Contracts worth $8.17 million have been grabbed by Mahindra Satyam from the Middle East & North Africa. These contracts, bagged by Satyam, are in the banking, financial services and insurance sectors.
 
"Our new corporate identity has helped us to secure these sizeable deals in ...

The multi-million deal between General Electric and Mahindra Satyam has been provided a three year extension.
 
GE, which one of the top 5 customers of Mahindra Satyam, has rendered its support in exclusive areas of application development maintenance, business intelligence and engineering ...

The board of Mahindra Satyam, which had been appointed by government, has won the ‘Dataquest Person of the Year’ award, keeping in view of the steps adopted by it to rise above the biggest corporate fraud India had ever seen.
 
The Mahindra Satyam board chairman, Kiran Karnik, ...

Mahindra Satyam has withdrawn from the software development project worth $75 million, which had been promised by Ramalinga Raju to be developed in Australia's Geelong city.
 
The company's president of corporate affairs, Sujit Baksi, has informed the Victorian government of the same by ...

Government has permitted the financially-troubled Maytas Properties to surrender its biotech special economic zone, Maytas Ventures.
 
The Maytas will also have to refund the Rs 31 lakh that was the service tax exemption provided to the company by the commerce ministry’s Board of ...

According to sources, Larsen & Toubro Ltd has asked permission from market regulators for selling off its stake in Mahindra Satyam Ltd.
 
L&T, operating in industries as diverse as engineering, shipbuilding and software, has requested the permission as an "enabling ...

CBI is investigating the multi-million rupees Satyam fraud has been investigating the role of "hawala" or money-laundering operators and their transactions related to this case.
 
B. Ramalinga Raju, Satyam founder and former chairman who has been named in the charge sheet, had ...

Satyam Computer Services, now known as Mahindra Satyam, on Friday said that it has allotted 198.6 million shares to Venturebay Consultants, a Tech Mahindra arm. After this allotment, Tech Mahindra is holding 43% in the company.
The transfer of shares was done after Venturebay paid Mahindra Satyam ...

The high-powered committee set up by the Institute of Chartered Accountants of India (ICAI) to probe the multi-crore Satyam Computer fraud would submit its report July 9.
 

"We will submit the report to the ministry of corporate affairs on July 9 after we finalise it at the final ...

Two months after taking over scam-tainted Satyam Computer Services, Tech Mahindra 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 ...

Satyam Computer is launching a Virtual Pool Programme (VPP) for over 7000 employees. This is a one-time programme, effective from June 2009. This is an innovative way to retain talent as well as address cost-cutting issues.

However, the excess 10,000 employees, who feared retrenchment, can ...

5000 employees of Satyam Computers may be in danger of losing their jobs. The company has excess staff of around 10,000. Half of them could make the exit. This is indeed bad news for the employees of the company, who are already going through thoughts of uncertainties for the past several ...

Satyam Computer has appointed four more new directors on its board following a notification from Company Law Board (CLB). Earlier in January, the CLB had appointed Kiran Karnik, Deepak Parekh, C. Achuthan, Tarun Das, S. Balakrisha Mainak and T.N. Manoharan on Satyam's board. After the appointments, ...

After winning the bid for Satyam Computer Services, in a global auction, Tech Mahindra has now been allotted 30.28 crore equity shares of the former. Satyam allotted the shares, representing 31 percent of the share capital, to Venturbay Consultants. The latter is a subsidiary of Tech Mahindra, ...

The buyer of Satyam Computer Services, Tech Mahindra on Wednesday (April 22) announced an open offer to acquire an additional 20 percent stake in the scam-hit IT company. The market regulator SEBI's relaxation of takeover code has allowed to go for an open offer of acquisition. SEBI on Wednesday ...

The buyer of Satyam Computer, Tech Mahindra Ltd announced to run the beleaguered outsourcing company as a standalone unit. According to a statement from Tech Mahindra, at the moment priority will be given to resurrect the lost business and win back the glory. The buyers of Satyam are now ...

The Company Law Board (CLB) on Thursday (16th April) approved Tech Mahindra's proposed acquisition of a 31 per cent stake in Satyam Computer. The CLB also asked Tech Mahindra to deposit Rs 1,756 crore for the deal by April 21 in a designated account. In its order, the Board also asked the buyer to ...

Satyam, which has found a new owner in Tech Mahindra, is set to be re-christened. The computer services firm will also have a new CEO. Sources within Tech Mahindra told the media that the name Satyam has become synonymous with the scandal. Hence, the new owner is left with no choice but to go in ...

The three month-old process to find a new owner for Satyam Computer Services culminated on Monday (13th April) as Tech Mahindra won the bid to acquire a majority stake in the scandal-hit company. The government-appointed board started a meeting at 9:00am in Mumbai to unveil the buyer for a 51% ...

The search of a buyer for the fraud-hit Satyam Computer is nearing an end. The government-appointed Board meeting in Mumbai on Monday (13th April) will select the winner through a bidding process. Satyam Board Chairman Kiran Karnik said in Mumbai that, interested parties can submit bids till 9 am ...

Indian companies such as Spice Group and Tech Mahindra said on Friday (20th March) that, they were in the race for securing majority of stakes in fraud-hit Satyam Computer Services. But US based IT company iGate Corp said that, it would not proceed in the process as the deadline has passed. On the ...

Australian telecom giant Telstra has reportedly dropped outsourcing partner Satyam Computer Services from an applications support contract. The contract amount is expected to be 32 million Aus dollar annually. According to a Melbourne based media report published today (17th March), the fraud-hit ...

Catalyzing the process of finding a suitable strategic partner, Satyam Computer Services Ltd, on Friday (13th March) said that, it has received adequate response from both Indian and international bidders including private equity firms. The process of registration of bidders was ended on Thursday ...

Global IT firms Hewlett-Packard (HP) and Computer Sciences Corporation (CSC) are evaluating the possibility of acquiring a majority stake in the fraud-hit Satyam Computer Services. Besides, domestic companies like L&T and Spice Group have reconfirmed their interest in the beleaguered software ...

New York based International Business Machines Corp (IBM) is unlikely to bid for fraud-hit Satyam Computer Services Ltd, fearing the legal and financial risks involved in its buying, people familiar with the matter told the media. Sources said that, IBM's opportunity to expand in India is ...

The Securities and Exchange Board of India (SEBI) has allowed the scam-tainted Satyam Computer Services to auction its 51 percent stake. After getting SEBI's permission Satyam will be able to sell the majority of its stake to an investor which will bring back the fraud-hit firm on track. The ...

The government on Thursday (March 5) got the approval of Company Law Board (CLB) to appoint four new directors to the board of Maytas Infra, the firm promoted by scam-tainted Satyam's founder B Ramalinga Raju. However, the CLB has declined the petition to supersede Maytas Infra's top brass. ...

The associate firm of beleaguered Satyam Computer, Maytas Infra has registered a criminal case against Vedanta Aluminium Ltd (VAL) and eight of its employees. Maytas filed the case against Vedanta on charges of fraudulently encashing the bank guarantees without ending the contract between them. ...

The Central Bureau of Investigation (CBI) on Friday (February 20) filed an FIR against disgraced Satyam founder B Ramalinga Raju and other company officials. The CBI also formed a 15-member multi-disciplinary investigation team (MDIT) consisting of police officials and chartered accountants to dig ...

The Company Law Board (CLB) on Thursday (February 19) allowed the beleaguered Satyam Computer to conduct a public auction for inducting strategic investors and to raise its equity base. The CLB's approval has opened the gate for Satyam to get a new owner. Earlier, the Satyam board had made a plea ...