Mumbai: Shares in Tech Mahindra Ltd fall 1.9 per cent, while Satyam Computer Services Ltd drops 1.6 per cent, a day after the companies said a long-planned merger between the two had been delayed by an additional six months up to September 30. The companies did not give a reason for the delay in their exchange filing.
Brokerage Sharekhan says in an email to clients that the delay is "sentimentally negative" for the stocks, attributing the reason to opposition to the merger from the Andhra Pradesh High Court.
"While business has been as usual for both the entities and Tech Mahindra has already started seeing a lot of synergistic benefits from Satyam, the Street has been pricing in the merger," says Sharekhan.
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01:20 PM, Mar 26, 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
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
Bangalore: Tech Mahindra Ltd and Satyam Computer Services Ltd, which are in the process of a merger, aim to hire up to 10,000 staff for the combined entity in 2012/13 to meet an expected rise in demand for technology services. The companies also plan to complement their parent Mahindra & Mahindra group's move to become a major defence manufacturer, Tech Mahindra CEO Vineet Nayyar said on Tuesday. Tech Mahindra bought...
02:38 AM, Apr 11, 2012
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
Ramalinga Raju suffered a cardiac arrest in a Hyderabad jail on Monday. ...
11:16 AM, Sep 08, 2009
The IT dept is gathering information for finalising the pending assessment. ...
03:22 PM, Aug 07, 2009
Tech Mahindra bought the scam-hit IT company in an open auction in April. ...
09:20 PM, Jun 21, 2009
The employees have reportedly been given have salary hike of 10 per cent.. ...
10:37 AM, Apr 01, 2009
An Indian newspaper had reported that IBM was to bid for buying Satyam. ...
10:34 AM, Mar 27, 2009
PwC resigned as the statutory auditor for Satyam after te scam broke out. ...
09:45 PM, Mar 05, 2009
The Board is moving cautiously as the company's fate hangs by a thread. ...
08:12 AM, Jan 27, 2009
Confession has been allegedly acquired by CID from trusted Raju aide. ...
11:55 AM, Jan 25, 2009
The market watchdog's request was not maintainable under the law. ...
09:15 PM, Jan 23, 2009
Infosys ranks No 2 in India's $52 bn IT and back-office outsourcing sector. ...
09:37 AM, Jan 13, 2009
