Why Satyam' history is famus , merger with Tech Mahindra complete

Satyam Computer Services is now a thing of the past. The company, which was named Mahindra Satyam after it was acquired by Mahindras, has seized to exist following the company submitting to the Registrar of Companies certified copies of the Andhra Pradesh High Court’s order allowing the amalgamation.

 M Z HAQUE

Consequent to this, the company has cancelled the annual general meeting scheduled for July 31. It informed the exchanges about the cancellation on Tuesday.

“We submitted the copies to the Registrar of Companies on Monday evening. Now we are a merged entity. There is no need for us to hold a standalone AGM now. We can hold the combined AGM dates for which will be announced later,” a Mahindra executive told Business Line.

Announcing the completion of the merger on Monday, Anand Mahindra, Chairman and Managing Director of Mahindra Group, unveiled the new logo of the firm.

A top-5 IT services firm in the country after TCS, Cognizant and Infosys, Wipro, HCL, Tech Mahindra has 84,000 employees working in 46 countries. Its revenue for 2012-13 was put at $2.7 billion.

The company targets to achieve $5 billion by 2015.

"Over the past four years while we worked through the statutory and legal issues, our teams worked closely on the ground to integrate processes, eliminate overlaps, leverage best practices and deliver enhanced value to all our stakeholders," Vineet Nayyar, Executive Vice-Chairman, Tech Mahindra, said.

The court gave its nod early this month after dismissing the claims of some ‘creditors’ who claimed that the company borrowed about Rs 1,230 crore from them during the Ramalinga Raju days. Some minority shareholders too objected to the merger, saying the swap ratio was not favourable to them.

While dismissing their claims against the amalgamation, the court said the merger could go ahead, while the pending matters in various aspects of the fraud continue.

The company announced a dividend of 30 per cent for the investors. It is the first dividend after the Mahindras took over the company in April 2009, winning the bid to own the scam-hit company.

History Of Satyam Computer :-
1987 

- On 24th June company was incorporated as a Private Limited Co. for providing Software Development and Consultancy Services to large corporations. The company was promoted by B Rama Raju and B Ramalinga Raju. The company has set up two software Technology Parks, one at Mayfair Centre, Secunderabad and other at Qutuballapur of Ranga Reddy Dist. of A.P. The company also developed a software Development center in Bangalore.

- The company is a 100% EOU under the STP scheme of the Dpt. of Electronics Government of India and exports software to USA, Canada, Sweden and Germany etc.

1991

- On 26th August it was converted into a Public Limited Company.

1992

- The Company went in for a Public Issue of Equity shares. The company has set up facilities at Secunderabad, Hyderabad and Bangalore. The Company has created infrastructural facilities consisting of workstations with modern communication and networking equipment.

- Satyam went in for a public issue of equity shares with the main objective of setting up a software technology park and a 100 percent export oriented unit for software development with a dedicated 64 KBPS satellite link.

1993

- During the year company has entered into a joint venture agreement with Dun & Bradstrret Corp., U.S.A. for development of softwares.

1994

- On January 26th a joint venture company called Dun & Bradstreet Satyam Software (P) Ltd. was incorporated.

1995

- During the year company issued 37,17,000 12% unsecured fully convertible debentures part "A" of Rs.100 each on right basis for the shareholders in proportion of 1 FCD for every 5 shares held. The company also issued 37,17,000-12% FCD's-part `B' Rs.60 per debentures in August which can be converted into equity shares of Rs.10 each at premium of Rs.50 per share on August 1996.

1996

- During the year Two offices were set up, one in USA and other in Japan. And the company has added new business partners in Australia, Canada, Japan and Europe.

- During the year company promoted 4 subsidiaries. Viz Stayam Renaissance Consulting Ltd., Satyam Enterprise Solutions Pvt. Ltd., Stayam Infoway Pvt. Ltd and Satyam Infoway Pvt. Ltd.

1997 - During the year company has added additional space in Secunderabad and Bangalore. And new software development centers were opened in Hyderabad, Pune, Chennai and Bhubaneswar during the year. The company has established a school at Indian Institute of Information Technology at Hyderabad, joining a select band of global corporations like IBM, Microsoft and oracle who are also participating in IIIT's activities.

