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Latest Maytas Stories

2009-03-09 09:27:32

Scandal-plagued Satyam Computer Services in India has put a majority of its shares on the market, the company said. The company was rocked by an accounting scandal in January, when then-Chairman Ramalinga Raju resigned after admitting he added $1.04 billion to the company's books to make the company appear stronger. The board expects to select a winning bid in six weeks. The bidding ends March 20, CNN reported Monday. Those offering bids must prove they have at least $290 million available...

2009-01-23 10:26:37

A prosecutor in India said Satyam Computer Services Chairman B. Ramalinga Raju invented 13,000 fictitious employees to steal money from the company. S. Bharat Kumar, Raju's attorney, denied the charges, which include allegations that Raju used his elderly mother's name to buy land with the stolen money. All through the interrogation there were no questions about any diversion of funds, Kumar said in court, The New York Times reported Friday. And there was no admission, he said. Prosecutor...

2009-01-07 11:15:08

The chairman of a leading Indian technology company resigned after admitting $1.04 billion reflected on the company's books in September did not exist. Ramalinga Raju, chairman of Satyam Computer Services, resigned Wednesday after submitting a lengthy statement to the Bombay stock exchange in which he said the gap in the company's financial statements had been covered up for years, The New York Times reported. What started as a marginal gap between the actual operating profits and the one...

2009-01-07 06:54:00

HYDERABAD, India, Jan. 7 /PRNewswire/ -- Satyam Computer Services confirmed that it has received today a letter from its Chairman and Founder, Mr. B Ramalinga Raju. This letter, dated Jan 7, 2009, has been circulated to all existing members of the board, several senior leaders and copied to the Chairman of Securities and Exchange Board of India (SEBI) and the stock exchanges where Satyam is listed. "We are obviously shocked by the contents of the letter. The senior leaders of Satyam stand...

2008-12-18 07:55:00

HYDERABAD, India, Dec. 18 /PRNewswire-FirstCall/ -- Satyam Computer Services Ltd. (NYSE: SAY), a leading business and information technology services provider, announced today that it will hold a meeting of its Board of Directors Dec. 29, to explore a proposal for the buyback of company shares. "Based on input from our shareholders and investors, we decided to call off our acquisition of Maytas," said Satyam Chief Financial Officer Srinivas Vadlamani. "Our Board will meet to consider...

2008-12-16 16:44:00

HYDERABAD, India, Dec. 16 /PRNewswire-FirstCall/ -- Satyam Computer Services announced that it is not going ahead with its proposed acquisition of Maytas Properties and Maytas Infra, in light of the feedback received from the Investor community. Commenting on this decision, Satyam Chairman, Mr. Raju said, "We have been surprised by the market reaction to this decision even though we were quite positive about the merits of the acquisition. However, in deference to the views expressed...

2008-12-16 11:47:00

- Move signals greater diversification strategy HYDERABAD, India, Dec. 16 /PRNewswire-FirstCall/ -- Satyam Computer Services Ltd. (NYSE: SAY), a leading business and information technology services provider, today announced that its Board of Directors has approved proposals to acquire a 100% stake in Maytas Properties and a 51% share in Maytas Infra. Maytas Infra is engaged in infrastructure construction and asset development in core areas of India's economic growth, including highways,...


Word of the Day
barghest
  • A goblin in English folklore, often appearing in the shape of a large dog and believed to portend imminent death or misfortune.
  • A ghost, wraith, hobgoblin, elf, or spirit.
The origin of 'barghest' is not known, but it may be from perhaps burh-ghest, town-ghost, or German Berg-geist (mountain spirit) or Bär-geist (bear-spirit).
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