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’India’s Tech Mahindra wins Satyam bid
Tech Mahindra – an Indian outsourcing group partly owned by BT of the UK – on Monday won the auction for a controlling stake in Satyam Computer Services, which is at the centre of India’s biggest corporate scandal.
Seven bidders circle Satyam
The caretaker board of scandal-hit Satyam Computer Services, India’s fourth-largest computer group, expects to sell the company by mid-April in a highly unusual transaction. Bidders are being warned there are no reliable financial accounts nor assessments of the potential liability from shareholder suits.
Satyam prompts takeover rule change
India plans to ease takeover rules for “abnormal cases” in a move that could ease the sale of Satyam Computer Services, embroiled in India’s biggest corporate scandal. The India’s Securities and
Satyam/PwC auditors arrest…
A little more detail on the arrest of two of PwC’s Satyam auditors yesterday. The India Business Standard reports that the two have been arrested for “conspiracy” and “cheating”. The International Business Times,
PwC staff detained in Satyam probe
Indian police have detained two PwC auditors in their first move against the professional services firm over the scandal afflicting Satyam Computer Services. Police said the pair were detained for interrogation over the scandal,
India’s Larsen frontrunner for Satyam
Indian engineering and construction firm Larsen & Toubro is likely to present a revival plan to the board of fraud-hit Satyam Computer Services, reports Reuters citing local media reports. Larsen was a front-runner for acquiring Satyam,
Satyam to appoint investment banks
The new, government-appointed board of fraud-hit Satyam Computer Services is looking to appoint up to three investment banks to find a possible buyer for the Indian outsourcer, reports Reuters, citing the Economic Times of India.
Satyam shares sink with bailout hopes
Shares of Satyam Computer tumbled as much as 30% on Thursday after one of its directors dashed investor hopes for a government bailout of the fraud-stricken Indian company, reports Reuters. Satyam is a financially viable company,
‘Pope Catholic’ – PwC
PRICEWATERHOUSECOOPERS SAYS ITS OPINIONS ON SATYAM STATEMENTS MAY BE RENDERED INACCURATE
What, these?
Auditors’ Report to the Members of Satyam Computer Services Limited..we report that:
(a) We have obtained all the information and explanations,
Satyam shares seen gaining
Shares in Satyam Computer Services could jump on Monday after the Indian government stepped in to appoint a three-man board in a bid to restore confidence in the outsourcing company rocked by the country’s biggest corporate scandal,
Satyam fights for survival
Satyam Computer Services, the company at the centre of one of India’s largest corporate scandals, was on Thursday fighting for survival as managers moved to appoint a new auditor and an investment bank to find a buyer.
Merrill disassociates itself from Satyam
Attention in the Satyam fraud scandal has focused on Satyam’s non-executive directors and PwC, Satyam’s auditors, but shocked investors are also expected to question the role played by Merrill Lynch,
$1bn fraud at India IT group
The head of one of India’s biggest outsourcing groups has confessed to fixing the company’s books in a $1bn fraud described as the country’s “Enron”, reports the FT. B. Ramalinga Raju, chairman and chief executive of Satyam Computer Services,
Perils of stock punditry, Hyderabad edition
It has not been a good start to 2009 for one unlucky analyst at ABN Amro India. On Wednesday morning, the hapless number cruncher decided to upgrade his rating on Satyam Computer to “buy”. Hours later,
From the desk of B. Ramalinga Raju
The chairman of Satyam Computer Services, which ranks as India’s fourth-largest software operation, has fessed up to years of book-cooking. Shares in the company crashed 80 per cent on Wednesday, taking the wider Indian stock market down 7 per cent.