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Satyam Computer Services
Mahindra Satyam (Former name: Satyam Computer Services) (NYSE: SAY; BSE: SATYAM; NSE: SATYAMCOMP) is a Hyderabad-headquartered Global IT Services company. On February 5, 2009, A S Murthy is named the CEO of Satyam. Tech Mahindra has a controlling stake in the company. Chander Prakash Gurnani is the current CEO.
Satyam announced its Q3 results for the period ended December 31, 2007. Revenue was Rs. 2195.56 crore; a year-over-year increase of 32.2% and a sequential increase of 8.1%.
For more information about financial fraud and misappropriations at Satyam, read 2009 Financial misappropriations and fraud at Satyam Computers.
On April 13, 2009, Satyam announced that it has selected Venturbay Consultants Private Limited, a subsidiary controlled by Tech Mahindra Limited as the highest bidder to acquire a controlling stake in the Company, subject to the approval of the Hon'ble Company Law Board. On April 16, 2009, the Company Law Board approved the stake sale to Tech Mahindra. Accordingly, the Company will issue and allot to Tech Mahindra 30,27,64,327 (Thirty Crores Twenty Seven Lakhs Sixty Four Thousand Three Hundred and Twenty Seven Only) shares of the Company ("Initial Shares"), representing thirty one percent (31%) of the share capital of the Company after giving effect to the issuance of the Initial Shares ("Enhanced Share Capital"), upon deposit by Tech Mahindra of the subscription amount of Rs. 1,756 Crores (approximately US$ 351 million based on an exchange rate of Rs. 50 to US$1) by 21, April 2009 and the requisite escrow amounts for the mandatory cash tender offer to acquire an additional minimum 20% of the Enhanced Share Capital and convertible instruments ("Public Offer") in accordance with the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 (collectively, the "Total Acquisition Funds"), in separate escrow accounts on or before April 21, 2009 and fulfillment of certain closing conditions and obtaining the required regulatory approvals, including approval from the Securities Exchange Board of India.
On April 20, 2009, Karnik said Satyam has a surplus of 10,000 employees. Tech Mahindra says Satyam will continue to be headquartered at Hyderabad and that the company is not looking at a logo change.
In May 09, Satyam Australia chief Deepak Nangia resigned.
During the month, the company announced that pursuant to the order of the Hon'ble Company Law Board dated April 16, 2009 (the "CLB Order") and the terms of the Share Subscription Agreement dated April 13, 2009 among the Company, Venturbay Consultants Private Limited ("Venturbay") and Tech Mahindra Limited ("Tech Mahindra"), four nominee directors of Venturbay, Mr. Vineet Nayyar, Mr. C.P. Gurnani, Mr. Sanjay Kalra and Mr. Ulhas N. Yargop (collectively, the "Venturbay Directors"), have been appointed to the board of directors of the Company (the "Board") effective June 1, 2009.
On Thursday, June 11, 2009, the full Satyam Board with the members of Tech Mahindra on board met in Hyderabad. The board approved for setting up a virtual pool of employees to manage excess employees. The virtual pool would have 7000 to 10000 Satyam Indian employees. This one-time measure begins from July 09. Staff members who are not in billable roles would be moved to the virtual pool. Staff in virtual pool to get Basic Pay, PF and Medical Insurance. The board says the concept will help the company restore the lost ground. The stock surged 33% in three consecutive days after the markets have taken the news as positive. At the end of June 09, it is revealed that Satyam will be renamed Mahindra Satyam will be the name of the while the logo will be adopted from the Mahindra Group. The company decided to hold high-level talks with key Australian corporate clients in a bid to salvage the reputation.
