Word: satyam
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...love the city," she says gamely. But the city has not made it easy. Soma, 24, hasn't been able to find work - in a recession, no one's interested in her master's degree in psychology without experience - and Avishek's once coveted job at the outsourcing firm Satyam now depends on the whims of the scandal-tainted company's new owners. (Read "In India, a Dynastic Heir Strategizes the Election...
...That's far less than the $7 billion stock-market valuation Satyam, India's fourth-largest I.T. company, once enjoyed before the scandal. In January, Satyam founder and chairman B. Ramalinga Raju confessed that accounts at had been fudged for years and that assets and profits to the tune of $1.6 billion did not exist. The government subsequently stepped in, appointing a board of directors to try to stabilize Satyam until a buyer could be found...
...fraud. Other interested buyers, including IBM and India's Spice Group, withdrew because of the uncertainties. "It's a very risky bet," says New Delhi-based equities analyst Dhirendra Kumar. "The reward or penalization could match the risk." Tech Mahindra has yet to issue a comment, but Satyam has said in a statement that the deal 'signals a new stage for the company.' (See pictures of the global financial crisis...
...goes well, the deal could propel Tech Mahindra into the top tier in Indian software services. Satyam's client base, which includes Cisco Systems and Nestle SA, would reduce the company's heavy reliance on British Telecom, its biggest customer. The markets gave the purchase a thumbs-up. Tech Mahindra shares were up 12% at the end of trading Monday, while Satyam shares were up 3%. Also applauding the deal were India's business groups. "The smooth completion of the bidding process for Satyam demonstrates that India has an adequate legal and institutional mechanism for handling and resolving a major...
...April 7, India's federal crime bureau filed charges against nine people including Raju, Satyam's former chief financial officer Vadlamani Srinivas, former managing director Ramadan Raju and two former external auditors of Price Waterhouse. All of them are currently in jail...