- Satyam Computer Services Ltd. (SCSL), the Hyderabad-based software company, setting up three more new software development centres at Chennai, Pune and Bhubaneshwar.

- Satyam Infoway (P) Ltd. (SIL), a subsidiary of Satyam Computers, has signed an agreement with Sterling Commerce, International Group of the U.S. to provide electronic data interchange (EDI) and other value added electronic commerce solutions throughout India.

- Two new offices have already been set up in the US, and another in Japan. New business partners have been added in Australia, Canada, Japan and Europe.

- Satyam Infoway is a 100 per cent subsidiary of the Hyderabad-based software major, Satyam Computer Services Ltd.

- Dun & Bradstreet Corp. USA (D&B), is likely to buy out the 24 per cent stake of joint venture partner Satyam Computers Services and gain majority control, 76 per cent of the stake is held by D&B.

- The joint venture was set up to provide software services to D&B clients world wide. Dun and Bradstreet - Satyam Software is the largest single location software unit for D&B in the world.

- Satyam Computer has four subsidiaries: Satyam Spark Solutions, Satyam Infoways, Satyam enterprise Solutions and Satyam Renaissance, Consulting, Spark solutions focuses on software products, Infoways operates in the field of electronic commerce and electronic data interchange.

- Satyam Computer Services Ltd announced that it had divested its 24 per cent ownership of Dun & Bradstreet Satyam Software Pvt Ltd (DBSS) in favour of Cognizant Software Solutions Corporation, a subsidiary of Cognizant Corporation, US.

- Satyam Computer Services Ltd., has been selected by the Switzerland-based World Economic Forum and World Link magazine as one of India's most remarkable and rapidly growing entrepreneurial companies.

- The funds will be raised through a Rs 20 crore debt and the rest will be provided by the parent company as equity in the subsidiary to set up the nationwide network.

1998

- Satyam Infoway, a wholly-owned subsidiary of Satyam Computer Services Ltd., has received the Technical Engineering Centre (TEC) approval from the Department of Telecommunications (DoT) for commercialising its operations.

- The company is a 100 percent EOU under the software technology park scheme of the Department of Electronics, Government of India. It is presently engaged in development and export of software to USA, Canada, Sweden, Germany etc. - Satyam Computer Services Ltd. opened its first overseas development centre in New Jersey. The company proposes to set up seven such development centres outside India, four of them in the US.

- Satyam Computer Services Ltd. has entered into an agreement with the National Securities Depository Ltd. (NSDL) for providing its shareholders with the facility of trading in the dematerialised form of shares.

1999

- The company is setting up offsite development centres which will have high margin business and also ventured into the euro conversion business which is slowly taking-off.

- Sataym Computer Services Ltd. will be setting up two offsite development centres in addition to the existing seven centres across the world.

- Satyam Computer Services Ltd., one of the fastest growing IT companies in the country, has taken significant decisions recently including the merger of three of its subsidiaries with the parent company and a 1:1 bonus issue.

- The company has also set up India's first Indian Institute of Information Technology and is the first software company in India to get accredited by (SEI CMM) level 5 certificates.

- Satyam Infoway Ltd, is the second largest Internet services provider in India based on the number of customers.

2000

- Vision-Compass Inc., the US-based wholly owned subsidiary of Satyam Computer Services Ltd., announced the global launch of VisionCompass, a collaborative enterprise management software product.

- The Company has entered into an agreement with Venture Global Engineering LIC, USA, to set-up a 50:50 joint venture for the software development of CAD/CAM/CAE at Hyderabad.

- The Company launched an organisation-wide transformation training programme - Customer-Oriented Global Organisation (COGO) initiative.

- The Company has announced its tie-up with Vignette Corporation of the US for the implementation of e-business applications.

- Satyam Computer Services signed an equal joint venture with $6.3 bn US networking company Computer Associates Inc (CA) to set up an Application Service Provider (ASP) for small and medium enterprises.

- The Company and Texas-based Exterprise Inc, a major provider of collaboration platform software for e-markets.

- Pepsi has entered its second cyberspace venture forging a tie-up with the company and Hindustan Petroleum Corporation as the official beverages supplier for their "Speednet project".

