India's Tech Mahindra won the bidding Monday for Satyam Computer Services in a sale aimed at giving the fraud-rocked outsourcing giant vital capital and a new beginning.
Fraud-hit Indian outsourcing firm Satyam on Friday said it had been given the green light to open a global bidding process to sell off a 51 percent stake in the company.
India's Supreme Court on Tuesday cancelled bail granted to the founder of IT outsourcing firm Satyam, who is accused of staging the country's biggest corporate fraud.
India's Company Law Board on Thursday approved a bid from mid-sized outsourcing firm Tech Mahindra to take over graft-tainted Satyam Computer Services, an official said.
India's outsourcing firm Mahindra Satyam, recovering from the country's biggest-ever corporate fraud, on Monday reported its first profits since the scandal erupted.
A judge trying 10 people over one of India's biggest ever corporate fraud scandals at IT group Satyam is to reach a verdict at the end of next month, a report said Thursday.
India's fraud office will file charges this month against the founder of outsourcer Satyam after he admitted to falsifying profits in the nation's biggest corporate fraud, a minister said Monday.
The board of India's Satyam Computer Services met Saturday to review a list of bidders for the fraud-hit outsourcer as a third company announced it had joined the race.
Satyam Computer Services has agreed to pay $10 million to settle US charges that former top managers inflated the Indian company's revenue, the US Securities and Exchange Commission said Tuesday.
Indian software exporter Satyam Computer Services said Thursday it will pay $125 million to settle a US class action suit, saying the step ends uncertainty over the fraud-hit firm's recovery.