Notorious Indian IT crook Satyam Computer Services’ new board has picked Tech Mahindra as the highest bidder to acquire a controlling stake in Satyam.
Tech Mahindra bid Rs 58 per share and will pay $351 million (Rs 1,756 crore) for an initial 31% stake in the company.
Tech Mahindra must also make a cash offer to acquire an additional minimum of 20% at a minimum price of Rs 58 per share.
Part of the Mahindra & Mahindra industrial house, Tech Mahindra (23,000 employees) has been focused on the communications sector. The company claims to be India’s sixth largest software exporter.
Although Satyam has lost some customers lately, the company still has a rich roster of contracts and employees, which seem to be the principal reasons for Tech Mahindra’s interest in the company.
L&T and Cognizant were also reported to have bid for Satyam.
Corporate Scandal
Satyam has been reeling after its former CEO B.Ramalinga Raju acknowledged years of manipulating the company’s accounts to show higher revenues and profits.
Raju is cooling his heels in an Indian jail now.
Satyam was until a few months ago hailed as India’s fourth largest software exporter with marquee clients like GE, Microsoft, Nestle and Quantas.
But today the Satyam brand is in tatters and the name synonymous with crook.
Indian IT Crook Finds New Master – Tech Mahindra added by SearchIndia.com on
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Thank you so much for commenting! Must tell ya, it was totally, totally, unexpected. 🙂
Oh, and btw, is your birthday by any chance on December 24th? 😉
SearchIndia.com Responds:
We are Sagittarians.
Dec 24? Asha, care the share about that inference?
SI, if you use the Royal We, shouldn’t you say Saggitarian in singular?
SearchIndia.com Responds:
We are not wrong. 😉
Oops! I thought I it was Dec 24, 1975. Read it somewhere. Guess I was wrong. What date is it anyway?
SearchIndia.com Responds:
We always knew a Sherlock Holmes lurked underneath your placid exterior. 😉
Ok, babyface, if you are in facebook, then search for searchindia. I found one, and they have this birthdate listed. I still think I’m right. One thing, it adds up, if u look at their age. Its umm, 33, I guess. So even if they(the royal ‘they’) went to the US when they were 24, then it adds up. They miss India, remember the places like those beaches fondly, are really aggressive and are every ready to take on the world after having their dosais(which I think is not a trait found in our next generation).
Well, SI? Oh cmon, tell me! Its your real birthdate, isnt it?
SearchIndia.com Responds:
We regret to inform you that the person/persons/object/objects you are looking for is no longer here.
He/She/It/ is on an inter-galactic voyage.
Ohh, and yeah, SI’s listed as a “HE”, so I guess that mystery is over 😉
SearchIndia.com Responds:
Nanamma, time ekkuvaga undha (lots of time grandma)?
Ramakoti, rasukondi (Please write Sri Rama)
As per my notes, SI Uncle and Aunty were born in the early to mid sixties.
SearchIndia.com Responds:
Kadavule Kapathu (God, we implore you to help us).
Looks like we’re in for trouble today….no power.
couldn’t find the facebook searchindia..(what’s the URL) if it is gone after you checked it, Congratulations, Asha.. you got a major clue, but that only opens a new can of confusions. 🙁
SearchIndia.com Responds:
Still, no power here.
Just a few minutes of juice left in our battery.
how is your internet working?
SearchIndia.com Responds:
Backup.
Backups for everything…one of these days, we’re planning on creating a backup even for SI, what with whackos threatening to bring down our site.
Wow! That profile’s been deleted! I jus checked! So, that must surely be you 😉
SearchIndia.com Responds:
What profile?
We’re dying to see that too.
You’re not by any chance talking of Tabu, Jessica Biel or Ingrid Bergman (our first inamorata), are you?
Oh cmon! Yesterday I saw the profile, and now its gone!!! 🙁
SearchIndia.com Responds:
Oh, really.
Must be our lost twin brother Vijay (the evil fella went missing 20 years back). 🙂
Though that facebook profile belonged to SI without a doubt – you crooks, why did you remove it!, I have my doubts about the birth year.. According to the profile(effects of watching too many crime dramas on TV) I developed, SI was/were born in the 60s.
SearchIndia.com Responds:
Actually, we were with Gandhiji in Calcutta when India got freedom (reading Ramachandra Guha’s India After Gandhi).
Sweet relief. Filed the tax return. We just completed it.
Heh, SI, do u play poker? 😉
SearchIndia.com Responds:
Only strip poker.
Just kiddin. 🙂