MAYTAS

  • SC issues notice to Govt on Matyas dispute May 9, 2011

    New Delhi: The Supreme Court on Monday sought the Centre's stand on pleas by two investment firms SRS Orion and Nimesh Kampani's JM Financial against the handover of the management of scamhit Maytas Properties to Infrastructure Leasing and Financial Services Ltd (IL&FS). A threejudge bench headed by Chief Justice S H...
  • Saudi Binladen Group picks up 20pc in Maytas June 19, 2010

    Hyderabad: The citybased Maytas Infra, initially promoted by the kin of disgraced Ramalinga Raju of Satyam, said Saturday Mauritiusbased SBG Projects Investments, a part of Saudi Arabiabased Saudi Binladin Group (SBG) will buy 20 per cent stake in the company. The Saudi Binladin Group was founded way back in 1931 by...
  • Watch: ExSatyam 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...
  • IL&FS to be new promoters of Maytas Infra August 31, 2009

    New Delhi: Infrastructure Leasing and Financial Services (IL&FS) will be the new promoter of Maytas Infra, the company founded by the family of scamtainted B Ramalinga Raju, Corporate Affairs Minister Salman Khurshid said on Monday. "IL&FS will be the new promoter of Maytas Infra following an order of the CLB...
  • Satyam, Raju owe govt Rs 541 cr in IT dues August 7, 2009

    New Delhi: The government on Friday said IT firm Satyam Computer Services, its founder B Ramalinga Raju and his familypromoted firm Maytas Group along with its other group companies owe Rs 541 crore in incometax dues. In a written reply to the Lok Sabha, Minister of State for Finance S...
  • Andhra cancels Metro contract awarded to Maytas July 7, 2009

    Hyderabad: The Andhra Pradesh government on Tuesday said it has cancelled the Hyderabad Metro rail project contract awarded to Maytas Infra, run by the family of former Satyam chairman of B Ramalinga Raju. Urban Development Minister Anam Ramnarayana Reddy said the state government decided to cancel the project as the company...
  • Factbox: Five facts about Indian outsourcer Satyam April 8, 2009

    Bangalore: Fraudhit Satyam Computer Services Ltd could announce the buyer of a majority stake in it as soon as April 13, the deadline for submitting bids. The Indian outsourcing firm, reeling since its founder and chairman quit in January after unveiling an accounting fraud, is trying to find a buyer...
  • Satyam Computer changes bidding process April 2, 2009

    Mumbai: Fraudhit Satyam Computer Services said on Thursday it has modified the bidding process for a controlling stake to rank qualified bidders whose technical bids are satisfactory on price only. If there was no bid which was at least 90 per cent of the highest bid, then the top...
  • Nod for 4 govt directors on Maytas Infra board March 5, 2009

    New Delhi: The Company Law Board on Thursday allowed the government to name four directors, including the chairperson, to the board of Maytas Infra but set aside a petition seeking to supersede the company's entire top brass. The permission immediately resulted in the government appointing senior advocate and tax expert O.P....
  • Ernst & Young auditors starts Maytas evaluation February 25, 2009

    New Delhi: Global auditing major Ernst & Young (E&Y) on Wednesday said it had started work on evaluating Maytas Properties even before signing a formal engagement letter and the process was "much longer" than just one day. Besides, E&Y said, it followed the standard industry practice for property companies to be...
  • CBI files case against Raju, sets team to probe fraud February 20, 2009

    New Delhi: The Central Bureau of Investigation (CBI) on Friday registered a case against disgraced Satyam founder B Ramalinga Raju and other company officials in connection with the Rs 70billion fraud and constituted a team consisting of top CBI officials and chartered accountants to go into the scam. Two days after...
  • Govt to take over all firms owned by Raju February 18, 2009

    New Delhi: It's name is the mirror image of Satyam and now it emerges that Maytas may have mirrored the fraud of its parent as well. The Government is now suspecting that money was siphoned from Satyam into Maytas. The Government has now moved the Company Law Board, seeking to take...
  • Govt to take over Raju family firm Maytas February 17, 2009

    New Delhi: The Union Government will take over Maytas Infra and Maytas Properties, companies owned by the family of B Ramalinga Raju, the disgraced founder of Satyam Computers Ltd. Company Affairs Minister P C Gupta announced on Tuesday the Government suspects Satyamlike scam in the infrastructure companies and would appoint new...
  • Satyamlinked Maytas says account books being probed January 22, 2009

    Mumbai: Indian construction firm Maytas Infra Ltd said on Thursday its account books were being probed by the country's Serious Fraud Investigation Office. The company, promoted by the founders of fraudhit Satyam Computer Services, said the investigation would delay its quarterly results that were due by January 31. The Serious Fraud...
  • Maytas chief executive resigns from board January 19, 2009

    Hyderabad: Chief Executive of Maytas Infra, P K Madhav, promoted by disgraced founder and former chairman of Satyam Computer Services B Ramalinga Raju, resigned as wholetime director of the board, the company said on Monday. In a notification to the Bombay Stock Exchange (BSE), the listed firm said Madhav had resigned...
  • Satyam board meet that led to Raju's downfall January 17, 2009

