Word: satyam
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...Satyam Computer Services, the Indian I.T. and outsourcing giant that was nearly sunk by its founder's billion-dollar accounting fraud, has been sold to a smaller rival in an unusual auction in which bidders were unable to assess the true financial standing of the company...
...Tech Mahindra, a Pune-based telecom-solutions provider, won the auction on Monday, agreeing to buy 31% of Satyam for $352 million, a 23% premium to Satyam's last closing price on Thursday. Tech Mahindra plans to make a public offer to acquire 20% more of Satyam shares to gain a majority stake, as required by Indian law, taking the cost of the deal to $580 billion. (Read TIME's 2006 cover story about telecommunications in India...
...potentially devastating consequences of getting laid off in Asia puts pressure on companies and governments to minimize pink slips. In India, the central government took control of IT outsourcing firm Satyam Computer Services in January after the revelation of a $1.6 billion fraud, in part to maintain the company's 53,000-strong workforce. A government-appointed board of directors is looking to sell the company. "Our top priority is to protect the jobs of the software professionals," announced Y.S. Rajasekhara Reddy, chief minister of the state of Andhra Pradesh, where Satyam is based. In October, Indian airline Jet Airways...
...Meanwhile, the government is continuing its efforts to find a buyer for Satyam and to save some of the jobs of its 53,000 employees. In a statement released on Feb. 2, Satyam claimed to have retained 95% of its top 20 clients and to have won 15 new contracts in January. At least four groups including Indian construction and engineering giant Larsen & Toubro have shown interest in acquiring a controlling stake...
...planning to relax the rules governing corporate buyouts. Currently, any group wanting to acquire a minimum 15% stake in a company must make an open offer to all shareholders based on a 26-week average share price. SEBI wants to waive this requirement to enable more realistic pricing of Satyam's shares, which plunged by more than 70% after the scandal broke and now trade at about $1.27 a share. Satyam's government-appointed board are discussing buyout options this week, but a sale cannot be completed until its accounts are restated, a process that could take several months...