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. ...
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
Mumbai: The SEBI has imposed a Rs 5 lakh fine on the erstwhile Satyam Computer's compliance officer G Jayaraman for failing in his duty to avoid insider trading in the company's shares in December 2008 - days before a major corporate scam broke out at the IT firm. Jayaraman's role came to the light during market regulator SEBI's investigations into the Satyam scam, which came to light during the financial...
07:43 PM, Aug 01, 2012
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
New Delhi: The Supreme Court on Wednesday gave a conditional bail of six months to former Satyam employees G Ramakrishna, D Venkatpathi Raju, Srisailam, Ramalinga Raju's brother B Suryanarayana Raju, Satyam's former MD B Rama Raju and former PricewaterhouseCoopers (PwC) auditor Subramani Gopalakrishnan in the Rs 617 crore income tax fraud case. All the accused have been given bail on the a surety bond of Rs 2 lakh each and...
12:57 PM, Oct 12, 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
New Delhi The Supreme Court on Wednesday ordered the Central Board of Direct Taxes (CBDT) to maintain status quo on its demand for Rs 617 crore income tax from Satyam Computer, while asking for a list of the actual liabilities of the scam-hit information technology (IT) firm. A three-judge bench headed by Chief Justice S H Kapadia directed the CBDT to submit a chart by Friday showing the actual income...
03:13 PM, Apr 06, 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
New Delhi: The Supreme Court on Friday issued notices to Price Waterhouse (PW) partner Subramani Gopalakrishnan and Satyam Computers' former auditor VS Prabhakar Gupta over a CBI plea seeking cancellation of their bail granted by the Andhra Pradesh High Court. A bench of justices P Sathasivam and BS Chauhan issued notices to Gopalakrishnan and Gupta seeking their replies to the CBI plea. Appearing for the CBI, Additional Solicitor General HP...
01:56 PM, Apr 01, 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
Hyderabad: B Ramalinga Raju, the prime accused in the multi-crore Satyam accounting fraud, and five others surrendered before a trial court in Hyderabad on Wednesday. Ramalinga Raju, his brother B Rama Raju, former Satyam CFO V Srinivas and three other former employees of the IT firm -- G Ramakrishna, Venkatapathi Raju and Srisailam -- surrendered before the 21st additional chief metropolitan magistrate as the Supreme Court had last month cancelled...
12:46 PM, Nov 10, 2010
In a big blow to B Ramalingam Raju, former chairman of Satyam Computers, the Supreme Court on Tuesday rejected a petition seeking an extension of his bail. He will now have to surrender before a special CBI court in Hyderabad. ...
08:54 AM, Nov 10, 2010
New Delhi: The Supreme Court has refused to give more time to former Satyam Computers chairman B Ramalinga Raju to surrender in the multi-crore accountying fraud in the IT major. The apex court heard his petition seeking an extension of time on Tuesday but directed him to surrender on November 10. The apex court has already cancelled Raju's bail. He has moved an application in this regard on account of...
01:54 PM, Nov 09, 2010
Hyderabad: Former Satyam Chairman Ramalinga Raju left CBI office after almost four hours of questioning for the second day on Wednesday. Raju was accompanied by his brother Rama Raju and former CFO Srinivas Vadlamani in the CBI office. The CBI questioned Raju in the 14 thousand crore accounting fraud for the second day on Wednesday. He was questioned for two hours on Tuesday at the CBI office in Hyderabad. The...
10:40 AM, Oct 06, 2010
Hyderabad: B Ramalinga Raju, former chairman of Satyam Computers and the prime accused in the Rs 14,000-crore accounting fraud, was today discharged from the Nizam Institute of Medical Sciences where he was undergoing treatment for hepatitis C for the past ten months. NIMS gastroenterologist Ajit Kumar said Raju requested the hospital authorities to discharge him yesterday. "He made a request yesterday. He still has to be administered 11 injections as...
04:11 PM, Oct 02, 2010
New Delhi: The Supreme Court on Friday sought a response from Satyam Computer's disgraced founder, B Ramalinga Raju, on the CBI's plea for cancellation of his bail in the multi-crore rupee accounting scam. A bench comprising Justices Dalbeer Bhandari and Deepak Sharma has issued a notice to Raju on the CBI appeal challenging the bail granted by the Andhra Pradesh High Court. A flurry of fraudulent activities at Satyam Computer...
12:19 PM, Oct 01, 2010
Hyderabad: The founder of Satyam Computers B Ramalinga Raju made his fourth appearance in a Hyderabad court on Tuesday in connection with the multi-crore accounting scam in the IT giant. Raju made his appearance in a medicated face mask. He had been avoiding appearing in person to testify in the case so far, claiming he was too ill. He has been given bail on medical grounds. ...
01:47 PM, Aug 31, 2010
Hyderabad: Former Satyam chairman B Ramalinga Raju was granted bail in the multi-crore scam by Andhra Pradesh High Court on Wednesday. The High Court granted bail to Raju on health grounds saying he should not be discharged from the hospital. Raju has been hospitalised at Nizam's Institute of Medical Sciences in Hyderabad for treatment of Hepatitis C and other ailments since September 2009. "Raju has been given bail on the...
02:27 PM, Aug 18, 2010
He claims that CBI is trying to falsely implicate him in the multi-crore accounting fraud at Satyam. ...
10:24 AM, Jul 28, 2010
