Two US-based clients of Satyam Computers, Agilent Technologies and Lowe’s Companies, along with another banking sector client Euronet Worldwide, have terminated their contracts with the scam-hit IT firm. The firm had been losing clients from the time the scam broke in January this year and Tech Mahindra’s (TechM) takeover has not been able to arrest [...]
Posts Tagged ‘Satyam Fallout’
13 Apr
Tech Mahindra is the new owner of Satyam. Tech Mahindra wins Satyam bid.
Tech Mahindra on Monday outbid L&T and others and won the Satyam bid, TV reports said. According to Times Now sources, Tech Mahindra will pay Rs 1757cr for 31% stake in Satyam. It will pay Rs 58 per share of the company. The face value of Satyam shares is Rs 2 per share. Meanwhile engineering [...]
19 Feb
Satyam CEO announces several cost cutting measures. Measures are hurting Satyam's employees specially at onsite.
CEO of Satyam Computer Services, A S Murty, wrote to the company’s employees to announce a number of measures, in a bid to clamp down on costs. Most of the these measures are hurting onsite based employee and sales person.Measures announed formally: 1. Pre-sales, delivery support and operations support personnel to be located in low [...]
18 Feb
Senior Managers in Satyam are in trouble. Satyam asked two senior managers to quit. More will follow suit.
Fraud-hit Satyam Computer Services is looking to trim the number of its senior managers, a company spokeswoman said on Tuesday, as the cash-starved outsourcer plans to find a suitor. “Two managers have gone. We do not have a number but it is likely more will go,” Archana Muthappa, head of media relations in India said [...]
19 Jan
Another Setback for Satyam. One big US client terminated the contract.
Fraud-hit Satyam Computer Services Ltd said on Monday a U.S.-based client had cancelled its contract, dealing a blow to the embattled Indian outsourcer caught in the country’s biggest corporate scandal.State Farm Insurance Co has terminated its contract, a Satyam spokeswoman said, confirming a report in India’s Mint newspaper on Monday, but she declined to give [...]
12 Jan
Infosys not to hire Satyam employees
Infosys has decided not to hire Satyam employees. Infosys Technologies Chairman and Chief Mentor N R Narayana Murthy today said the company’s intention on not to entertain job seekers from Satyam was no reflection of integrity and competence of employees at the Hyderabad-based firm. “This (Infosys’ intention not to act) is no reflection on the [...]
12 Jan
Big Clients of Satyam like General Electric (GE), Nestle and British Petroleum (BP) may exit or reduce their exposure.
Major clients of Satyam Computer Services, such as General Electric (GE), Nestle and British Petroleum, have started exploring alternative options such as moving work to other outsourcing vendors. GE, the largest client for Satyam, is learnt to be evaluating options of inducting the Satyam team working on its IT project or convincing other IT vendors [...]
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