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India has urged the U.S. Securities and Exchange Commission not to impose a fine on Satyam Computer Services Ltd. (SAY), now renamed Mahindra Satyam, the Press Trust of India reported Tuesday, citing Minister of State for Corporate Affairs Salman Khurshid.
"We have urged the Securities Exchange Commission that there should be no penalties imposed on Satyam as it will ultimately fall on the shareholders," the PTI quoted Khurshid as saying.
ied like to wake up one morning and see this jump from 5 to 8...
MUMBAI (Dow Jones)--The board of Upaid Systems has approved the out of court settlement terms for its pending case against Satyam Computer Services Ltd. (500376.BY), a person familiar with the development told Dow Jones Newswires.
Last week Satyam Computer, which now operates under the Mahindra Satyam brand, said it agreed to pay Upaid $70 million in two tranches to settle the latter's case on charges of forgery due to be heard in January.
The terms of the settlement remain the same as Satyam disclosed, but the court date is yet to be called off, pending an initial payment of $45 million from Mahindra Satyam, the person said.
Fraud-hit Satyam was acquired by Tech Mahindra in April via a government-led auction after its founder admitted he had overstated the software exporter's profits for several years and created a fictitious cash balance.
The Upaid lawsuit was seen as a major worry for Satyam at the time.
-By Deepali Gupta, Dow Jones Newswires; 91 22 6145 6107; deepali.gupta@dowjones.com
Mahindra Satyam Appoints Vineet Nayyar As Chairman, Settles Case With Upaid - Update
(RTTNews) - Wednesday, India-based IT services provider Satyam Computer Services Ltd. (SAY), now known as Mahindra Satyam, said that it has appointed Vineet Nayyar, previously Vice Chairman of the board, as the Chairman. Nayyar will also continue to operate as a whole time director of the company.
Earlier, Nayyar worked with the Government of India, international multilateral agencies and in the corporate sector. Nayyar started his career with the Indian Administrative Service following which he worked with the World Bank.
The company in a statement said that Nayyar was the founding chairman and managing director of the state owned Gas Authority of India and has served as managing director of HCL Corporation Ltd. and as the vice chairman of HCL Technologies Ltd. He was also a co-founder and chief executive officer of HCL Perot Systems.
Satyam also named Damodaran and Gautam Kaji as additional directors and audit committee members, with immediate effect, expanding its board to eight members.
Prior to joining Satyam, Damodaran worked as the Chairman of the Securities and Exchange Board of India or SEBI, India's capital market regulator. Previously, Kaji was the Managing Director for operations of the World Bank with responsibility for Africa, East Asia and the Pacific and South Asia. He is currently Chairman of Centennial Group, a Washington based Policy and Strategic advisory firm and their non profit initiative, The Emerging Markets Forum.
The company also appointed Deloitte Haskins & Sells as statutory auditors.
Satyam also said that its board has approved a settlement with the U.K based online and mobile payments service company Upaid Systems for $70 million.
The settlement agreement requires Upaid to grant to Mahindra Satyam a perpetual worldwide, royalty free license on all of its patents, and provides for the dismissal with prejudice of all pending actions, noted the company.
Upaid Systems originally filed the Texas lawsuit in April 2007 claiming fraud, forgery and breach of contract against Satyam Computers, as a result of which Upaid suffered damages to its business and prospects in excess of $1 billion.
The company agreed to make payments in two installments. First amount will be an upfront payment of $45 million within 10 days of the company getting regulatory approval under the Indian law, and second amount of $25 million will be made within 12 months after the first payment, noted Satyam.
Satyam was thrown into turmoil in January after its founder Ramalinga Raju admitted that he had overstated the software exporter's profits for several years and created a fictitious cash balance of more than $1billion. After which, the government took control of the company and sold it to Tech Mahindra Ltd.
SAY is currently trading at $5.02, up $0.29 or 6.13% on a volume of 1.70 million shares on the NYSE.
For comments and feedback: contact editorial@rttnews.com
After continuous reports of fraud surrounding Satyam Computer Services (SAY), the Wall Street Journal published an article today with the title "Satyam: Media Reports on Fraud Don't Reflect Financial Position." The Journal says that Satyam is responding to media reports on the extent of the fraud by saying that these reports don't reflect the company's current financial position and liabilities.
this thing should be 12 bucks.
Big NEWS...
Mahindra Satyam wins Rs 100 crore outsourcing contract from Airbus
http://economictimes.indiatimes.com/articleshow/5301500.cms
Satyam Computer Services Ltd. (500376.BY) is adding clients, Reuters reported Wednesday, citing its president of global operations Atul Kunwar.
