Satyam back to business 2-3 Qtrs
January 15th, 2009 - 12:11 am ICT by Nksagar
- With first hand information emanating from the investgating agencies of its best track record of cash flow and there have never been problem to run the comapny’s day to day affair:Kiran Karnik,troika member appointed recently to rejuvenate the cash crunch has said to NDTV channel that there’s not just a chance but a very good possibility, it is a good company with great talent and there’s no reason it should not be viable.
Satyam Computer Servicesa company incorporated in the year 1987 by Ramlinga Raju is listed on the New York Stock Exchange and Euronext. Satyam’s network covers 67 countries across six continents. The company employs 53,000 IT professionals across development centers in India, the United States, the United Kingdom, the United Arab Emirates, Canada, Hungary, Singapore, Malaysia, China, Japan, Egypt and Australia. It serves over 654 global companies, 185 of which are Fortune 500 corporations. Satyam has strategic technology and marketing alliances with over 50 companies. Apart from Hyderabad, it has development centers in India at Bangalore, Chennai, Pune, Mumbai, Nagpur, Delhi, Kolkata, Bhubaneswar, and Visakhapatnam.
With such charms the company cannot go into insolvency with its disgraced founder chairman confession of having fudged books of accounts and alleged company inadequate cash flow from the last seven years:
Maytas “Satyam” read backwards brand refers to a group of companies controlled by the Raju family of India. This barnd includes:Maytas Properties, A property development company founded in 2005. The Ernst & Young is the statutory auditor of Maytas Properties.Maytas Infra Limited An infrastructure development, construction and project management company. Maytas Infra is run by Teja Raju, the elder son of Satyam Computer Services founder B Ramalinga Raju:TDP chief alleged that Rs 38000 Cr business orders have been procured for this barnd:
In 2008, the Satyam board approved a US$ 1.6 billion acquisition of the Maytas Infra ($300 million) and Maytas Properties ($1.3 billion) controlled by the Raju family. The acquisition attempt was seen as an attempt by the Raju family to exploit Satyam’s cash resources, as the transaction would have left Satyam in a debt of around $400m. After protests from the institutional shareholders, the deal was abandonded.In 2009, B Ramalinga Raju resigned as the Satyam CEO, admitting to an accounting fraud to the tune of 7000 crore rupees. Raju stated that the aborted Maytas deal was actually a last attempt to “fill the fictitious assets with real ones”.(wikipedia.)
With such voluminious fudged books of accounts of Parent and subsideries companies shall be unique case in history of Company Law which has question the India nation credibility in corporate goverance:More than half a dozen eforcement agencies are on the job to replenish the divergent funds appears to most of the fiscal wizards of this country that it is simple case of fraud where father wanted to establish two more companies for his son and got stuck due global meltdown and lost his cool in the midst:
The poor mismangment and overlooking the guidlines of companies law and by passing other related law of lands,the indian economy and corporate functioning fluttered and stuttered:
With neo directors at helm of affairs with positive remarks give relief to the Indian coporates which needs to work with holistic and united efforts to put India on the map of incredible people with graceful business ethics:
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- CLB asks government to appoint four nominee directors for Maytas Infra - Mar 05, 2009
- Maytas board approves corporate debt restructuring package - Apr 29, 2009
- Nod for four government directors on Maytas Infra board - Mar 05, 2009
- Maytas Infra to contest government move to remove directors - Feb 18, 2009
- Maytas Infra wins Rs.1.1-bn Railway contract - Jan 06, 2009
- Maytas Infra files criminal case against Vedanta - Feb 26, 2009
- Satyam fraud jeopardises its projects in Andhra Pradesh - Jan 08, 2009
- Government asks Company Law Board to remove Maytas directors - Feb 17, 2009
- Satyam's UK client files lawsuit over aborted Maytas buyout - Dec 19, 2008
- business orders
- cash crunch
- day to day affair
- development construction
- fortune 500
- infrastructure development
- marketing alliances
- maytas properties
- ndtv
- new york stock
- new york stock exchange
- project management company
- ramalinga
- satyam computer services
- singapore malaysia
- six continents
- statutory auditor
- strategic technology
- united arab emirates
- york stock exchange
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