- SAS Institute India, a wholly owned subsidiary of the US-based SAS Institute Inc., has tied up with the company as a SAS quality partner to provide comprehensive data warehousing and data mining solutions to various industry verticals.

- The Company has formed a strategic alliance with Microsoft Corporation to provide Web and enterprise integration application deployment solutions to US public sector customers utilising Windows DNA 2000 technology.

- The Company and TRW Inc, the US-based $17 billion company, that they have signed a letter of intent to form a strategic alliance wherein the newly-formed joint venture would provide TRW and other global companies both information systems and engineering services.

- The Company has signed an agreement with the US-based edatafinder.com to build a comprehensive business intelliance e-market site that will supply more than 200 types of business data online to organisations around the globe.

- The Company has been named a 2000 Web Business 50/50 award winner for SatyamWorld - its corporate intranet, to become the only company to feature in this list.

- The Company has realized Rs 17012.53 lakhs net of transaction costs and tax through the sale of 347,2000 No. of equity shares of Satyam Infosay Ltd. to the Government of Singapore Investment Corporation Pte. Ltd.

- The Company has signed a contract with Mercator, the IT subsidiary of the UAE-based Emirates group, to provide product maintenance and support activities for Mercator's products in the aviation industry.

- Satyam Computer Services inaugurated an offshore development centre `Mercator Satyam Centre' - to exclusively handle projects for the $60 million Mercator, an IT subsidiary of the UAE based Emirates group.

- C Srinivas (Srini) Raju has resigned as the executive director of the company with effective from September 1.

- Satyam Computer Services Ltd. and the US-based SEEC Inc have entered into a strategic alliance to leverage the latter's tools and technology for Satyam's worldwide e-business transformation practice.

- The Company has received the National HRD award - 2000 for outstanding contributions to HRD.

- Satyam Computers is setting up a joint venture with the $17 billion TRW Inc, a Fortune-100 Company in the US. - The Company has relaunched its shopping channel as www.sifymall.com, which would now offer ` celebration of value' shopping.

- Prabhu Sinha, a senior vice-president of Satyam Computer Services, received Qimpro Silver Award for 2000-01.

- Satyam Computer Services Ltd. and Ariba Inc., a leading business to business e-commerce platform provider have entered into an alliance.

- Satyam Manufacturing Technology, a joint venture between Satyam Computers Services and US-based TRW, has received a $200 million contract from TRW.

- Mr. B. Ramalinga Raju, Chairman of Satyam Computer Services, has been awarded the IT Man of the Year 2000 Award by Dataquest.



- Satyam Computer Services has acquired 23 acres in Bangalore to set up a new software development centre.

2001

- The Company has entered into a long-term collaboration agreement with Centre for Cellular and Molecular Biology, to jointly identify business opportunities at the global level for IT-enabled services in bioinformatics and related fields.

- The Company has entered into a partnership with i2Technolgies.

- Satyam Computer Services Ltd., the software services company based in Hyderabad, is set to commission its new development centre in the Dubai Internet City.

- The Company has been rated as one of the 10 most well-regarded companies in the country in prestigious 2000/2001 Review 2000 Survey conducted by the Hong Kong-based Far Eastern Economic Review.

- Satyam Computer Services has become the first of the top Indian software services companies to open its facility at Dubai Internet City.

- The Company has won the Frost & Sullivan market engineering award for Competitive Strategy 2001 in the application service provider category. - The American depositary shares (ADS) of Satyam Computer Services on May 16 was listed at $11.16 on the New York Stock Exchange (NYSE) at a premium of 14.9 per cent to the offer price.

- Satyam Computer Services, has expanded its partnership with the US-based Healthaxis Inc., a leading supplier of healthcare technology solutions. Satyam has also agreed to become the primary integration partner for deploying the Insur-Enroll solution. Satyam bagged a major project from Healthaxis in the last quarter.

- Satyam Computer Services on August 27 announced a global strategic alliance with SEEC Inc., a Pittsburgh-based leading provider of component and web services solutions for insurance and other industries.

2002

- Satyam Computer Launches operations in China.

-Satyam Computer Services Ltd a leading global IT services firm, on August 8, 2002 announced the signing of an agreement with Saint-Gobain Abrasives, Inc a Massachusetts (USA) based corporation to provide IT services.