    Hyderabad: A Hyderabad court has sent Satyam Computer Services Ltd founder Ramalinga Raju, his brother, Satyam's former managing director Rama Raju and exchief financial officer Vadlamani Srinivas to four days in police custody from Sunday till January 22. Andhra Pradesh Police will now interrogate the trio on the basis of the...
  • Raju, family's land purchases under suspicion January 14, 2009

    New Delhi: Former Satyam chairperson B Ramalinga Raju was an IT czar and a land baron too. He and his family has bought close to 6500 acres through Maytas Properties, making them one of India's top 10 landlords. But for their real estate empire the Raju's needed money and Satyam...
  • Properties of Raju brothers, exSatyam CFO searched January 11, 2009

    Hyderabad: With former Satyam Chairman B Ramalinga Raju, brother Rama Raju, and CFO Vadlamani Srinivas in judicial custody, the Andhra Pradesh police on Sunday searched the premises of all the three persons. They will remain in judicial custody till January 23, according to their lawyer Bharat Kumar. Srinivas's bail application...
  • Satyam stock tumbles as chairman Raju resigns January 7, 2009

    Hyderabad: Shares of Satyam Computer crashed on Wednesday by over 72 per cent to Rs50 from a opening of Rs179.10 on the bourses around 13:00 hrs IST, following the resignation of its founderchairman B Ramalinga Raju after he admitted to a Rs 40 billion (Rs 4,000 crore) fraud the...
  • Satyam boss Raju admits accounting fraud, quits January 7, 2009

    Bangalore: Satyam Computer Services founderchairman B Ramalinga Raju has resigned from the IT major's board after admitting a multicrore fraud in the companys accounts. In a notification to the stock exchanges, the Hyderabadbased IT firm said Raju and Managing Director Rama Raju had resigned early Wednesday and that the Securities and...
  • Exclusive: SEBI looking into Satyam's ISB links January 7, 2009

    New Delhi: Market regulator SEBI is examining another possible violation of corporate governance norms by IT giant Satyam, sources tell Network 18. Satyam Chairman B Ramalinga Raju is on the executive board of the Indian School of Business and has been making donations and contributions over time to the premier business...
  • Scandalhit Satyam postpones board meeting December 27, 2008

    Hyderabad: Satyam Computer Services has postponed its board meeting scheduled for Monday to the next month as there was lack of quorum. While theres no formal word on when the next meeting would take place, reports suggest January 19, 2009 is the likely date. The meeting...
  • 8yeartrouble for Satyam for corporate espionage December 23, 2008

    New Delhi: Satyam Computers' cup of woes seems to be overflowing, with the World Bank debarring it for eight years for alleged data theft and bribing bank officials. Fox News, a USbased broadcaster, said the World Bank has admitted to it that it had banned Satyam from all business at the...
  • 8yeartrouble for Satyam for corporate espionage December 23, 2008

    New Delhi: Satyam Computers' cup of woes seems to be overflowing, with the World Bank debarring it for eight years for alleged data theft and bribing bank officials. Fox News, a USbased broadcaster, said the World Bank has admitted to it that it had banned Satyam from all business at the...
  • Serial offender: World Bank's Satyam ban was long coming December 23, 2008

    World Bank has banned Satyam for eight years for a series of scandals over a "long period of time". ...
  • WB bars Satyam | Satyam tumbles | Eightyr trouble December 23, 2008

    Mumbai: Satyam Computer Services has been barred from business with the World Bank, a spokesman for the World Bank said on Tuesday, confirming a report by Fox News. Fox News said in a report on its website the World Bank had banned Satyam from all World Bankrelated business for a period...
  • Software slowdown the real trigger for Maytas bid? December 21, 2008

    Does anyone believe that Satyam Computer Services, India's fourth largest software outsourcing company, was only trying to derisk its core business by making unrelated acquisitions? If not, just what was the trigger for Satyam to make this week's controversial move and what was the hurry? Two days after the...
  • Govt regulator to probe into Satyam's aborted bid December 19, 2008

    Mumbai: The Government has ordered a probe into IT giant Satyam's reversal of a major acquisition deal. According to reports, the Government will examine if the company had any malafide intention to influence the stock market. On Thursday, Satyam decided to reverse the acquisition of two grouppromoted companies just hours after...
  • Satyam's corporate governance under scanner December 18, 2008

    Mumbai: The $1.6 billion Maytas acquisition deal pushed through by Satyam has raised questions on the company's corporate governance norms. Even though the deal was cancelled after shareholders protested, but the IT giant's image has been tarnished. In September 2008, Satyam Computer Services had bagged the Golden Peacock Global Award for excellence...
  • Satyam's Raju under fire over failed Maytas bid December 17, 2008

    New Delhi: Corporate governance at Satyam Computers, India's fourth largest IT giant, is being questioned after promoter R Ramalinga Raju tried to buy his sons companies using Satyam money. Investors gave thumbs down and got the $1.6 billion deal to acquire Maytas Properties and Maytas Infrastructure scrapped. The company lost more than...