Jan. 30 (Bloomberg) — Spice Corp. Chairman B. K. Modi offered 20 billion rupees ($408 million) for a controlling stake in Satyam Computer Services Ltd., joining Larsen & Toubro Ltd. in the race for the fraud-hit software exporter.
Spice Innovation, Modi’s closely held New Delhi-based holding company, made a preliminary cash offer for preference shares in [...]
NEW DELHI: The government fears that some of those involved in the Satyam fraud are trying to escape from the country, the ministry of corporate affairs had told the Company Law Board (CLB) last week.
In its petition late last week before the Company Law Board (CLB), which ordered the top company [...]
MUMBAI: The Income Tax department is independently probing the Rs 7,800-crore accounting fraud in Satyam with a focus on tax deducted at source and benami deals.
“We are conducting an independent probe into the Satyam case,” Central Board of Direct Taxes chairman N B Singh told reporters here on Tuesday.
The I-T department will look into tax [...]
The new Board assigned the task of revitalising Satyam will meet in Hyderabad on Tuesday.
The Board of the company, now under a cloud for the Rs 8,000 crore fraud committed by its former founder Chairman B Ramalinga Raju, was supposed to finalise nominees for the crucial posts of CEO and CFO during its two-day session, [...]
The CID in Andhra Pradesh have produced before a magistrate, two auditors of Pricewaterhouse Coopers identified as Gopalkrishna and T Srinivas in connection with the Satyam case.
The two accused have been sent to judicial custody till February 6. They have been charged with criminal breach of trust, criminal conspiracy, cheating and falsification of accounts.
The bail [...]
Hyderabad (IANS): Disgraced Satyam Computer Services founder B. Ramalinga Raju bought lands not only in India but in other countries also, prosecutors told a court here Friday.
The court deferred hearing on the bail pleas of Raju and Satyam’s former chief financial officer Vadlamani Srinivas to Jan 27 and that of Raju’s brother B. Rama [...]
MUMBAI: Beleaguered Satyam Computer on Friday recorded its second biggest ever gain on the Bombay Stock Exchange as expectations of a possible takeover of the tainted IT firm by corporates intensified further today.
On the BSE, shares of Satyam settled at Rs 38.85, up 31.25 per cent over last closing. Today’s surge records the second biggest [...]
Hyderabad, INDIA, January 23, 2009: Satyam Computer Services Limited (NYSE: SAY) today announced key decisions concluded at its Board meeting, held on 22nd and 23rd January, 2009 in Hyderabad.
This meeting, the third in thirteen days since its reconstitution, was chaired by Mr. Tarun Das. The meeting focused on issues that are a priority for ensuring [...]
The former chairman of Satyam Computer Services inflated the size of the outsourcing company’s workforce by nearly a quarter and siphoned off the wages of fake employees, Indian authorities have claimed.
Allegations from the public prosecutor in Hyderabad, southern India, are the first time the authorities have revealed the results of their investigations into India’s worst [...]
NEW DELHI, Jan 21 (Reuters) - Many companies are interested in buying embattled Indian software exporter Satyam Computer Services (SATY.BO), the federal corporate affairs minister said on Wednesday, but gave no further details.
“There are many corporate houses, they are interested in this,” Prem Chand Gupta told reporters on Wednesday.
“The government has not taken any view [...]
NEW DELHI: The Company Law Board (CLB) on Wednesday directed Satyam Computer Services’ erstwhile chairman, B. Ramalinga Raju, and four other former top functionaries, including R. Rama Raju, not to sell or mortgage their shares and other assets without its prior permission.
Passing the order on an application moved by the Centre, the CLB also directed [...]
The six-member Board of Satyam will begin a crucial two-day meet in Hyderabad on Thursday in an effort to steer the company away from the current crisis following the Rs 7,800 crore financial fraud.
The meeting is the third since the disclosure of the fraud by its head Ramalinga Raju. The Board has the important task [...]