The company has over 400 clients, including General Electric Co., adding around three dozen after its former chairman was implicated in India's largest corporate scandal earlier this year, the report on Reuters' Web site said.
good buying opp.i was a split second from more at 4.19...i was chicken
they reissued some news from last january and some folks panicked not realizing its a different company under different manangement since the merger...
everything is ok...
Satyam Computer Services Ltd. (500376.BY) is adding clients, Reuters reported Wednesday, citing its president of global operations Atul Kunwar.
The company has over 400 clients, including General Electric Co., adding around three dozen after its former chairman was implicated in India's largest corporate scandal earlier this year, the report on Reuters' Web site said.
Full story: http://www.reuters.com/article/summitNews/idUSTRE5AO0RA20091125?feedType=RSS&feedName=summitNews&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed:+reuters/summitNews+(News+/+US+/+Summit+News)
MUMBAI (Dow Jones)--India's federal probe agency investigating the accounting fraud at Satyam Computer Services Ltd. (500376.BY) Tuesday filed additional charges of cheating and forgery against 10 people after further investigations.
The Central Bureau of Investigation said in a statement it is also considering filing separate chargesheets pertaining to the diversion of Satyam Computer Services funds and "the fraud perpetrated by the accused with regard to filing of tax returns of Satyam Computers as these acts amount to distinct offenses."
In April, the CBI had filed cheating and forgery charges against nine accused--former chairman B. Ramalinga Raju, former managing director B. Rama Raju, former chief financial officer S. Vadlamani, auditors S. Gopalakrishnan and S. Talluri, B. Suryanarayana Raju, G. Ramakrishna, D. Venkatapathy Raju and Srisailam.
The CBI named the company's global head of internal audit--V S Prabhakar Gupta--as the tenth accused in the additional chargesheet for "willful suppression of auditing irregularities", in a filing before a court in southern Indian city of Hyderabad Tuesday.
Prabhakar Gupta was arrested on Nov. 21 and is in judicial custody. His lawyer couldn't be immediately reached for comment.
All other accused have been in custody since soon after the financial scandal came to light early January.
In a 200-page supplementary chargesheet submitted against all ten, and citing 301 witnesses and supported by 1,549 additional documents, the CBI said that the accused created fake customer identities and generated fake invoices against their names to inflate revenue by about INR4.30 billion.
"The accused have forged the board resolutions and unauthorisedly obtained loans/advances to the tune of INR12.20 billion in the name of Satyam Computers," the CBI said in a statement.
The accused used the amounts raised by fraud to acquire property worth INR3.50 billion, CBI said.
"The accused have also resorted to criminal breach of trust in the matter pertaining to declaration and disbursement of dividends," the CBI said.
Lawyers for Ramalinga Raju, Rama Raju, Vadlamani, Gopalakrishnan and Talluri said they haven't yet received a copy of the additional charges and will respond only upon receiving the copy.
S. Bharat Kumar, lawyer for Ramalinga Raju, expects to receive a copy of the charges in a week. "The accused could face maximum imprisonment of 14 years if the charges are proved," Kumar said.
Lawyers for B. Suryanarayana Raju, G. Ramakrishna, Venkatapati Raju and Srisailam couldn't immediately be reached for comment.
A Satyam spokesperson said that company will "cooperate with the investigations".
Satyam Computer Services was embroiled in an accounting scandal after its founder B. Ramalinga Raju admitted in January that he overstated the software exporter's profits and created a fictitious cash balance of more than $1 billion.
Since the scandal broke out, a government-appointed board sold a majority stake in the company through an auction to Tech Mahindra Ltd. (532755.BY). The company holds a 42.7% stake in Satyam Computer Services.
-By Romit Guha, Nupur Acharya & Ameya Karve, Dow Jones Newswires; +91-99675-86928; romit.guha@dowjones.com
MUMBAI (Dow Jones)--India's federal probe agency said Tuesday it has filed additional charges against 10 people accused in the accounting scam at software exporter Satyam Computer Services Ltd. (SAY).
The Central Bureau of Investigation, or CBI, said in a statement that it has added the company's global head of internal audit as an additional accused for deliberately concealing auditing irregularities.
The agency said it has evidence that the accused created fake customer identities and generated fake invoices against their names to inflate revenue by about INR4.30 billion.
The agency has evidence that the accused forged the resolutions passed by the company's board and illegally got loans of about INR12.20 billion in the company's name, it added.
