2013

    New Delhi: Software firm Mahindra Satyam was on Tuesday formally merged with its parent Tech Mahindra to create the country's fifth largest software services firm. "Over the past 4 years we worked through the statutory and legal issues, our teams worked closely on the ground to integrate processes, eliminate overlaps, leverage...
  • MSatTech Mahindra merger gets AP High Court approval June 11, 2013

    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...
  • Companies Bill to prescribe norms for class action suits March 1, 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. For...
  • Mahindra Satyam buys majority stake in Complex IT February 15, 2013

    Banglore: 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. Tech Mahindra, Satyam's parent company, is looking to make acquisitions to add capabilities and customers. The company...
  • Satyam exdirectors win ruling in US classaction suit January 3, 2013

    New York: 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...
  • Mahindra Satyam shares surge after earnings August 4, 2012

    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...
  • Tech Mahindra, Mahindra Satyam merge March 21, 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...
  • Price Waterhouse fumes as Satyam files case January 10, 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...
  • Mahindra Satyam Q2 net soars; Euro crisis a worry November 10, 2011

    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 10fold jump in its quarterly profit. Europe is the largest market after the United States for India's $ 76 billion information technology industry that gets...
  • Saab India Technology Centre opens in Hyderabad October 22, 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...
  • Mahindra Satyam gets Rs 2,114 cr tax demand August 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 200203 and...
  • MahSatyam settles SEC charges for $10 million April 5, 2011

    Washington: US market regulator SEC on Tuesday said that India's fraudhit 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 Indiabased affiliates of Price Water House Coopers (PWC), auditors to...
  • Rs 616.53 cr IT notice to Mahindra Satyam March 22, 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...
  • Mahindra Satyam to settle US suit, pay $ 125 mn February 17, 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...
  • Govt hopeful US won't penalise Satyam for previous frauds July 13, 2010

    Kolkata: Corporate Affairs Minister Salman Khurshid said in Kolkata on Tuesday the government is hopeful that the capital market regulator in the United States would not impose any penalty on Satyam Computer Services Ltd. The market regulator in India, Securities Exchange Board of India (SEBI) had earlier requested the Securities Exchange...
  • Mahindra Satyam settles US law suit with $70 mn December 9, 2009

    Hyderabad: Mahindra Satyam on Wednesday said it had settled a US lawsuit filed by Updaid, a client of erstwhile Satyam Computer Services, for $70 million. "The board approved a settlement agreement between the company and Upaid Systems," Mahindra Satyam said in a statement. "The company will make first payment in the amount...
  • Mahindra Satyam shares tumble on new charges November 25, 2009

    Mumbai: Shares in Mahindra Satyam fell 11 per cent to a fivemonth low on Wednesday after Federal Investigation Agency filed new charges over an accounting fraud that hit the company earlier this year. The Central Bureau of Investigation said it had filed on Tuesday a supplementary charge sheet containing new allegations...
  • Mahindra Satyam in talks with WB to revoke ban September 15, 2009

    New Delhi: Mahindra Satyam on Tuesday said it is seeking an end to the eightyear old ban imposed by the World Bank on Satyam Computer which has since then assumed its new identity Mahindra Satyam. The ban was imposed on Satyam Computer for allegedly providing improper benefits to...
  • Satyam exboss Raju stable, still in ICU September 8, 2009

    Hyderabad: Disgraced founder of Satyam Computer Services Ltd B Ramalinga Raju remained in the intensive care unit of a governmentrun hospital on Tuesday after he suffered a cardiac arrest in a jail in Hyderabad. His condition is said to be stable. Raju, who was in Chanchalguda Jail along with seven other...
  • Inspect Satyam moneysiphoning angle: Govt to SFIO August 17, 2009

    New Delhi: The Government has asked Serious Fraud Investigation Office (SFIO), the investigative arm of the Corporate Affairs Ministry, to enquire into siphoning of funds by the scamridden Satyam Computer Services. SFIO, which submitted a detailed report on the Rs 10,000crore Satyam fraud to the Government in April, will soon begin...
  • CP Gurnani is new CEO of Mahindra Satyam June 23, 2009

    Mumbai: Asserting its control over Mahindra Satyam, Tech Mahindra on Tuesday appointed its executive C P Gurnani CEO of the company it acquired through open auction. The company also appointed S Durgashankar CFO of the Mahindra Satyam whose account books were cooked by the previous management in what is now...
  • Satyam Computers is now Mahindra Satyam June 21, 2009

    Hyderabad: Two months after taking over scamtainted Satyam Computer Services, Tech Mahindra on Sunday renamed the IT major as Mahindra Satyam. The logo will be adopted from the Mahindra Group. "This strategic move paves the way for the emergence of a robust brand, which draws from the core values of the...