Articles about Satyam

Poor people in India queue for a political party-sponsored medical check. Pic: Welfare Party of India

Tech Mahindra posts profit warning: The end for Indian outsourcing?

Indian outsourcer Tech Mahindra, which bought disgraced rival Satyam in 2012, has issued a profit warning — the first sign of trouble in the buoyant market for some time. In a regulatory filing to the Bombay Stock Exchange, it blamed a "seasonally weak" mobility business for dragging down first-quarter revenue, with shares …
Kat Hall, 29 Jun 2015
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 …
John Oates, 6 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 …
John Oates, 27 Oct 2010
vulture tv reporter

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
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 …
Joe Fay, 25 Nov 2009
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
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 …
John Oates, 21 Apr 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
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, 8 Apr 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 …
John Oates, 7 Apr 2009
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 …
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 …
John Oates, 23 Mar 2009
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
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
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, 6 Mar 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, 2 Mar 2009
vulture tv reporter

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 …
John Oates, 5 Feb 2009

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