News

• Satyam seeks new extension to file financial results

  Indian outsourcer Satyam Computer Services informed the Bombay Stock Exchange (BSE) on Monday that it has applied to India's Company Law Board (CLB), seeking an extension to Sept. 30 for filing its 2008 and 2009 financial results.

• Satyam still risky a year after fraud revealed: Forrester

  Over a year after Indian outsourcer Satyam Computer Services reported a major financial fraud at the company, research firm Forrester still cautions customers doing business with it.

• Satyam opens its largest services center outside India

  Indian outsourcer Satyam Computer Services has moved to a larger facility in Cyberjaya in Malaysia, with plans to make it the company's largest development and services delivery facility outside India, it said in a filing on Tuesday to the Bombay Stock Exchange.

• Satyam faces claims of about US$267 million

  Indian outsourcer, Satyam Computer Services, has received legal notices from 37 companies, demanding the return of 12.3 billion Indian rupees (US$267 million) they claim were paid to the company as temporary advances, Satyam said in a filing on Tuesday to the Bombay Stock Exchange.

• Indian outsourcer Satyam adds 32 new clients since May

  Satyam Computer Services has added 32 new clients since May, indicating that a turnaround in the scandal hit company has started, a company spokesman claimed on Wednesday.

• Satyam uses Mahindra Satyam brand to reflect new owners

  Embattled Indian outsourcer Satyam Computer Services plans to use a new brand, Mahindra Satyam, to reflect its new ownership.

• Satyam finally reveals financial data showing revenue slid

  Embattled Indian outsourcer Satyam Computer Services released on Tuesday the financial information that was provided to investors at the time of the bid for a majority share in the company, though it warned that the information could be unreliable.

• India files charges against key former Satyam officials

  The criminal investigation into the financial scandal at Indian outsourcer Satyam Computer Services advanced on Tuesday with the country's Central Bureau of Investigation (CBI) filing charges against nine people, including six former employees of the company.

• Investor uncertainty concerns Satyam customers

  The decision by Indian outsourcer Satyam Computer Services to sell off a majority stake in the company to an investor has brought up new uncertainties for customers, according to analysts.

• Satyam to sell majority stake in global bid

  Indian outsourcer, Satyam Computer Services, said Friday that it has received permission from regulators to sell a 51 per cent stake in the company in a global bidding process.

• Wipro claims 'business as usual' after Satyam fraud scandal

  India's outsourcing industry faces a shake up in the wake of the £1 billion (A$2.2 billion) Satyam fraud scandal, but remains "one of the safest places to outsource" predicts Wipro.

• Satyam appoints management advisor, investment banks

  The board of Satyam Computer Services has appointed The Boston Consulting Group as management advisor, and Goldman Sachs and Avendus, an Indian investment bank, as investment bankers to advise the company on various strategic options, including bringing in a large investor in the company.

• Satyam turns to YouTube to get its message across

  Indian outsourcer Satyam Computer Services is turning to YouTube to get its own message across to viewers worldwide in the wake of the financial crisis in the company.

• Satyam board meeting ends inconclusively

  The board of scandal-ridden Satyam Computer Services met again on Friday without arriving at a solution to the company's liquidity crisis, or selecting a new management team for the company.

• Satyam inflated employee figures to siphon cash

  A prosecutor told a court in Hyderabad on Thursday that Satyam Computer Services had only 40,000 staff, rather than the approximately 53,000 staff the company has claimed.