Tech Mahindra Satyam

IT company Tech Mahindra on Saturday announced the appointment of former Infosys president Mohit Joshi as MD and CEO designate, who will take over the charge from C P Gurnani after his retirement on December 19 this year. Joshi will replace Gurnani who has been one of the longest serving chief executive officers of the Indian IT sector.

The acquisition of CTC is the second-largest acquisition that Tech Mahindra has made after scam-hit Satyam in April 2010

SAT said, only the auditors watchdog ICAI can take any action against its members and fraud cannot be proved on the basis of negligence in auditing.

The Hyderabad High Court today set aside an Enforcement Directorate order provisionally attaching Rs 822 crore worth of fixed deposits belonging to Satyam Computer Services Ltd, which was acquired by Tech Mahindra

Satyam, which in Sanskrit means "truth", was sold the same year to the smaller rival Tech Mahindra Ltd in an auction.

Acquisitions have been an important part of strategy for Tech Mahindra, which aims to become a $5-billion company by the fourth quarter of 2014-15. Since its 2009 buyout of Satyam Computer Services, the company has acquired six companies, besides going for a merger with Mahindra Engineering Services.

In a major relief to Tech Mahindra, the High Court at Hyderabad on Monday quashed all money laundering cases filed by Enforcement Directorate (ED) against the infotech major.

Surprised by tax claims on its investments in the scam-tainted Satyam Computers, Mahindra Group chairman Anand Mahindra said he had not anticipated that the group will be battling Indian government and tax authorities in court for its own money.

The Satyam case had rattled India over five-and-a-half years ago as its biggest corporate fraud.

Raju and others were charged with offences ranging from cheating, criminal conspiracy, forgery, breach of trust under relevant sections of IPC by way of inflating invoices and incomes, account falsification, faking fixed deposits, besides allegedly falsifying returns through violation of various I-T laws.

The benefits of merger with Satyam has still to play through for Tech Mahindra, which is now in the big league and is likely to win lots of contracts in the future.

Satyam, whose founder and then Chairman B Ramalinga Raju, had admitted in January 2009 a long-running fraud at the company, was later acquired by Tech Mahindra and its entire business was integrated with the new owner earlier this year.

According to a department notification, Tech Mahindra has approached the Board of Approvals (BoA) under the Department of Commerce for transferring rights of three SEZs (one in Tamil Nadu and two in Andhra Pradesh) and the proposal will come up for a discussion before the BoA on August 30.

The stock is trading at a discount of 34.2 per cent to HCL Technologies Ltd valuations on price-to earnings multiples, according to StarMine estimates.

Its journey saw a fraud bringing down the company's valuation by over 95 per cent within weeks, while a subsequent revival brought in an over 10-fold surge from the dumps.

IT company Tech Mahindra on Saturday announced the appointment of former Infosys president Mohit Joshi as MD and CEO designate, who will take over the charge from C P Gurnani after his retirement on December 19 this year. Joshi will replace Gurnani who has been one of the longest serving chief executive officers of the Indian IT sector.

The acquisition of CTC is the second-largest acquisition that Tech Mahindra has made after scam-hit Satyam in April 2010

SAT said, only the auditors watchdog ICAI can take any action against its members and fraud cannot be proved on the basis of negligence in auditing.

The Hyderabad High Court today set aside an Enforcement Directorate order provisionally attaching Rs 822 crore worth of fixed deposits belonging to Satyam Computer Services Ltd, which was acquired by Tech Mahindra

Satyam, which in Sanskrit means "truth", was sold the same year to the smaller rival Tech Mahindra Ltd in an auction.

Acquisitions have been an important part of strategy for Tech Mahindra, which aims to become a $5-billion company by the fourth quarter of 2014-15. Since its 2009 buyout of Satyam Computer Services, the company has acquired six companies, besides going for a merger with Mahindra Engineering Services.

In a major relief to Tech Mahindra, the High Court at Hyderabad on Monday quashed all money laundering cases filed by Enforcement Directorate (ED) against the infotech major.

Surprised by tax claims on its investments in the scam-tainted Satyam Computers, Mahindra Group chairman Anand Mahindra said he had not anticipated that the group will be battling Indian government and tax authorities in court for its own money.

The Satyam case had rattled India over five-and-a-half years ago as its biggest corporate fraud.

Raju and others were charged with offences ranging from cheating, criminal conspiracy, forgery, breach of trust under relevant sections of IPC by way of inflating invoices and incomes, account falsification, faking fixed deposits, besides allegedly falsifying returns through violation of various I-T laws.

The benefits of merger with Satyam has still to play through for Tech Mahindra, which is now in the big league and is likely to win lots of contracts in the future.

Satyam, whose founder and then Chairman B Ramalinga Raju, had admitted in January 2009 a long-running fraud at the company, was later acquired by Tech Mahindra and its entire business was integrated with the new owner earlier this year.

According to a department notification, Tech Mahindra has approached the Board of Approvals (BoA) under the Department of Commerce for transferring rights of three SEZs (one in Tamil Nadu and two in Andhra Pradesh) and the proposal will come up for a discussion before the BoA on August 30.

The stock is trading at a discount of 34.2 per cent to HCL Technologies Ltd valuations on price-to earnings multiples, according to StarMine estimates.

Its journey saw a fraud bringing down the company's valuation by over 95 per cent within weeks, while a subsequent revival brought in an over 10-fold surge from the dumps.