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Mahindra Satyam GALLERY.
emEditor's Note: Last week, a href=http://www.firstpost.com/business/inside-story-of-satyam-the-frenzied-sunday-that-changed-it-all-484019.htmlwe carried excerpts from the forthcoming new book/a/em'The Resurgence of Satyam - The Global IT giant, (Random House India, Random House Publishers India Private Limited)em by Zafar Anjum/emem. That excerpt told the story of the frenzied Sunday when it all began. On 7 January 2009, a title=Satyam href=http://www.firstpost.com/topic/organization/satyam-computer-services-limited-profile-28404.html target=_selfSatyam/a's founder and chairman admitted to cooking the books of his own company to the tune of $1 billion. The news stuns the corporate sector. After all, at that time,/emem/emema title=Satyam href=http://www.firstpost.com/topic/organization/satyam-computer-services-limited-profile-28404.html target=_selfSatyam/a/emem/ememcounted 185 of the Fortune 500 companies as its clients. In April 2009, after a bidding and evaluation process, Venturbay Consultants Private Limited, a 100 percent subsidiary of Tech Mahindra, becomes the new owner of Satyam. In June that year, Satyam is rebranded as Mahindra Satyam. The rest is history./em [caption id=attachment_495004 align=alignleft width=380 emEditor's Note: Last week, a href=
emEditor's Note: The story begins on 7 January 2009, with Satyam's founder and chairman admitting to cooking the books of his own company to the tune of $1 billion. The news stuns the corporate sector. After all, at that time, Satyam counted 185 of the Fortune 500 companies as its clients. In April 2009, after a bidding and evaluation process, Venurbay Consultants Private Limited, a 100 percent subsidiary of Tech Mahindra, becomes the new owner of Satyam. In June that year, Satyam is rebranded as Mahindra Satyam. The rest is history. In this excerpt from the forthcoming new book/emem/em'The Resurgence of Satyam - The Global IT giant, (Random House India, Random House Publishers India Private Limited) emZafar Anjum recreates the eventful Sunday after the Rajus and their CFO were arrested, a day of breakneck activity which saw the government reach out to Kiran Karnik, Deepak Parekh and C Achutan and convince them to join the proposed new board. /em emJanuary 11-15, 2009/em emHyderabad/emem and New Delhi/em It was 11 am on Sunday, January 11. Former NASSCOM president Kiran Karnik was at home in Delhi. He was looking forward to a quiet weekend after days of being on the road. His phone buzzed. The caller was Anurag Goel, Secretary of Ministry of Corporate Affairs, Government of India. Without beating about the bush, Anurag requested him to be part of Satyam's new board. Karnik had been following the Satyam story ever since it broke on January 7. Being an industry veteran, he knew the implications of Satyam going down. It was a crisis for both India and India Inc. But he also saw it as an opportunity. What if India could fix Satyam? It would make India the only country in the world to have done that. The shame of India could be turned into the pride of India. It was a difficult proposition but not an impossible one. [caption id=attachment_484072 align=alignleft width=380 emEditor's Note: The story begins o
Indian IT firm Mahindra Satyam plans to treble its employees strength in China to 1,500 by 2015 as part of strategic focus on engineering, manufacturing and telecom sectors, using China as a base to serve global clients. Mahindra Satyam and Tech Mahindra together have Global Delivery Centres in Shanghai and Nanjing. Mahindra Satyam had set up operations in China in 2002, among the first of the Indian IT majors to do so. China will be a critical pillar of our regional and global strategy. The region will increase its revenue contribution from 24 percent currently in view of the size of Chinese economy and specific opportunities which we have identified, Rohit Gandhi, Senior Vice President -Asia- Pacific, India, Middle East and Africa -Mahindra Satyam who is attending World Economic Forum in Tianjin said. [caption id=attachment_451147 align=alignleft width=380 Indian IT firm Mahindra Satyam plan