-Satyam Computer Services Ltd has entered into a Premier Partnership with Ireland-based IONAr, a leading e-Business Platform provider for Web Services Integration, to deliver the Orbix E2A Web Services Integration and Application Server Platforms.

-Nipuna Services Ltd, the BPO subsidiary of Satyam Computer Services Ltd announced the appointment of Mrs Ram Ramasundar as COO of the company.Further the company has also appointed Venkaswamy Nagendra as Chief Marketing Officer and M Satyanarayana as Chief Marketing Officer of the company.

2003

-Jurong Technologies appoints Satyam Computer for State-of-the-Art Enterprise Resource Planning Solution

-Embarks on an organisational and business transformation initiative termed Orbit 5

-Giga Information Group includes Satyam Computer Services Ltd. as the top choice for SAP support among offshore service providers

-World Bank gives outsourcing contract to Satyam Services

-Satyam and Ansys Inc Forge Global Strategic Alliance, Offer Process Integrated Engineering Simulation Solutions

-Enters into strategic alliance with semiconductor major Texas Instruments to provide consulting services for DSP (digital signal processing) customers

-Satyam Computer & Correlate Technologies announce partnership to provide Correlate K-Map solutions worldwide

-Sets up Offshore Solutions Center for TRW Automotive in Chennai

-Satyam, Hummingbird open ETL/BI competency centre in Singapore

-Satyam unveils Samanvay to create learning opportunities to staff families

-Satyam & Microsoft sign MOU to provide world class IT outsourcing services to Asia Pacific region

-Launches Global Solutions Centre in Malaysia

-Conducts first ever global customer summit (SatyamWorld) In San Diego, California, USA

-Forms alliance with Yahoo, a leading portal and collaboration platform provider, to deliver solutions centered on Yahoo! Portal and Messenger platforms

-Bags 2003 Account Performance Award from Strategic Account Management Association (SAMA) during its annual conference in Orlando, Florida

-Implements SAP at Oman Trading Establishment

-Signs up a long term contract with World Bank

-Satyam's solution bags CSI National IT Award for best packaged application

-Approves enhancement of investment limit by Foreign Institutional Investors (FII's) under Portfolio Investment Scheme from 49% to 60%

-Commences a Student Administration System (SAS) solution implementation for Singapore- based Universitas 21 Global (U21G), a leading online university initiative, offering on-line higher education to students all over the world

-Satyam's advanced e-Logistic Solution System for Konsortium Logistik Bhd Malaysia goes live

-Launches Offshore Development Center (ODC) in Bangalore to provide high end product development support to Fujitsu Ltd., a leading provider of customer focused IT and communication solution for the global marketplace

-Developes a virtual facility in the 120-acre technology campus located in Hyderabad

-Warburg Pincus, a venture capital & equity fund, sells 2.6% Satyam shares

-Allottment of 11533 equity shares through circular resolution on October 28, 2003 under stock option plans of the company.

-The company has developed a virtual facility in the 120-acre technology campus located in Hyderabad. Satyam Live captures the soft infrastructure, the products etc. of a knowledge driven company.

- The Compensation Committee of Directors of the company allotted 3507 equity shares

-Allotted 24271 equity shares through circular resolution on October 28, 2003 under stock option plans of the company.

-Company has signed a multi-year agreement with American International Technology Enterprises, Inc.

-The company has sold 1m equity shares of Sify in a private placement through Sify's sponsored ADR programme.



-The company sells its sify stake to Venturre tech increasing venture tech's stake to 16.8 per cent from 13.8 per cent.

