What happened to Satyam employees?
HYDERABAD: IT firm Mahindra Satyam (formerly Satyam Computer Services) today said as many as 17,000 employees left the company in the last two fiscals. The company today announced audited financial results for FY’09 and FY’10, reporting a consolidated loss of Rs 124.60 crore for year ended March 2010.
Why did Ramalinga Raju fail?
Among many reasons for the collapse was the former Chairman and CEO of Satyam Computer Services, Ramalinga Raju, stepping down from his role after his admission that he embezzled the company of Rs 7,140 crore. Raju and his brother was set at Rs 10,00,000/- and the other convicts was set at Rs 50,000/- only.
How was Satyam case exposed?
Initial confession and charges On 7 January 2009, the chairman of Satyam, Byrraju Ramalinga Raju, resigned, confessing that he had manipulated the accounts of Rs 7,000 crore in several forms. The global corporate community was said to be shocked and scandalised.
What went wrong in Satyam Computers?
In a surprise move, the World Bank announced on December 23, 2008 that Satyam has been barred from business with World Bank4 for eight years for providing Bank staff with “improper benefits” and charged with data theft and bribing the staff. 5 Share prices fell another 14\% to the lowest in over 4 years.
What happened to Satyam Computers shareholders?
Satyam is history, merger with Tech Mahindra complete Shareholders of Mahindra Satyam have received one share of Tech Mahindra (Rs 10 each) for every 8.5 shares of Rs 2 each they had in the erstwhile Satyam that was absorbed in Tech Mahindra.
Where is Satyam CEO now?
Since then, Raju has remained “as occupied as he was in his heyday when he was heading the fourth-largest software services company in the country,” sources close to Raju claimed to Business Standard in January 2019, noting that he still does business regularly at his Hyderabad home.
What happened Mahindra Satyam?
Mahindra Group’s IT arm, Tech Mahindra, purchased a major stake in the company and in June 2009 the company renamed itself Mahindra Satyam. Mahindra Satyam merged with Tech Mahindra on 24 June 2013….Mahindra Satyam.
| Founded | 1987 |
| Defunct | 2013 |
| Fate | Merged into Tech Mahindra |
| Successor | Tech Mahindra |
| Headquarters | Hyderabad, India |
Who acquired Satyam?
Tech Mahindra
Mahindra Group’s IT arm, Tech Mahindra, purchased a major stake in the company and in June 2009 the company renamed itself Mahindra Satyam. Mahindra Satyam merged with Tech Mahindra on 24 June 2013.
What happened to satsatyam computer services?
Satyam Computer Services, a leading Indian outsourcing company that serves more than a third of the Fortune 500 companies, significantly inflated its earnings and assets for years, the chairman and co-founder said Wednesday January 7,2009, roiling Indian stock markets and throwing the industry into turmoil.
When was Satyam Computers listed on the BSE?
In 1991-92 Satyam computers was listed on BSE (Bombay Stock Exchange) and in 2001 it was listed on NYSE (New York Stock Exchange). Satyam Computers was one of the fastest growing company of India and hence Satyam Computers as well as Ramalinga Raju received many awards during its growth years.
What is the Satyam scandal?
The Satyam scandal was a Rs 7,000-crore corporate scandal in which chairman Ramalinga Raju confessed that the company’s accounts had been falsified. On January 7, 2009, Ramalinga Raju sent off an email to Sebi and stock exchanges, wherein he admitted and confessed to inflating the cash and bank balances of the company.
Will Satyam’s clients migrate to Infosys?
In the short term “we will see lot of Satyam’s clients migrating to competition like Infosys, TCS and Wipro,” they said. Satyam is the fourth-largest outsourcing firm after the three named. In the four-and-a-half page letter distributed by the Bombay stock exchange, Mr. Raju described a small discrepancy that grew beyond his control.