Page 5 - Satyam Scam
'Former mgmt should pay for misdeeds'
Following the effective turnaround of the fraud-hit Satyam Computer into a successful business venture, Mahindra Satyam believes that it is high time for the former auditors, management and owners to pay up for their past misdeeds at the company.
HC stays I-T order on attachment of Satyam's land, buildings
The division bench comprising Justices Madan B Lokur and TV Sanjay Kumar observed that the attachment notice issued by the I-T department was in violation of the high court's earlier order
Satyam scam: HC asks Sebi to defer PWC probe
Gopalakrishnan and Talluri had approached the high court seeking deferment of the Sebi proceedings against them pending the criminal trial going on in a Hyderabad court.
Analysis: Tech Mahindra-Mahindra Satyam merger
After its board meeting on Wednesday, Tech Mahindra approved the merger of Mahindra Satyam with itself at a swap ratio of 17:2. Effectively, for every 17 shares of Mahindra Satyam, investors will get two shares of Tech Mahindra. While close to the market’s expectations of seven to nine shares of Mahindra Satyam for every share in TechM, most analysts believed that Mahindra Satyam should command a premium to TechM’s valuations.
TechM, Mahindra Satyam to merge, 1:8.5 swap set
With a share swap ratio of 2:17 (two shares of Tech Mahindra will get 17 shares of Mahindra Satyam), the merged entity will be a $2.4-billion IT services company
Tech Mahindra-Mahindra Satyam merger is market neutral
The swap ratio of the Mahindra Satyam and Tech Mahindra merger, at 8.5:1, is quite close to market expectations of 7:1 to 9:1. Analysts are terming this fair, as it’s not detrimental to shareholders of either company. However, the ratio leaves no arbitrage opportunity for investors. According to SMC’s Jagannadham Thunuguntla, anything close to 9:1 would make the merger “market-price” neutral.
Satyam founder Raju offers no comment on merger
Raju, the main accused in the multi-crore rupees accounting scam in Satyam Computer, said he has no message to give to the company employees on the merger proposal
Aberdeen Global drags Satyam to court in UK
The claim alleges an estimated loss in excess of $150 million, opportunity loss and interest at 8%, due to the investment made in the company's stock and/or ADS
Aberdeen seeks $150 mn damages from Mahindra Satyam
The consent order guidelines of 2007 allowed for serious offences like insider trading to be settled by payment of penalty or debarment, with the violator not needing to admit or deny guilt
Should Sebi have barred insider trading from consent orders?
The consent order guidelines of 2007 allowed for serious offences like insider trading to be settled by payment of penalty or debarment, with the violator not needing to admit or deny guilt
AP govt approves attachment of Raju's properties
The properties, worth Rs 2.48 crore, are located in Ranga Reddy, East and West Godavari districts of Andhra Pradesh
Advisory company says vote against reappointment of Infosys auditor
Among other things, the company is seeking shareholders' approval for the reappointment of BSR & Co as statutory auditor at its annual general meeting
Retail investors rue Mahindra Satyam, Tech Mahindra swap ratio
The retail investors feel the Tech Mahindra management should have waited till Mahindra Satyam improved its profitability and its share value, at least till 2014.
T N Ninan: Personal accountability
This has been a season for corporate scandal. There is Barclays, which (along with other banks) gave out false numbers in the London financial market, so that its health would look better than it was. The bank now has to pay a penalty of $450 million, and its top three executives have resigned; more heads may roll — including at other banks.
Mahindra Satyam claims Rs 275 cr damages from previous mgmt
Mahindra Satyam has filed a suit against its former Board of Directors, certain employees and audit firm PriceWaterhouse, claiming around Rs 275 crore as damages from the previous management.
Verdict in Satyam case likely by December
The prosecution evidence in the country's biggest corporate fraud case, filed by the Central Bureau of Investigation (CBI), has been completed
Mahindra Satyam in pact with Aberdeen to settle charges
Mahindra Satyam has enter into an agreement with Aberdeen Claims Administration Inc to settle charges of losses due to the Satyam scam filed in a US district court for $12 million (Rs 66.7 crore).
Sebi imposes Rs 5-lakh fine on erstwhile Satyam officer
Erstwhile Satyam Computer's compliance officer G Jayaraman allegedly failed in his duty to avoid insider trading in Dec 2008
10 reasons why Mahindra Satyam can regain its lost glory
Mahindra Satyam (erstwhile Satyam Computers) seems to be recovering some of its lost glory. The company posted a 56% year on year (YoY) profit growth, well ahead of analyst expectation. An important feature of the result is the sharp jump in operating margin, which now brings it back in same league as that of Wipro and HCL Tech. Little doubt then the stock is trading 6.16% higher.
Sebi to penalise audit firms for erroneous certification
Sebi move follows a recommendation to this effect by its primary market advisory committee (PMAC) to improve disclosure norms for companies coming out with public offer of shares
