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Articles about Satyam

The Register breaking news

Pretty returns to telco land with Mahindra Satyam

India’s IT outsourcing giant Mahindra Satyam has resurrected former high profile Telstra and Optus executive Ted Pretty, placing him in the chairman’s role for its newly fleshed out Australia and New Zealand operations. Signalling a new push in A/NZ, Pretty has been tasked to drive Mahindra Satyam and Tech Mahindra strategy …
The Register breaking news

Tech Mahindra to swallow Satyam in BILLION dollar deal

The wonderful world of outsourcing is about to get a little bit smaller after Indian tech giants Tech Mahindra and Mahindra Satyam announced their intention to merge, creating India’s fifth-largest IT and outsourcing group by revenues. In reality it is Tech Mahindra in the driving seat, as the outsourcing giant bought a …
Phil Muncaster, 22 Mar 2012
channel

Satyam pays $10m to end fraud probe

Indian reseller and outsourcer Mahindra Satyam and its auditor PwC have paid a total of $16m to end a US investigation into fraud charges. The Securities and Exchange Commission said yesterday that failings by five PwC Indian subsidiaries allowed the massive fraud to go undetected for years. It said the problems were not limited …
John Oates, 06 Apr 2011
channel

Satyam boss ordered back to jail

Ramalinga Raju, disgraced boss of Satyam, has had his bail cancelled by the Indian Supreme Court ahead of hearings on charges of massive accounting fraud at the reseller. Raju, his brother and and four other ex-Satyam staff implicated in the scandal, must return to prison by 8 November. The court found that because most of the …
John Oates, 27 Oct 2010
channel

Rebrand ahoy for tainted Satyam

Indian outsourcer Satyam is to rebrand itself in order to draw a line under the revenue-boosting shenanigans of its ex-chief executive and founder, who is still awaiting trial. Ramalinga Raju admitted falsely inflating Satyam revenues by about $1bn. He is still awaiting trial along with two auditors from PwC accused of signing …
John Oates, 23 Jun 2009
homeless man with sign

Satyam board mulls buyers shortlist

Satyam's government-appointed board of directors met today to look at bids received for the company - the deadline for registering interest was last night. Directors have appointed former Chief Justice of India SP Bharucha to oversee the process. Interested bidders have until next Friday to provide proof of funds totalling at …
John Oates, 13 Mar 2009
graph up

Indian Feds arrest more for Satyam fraud

The Central Bureau of Investigation - India's federal investigators - have arrested three of Satyam's financial staff they believe were involved in the fraud. The beancounters are suspected of helping Satyam's founder Ramalinga Ramu forge documents to provide evidence of inflated revenues to auditors. Ramu wrote a bizarre letter …
John Oates, 07 Apr 2009
channel

Satyam financials detail £1bn in dodgy transactions

Satyam today issued its first results since becoming engulfed in an accounting scandal early last year that almost broke the Indian services firm. The scandal erupted when B Ramalinga Raju resigned in January 2009, after writing an extraordinary letter to directors admitting inflating profits at the firm by almost a billion …
Joe Fay, 29 Sep 2010
globalisation

Satyam loses Oz contract

Australian telco Telstra is pulling the plug on a A$32m contract with Satyam and handing the work to EDS. The telco's annual applications support contract will not be renewed, despite a visit from Satyam's chief executive A S Murty last week. Telstra refused to confirm the move, revealed by the Australian, because it does not …
John Oates, 16 Mar 2009
cloud

Satyam gets greenlight for sale

Indian outsourcer Satyam has won government approval to save itself from bankruptcy by selling itself off. In December Satyam all but imploded - the World Bank banned it from future bids because of bribery allegations, and then company chairman B Raju Ramalinga admitted falsifying accounts for several years by adding $1bn to …
John Oates, 06 Mar 2009
fingers pointing at man

Tech Mahindra seeks approval for Satyam takeover

Tech Mahindra, the successful buyer of Satyam, has asked European and US competition authorities to approve the takeover. Sources told the Wall Street Journal that Tech Mahindra filed for regulator approval in Europe on Monday and would do the same for US regulators on Tuesday. Four Tech Mahindra executives, including MD Vineet …
John Oates, 21 Apr 2009
channel

Race heats up for Satyam

The race to buy Satyam is heating up and the board could make a decision as early as this Monday. There are believed to be four bidders left in the race to buy the troubled outsourcer. These include building firm Larsen & Toubro, Tech Mahindra, Cognizant Technology and private equity investor Wilbur Ross. The four will be …
John Oates, 08 Apr 2009
homeless man with sign