-Satyam Computer Services honoured with prestigious IBM Lotus award

-Satyam acquires Megasoft in stock deal

-Satyam's new development centre in Canada

-Fidelity Investments buys 245,500 equity shares of the company, stake increases to 5.05%

-Signs a regional partnership with the Nasdaq-listed Actuate Corporation, an enterprise reporting applications provider, to collaborate in the Asia Pacific region. Following this move, the Satyam-Actuate Centre of Excellence will be set up at Satyam's Global Solutions Centre in Cyberjaya, Malaysia

2004

-Satyam's Nipuna appoints new CEO & COO

-Satyam Computer Services Ltd has entered into a tie-up with OATSystems Inc of the US to provide comprehensive radio frequency identification devices (RFID)-based solutions to its customers across the globe

-IT major Satyam Computer Services Ltd (SCSL) has launched a unique platform called 'Virtue' which will provide two-way communication between the company and the selected candidates for employment

-Satyam Computer Services Limited on Saturday inaugurated the company's ninth facility in Hyderabad

-Satyam launches its largest Global Development Center outside India at Melbourne, Australia

-Satyam forges alliance with Cyclone Commerce

-Satyam Computer joins mainframe migration alliance (MMA)

2005

-Satyam enters into strategic partnership with ECG

-Satyam ranked 3rd in Corporate Governance Survey by Global Institutional Investors

-Satyam Computer launches ESA service offering on May 05, 2005.

-Satyam Computer joins Microsoft Insurance Initiative

-Satyam Computer enters into global alliance agreement with Meridian Systems.

-Satyam Computer launches business solutions laboratory, FUTURUS

-Satyam Computer announces partnership with Hungary's premier science IT institute MTA SZTAKI

-Satyam Computer Services Ltd and Miebach Logistics Group, a Frankfurt, Germany-based logistics solutions provider, on Nov 15 announced a services and technology collaboration to offer supply chain solutions to customers in the Asia Pacific region across industry verticals.

-Satyam foray into strategic partnership with Chinese firm

-Satyam & eBao Tech forms strategic alliance to jointly promote new generation insurance package software solutions



2006

-Satyam receives AS9100 / EN9100 certification for its aerospace domain

-Satyam Computer achieves SEI CMMI Level 5 enterprise wide

-Satyam Computer launches Offshore Development Center for INVISTA in Bangalore

-Satyam Computer Services Ltd on October 26, 2006 has announced that it has achieved global certification in the ISO 9001 (quality management), ISO 20000 (information technology service management for Infrastructure Management Services and Network & Systems), and ISO 27001 (Information Security Management) standards. With the successful audit of the development center at Budapest, Hungary, all three certifications were conferred at an organization-wide level.

-Satyam enhances Sony Europe's IT development capacity with a dedicated offshore development centre.

-Satyam forays into Egypt.

-Satyam Computer Services has given the Bonus in the Ratio of 1:1 2007

-Satyam Computer Services Ltd has on March 15, 2007 has announced that it has implemented an organization-wide, virtual learning environment called Satyam Learning World.

-Satyam Computer signs multi-year deal with Applied Materials.

-Satyam Computer Services Ltd on June 04, 2007 has announced that it recently won Computer Associates Vision, Impact, Progress (VIP) Award for an internal implementation and optimization of CA's service desk platform.

-Satyam Computer Services Ltd on June 11, 2007 has announced that it has forged an alliance with US-based JDA Software Group Inc., the leading provider of supply and demand chain solutions to 5,500 of the world's top retailers, manufacturers, and suppliers.

-Satyam partners in developing Hera FxV-India's first Digital Car launched at CII Conclave.

2008

-Satyam Computer Services Ltd has informed that Satyam BPO, the business process outsourcing arm of Satyam, a leading global business and information technology services Company, on April 10, 2008 announced that it has won two prestigious Shared Services Excellence awards from the International Quality and Productivity Council.

-Satyam Computer has announced it has inked a pact with Infospectrum to give third-party maintenance, repair and overhaul (MRO) and component repair services for the global aviation industry.

-Satyam Acquires Caterpillar Market Research & Customer Analytics Operations

-Satyam Wins Innovation Award for Partner Excellence from Software AG

-Satyam launches industry's first engineering development training program

2009

- Tech Mahindra has announced the name change of scam hit Satyam Computers as Mahindra Satyam. This rebranding exercise symbolises an amalgamation of the values of Mahindra Group with Satyam's fabled expertise, even as it retains that part of Satyam's identity which signifies commitment, purpose and proficiency of the organisation and its people, according to Anand Mahindra, vice-chairman and managing director of the Mahindra Group.

- Mahindra Satyam stated that it has secured contracts worth Rs 38 crore in the middle east and north america region (MENA) in Q2 of FY 2009-10.

- Mahindra Satyam appointed Deloitte as auditors.