This innovative program is applicable to those based in India and allows associates to take time-off from work on a reduced pay structure for up to six months while they continue to retain their employment with the company. The company anticipates that approx 7,000 to 10,000 associates will be part of this program during the period that it is in operation. The program has been designed to cover associates who have not been in billable roles for three months or more and includes support resources. Associates identified to be part of the Virtual Pool program will receive their basic pay, in addition to Provident Fund and medical insurance. The employment status continues undisturbed and based on business requirements, associates may be recalled and reinstated at full pay and benefits. Associates will continue to have access and guidance to continuously upgrade their skills utilizing Satyam's learning programs and mentoring resources, equipping them for the evolving business landscape.
In July 09, newspapers reported that Tech Mahindra has written to World Bank seeking an end to the eight-year ban imposed on Satyam. During the month, Satyam won the American Society for Training & Development Award. The company signed a new 5 year contract with GlaxoSmithKline (GSK) to provide SAP and other critical systems support to GSK's businesses across the world. Satyam has been working with GSK since 2002 to provide IT application development and support services. The company has officially written seeking end to eight-year World Bank ban.
The Supreme Court has rejected a petition seeking 5,000 crore rupees as compensation for three lakh retail shareholders.
During the month, the company has pulled out of a $75 million software development project at Deakin University that was set to create 2000 jobs in Geelong, Victoria. Australia's Victoria province faces a $175 million loss following the cancellation of IT project. The Government of Victorias decision to give a grant to Mahindra Satyam despite failing a federal government litmus test for funding went shrouded in mystery.
L&T management hinted it will sell its stake in Mahindra Satyam once its stipulated lock-in period is over.
Satyam's restated accounts might get delayed by a quarter and are most likely not to be available before March 2010. Tech Mahindra pulls out of BSNL project bid giving way to Mahindra Satyam.
At the end of December 2009, the company CEO Chander Prakash Gurnani said Mahindra Satyam lost almost 25-30% revenue between January 7 and April 13, 2009 after Ramalinga Raju confessed of the fraud.
Upaid accused and filed a case against on Satyam for forgery and fraud by the Raju-lead management. In May 09, a Texas court has granted a 90-day continuance in the case so that the new management can study the case and take a course of action. Upaid said it is looking for a 'serious' settlement. Sources say Upaid is asking for $1 billion but it is likely to settle at $10mn. In October 09, the company upped its out-of-court offer to $40m. In December 09, reports are out that the deal is closed at $70 million with Upaid Systems Ltd.
Satyam's current / previous clients include General Electric (GE), General Motors (GM), Nestle, Johnson n Johnson, Ford, Nissam, Merrill Lynch, Bear Stearns, Citi Group, Citi Bank, Credit Suisse, Equifax, Lehman Brothers, Master Card, NCR, Reuters, Deutsche Asset Management, Scotia Bank, Norwich Union, Standard Live Investments, ABN Amro, State Bank of India, Sony, Qantas, Telstra, National Australia Bank, Vijaya Diary (SAP implementation contract won in/around March 2009) amongst others.
Satyam has alliance / joint venture / partnership relations with Microsoft, Oracle, Actel, Adobe Systems Incorporated, Appian Corporation, APRISO Corporation, Ariba, Automatos, Inc., RelWare, Autonomy, Basware, BEA Systems, Inc., Brocade, Bsafe Information System Ltd., Business Objects, CAS Software Ag, COGNOS, Computer Associates International, Inc., COMPUWARE, Corticon Technologies, Inc., Dassault, eBaoTech, EMC (Documentum), EPI Server, FairIssac Corporation, FAST, FatWire Software, Fujitsu, Galorath International, Global 360, Goldratt Consulting, IBM, IDS Scheer, Informatica, Ingena Group limited, Interactive TKO Inc., Intershop Communication, Interwoven, IPath, JDA, Jonova, K2, Kronos, Lombardi, Mainstay Partners, LLC., Managed Objects, Mark Logic, Metastorm, Miebach Logistics, MSC Software Corporation, Network Appliance, Netezza, NexTenders (India) Private Limited, OPTESSA, Oblicore, Pegasystems Inc., Pentaho, Planview, Inc., Plateau, Primavera Systems, Inc, Ramco, Salesforce.com, SAS, Savvion, Seven Hills Business Solutions Ltd, Siemens PLM Software, Sistran, Software AG, Solarc, Sterling Commerce, Sybase, Symantec, Symbian, Symfact AG, SumTotal Systems, Inc., TEC (Technology Evaluation Centers), Telelogic, TIBCO Software Inc., Tower Technology Inc., Triple Point Technology India Pvt. Ltd., Tzunami Inc, VelQuest and Vitria Technology, Inc., GigaSpaces Technologies (for Implementation & IT Delivery Services) amongst others.