Satyam investigation jacks up fraud bill by 40 per cent

The Satyam Computer Services scandal has flared back into life with allegations that the fraud perpetuated at the firm was 40 per cent bigger than previously thought. India's Central Bureau of Investigation released a supplementary charge sheet today which claims that the ten people it says were behind the scam inflated revenues …
Joe Fay, 25 Nov 2009
The Register breaking news

World Bank bans India outsourcer Satyam for 8 years

The World Bank has barred India's Satyam Computer Services – the aid institution's largest software vendor and India's fourth-largest outsourcing company – from doing business with it for eight years. On Tuesday, World Bank confirmed earlier reports of the ban in a statement that said Satyam had provided "improper benefits" to …
Austin Modine, 24 Dec 2008
channel

Satyam races to find buyer ahead of Indian election

Satyam hopes the sale of its majority stake will be completed before the Indian general election which starts in mid-April. The company has a shortlist of bidders for its business but they are likely to have to bid blind for the firm - they will be given access to Satyam's books, or rather a "data room", but the full restatement …
John Oates, 31 Mar 2009
fingers pointing at man

Satyam shortlist gets even shorter as iGate bails

The shortlist of possible bidders for Satyam is likely to be finalised this week, after the companies made their final "expressions of interest". There is no official statement from the company, but the board is believed to have met over the weekend for final discussions. Successfully shortlisted firms will then get full access …
John Oates, 23 Mar 2009
cloud

Satyam rushes into arms of new auditors

Troubled outsourcer Satyam has chosen two new auditors to help management find out just how bad its financial situation is after founder and chairman Ramalinga Raju admitted he had overstated profits and cash by $1bn. KPMG and Deloitte were named in several reports as the new auditors, although a spokeswoman for Deloitte …
John Oates, 14 Jan 2009
fingers pointing at man

Satyam sale possible before probe ends

Troubled Indian outsourcer Satyam is asking for formal bids from potential buyers before the final details of its fraud investigation are known. The company, which is the country’s fourth largest outsourcing outfit, wants to invite bids for a potential sale of its business as soon as regulatory approvals are completed. “While …
Kelly Fiveash, 02 Mar 2009
channel

Satyam finds bankers to find it funding

Indian outsourcer Satyam has appointed two investment banks to help it find long term funding. Avendus and Goldman Sachs are talking to banks and are dealing with immediate operating expenses. Satyam has also lined up cash for January salaries from money received. Board member T N Manoharan said Satyam had received proposals …
John Oates, 28 Jan 2009
channel

Indian government will not bail out Satyam

The Indian government has ruled out any bailout of struggling outsourcer Satyam. Ashwani Kumar, minister of state for industry, told The Times of India: "This government is not going to directly or indirectly subsidize wrong-doing and fraud in Satyam." He said the government would do what it could to save jobs at Satyam, and …
John Oates, 15 Jan 2009
channel

Satyam finds a boss and money

Satyam's board of directors took two days to decide, but has now appointed a new CEO to replace Ramalinga Raju, who is still in jail awaiting trial for an alleged billion-dollar fraud. A S Murty, a 15-year Satyam veteran, starts as CEO immediately. He is informally known as ASM and previously worked at Tata. Board member Deepak …
John Oates, 05 Feb 2009
fingers pointing at man

India could change takeover law to save Satyam

Regulators from the Securities and Exchange Board of India (Sebi) have won the right to question the Raju brothers and other Satyam staff. Ramalinga Raju and his brother Rama and the firm's CFO are all still in custody. Ramalinga wrote an explosive letter admitting a $1bn fraud, although he insisted he did not benefit personally …
John Oates, 03 Feb 2009
cloud

Police probe Satyam over $1bn blackhole

Indian police have begun an investigation into Satyam following the resignation of its chairman and founder B Ramalinga Raju and his apparent confession to accounting fraud. Raju stepped down on Wednesday, sending the board an extraordinary resignation letter admitting to years of puffing the figures at the services giant he …
John Oates, 09 Jan 2009
fingers pointing at man

Satyam investors blow roof off building firm takeover bid

IT services giant Satyam has abandoned the takeover of two Indian building groups after investors reacted with horror to the proposal. Satyam shares fell over 30 per cent on the Indian stock exchange and more than 50 per cent in New York after it said it would pay $1.6bn for 100 per cent of Maytas Properties, which develops new …
John Oates, 18 Dec 2008
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Satyam boss 'invented' thousands of staff

Satyam founder Ramalinga Raju added 13,000 invented employees to the firm's payroll so he could siphon off their wages, Indian prosecutors have claimed. Raju allegedly funnelled the money off through family members and used it to fund more than 400 land deals. Satyam claimed to have 53,000 employees, but in reality this was …
John Oates, 22 Jan 2009
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Indian government holds Satyam execs in jail ahead of trial