strongHyderabad:/strong IT services provider Mahindra Satyam, erstwhile Satyam Computer, will challenge the order of Enforcement Directorate attaching its fixed deposits worth Rs 822 crore in connection with money laundering case related to the company's previous management. The ED had attached the funds as part of its investigation into the accounting scam allegedly purported by Satyam's founder B Ramalinga Raju. Scandal-hit Satyam was acquired by Tech Mahindra and renamed it as Mahindra Satyam in 2009. [caption id=attachment_508934 align=alignleft width=380 strongHyderabad:/strong IT services
strongMUMBAI/strong: IT firm Mahindra Satyam today said it has entered into an agreement to settle claims for alleged fraudulent misrepresentations and will pay $ 68 million (around Rs 369.24 crore) to Aberdeen Global and 22 other funds. Mahindra Satyam company has signed a confidential settlement agreement, settling claims brought in the Commercial Court in London by Aberdeen Global and 22 other funds (claimants) managed by Aberdeen Asset Management and/or its subsidiaries, Mahindra Satyam said in a BSE filing. The claims included certain allegations of fraudulent misrepresentations said to have been made by the former management of Satyam in London, it added. [caption id=attachment_555882 align=alignleft width=380 strongMUMBAI/strong: IT firm Mahind
strongHyderabad/strong: The Andhra Pradesh High Court today stayed a provisional order of Enforcement Directorate attaching Rs 822 crore fixed deposits belonging to Mahindra Satyam (Msat) in an alleged money laundering case involving former Satyam Chairman B Ramalinga Raju and others. Based on a petition filed by Msat, Justice PV Sanjay Kumar also stayed the notice issued by the adjudicating authority to Mahindra Satyam (earlier Satyam Computer Services Ltd), asking company officials to appear before it with regard to the case. The ED had on 18 October issued a provisional attachment order of the company's fixed deposits of Rs 822 crore in the case related to the previous management. The Adjudicating Authority under Prevention of Money Laundering Act (PMLA) has also issued notices to Satyam Computer Services Limited to appear before it in connection with the case. [caption id=attachment_553925 align=alignleft width=380 strongHyderabad/strong: The Andhra
Tech Mahindra today said it has extended the proposed merger of Mahindra Satyam with itself for six months. The company in a BSE filing said that its board of directors extended the validity of the (amalgamation) scheme by a further period of six months i.e. up to September 30, 2013. The board has extended scheme of amalgamation and arrangement of Venturbay Consultants Pvt Ltd and Satyam Computer Services Ltd and C&S Systems Technologies Pvt Ltd and Mahindra Logisoft Business Solutions Ltd and CanvasM Technologies Ltd with Tech Mahindra Ltd and their respective shareholders and creditors, it said. [caption id=attachment_675406 align=alignleft width=380 Tech Mahindra today said it has ext
Satisfied with its three-year transformation journey from the once scam-hit Satyam Computer, Mahindra Satyam has said the customers who had left it during uncertain times are returning back to its fold. Our clients who left us during the uncertain times have started returning to the Mahindra Satyam fold. Clients that had imposed an embargo on awarding fresh projects to us, have since revoked their decision, Chairman Vineet Nayyar said. Addressing the Mahindra Satyam shareholders in his annual letter, Nayyar further said: We are quite happy with our current situation as we can now focus on business without the distraction of lawsuits. [caption id=attachment_418831 align=alignleft width=380 Satisfied with its three-year trans
