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Mahindra Satyam


About Mahindra Satyam

Mahindra Satyam (Former name: Satyam Computer Services) (NYSE: SAY; BSE: SATYAM; NSE: SATYAMCOMP) is a Hyderabad-headquartered Global IT Services company. Tech Mahindra has a controlling stake in the company. C P Gurnani is the current Chief Executive Officer of the company. A S Murthy and Chander Prakash Gurnani are former CEO's of the company.

Vineet Nayyar is the Chairman / Chair Person of the company. C Achuthan, T N Manoharan, Deepak Parekh, Tarun Das, S Balakrishanan are Directors. C P Gurnani and Ulhas N Yargop are Nominee Directors. M Damodaran and Gautam S Kaji are Additional Directors.

Satyam Management

NamePosition
Vineet NayyarChairman
C P GurnaniChief Executive Officer
T N ManoharanMember, Board
Ulhas N. YargopMember, Board
Ashok KackerMember, Board
M Rajyalakshmi RaoMember, Board
Rakesh SoniChief Operating Officer & Member, Executive Management
AS MurtyChief Technology Officer & Member, Executive Management
Hari ThalapalliChief Marketing Officer and Chief People Officer & Member, Executive Management
Vasant KrishnanChief Financial Officer & Member, Executive Management
Manish MehtaChief Solutions Officer - Verticals, Global Head, Consulting and Enterprise Solutions and Member, Executive Management

Satyam financials

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%.

Satyam's finance misappropriations

For more information about financial fraud and misappropriations at Satyam, read 2009 Financial misappropriations and fraud at Satyam Computers.

Updates in April 2009 - Approval to Tech Mahindra

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.

Updates in May 2009

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.

Updates in June 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.

Satyam Virtual Pool

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.

Updates in July 2009

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.

Updates in August 2009

The Supreme Court has rejected a petition seeking 5,000 crore rupees as compensation for three lakh retail shareholders.

Updates in September 2009

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. In July 2009, 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.

L&T management hinted it will sell its stake in Mahindra Satyam once its stipulated lock-in period is over.

Updates in October 2009

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. During the month, Satyam announced the appointment of Bobby Gupta as its new business development chief, overseeing its operations in Australia and New Zealand.

Updates in December 2009

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.

In December 09, Satyam said that recent media reports on the magnitude of the accounting fraud at the company dont reflect its current financial position and liabilities.

Satyam - Upaid case

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.

Updates in 2010

In March 2010, the Comptroller and Auditor General of India blamed the Andhra Pradesh State Government for showing favor and extending undue benefits in allocating land at a cheaper rate to Satyam and Maytas.

In July 2010, Minister of State for Corporate Affairs Salman Khurshid said the Enforcement Directorate probing the financial irregularities in the scam is investigating if some money was transferred aboard.

Speaking to a media outlet, PwC global chairman Dennis Nally said that Satyam fraud hit brand but not its business.

2012

The Andhra Pradesh High Court, on 11 December 2012, stayed a provisional order of enforcement directorate (ED) attaching Rs 822 crore deposits belonging to Mahindra Satyam in an alleged money laundering case involving former Satyam chairman B Ramalinga Raju and others.

Satyam Clients list

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 Alliances, Joint Ventures & Partners list

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

Satyam subsidaries include Maytas Properties, Maytas Infrastructure, Satyam BPO, Nipuna Services, Knowledge Dynamics, Nitor Global Solutions, Ca Satyam ASP and Satyam Venture Engineering Services.

Satyam Computers history

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.

Satyam Awards

  • December 2008: Software AG names Satyam the Partner Innovation Award winner at the "Innovation World 2008" conference in Miami

Delisting ADRs

On September 24, 2010, reports are out that Mahindra Satyam is opting out to delist themselves before the October 15, 2010 deadline given by NYSE as it does not hope to file US GAAP numbers before the due date. The ADRs would continue to trade on the Over-The-Counter Exchange Of India (OTCEI). The company however is trying to meet the Indian GAAP deadline by September 29, 2010. Vineet Nayyar, speaking to a business media outlet said that the merger of Mah Satyam-Tech Mah will be taken up post November 15, 2010 at which time Quarter 1 and Quarter 2 results of 2010-11 will be published.

Company Slogan

  • What Business Demands

Mahindra Satyam in News

Paul Writer Launches Innovative Marketer Dialogue, Sponsored by SAP
Paul Writer, India’s largest community of marketers today unveiled the Innovative Marketer Dialogue.  Sponsored by SAP, this is a unique initiative featuring a series of exclusive interviews with marketing chiefs

Paul Writer Study -What Engages the Mind of Indian Marketers
Paul Writer, India’s first community of marketers today released the findings of a research project sponsored by SAP on Customer Engagement. Based on a LinkedIn poll taken by over 600 senior marketers in India, the findings suggest that for Indian marketers customer experience is emerging as a top priority

QUMAS Announces Partnership With Mahindra Satyam
QUMAS today announced a partnership with Mahindra Satyam, a leading global consulting and IT services provider. This partnership authorizes Mahindra Satyam to distribute, implement and support QUMAS products in India and other international markets.

Rebecca 'Becky' Blalock Appointed Strategic Advisor for Mahindra Satyam's Energy & Utilities Business in USA
Mahindra Satyam, a leading global consulting and IT services provider, today announced that it has appointed Ms. Rebecca 'Becky' Blalock as Strategic Advisor for its Energy & Utilities (E&U) business. She will be supporting the organization's North American region for business expansion and strengthening client relationships.