Ramalinga Raju, his brother, Rama, and Satyam's chief financial officer Vadlamani Srinivas are all in prison this morning after being arrested and charged with conspiracy and forgery offences connected to the $1bn fraud at the Indian outsourcer. The three men will stay in custody until a trial, scheduled to start 23 January. …
John Oates, 12 Jan 2009
arrow pointing up

Satyam sold to BT-backed Indian firm

Tech Mahindra looks set to seize control of Satyam - the almost terminally troubled Indian outsourcer. Tech Mahindra has paid $351m for a 31 per cent stake in the firm - on top of the 31 per cent it already owned. This gives a rough value for Satyam of $1bn, a good premium on its current share even if it is only a fraction of …
Team Register, 14 Apr 2009
Pernix Data novel

Diablo locks down 'key' memory channel storage patent

Diablo Technologies, the supplier of flash latency-lowering Memory Channel Storage IP to SanDisk/SMART, has been awarded a patent, U.S. patent No. 8,713,379, entitled a “System and method of interfacing co-processors and input/output devices via a main memory system”, which t describes as a "key technology". The new patent …
Chris Mellor, 04 Aug 2014
fingers pointing at man

Satyam investigators start to chase missing money

The Indian government suspects Satyam's disgraced former chairman Ramalinga Raju may have diverted money into a maze of subsidiary firms. Minister of State for Company Affairs Prem Chand Gupta told the FT that there had clearly been serious irregularities in the firm's figures: "On the face of it the Registrar of Companies feels …
John Oates, 19 Jan 2009
channel

PwC auditors fingered for Satyam fraud

Indian police have accused two PricewaterhouseCoopers accountants of colluding and conspiring with company founder Ramalinga Raju to create false accounts for Satyam. The two auditors are in police custody but have not yet been charged. "During interrogation [the auditors, Subramani Gopala Krishnan and Talluri Srinivas] …
John Oates, 30 Jan 2009
For Sale sign detail

Indian police raid PWC in Satyam probe

Police raided PricewaterhouseCooper's offices in Hyderabad today in connection with the ongoing investigation into the alleged billion dollar fraud at outsourcer Satyam. PWC audited Satyam's accounts and was apparently unaware of the large holes they contained. The firm's chairman admitted last week to cooking the books over …
John Oates, 13 Jan 2009
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Satyam shortlists bosses and banks

Satyam's board of directors is expected to announce a new CEO and CFO this week, and is also close to finding short-term funding. Last week they said the list had been narrowed down to three names. The group also expects to have funding in place by Wednesday. The board meets tomorow for final discussions but said the firm's …
John Oates, 26 Jan 2009
channel

The incredible vanishing Satyam boss

Satyam's founder and chairman B Ramalinga Raju has disappeared, a day after he admitted to years of false accounting at the outsourcing giant. Raju's lawyer insisted his client remained in Hyderabad despite conflicting reports that he had fled to Dubai or Texas. He has not been seen in public since yesterday's extraordinary …
John Oates, 08 Jan 2009
PernixData FCP

Quantum sales boss rocks up at PernixData

Quantum's recently resigned sales supremo Ted Stinson has joined virtualisation startup PernixData to head up its sales operation. Stinson, who left disk/tape data protection and file management supplier Quantum earlier this month, is excited about PernixData's "A-plus investors, exceptional founding team and very strong beta …
Chris Mellor, 22 Jul 2013
satyam

Satyam ups the ante for World Cup tech

Satyam hopes to kick its way into Europeans' affections through a services deal it struck with Fifa last year. The India-based services provider signed up as Official IT Services Provider to the 2010 and 2014 FIFA World Cups last November, ensuring its name will be plastered all over the tournaments alongside mega brands such …
Joe Fay, 21 Apr 2008
homeless man with sign

Satyam's mood-detecting motor to run in-car disco

Satyam has promised to settle arguments over what radio station to listen to in the car when it launches its dot auto platform next year. The IT services company is using its background providing outsourced services for auto makers to develop its own software and hardware platforms which it will sell to auto suppliers and …
Joe Fay, 23 Apr 2008
channel

Mahindra Group seizes on Aus opportunities

Australia’s telecommunications, mining and financial services markets have proven to be a key lure for India’s Mahindra Satyam and Tech Mahindra to significantly ramp up their local operations. In March, Mahindra Satyam and Tech Mahindra announced the finalisation of the merger between the two companies. 12% of global revenue …
channel

Satyam chairman quits, admits faking accounts

The founder and chairman of Indian outsourcer Satyam Mr B Ramalinga Raju has resigned and admitted fiddling the company's accounts for years in order to inflate profits. The company has had a torrid few weeks - the board admitted the company founders had hocked their shares to guarantee loans and that those shares may have been …
John Oates, 07 Jan 2009
management cio2

Stealthy storage startup PernixData picks up VMware guru

Early-stage US start-up PernixData has decided it needs a European evangelist and persuaded VMware's Frank Denneman to jump ship. Denneman is, or rather was, a senior architect in technical marketing at VMware, based in the Amsterdam area. He has co-authored three VMware-focussed technical books, and is widely acclaimed as a …
Chris Mellor, 30 Apr 2013
Micron PCI-E Flash

Hey, how'd that guy get to be a BAZILLIONAIRE?