--Registered Office of the Company has been shifted from I Floor, Mayfair Centre, S. P. Road, Secunderabad - 500 003 to Mahindra Satyam Infocity, Unit- 12, Plot No. 35/36, Hi-tech City layout, Survey No. 64, Madhapur, Hyderabad - 500081, Andhra Pradesh,

2010

- Mahindra Satyam has inked a new 4 year offshore contract which is worth about $48 million, with KMD.



2011

-"NAVTEQ Renews Contract with Mahindra Satyam BPO for Two Year Period".

-"Mahindra Satyam announces the winner of the first "Mahindra Satyam Aerospace Young Engineer Award".

-Satyam Compu - Mahindra Satyam joins GENIVI Alliance.

-"Partnering for Success' - Roche partners with Mahindra Satyam".

-"Mahindra Satyam inaugurates Smart Grid Customer Demonstration Center (CDC)".

-"Mahindra Satyam Launches Mobile Couponing Platform".

-"Mahindra Satyam promotes innovation in Engineering; announces second edition of Young Engineer Award".

-"Mahindra Satyam strengthens focus in Europe; Opens a new delivery center in Netherlands".

-"Mahindra Satyam's Singapore Data Center achieves prestigious SS507:2008 Business Continuity and Disaster Recovery Certification".

-"Mahindra Satyam Deploys Enlighta for 'On-Demand' Unified Services Management".

-"Mahindra Satyam named 'Systems Integrator of the Year' at CNME ICT Achievement Awards 2011".

-"Mahindra Satyam wins EMC 2012 Partner Innovation Award".

-Mahindra Satyam (earlier known as Satyam Computer Services), a leading global consulting and IT services provider, said it has launched Workspace-as-a-Service(WaaS), which allow the flexibility of sharing of virtual desktop or applications to be accessed anytime, from anywhere and using any device.



2012

-"Mahindra Satyam and Japan's SBI Holdings announce a USD 50 Mn. Joint Global Fund".

-"Mahindra Satyam acquires vCustomer's International Operations".

-Satyam Compu - Merger of Tech Mahindra and Mahindra Satyam Announced.

-"Mahindra Satyam Launches STAMP, an Innovative Structural Quality Service Powered by CAST".

-"Tech Mahindra & Mahindra Satyam and CA Technologies Enter into Global Partnership".

-"Mahindra Satyam Partners with FirstCarbon on Sustainability".

-"Mahindra Satyam inaugurates a delivery centre for Aerospace & Defense".

-"Mahindra Satyam launches cloud-based Oracle Campus Solution for Higher Education Institutions in Malaysia".

-"Mahindra Satyam opens its Fargo Delivery Centre".

-"Mahindra Satyam unveils "Oracle Retail Apparel & Fashion xPress Framework".

-"Mahindra Satyam and Tech Mahindra together launch Oracle Communications Solution Engineering Centre".

-"Mahindra Satyam Announces HealthConnection - A Rapidly Deployable Health Insurance Exchange for State Governments".

-"Mahindra Satyam Explores New Realms of Connected Vehicles - Unleashes a Plethora of Opportunities".

-Mahindra Satyam commences building IT centre at Nagpur airport.

Mahindra Satyam provides services in the following areas:
Aerospace and Defence
Banking, Financial Services & Insurance
Energy and Utilities
Life Sciences & Healthcare
Manufacturing, Chemicals & Automotive
Public Services & Education
Retail
Consumer Packaged Goods
Travel, Transport, Logistics
Telecom, Infrastructure, Media and Entertainment & Semiconductors
Information Technology

Mahindra Satyam Campuses[edit]

Mahindra Satyam IT Campus, HITEC City

Mahindra Satyam is the largest IT employer of Hyderabad with its 4 campuses:

Mahindra Satyam Technology Center [Bahadurpally][5]
Maha Satyam InfoCity [Hitec City]
Gachibowli Campus [In DLF SEZ]
Mahindra Satyam Learning World [Hitec City]
Mahindra Satyam SEZ[Hitec City]
Mahindra Satyam Info Services Ltd., Resapuvanipalem, Visakhapatnam
Mahindra Satyam, Bhubaneswar

