The Satyam Story

Govt to recall 4 govt directors from Satyam board Friday, 3 Jul 2009

NEW DELHI (Reuters) - Four of the six government nominated directors will be withdrawn from the board of Indian outsourcer Mahindra Satyam Ltd, the chairman of India's Company Law Board (CLB) said on Friday. Full Article

Tech Mahindra's open offer for Satyam ends Wednesday, 1 Jul 2009

BANGALORE (Reuters) - Tech Mahindra's public offer to acquire an additional stake in Mahindra Satyam ended on Wednesday, and analysts said the offer would have received a poor response due to a spike in the share price of the fraud-hit outsourcer. Full Article

Tech Mahindra to absorb Satyam at some stage Tuesday, 23 Jun 2009

MUMBAI (Reuters) - Tech Mahindra plans to absorb its new unit Mahindra Satyam to create a top-tier Indian outsourcing firm, the vice chairman of the two outsourcing firms said on Tuesday. Full Article

Maytas Infra seek CDR worth 6 bln rupees Thursday, 2 Jul 2009

MUMBAI (Reuters) - Builder Maytas Infra Ltd said on Thursday it asked for a corporate debt restructuring package worth 6 billion rupees from its lenders including State Bank of India and ICICI Bank. Full Article

Satyam to be rebranded "Mahindra Satyam" Monday, 22 Jun 2009

NEW YORK (Reuters) - Outsourcing company Satyam Computer Services Ltd said on Sunday it would rebrand itself as "Mahindra Satyam," its latest step in efforts to recover from India's worst corporate fraud scandal. Full Article

Satyam to put 7,000-10,000 staff on "virtual pool" Thursday, 11 Jun 2009

BANGALORE (Reuters) - Satyam Computer Services said on Thursday it plans to put about 7,000 to 10,000 staff on "virtual pool" as part of the fraud-hit outsourcing firm's strategy to manage excess staff and cut costs. Full Article

Satyam revenue outlook not great - chairman Thursday, 11 Jun 2009

BANGALORE (Reuters) - Satyam Computer Services Ltd is under stress and the near-term revenue outlook is not great, its chairman said, as the fraud-hit outsourcing firm announced a plan to send home up to 10,000 staff on reduced pay. Full Article