NEW DELHI: Minister of Company Affairs Prem Chand Gupta on Wednesday said that there was no government move to sell IT company Satyam Computers.
Replying to a query in New Delhi, Gupta informed there were many corporate houses interested in buying out Satyam. Earlier, Tarun Das, one of the directors on the board of Satyam had [...]
MUMBAI/DELHI: The government-appointed board of troubled software company Satyam Computer Services is likely to hear a detailed presentation from The funnier side of Satyam saga engineering giant Larsen & Toubro (L&T) and will consider appointing investment banks to find a strategic partner when it meets on Thursday and Friday.
L&T is set to present a business [...]
Raju admits to fund diversion
HYDERABAD: Former Satyam chairman B. Ramalinga Raju reportedly confessed to having diverted funds from the company to two other entities, Maytas Properties and Maytas Infra, promoted by his sons.A top police source indicated that the fudging of accounts, as admitted by Mr. Raju in his letter to board of [...]
Even as investigations in the Satyam saga continue, efforts may be on to sell Satyam either as a whole or in bits and pieces. But are buyers interested and what will the deal look like?
NDTV has learnt that:
Tech Mahindra is still interested in a merger option with Satyam
Tech Mahindra is keen on a the deal [...]
Troubled software exporter Satyam on Tuesday said it has been approached for takeover by domestic and foreign companies, the IT company’s board member Tarun Das said.
The board will meet for two days starting January 22 in Hyderabad and would discuss issues such as search for CEO and CFO, legal matters and immediate cash requirements to [...]
HYDERABAD: On a day when Andhra Pradesh chief minister Y S Rajasekhara Reddy denied in New Delhi that his state government had accorded any political patronage to the disgraced former chairman of Satyam, B Ramalinga Raju, a government order (GO) has revealed that 50 acres of land were allotted to Satyam in Visakhapatnam for developing [...]
The Satyam scam is undoubtedly having far reaching ramifications not just on how corporate frauds are perpetrated but also the conduct of the auditors.
PricewaterhouseCoopers is facing the heat for having neither prevented nor detected the frauds. So where exactly was the lacunae?
The pressure is building on PricewaterhouseCoopers and the auditor may just be showing signs [...]
Satyam’s former chief Ramalinga Raju has spent his first two days in CID custody and police sources told NDTV that it hasn’t been able to get much out of him.
Raju was taken out of Chanchalguda jail around noon on Sunday to the CID office, where he will be till 10 am on Thursday.
On Sunday, Raju [...]
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 that various figures [...]
Satyam Computer Services Ltd. plans to hire as many as three investment banks to find a buyer for the Indian software exporter, the Economic Times said, citing unidentified people familiar with the plan.
Satyam’s board is considering hiring Goldman Sachs Group Inc., JPMorgan Chase & Co. and Deutsche Bank AG, the newspaper said today. A decision [...]
MUMBAI, Jan 19 (Reuters) - U.S.-based insurer State Farm Insurance Co has terminated its contract with fraud-hit Satyam Computer Services Ltd (SATY.BO), a spokeswoman for the Indian outsourcer said on Monday.
Confirming a report in the Mint newspaper, she said Satyam would issue a statement later on Monday.
Satyam, India’s No. 4 software services exporter, has been [...]
HYDERABAD: A Hyderabad court has deferred till January 22 the bail plea of Satyam’s disgraced former chief B Ramalinga Raju. Raju will remain in
police custody.
Market regulator Sebi’s petition to interrogate Raju has also been deferred to January 22.
A short while ago, the court heard the bail petitions of Raju, his brother Rama Raju and their [...]
Andhra Pradesh CID is looking for cyber experts to nail Satyam Computer Services Ltd founder and its former chairman B Ramalinga Raju’s e-mail trail. The CID is interrogating Raju along with his brother and Satyam’s former managing director Rama Raju and former chief financial officer Vadlamani Srinivas after getting their custody for four days from [...]
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