Merger

Mahindra Satyam's proposed merger with Tech Mahindra may be delayed all because of legal issues, and ambiguity over jurisdiction between investigating agencies and the government.The merger has been delayed due to two tax cases pending with the Income Tax claiming over 27 billion for both.Tech Mahindra announced its merger with Mahindra Satyam on 21 March 2012,after the board of two companies gave the approval.The two firms have received the go-ahead for merger from the Bombay Stock Exchange and the National Stock Exchange.[20] Competition Commission of India(CCI)approved the proposed merger of Mahindra Satyam and other companies with Tech Mahindra.Mahindra Satyam will hold its annual general meeting (AGM) on 8 June 2012 to consider the proposal to merge the company with Tech Mahindra. It is mandatory for the firm to get the AGM nod to go ahead with the merger.The shareholders of both Tech Mahindra and Mahindra Satyam have unanimously approved the scheme of amalgamation and merger of Satyam Computer Services Ltd, Venturbay Consultants, C&S System Technologies, CanvasM Technologies and Mahindra Logisoft Business Solutions with Tech Mahindra.Mahindra Satyam chairman, Vineet Nayyar said on 2 August 2012, that the merger with Tech Mahindra was at the final stage of getting approval from the Andhra Pradesh and Maharashtra High Courts.The two firms had received the go-ahead for merger from the Bombay Stock Exchange and the National Stock Exchange. On June 11,2013,Andhra Pradesh High Court gave its approval for the merger of Mahindra Satyam with Tech Mahindra,after Bombay high court already gave its approval.Vineet Nayyar said that technical approvals from the Registrar of Companies(RoC) in Andhra Pradesh and Maharashtra are required which will be done in two to four weeks,and within 8 weeks,new mwerged entity will be in place,a new organisation chart would also come into force led by Anand Mahindra as Chairman, Vineet Nayyar as Vice Chairman and C. P. Gurnani as the CEO and Managing Director.

Row with Income Tax Department

The Income Tax Department had issued notices to the company seeking 6.17 billion tax for the assessment years from 2003–04 to 2008–09, when the company was run by the founder B Ramalinga Raju and his team. The Central Board of Direct Taxes has attached the properties of Mahindra Satyam on 3 February 2012,stating the attachment of properties was according to Section 281 B of the Income Tax Act. Section 281 B refers to recovery of tax and allows the tax department to issue provisional orders to the assessee to safeguard revenues accrued to it.The Income Tax department had slapped notice on the company after disallowing exemptions claimed by the software firm. The company has received notices of demand for 1,037 crore and 10.75 billion for assessment years 2002–03 and 2007–08, respectively.However, the Andhra Pradesh High Court granted a breather to Mahindra Satyam, by staying the Income Tax Department's provisional order to attach properties of the IT firm.

Turnaround

The company had reported a consolidated net loss of 2.33 billion for the July–September quarter of 2010. Speaking at a press conference, Vineet Nayyar, chairman of the company said the consolidate cash and cash equivalents at 300 million compared to 260 million. “We will take three years for a turnaround,” he informed. Even though the company got 2.45 billion profit in Q4 for 2010–2011, but due to outside payments nearly 5.70 billion for SEK,UPAID and Class Action Suit in Q4 (Total 6.41 billion for the year 2010–2011 ),the company had reported a consolidated net loss of 3.27 billion for the January–March quarter of 2010–2011.IT firm Mahindra Satyam posted a consolidated net profit of 2252 million for the quarter ended 30 June 2011. During the quarter, the company added 2,172 people (net), taking total headcount to 31,438 as of 30 June 2011.The company added 36 new customers during the quarter. The total headcount of the company stood at 32,092 as of the quarter ended 30 September 2011 during which net addition of 654 personnel took place.[37] The company added 188 employees in quarter three ending 31 December 2011 and recorded 29.4% quarter-on-quarter in its consolidated net profit of 3.08 billion .Mahindra Satyam reported a net profit of 5.34 billion for the fourth quarter ended 31 March 2012.Mahindra Satyam declared 30 per cent dividend, signalling a complete turnaround,after declaring Q4 results of 2012-2013 in May 2013.

By :- M Z HAQUE
       

Source :- http://en.wikipedia.org/wiki/Mahindra_Satyam