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 ...

The government on Wednesday (February 18) indicated the take-over of Maytas companies as it approached the Company Law Board (CLB) to dilute the current boards of Maytas Infra and Maytas Property. According to media reports, CLB will decide on this matter on February 24 after which the government ...

Finally, the 70-billion Satyam accounting fraud case has been handed over to the Central Bureau of Investigation (CBI). Talking to media, corporate affairs minister PC Gupta informed that the nodal investigation agency will probe into all aspects of the fiscal fraud of Satyam Computer. The central ...

The fraud-hit IT major Satyam Computers will be bailed out by two banks - IDBI and Bank of Baroda - with term loans of Rs 600 crore. The amount will be used to fulfill the immediate fund requirements of the beleaguered company.
 
Private sector IDBI Bank and public sector Bank of Baroda ...

The chief minister of Andhra Pradesh, Y.S. Rajasekhara Reddy urged Prime Minister Manmohan Singh for a Central Bureau of Investigation (CBI) inquiry into Satyam scam. According to reports, the Andhra CM has written a letter to the Prime Minister regarding this matter. The recent decision of the CM ...

The government on Friday (February 6) appointed former president of Nasscom Kiran Karnik as the chairman of the fraud-hit Satyam Computer. The appointment of Karnik was announced by Corporate Affairs Minister P.C. Gupta. Prior to his new designation, Kiran Karnik was one of the members of the ...

The government -appointed Satyam Computer board named insider AS Murty as the new CEO of the IT company. The 50-year-old official joined Satyam Computer in 1994 and worked across several businesses and functions. Commenting on the appointment of Murty, Deepak Parekh, HDFC chairman and Satyam board ...

The Supreme Court of India on Tuesday (February 3) gave its nod to market regulator SEBI's plea to interrogate former Satyam chairman B Ramalinga Raju and his brother, Rama Raju in connection with the accounting fraud. The Securities and Exchange Board of India (SEBI) had earlier filed a petition ...

The fraud hit Satyam Computer Services will receive an award for internal training programme from an American entity. The software exporter will be presented with an Excellence in Practice Award for its Talent Preparation Service.
 
The award will be conferred on Satyam for its "Talent ...

The million-dollar Satyam scam seems to haunt its associate firms further as the director of Maytas Infra Limited C.S. Bansal relinquished his post on Friday (January 30). Maytas Infra and Maytas Properties are promoted by disgraced founder and former chairman of Satyam Computer Services B. ...

A city court in Hyderabad on Thursday (January 29) sent Gopalakrishna Raju to police custody for two days after rejecting his bail plea in Satyam fraud case. Gopalakrishna Raju who was arrested last week is associated with the family of disgraced founder and former chairman of Satyam Computer ...

The Spice Group led by B K Modi made a formal announcement on Thursday (January 29) of its intention to acquire scam-tainted Satyam Computer. According to B K Modi, chairman of Spice Group, in order to acquire the stakes of Satyam, the group has submitted a letter of Expression of Interest to ...

The Satyam financial scam has brought another set back and this time it is Maytas Infra which will suffer the brunt. Maytas Infra which is associated with the fraud-hit Satyam Computer is likely to be terminated from two airport projects in Karnataka. The government of Karnataka announced on ...

The district court in Hyderabad rejected the bail plea of Satyam Computer’s disgraced founder B. Ramalinga Raju and others. The court on Wednesday (January 28) notified that Ramalinga Raju, his brother B. Rama Raju and former chief financial officer Vadlamani Srinivas will remain in jail. ...

Fraud-hit Satyam Computer Services’ new board on Tuesday (27th January) named a management adviser and investment bankers. They will help Satyam to revive its fortunes. Satyam also said that it would pay January salaries of its employee on time.
 
The board of the IT major said that it ...

The government-appointed new board of Satyam has proposed three names for the post of CEO of the company which will be finalised next week. Apart from it, Satyam will also get a new chief financial officer by the next week. During the two-day meeting of Satyam board which ended yesterday (January ...

The local court of Hyderabad on Friday (January 23) extended the judicial custody of Satyam Computer Services’ former chairman B. Ramalinga Raju and other arrested officials till January 31. Ramalinga Raju and his brother and former managing director B. Rama Raju were arrested by Andhra ...

The government-appointed new board of scam-tainted Satyam Computer called for emergency funding to rescue the IT company. Satyam board member Deepak Parekh said that the board will consider a bank to help it to save the company. Deepak Parekh and other were inducted in the board of Satyam by the ...

The Satyam financial scam has forced another official to relinquish his job and this time the resignation came from the CEO of Maytas Infra which is promoted by disgraced founder and former chairman of Satyam B. Ramalinga Raju. While submitting a notification to the Bombay Stock Exchange (BSE), ...

Vedanta Alumina withdrew the contract that was awarded to Maytas Infra to develop an integrated township in Orissa. The decision of Vedanta to terminate the contract came in the wake of the million-dollar scam in Satyam Computer Services. Maytas Infra is promoted by son of Satyam’s disgraced ...

The district court in Hyderabad deferred the bail plea of B Ramalinga Raju, the disgraced co-founder of Satyam Computer Services, till January 22. Apart from it, the court also postponed the hearings on SEBI's petition of recording the statements of the accused to the same date. The Andhra police ...

State-owned MMTC has decided not to invest in special purpose vehicle (SPV) formed by Maytas group for a special economic zone in Tamil Nadu. The Maytas group is controlled by the family of Satyam’s co-founder B. Ramalinga Raju who is in jail on charges of cheating. The recent decision of ...

Three more members have been inducted in the government-formed Satyam Computer Services board. The newly appointed board members include Tarun Das, chief mentor of the Confederation of Indian Industry (CII), T.N. Manoharan, a noted chartered accountant, and Suryakant Balakrishnan, a nominee of the ...

The government of India dismissed any possible bailout package for the troubled Satyam Computer. However, it assured to take every possible step to save the jobs of company's employees. All these were revealed by Minister of State for Industry Ashwani Kumar on the sidelines of a Petrotech-2009 ...

The government-appointed board of Satyam Computer Services Ltd named new auditors for the scam-tainted IT company on Wednesday (January 14).  According to Deepak Parekh who is one of the members of newly formed Satyam board, KPMG and Deloitte are appointed as the auditors for the company. The ...

The Central Government is looking for a salary bailout for the 53,000 Satyam Computer Services employees. A Rs 2,000 crore package is under consideration to ensure that Satyam employees get their salary on time after the new board said that they are looking for funds.
 
The sources said that ...

TR Prasad who was one of the independent directors of the disbanded board of Satyam resigned from the board of GMR Infrastructure on Tuesday (January 13). As per the statement of the GMR group, Prasad left the broad due to some personal reasons. The media could not get Prasad's version as he has ...

The government of India ordered the Serious Fraud Investigation Office to investigate into the affairs of the scam-tainted IT company, Satyam Computer. The Fraud Investigation Office has been asked to submit its report within three months. The recent decision of the government came after the ...

After B Ramalinga Raju and Rama Raju, the Andhra Pradesh police have arrested Vadlamani Srinivas, the former chief financial officer (CFO) of Satyam Computer on the wake of million-dollar scam. The drama began when B Ramalinga Raju resigned from the post of company's chairmanship on January 7 ...

The scam-tainted IT company Satyam Computer has got a three-member board which will help the company to regain its health. The central government inducted Deepak Parekh of HDFC, former Nasscom cheif Kiran Karnik and a former Securities Appellate Tribunal presiding officer and legal adviser to ...