Satyam Computer was embroiled in an accounting scandal after its founder, Ramalinga Raju, admitted in January that he overstated the software exporter's profits and created a fictitious cash balance of more than $1 billion.
-By Ameya Karve, Dow Jones Newswires; +91-22-6145-6121; ameya.karve@dowjones.com
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=N%2Bx7ar2RUJ5nP%2BaDNzlJwA%3D%3D. You can use this link on the day this article is published and the following day.
(END) Dow Jones Newswires
November 24, 2009 09:15 ET (14:15 GMT)
NEW DELHI (Dow Jones)--India's Serious Fraud Investigation Office will file charges against those involved in the accounting fraud at Satyam Computer Services Ltd. (500376.BY), the federal corporate affairs minister said Monday.
"The SFIO is dutifully pursuing what it is supposed to do. During this month, it will begin prosecution (in the Satyam case)," Salman Khurshid told reporters at a briefing.
Satyam Computer was embroiled in an accounting scandal after its founder, Ramalinga Raju, confessed in January to overstating the software exporter's profits and creating a fictitious cash balance of more than $1 billion.
-By Prasanta Sahu, Dow Jones Newswires; 91-11-4356-3311; neelabh.chaturvedi@dowjones.com
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=jFJrwcczw2ZPEL1FUGAC9g%3D%3D. You can use this link on the day this article is published and the following day.
(END) Dow Jones Newswires
it ought to be 6.60
this thing has a ton of resistance at 5.60/5.70
Mahindra Satyam, the former Satyam Computer Services Ltd. (SAY), is to reposition itself as a complete information and communications technology company, rather than just an IT outsourcing firm, the Press Trust of India reported Tuesday, citing its chief executive officer, C.P. Gurnani.
"The focus is on converting an IT company to an ICT company," the PTI quoted Gurnani as saying.
"We are looking at overall growth in digital convergence. That is a focus area. We will also be focusing on mobile applications," Gurnani said, the PTI reported.
NEW DELHI (Dow Jones)--Indian software exporter Satyam Computer Services Ltd. (500376.BY) has added 35 customers since April, its chief executive said Monday.
"...we have retained all 380 customers that we got in April (when Tech Mahindra Ltd. acquired Satyam) and have added 35 since," C.P. Gurnani told Dow Jones Newswires on the sidelines of the Indian Economic Summit.
Satyam, which now operates under the Mahindra Satyam brand, was acquired by Tech Mahindra Ltd. (532755.BY) earlier this year via a government-run auction after its founder confessed in January to cooking the company's books.
"Bain & Co. is helping us formulate a strategy to help us with training as well as with clients," Gurnani added.
NEW DELHI (Dow Jones)--CA (India) Technologies Pvt. Ltd., the Indian unit of CA Inc. (CA), is in talks with six Indian information technology companies for a partnership to sell the U.S.-based computer software vendor's products in India and overseas markets, two executives at CA (India) said.
"When you look at large requirements, large engagements, large projects in India or overseas...where we can partner with them (Indian software exporters) because we have the technology...and they have the whole implementation capabilities...so that it works sort of as a real win-win," Saurabh Srivastava, chairman at CA's Indian unit, told Dow Jones Newswires in a recent interview.
The program--code named IndiGO--is the first such initiative by the maker of software for mainframe and other corporate computers outside the U.S, Amit Chatterjee, managing director at CA's India unit, said.
CA is looking to partner with companies such as Tata Consultancy Services Ltd. (532540.BY), Infosys Technologies Ltd. (500209.BY), Wipro Ltd. (507685.BY), HCL Technologies Ltd. (532281.BY), Tech Mahindra Ltd. (532755.BY), Satyam Computer Services Ltd. (500376.BY) and Cognizant Technology Solutions Co. (CTSH), Chatterjee said.
The six companies weren't immediately available for comment.
CA (India) will focus on government, telecommunications, defense, power and banking sectors in India, as "all of them need to use lot of IT," Srivastava said.
The government sector contributes about 40% of CA India's overall revenue from the business segment, with banking and financial services, along with information technology-enabled services contributing 25% each, Chatterjee said.
Chatterjee however declined to provide revenue or profit figures for CA (India). He also didn't provide CA (India)'s contribution to CA's overall global revenue.
"As far as delta growth for CA (in India)--that is in telecom," he said, adding that seven new operators are yet to roll out their services in the coming months.
The company plans to double the business for its India unit from the local telecom sector in the next 12 months. Currently, the sector contributes 10% of its business to its India unit, Chatterjee said.
