Even after Tech Mahindra took over the beleagured IT company, Satyam, the company will remain listed only as ''Satyam'' on the New York Stock Exchange (NYSE).Mired in accounting fraud of about 1.5 billion dollars after disclosure in January this year by Satyam founder Byrraju Ramalinga Raju, Tech Mahindra had taken over the management with the Company Law Board (CLB) clearance and rechristened it as...
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Hyderabad, Oct 26 : Even after Tech Mahindra took over the beleagured IT company, Satyam, the company will remain listed only as 'Satyam' on the New York Stock Exchange (NYSE).Mired in accounting fraud of about 1.5 billion dollars after disclosure in January this year by Satyam founder Byrraju Ramalinga Raju, Tech Mahindra had taken over the management with the Company Law Board (CLB) clearance and...
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Business performance at Indian software exporter Satyam Computer Services Ltd. is "more or less" in line with what Tech Mahindra Ltd. estimated when buying Satyam in April, the fraud-hit company's chief executive said Monday."The company had made certain internal assumptions for the Satyam acquisition. Our business performance is more or less in line with the business case we had built," C.P. Gurnani...
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code.Indian outsourcer Satyam Computer Services has received legal notices from 37 companies, demanding the return of 12.3 billion Indian rupees (US$267 million) they claim were paid to the company as temporary advances, Satyam said in a filing on Tuesday to the Bombay Stock Exchange.The demand comes as Satyam, now managed by Indian outsourcer Tech Mahindra, has been trying to turn the corner after...
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Larsen & Toubro informed BSE on Friday that it has sold 2.72 crore shares of Mahindra Satyam. It had earlier said that it did not have any strategic interest in Mahindra Satyam.L&T had earlier sought regulatory permission to sell its holding in Mahindra Satyam. Before its partial stake sale, the engineering major held a 6.9 per cent in the IT company.L&T, which was in the race to acquire erstwhile...
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IT firm Mahindra Satyam today said it will collaborate with Swedish defence firm Saab to develop applications and technology in India for the defence and security market.The multi-year collaboration would allow the companies to jointly address the Battlefield Management System (BMS) for the Indian Army, Mahindra Satyam said in a statement.Both parties intend to work together for Indian BMS programme,...
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what could be a majorsetback for the Mahindras as well as the restatement of Satyam accounts,Mahindra Satyam has received legal notices from 37 companies staking claim to arefund of Rs 1230.4 crore that was allegedly given as a temporary advance to thethen Satyam Computer Services."The notices have claimed the returnof money to 'repay creditors', some of whom include Maytas Properties Ltd andMaytas...
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Larsen & Toubro (L&T), one of the failed suitors for scam-hit Satyam Computer, today sold 2.32 per cent stake in the IT company (now Mahindra Satyam) for over Rs 306 crore, exactly a month after the lock-in perid on sale of its holding ended.The engineering major, which still holds 4.58 per cent in Mahindra Satyam, informed the bourses that it has "divested over 2.72 crore shares in Mahindra Satyam...
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In what may be the big break that Mahindra Satyam was waiting for, the IT firm has entered into a multi-year collaboration with the Swedish defence firm Saab.The companies will be jointly developing applications and technology in India for the defence and security market and addressing the Battlefield Management System (BMS) for the Indian Army, Mahindra Satyam announced in a statement.The IT firm...
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NEW DELHI: IT firm Mahindra Satyam on Tuesday said it will collaborate with Swedish defence firm Saab to develop applications and technology in India for the defence and security market. The multi-year collaboration would allow the companies to jointly address the Battlefield Management System (BMS) for the Indian Army, Mahindra Satyam said in a statement. Both parties intend to work together for Indian...
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