Ready to hear about the next IT startup niche? It's an emerging market called "host-based caching", and you might wish to pay attention if you'd like to understand how a few people got stupidly rich a few years from now. The Cliff's notes version of host-based caching is that it turns flash drives inside your virtual hosts into …
Trevor Pott, 18 Oct 2013
cable

Which sneaky storage upstart is drilling into software-network craze?

PernixData is a startup in stealth mode developing a data platform for the software-defined data centre (SDDC). Stealth mode means the company has talked to angel or seed investors about its basic proposition and the money people like it well enough to pump in initial startup cash. A founding company organisation is then set up …
Chris Mellor, 11 Jan 2013
PernixData VSA

Storage upstart tells El Reg: Our software's NOT a VSA

Satyam Vaghani, the co-founder and chief technology officer of PernixData took exception to El Reg's characterisation of the startup's FVP software, which virtualises flash storage attached to virtualised servers and creates a single pool of block-addressable flash capacity across those servers. From the small amount of …
Chris Mellor, 07 Mar 2013

Parting the clouds for IT admins: We chat to CloudPhysics

A company's IT Infrastructure is crucial to its survival and success, which is why most companies invest heavily in that area to reduce risk and increase performance. Despite these investments, the complex and dynamic nature of IT infrastructure environments means that most companies do not have a complete picture of their IT …
graph up

Oz bank meltdown due to file corruption cock-up

The five-day mainframe bank system meltdown at the National Bank of Australia (NAB) was due to a corrupted file on an IBM mainframe system that was being upgraded. It's reported that staff attempted a mainframe upgrade on Wednesday 25 November, and this failed to complete. It was reversed and this was when, it appears, ongoing …
Chris Mellor, 29 Nov 2010
For Sale sign detail

Big Indian outsourcer admits big problems

Indian outsourcer Satyam has confirmed the departure of two directors and an early board meeting to discuss its future after a disastrous few weeks. Satyam, India's fourth largest outsourcer, said Professor Krishna G Palepu, a non-executive director and Mr. Vinod K Dham, a non-executive and independent director, have both left …
John Oates, 29 Dec 2008
Flag Netherlands

Dutch telco outsources QA

IT consultancy Satyam is to take responsibility for testing of KPN's fixed, mobile, and internet divisions for the next three years. Telco KPN operates in the Netherlands, Germany, and Belgium. Satyam will become a key partner in creating systems and processes for testing and QA - largely through its offshore development centre …
Bill Ray, 22 Aug 2007
cloud

World Bank confirms Wipro is on contractor blacklist

The World Bank has revealed the full list of companies banned for bidding for future contracts because of alleged malpractice. Troubles at Satyam took a turn for the worse when it was revealed on Christmas Eve that it was banned from applying for World Bank contracts for eight years. Now it has emerged that Wipro, India's third …
John Oates, 12 Jan 2009
The Register breaking news

WiMax to cover 1 billion by 2012, says Intel

Craig Barrett banged the drum for WiMAX in the opening keynote of IDF today. But only quietly, and not for very long. In a speech that dwelled on socio-economic issues more than hard technology, Barrett slipped out a couple of predictions for takeup on the to-date unloved mobile data standard. “We should see 50 million people …
Joe Fay, 19 Aug 2008
Flag India

US crunch hits India

The US slowdown rolled into India this week with outsourcer Satyam forecasting that revenue growth in 2009 will be well down on the 40 per cent plus rates it has become accustomed to. The company today forecast full year 2009 revenues of $2.65bn to $2.69bn, a rise of 24 to 26 per cent on the previous year. After seeing annual …
Joe Fay, 21 Apr 2008
The Register breaking news

BT health problems will cost more jobs

BT shares fell sharply this morning on rumours that it is to cut another 10,000 jobs and take a massive hit on the cost of its NHS work. The telco is preparing to cut 10,000 more jobs - alongside the 10,000 which have already gone. It will also use next month's results announcement to write £1.5bn off the value of ongoing …
John Oates, 14 Apr 2009