Teething troubles can't continue for three years. If they do, they are bigger maladies and no simple home remedies will help. The Mahindra Satyam (MSat) management and shareholders should have realised it by now. Three years into the acquisition, the dust raised by the fraud that shocked the Indian industry and investors are yet to settle. Reports in emBusiness Line s/emuggest there were heated exchanges between the management and investors at the MSat annual general meeting over three issues: the a href=http://www.thehindubusinessline.com/industry-and-economy/info-tech/article3871123.ece?homepage=true&ref=wl_homeRs 1,230 crore suspense account/a; a href=http://www.thehindubusinessline.com/industry-and-economy/info-tech/article3871124.ece?homepage=true&ref=wl_homeMSat valuation and swap ratio for its merger with Tech Mahindra/a (TechM); a href=http://www.thehindubusinessline.com/industry-and-economy/info-tech/article3871126.ece?homepage=true&ref=wl_homeand dividend payout for Satyam investors/a. [caption id=attachment_448850 align=alignleft width=380 Teething troubles can't continue fo
strongNew Delhi:/strong Mahindra Satyam, which in its pre-scam erstwhile form as Satyam Computer figured as one of the top blue-chip shares of the country, will once again become a Group-A stock on the BSE from the next week. The country's leading bourse BSE broadly categorises the stocks in three groups -- Group A for top ranked shares, Group Z for penny stocks, Group T for those under serveillance or facing restricted trading and Group B for all others. Currently, Mahindra Satyam is placed in the Group B, but would be moved back to Group A from October 8, the BSE said in a circular on Wednesday. [caption id=attachment_478959 align=alignleft width=380 strongNew Delhi:/strong Mahindra Sa
strongNew Delhi:/strong IT firm Mahindra Satyam today reported 16.65 percent jump in its net profit at Rs 277.93 crore for the quarter ended 30 September, 2012. This is against a net profit of Rs 238.24 crore in the same quarter last year, Mahindra Satyam said in a statement. The company's consolidated revenues rose 22.85 percent at Rs 1,938.36 crore, from Rs 1,577.71 crore in the July- September 2011 quarter. [caption id=attachment_508694 align=alignleft width=380 strongNew Delhi:/strong IT firm Mah
strongMumbai:/strong IT services firm Mahindra Satyam today said it has bagged a multi-year managed services contract with Bridgestone Europe. The company will work on SAP-based mission critical applications for Bridgestone Europe, Mahindra Satyam said in a statement. No financial details were disclosed. [caption id=attachment_848867 align=alignright width=380 strongMumbai:/strong IT services fi
strongHyderabad:/strong The Adjudicating authority under the Prevention of Money Laundering Act (PMLA) has issued notices to Satyam Computer Services Ltd (Mahindra Satyam) to appear before it in connection with an alleged money-laundering case involving its previous management. The Enforcement Directorate (ED) on October 18 issued provisional attachment order of the company's fixed deposits (FDs) worth Rs 822 crore in a money laundering case related to the previous management. [caption id=attachment_530253 align=alignleft width=380 strongHyderabad:/strong The Adjudic
IT services firm Mahindra Satyam today said it has earmarked Rs 800 crore for creating additional capacity of 15,000 seats at its campuses over the next two years. The company is also setting up a 1,000-seat IT Development Centre as part of the plan, with an initial investment of around Rs 80 crore in MIHAN SEZ, Nagpur. With a view to meeting the business growth, Mahindra Satyam is creating additional Development Centres in Hyderabad, Chennai, Visakhapatnam and Bangalore. [caption id=attachment_472700 align=alignleft width=380 IT services firm Mahindra Satyam to
Satyam Computer Services , which is in the process of a merger with parent Tech Mahindra , reported an 56.4 percent rise in quarterly profit, beating expectations after winning orders including a key contract from a metals and finance company. Profits for the first quarter ended June 30 rose to Rs 352 crore from Rs 225 crore in the year-earlier period, Satyam said in a statement. That compares with analysts' estimate of Rs 27o crore Billionaire Anand Mahindra had purchased Satyam in a government-sponsored sale in 2009 after the founder of the Hyderabad-based company admitted to one of India's largest accounting frauds. [caption id=attachment_402394 align=alignleft width=380 Satyam Computer Services , which is