Mahindra Satyam Announces HealthConnection(TM) -- A Rapidly Deployable Health Insurance Exchange for State Governments
Mahindra Satyam, a leading global consulting and IT services provider, today announced the launch of HealthConnection™, a health insurance exchange (HIX) solution that complies with U.S. Affordable Care Act requirements for establishing health insurance exchanges for businesses, employers and individuals by the January 1, 2014 deadline

Mahindra Satyam Works With Microsoft to Modernize Department of Motor Vehicles (DMV) Licensing and Registration
Mahindra Satyam, a leading global consulting and IT services provider, today announced the launch of the Motor Vehicle Enterprise Solution (MOVES) for modernizing Department of Motor Vehicles' business operations

India issues 100 millionth UIDAI number using Morpho's technology
Morpho (Safran group) has announced that its technology played a support role in enabling the Unique Identification Authority of India (UIDAI) to close 2011 with an important milestone of issuing its 100 millionth unique identification or Aadhaar number

Pegasystems Announces Recipients of Partner Excellence Awards
Pegasystems Inc. (NASDAQ: PEGA), the leader in Business Process Management (BPM) and software for customer centricity, today announced the recipients of the company's first annual Partner Excellence Awards at a ceremony during the company's global sales conference yesterday

Andhra Pradesh News on October 15, 2012
Andhra Pradesh News and Headlines on October 15, 2012

Trianz Announces the Appointment of Nagi Marellapudi as Director of ITS Delivery
Trianz, a global consulting and turnkey execution services firm, today announces the appointment of Nagi Marellapudi Director of ITS Delivery, to its leadership team. Nagi in his role will be responsible for client service leadership across all IT services

Mahindra Satyam to Acquire a Strategic Stake in Dion Global Solutions

“Leveraging Innovation is Essential To Gear Up for the Future Business Environment”, says Frost & Sullivan at GIL 2012: Middle East, The Global Community of Growth, Innovation and Leadership
Frost & Sullivan just concluded their 3rd Annual Flagship Congress - GIL 2012: Middle East, The Global Community of Growth, Innovation and Leadership at Madinat Jumeirah, Dubai, U.A.E

Frost & Sullivan’s GIL 2012: Middle East, The Global Community of Growth, Innovation and Leadership Embarks on ‘The Journey to Visionary innovation’ on 19th February 2012
As companies’ endeavour to thrive in a rapidly accelerating global economy, their emphasis on innovation as well as leveraging industry’s best practices has grown multi-fold. Business leaders across the region face the onus of identifying and securing long-term growth. Their choices in turn are driven by an appreciation of a multitude of variables, and how to innovate to succeed has been pivotal

Birlasoft Announces Shan Bala as CEO
Birlasoft, the global IT services arm of the C K Birla Group announces the appointment of Shan Bala as the Chief Executive Officer. Shan was heading Global Sales and Marketing for Birlasoft prior to this appointment. Shan has held many senior leadership positions in the past including with Satyam Computer Services (later known as Mahindra Satyam)

Actis, Pioneers in Designing and Building Communication and Collaboration Solutions, Commemorates 40 years in Business
Actis, pioneers in designing and building communication and collaboration solutions, is commemorating 40 years in business. Established in 1971, Actis has pioneered technologies like Telepresence, Video Conferencing, Edge Blending, Interactive Training Centres and Smart Home technologies in India

Mahindra Satyam Partners with Nimsoft to Deliver Enterprise-class Monitoring Services to Clients
Nimsoft today announced that Mahindra Satyam, a leading global business and information technology services company has deployed the Unified Service Management Platform (USMP)―a managed services platform developed to optimize client infrastructure performance and service levels

India issues two millionth UIDAI number using Morpho's technology
Morpho, a high-technology company that provides identification, today announced that its technology has enabled the Unique Identification Authority of India (UIDAI) to issue its two millionth identification number under the Aadhaar program.

Role of Project Management in Operational and Business Excellence Highlighted at PML 2011
QAI, the world's leading workforce development and consulting firm addressing Operational Excellence in IT, BPO and knowledge intensive service organizations, announced its 6th Annual International Project Management Leadership Conference (PML) 2011 to be held in Bangalore on March 24th and 25th, 2011 at Hotel Le Meridien

Mahindra and Cisco to Collaborate in Areas Such as Smart Cities, Virtual Dealership, Sports and Entertainment, and Cloud Services
Mahindra & Mahindra Ltd. and Cisco today announced the signing of a comprehensive Memorandum of Understanding (MOU) under which the parties intend to collaborate on go-to-market strategies in areas that include smart cities, virtual dealership, sports and entertainment, and cloud services

Andhra Pradesh News on November 4, 2011
Andhra Pradesh News and Headlines on November 4, 2011.

Pegasystems Founder and CEO Alan Trefler to Participate in Mahindra Satyam Customer Connect and MIT CIO Symposium
Pegasystems (NASDAQ: PEGA), the leader in business process management (BPM) solutions, today announced that Founder and CEO Alan Trefler will speak at two significant thought leadership events to be held at MIT.

Satyam to pay 10mn dlrs to US regulator to settle fraud charges
Satyam Computer Services Ltd. has reportedly agreed to pay 10 million dollars as penalty to the U.S. Securities and Exchange Commission (SEC) to settle accounting fraud charges.

Indian firms responsible for creating jobs in US
A new study by the Confederation of Indian Industry, "Indian Roots, American Soil: A Look at Indian Companies in the U.S. Economy" released yesterday evening in Washington, D.C., reported that India-based companies were responsible for saving thousands of jobs in the U.S. in recent years and have continued to hire locally wherever they have put down roots.

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