The Indian telecommunications market is the fastest growing the world, adding about 10 million users a month, and has attracted both local and foreign players.
CA is in the process of structuring a dedicated team to focus on the defense sector in India and plans to devise a go-to-market strategy in the next six months.
The company also expects to launch an upgraded version of the antivirus software R12 in the Indian and Sri Lankan markets for both corporate and retail users in March next year, Chatterjee added.
About 40 software companies sell their antivirus products in the Indian market, which is worth $60 million to $70 million in revenue, he said.
NEW DELHI (Dow Jones)--The chief executive of Satyam Computer Services Ltd. (500376.BY) Sunday said that there is a "high probability" that its case with U.K.-headquartered Upaid Systems will be settled out of court.
"There is a very high probability that we will settle this out of court. Both companies realise we are incurring high costs (on legal advisers)," C.P. Gurnani told Dow Jones Newswires on the sidelines of the Indian Economic Summit.
Upaid couldn't be immediately reached for comment.
The company, a provider of mobile and online payment-transaction services, had filed a suit in 2005 against Satyam, accusing the company of fraud and forgery related to a project outsourced to the software exporter.
A court in Texas, U.S., postponed the trial in the case to January 2010 from September.
Satyam was acquired by Tech Mahindra Ltd. (532755.BY) earlier this year and branded Mahindra Satyam.
redfisher; thnx for the note!
Satyam Computer Services (SAY) NewsBite - SAY Is On the Move
Tuesday 10/27/2009 11:16 AM ET FreshBrewedMedia
Satyam Computer Services (SAY) appears to be on the move today and is now at $4.92, down $0.27 (-5.2%) on volume of 2,009,998 shares traded. Over the last 52 weeks the stock has ranged from a low of $.78 to a high of $16.84. Satyam Computer Services stock has been showing support around $4.62 and resistance in the $6.04 range. Technical indicators for the stock are bearish and S&P does not currently have a STARS rating for SAY. We will just watch this one for now. There are no hedged trades
hopefully 4.50 is as low as it goes.im lookin for it to go back up
laying off 3500 employees will save some cash
even though the x ceo was an embezzler it dosent take away the fact that the company does make money..
SAY needs more time. The trust is still being built here.
Cheers
Sorry wrong board. This is a very good stock in my opinion.
Cheers
Wishful thinking here.
That is how I felt a year ago. However after all the BS that ONCP management did, this is just a pump and dump stock to me now. I was burned one too many times on PRs with deadlines that came and went. Unless you look at old iHub posts, one does not have a history of what these guys do.
Where are the audited financials? It has been over 100 days since hiring a CPA.
Cheers
wish it was nice enough for it to go up a few bucks....
DJ First State Investment Raises Stake In Satyam Computer To 5.018%
.
MUMBAI (Dow Jones)--First State Investment Management (UK) Ltd. has raised its stake in Satyam Computer Services Ltd. (500376.BY), the Indian software exporter said Tuesday.
First State bought 256,245 shares, or 0.022%, of the company to increase its stake to 5.018%, Satyam Computer--now branded Mahindra Satyam--said in a filing with the National Stock Exchange.
First State bought the shares Monday on its behalf and on behalf of First State Investments International Ltd.
-By Satish Sarangarajan, Dow Jones Newswires; +91 22 6145 6120; satish.sarangarajan@dowjones.com
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=58REQsmsCwfUUqleegcdQA%3D%3D. You can use this link on the day this article is published and the following day.
(END) Dow Jones Newswires
October 27, 2009 10:39 ET (14:39 GMT)
Copyright (c) 2009 Dow Jones & Company, Inc.- - 10 39 AM EDT 10-27-09
SAY is priced at a discount and worth the risk http://msn.fool.com/investing/value/2009/10/12/5-top-stocks-at-half-price.aspx?logvisit=y&source=eedmsnlnk0010001&published=2009-10-12
slowly inching upwards
SAY now @5.38 up 6.5%
Agreed
I think SAY is undervalued as compared to the other IT companies.
Cheers
I think we will 6 to 7 dollars soon...
fyi..there is a tender offer out there, check w/your broker for the particulars etc.
I am hoping that it will stay higher than low $3. It is still a good time to buy in.
The reason for the dive is that SAY plans on paying 8000-10,000 workers a smaller salary for the next six months. Instead of firing them, which most US companies have been doing, they want to retain them. It seems like a weird move, but I think SAY wants to keep enough manpower in place and on tap, just in case the economy picks up. This way they are not firing and then turning around and hiring people.
Lets just see how this all plays out.
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