strongBangalore:/strong Satyam Computer Services handily beat expectations with a 20.6 percent rise in third-quarter profit before a one-off loss, joining larger rivals like Infosys in signalling a pickup in outsourcing spend. The company, now called Mahindra Satyam, is in the last lap of a merger with parent Tech Mahindra. Profits for the December quarter rose to Rs 374 crore from Rs 310 crore a year earlier, the company said on Thursday. That compares with analysts' estimate of Rs 281 crore, according to Thomson Reuters I/B/E/S. [caption id=attachment_609118 align=alignleft width=380 strongBangalore:/strong Satyam Comp
strongMumbai:/strong The merger of Tech Mahindra and Mahindra Satyam is expected to be complete after the related proceedings are concluded at the Andhra Pradesh and Bombay High Courts over the next few weeks. We are now at penultimate stage of merger. The cases are coming up for hearing over the next few weeks at Andhra Pradesh and Bombay High Courts. We are anxiously looking forward to the decision, Tech Mahindra MD and CEO Vineet Nayyar told reporters in Mumbai.[caption id=attachment_412827 align=alignleft width=380 strongMumbai:/strong The merger of
strongBangalore:/strong Tech Mahindra Ltd , the IT outsourcing business of the $15.9 billion Mahindra group, posted flat earnings for its third fiscal quarter, falling short of expectations, hurt by a one-off payment at unit Satyam Computer Services . Profits for the December quarter was Rs 276 crore unchanged from the year-earlier period, Tech Mahindra said on Wednesday. That compares with analysts' average estimate of Rs 300 crore, according to emThomson Reuters/em.[caption id=attachment_616055 align=alignleft width=380 strongBangalore:/strong Tech Mahind
Shares of Mahindra Satyam rose more than 8 percent and hit a 52-week high after the company reported a better-than-expected 56 percent increase in net profit during April-June. Profits for the first quarter ended June 30 rose to Rs 352 crore compared with Rs 225 crore in the year-ago period and an analysts' estimate of Rs 270 crore, Reuters a href=http://www.firstpost.com/business/mahsatyam-q1-net-zooms-56-beats-estimates-402387.html target=_blankreport/a said. An IDFC Securities post earnings report said the company's key positives were healthy margins, client addition and hiring metrics. [caption id=attachment_403220 align=alignleft width=380 Shares of Mahindra Satyam rose more
strongMumbai:/strong Software-services provider Tech Mahindra's first-quarter net profit rose 22 percent to beat analyst expectations, helped by strong performance by its Mahindra Satyam unit and a currency boost. Profit for the three months ended 30 June rose to Rs 338 crore from Rs 277 crore a year earlier. Analysts on average had expected a net profit of Rs 3.09 crore, according to a emReuters/em poll of five brokerages.[caption id=attachment_412541 align=alignleft width=380 strongMumbai:/strong Software-servi
Shares in Tech Mahindra fell 1.9 percent, while Satyam Computer Services dropped 1.6 percent, 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. [caption id=attachment_675566 align=alignleft width=380 Shares in Tech Mahindra fell 1.9 pe
strongBangalore:/strong Mahindra Satyam, a software services provider, said it acquired a majority stake in Brazil's Complex IT, a provider of consultancy on the use of SAP AG's business management software, for an undisclosed sum. [caption id=attachment_626556 align=alignleft width=380 strongBangalore:/strong Mahindra Sa
After successfully acquiring the international operations of a US-based BPO firm and picking up minority stake in an Indian software firm, Mahindra Satyam said it is looking at acquisitions in South and Central America and Eastern Europe. CEO of MSat CP Gurnani said the Mahindra Group Company prefers to acquire stakes in industrialisation processes and platforms and also in cloud and mobility areas.Primary focus (for acquisitions) is industrialisation processes and platforms in Banking, Financial Services and Insurance (BFSI), healthcare and manufacturing, Gurnani said. Priority will also be on add-on service offering which could be cloud or mobility, he said adding the company will lay emphasis on new markets such as Central and South America and Eastern Europe. [caption id=attachment_368590 align=alignleft width=380 After successfully acquiring the in