Editor's Note: Last week, we carried excerpts from the forthcoming new book'The Resurgence of Satyam - The Global IT giant, (Random House India, Random House Publishers India Private Limited) by Zafar Anjum. That excerpt told the story of the frenzied Sunday when it all began. On 7 January 2009, Satyam'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,Satyamcounted 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.
Editor'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'The Resurgence of Satyam - The Global IT giant, (Random House India, Random House Publishers India Private Limited) Zafar 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.
January 11-15, 2009
Hyderabad and New Delhi
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.
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.
Hyderabad: 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.
MUMBAI: 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.
Hyderabad: 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.
