Rebrand ahoy for tainted Satyam
Just like renaming Windscale as Sellafield
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 off the books which they knew to be false.
The fraud collapsed in the wake of an aborted takeover of a building firm and an eight year ban from bidding for World Bank projects.
Satyam Computer Services Ltd will now be known as Mahindra Satyam - it was bought by the TechMahindra Group back in April.
The rebrand reflects Mahindra Satyam's core values which, we are told, are: good corporate citizenship, professionalism, customer first, quality focus and diginity of the individual.*
The logo will be adopted from TechMahindra's.
Additionally the company is expected to unveil a new management structure later today, and TechMahindra will issue new shares to raise money. BT owns about a third of TechMahindra's existing shares. ®
Funnily enough, Satyam drew its name - and old logo apparently - from the Sanskrit word for truth. At least that's what it told us...