The founder of Satyam Computer Services has been found guilty of a financial scam that brought the Hyderabad-based outsourcer to the verge of collapse before its rescue by a rival.
Satyam Computer Services, the Indian outsourcing company hit by an accounting fraud in 2009, has been merged with parent Tech Mahindra.
Satyam Computer Services is setting up a business applications testing center in Kuala Lumpur, Malaysia, for payments company MasterCard, reflecting a growing interest among customers to sign up new business with the Indian outsourcer as it recovers from a financial scandal.
Indian outsourcer Satyam Computer Services went into loss again in the quarter ended March 31, after the company took a charge to settle a class-action lawsuit in the U.S., the company said Monday.
Indian outsourcer Satyam Computer Services has agreed to pay a US$10 million penalty to the U.S. Securities and Exchange Commission (SEC) to settle charges of financial fraud, the SEC said.
Outsourcer Satyam Computer Services has challenged in a court in India a demand for rupees 6.16 billion (US$134 million) from India’s Income Tax Department, adding a new twist to the problems at the troubled company.
Indian outsourcer, Satyam Computer Services, which is on the recovery after a corporate scandal, said that revenue and net profits grew in the third quarter ended Dec. 31.
Indian outsourcer Satyam Computer Services plans to offer cloud-based services to customers as one of many plans to recover ground it lost during a financial scandal at the company.
The planned merger of Indian outsourcer Satyam Computer Services with Tech Mahindra, its dominant shareholder, will lead to the creation of an outsourcer focused on key segments like telecommunications, manufacturing and enterprise applications, a company executive said on Tuesday.
Satyam Computer Services' revenue skidded in the Indian fiscal year, even as a new management tried to reassure customers and employees, according to financial results released belatedly by the company.
Satyam Computer Services will be delisting from the New York Stock Exchange (NYSE) in October, as it is not able to comply with the stock exchange's requirement to file its delayed financial results by an Oct. 15 deadline.
The board of Satyam Computer Services, the Indian outsourcer involved in a financial scandal, is meeting on 29 September to consider financial results of the company that were delayed after the scandal.
The Satyam scandal and ongoing global financial crisis has spurred the Australian Computer Society (ACS) to call for a stronger focus on corporate governance and professionalism within Australia’s ICT community.