Satyam subsidaries include Maytas Properties, Maytas Infrastructure, Satyam BPO, Nipuna Services, Knowledge Dynamics, Nitor Global Solutions, Ca Satyam ASP and Satyam Venture Engineering Services.
Mahindra Satyam is founded as Satyam Computer Services by Andhra Pradesh Businessman B Ramalinga Raju.
In March 2006, Satyam achieved the SEI CMMI level 5 by conducting 10 assessments in last 30 months covering 16 business units. It also entered into Gartner Visionary Magic Quadrants and got the 'Visionary' placement. During the month, the company has set up its China operations with a center at Guangzhou.
In September 08, news reports are out that Satyam terminated 400 employees as a part of cost cutting measure. The actual number of layoff are believed to be more and are spread across locations over a period of time though not much information about this is made public.
Supreme Court denies Satyam founder Ramalinga Raju bail
Disgraced Satyam founder B. Ramalinga Rajus plea for bail in connection with a multi-crore fraud case has been denied by the Supreme Court.When serious crimes are committed, people are bound to be in jail, a bench headed by Chief Justice K G Balakrishnan observed on Monday. ANI
Satyams Raju applies for bail in Supreme Court
B Ramalinga Raju, who resigned as chairman of Satyam Computer Services Ltd. after being charged for Rs 7,100 crore financial scam, has applied for bail in the Supreme Court. ANI
Satyam probe almost complete, says Khursheed
Union Corporate Affairs Minister Salman Khursheed has said that the probe into the fiasco of Satyam Computer Services Limited is almost complete and the trial would take place in a fast track court. ANI
Light Reading Opens Offices in Mumbai & New Delhi
PR Newswire
Mr. Deepak Parekh is the First International Recipient of "The Institute of Chartered Accountants in England and Wales’ Outstanding Achievement Award
Business Wire India
Salman Khurshid assures Maytas NRIs investors of government help
Union Corporate Affairs Minister Salman Khurshid has said that government will help the non-resident Indians (NRIs) who invested money in Maytas hill country project, which came to a halt when Satyam scam was exposed. ANI
TRS chief discharged from hospital
Telangana Rashtra Samiti (TRS) chief K. Chandrasekhar Rao was discharged from hospital on Friday, after he broke his 11-day fast unto death. ANI
Reports dont reflect financial position: Satyam
Satyam Computer Services has said recent media reports on the magnitude of the accounting fraud at the company dont reflect its current financial position and liabilities. ANI
Vijay Prasad Named to PMI Board of Directors
Business Wire India
Satyam Australia appoints Indian as new business development chief
Indian information technology services major Mahindra Satyam has appointed Bobby Gupta as its new business development chief, overseeing its operations in Australia and New Zealand. ANI
Tech Mahindra Launches Interoperability Test (IOT) Lab Services for Next Generation Networks (NGN)
PR Newswire
Tech Mahindra Launches Interoperability Test (IOT) Lab Services for Next Generation Networks (NGN)
PR Newswire
Tech Mahindra to complete Satyams 75-mn dollars Australian project
Tech Mahindra, the new owner of troubled Indian IT services firm Satyam, has for the first time confirmed its continued commitment to a 75 million dollars software development project in Geelong, Australia. ANI
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