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definition - Mahindra_Satyam

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Mahindra Satyam

                   
Mahindra Satyam
Type Public
Traded as BSE500376
OTC Pink: SAYCY
Industry IT services, IT consulting
Founded 1987 (1987)
Founder(s) Byrraju Ramalinga Raju
Headquarters Hyderabad, India
Key people Vineet Nayyar (Chairman)
C.P. Gurnani (CEO)[1]
Services IT, business consulting and outsourcing services
Revenue INR6,396 crore (US$1.28 billion)(2012)[2]
Profit INR1,306 crore (US$260.55 million)(2012)
Owner(s) Mahindra Group
Employees 33,353 (Q4 2012)[3]
Website www.mahindrasatyam.com

Mahindra Satyam formerly Satyam Computer Services, is an Indian IT services company based in Hyderabad, India. It was founded in 1987 by B Ramalinga Raju. Mahindra Satyam is a part of the Mahindra Group which is one of the top 10 industrial firms based in India. The company offers consulting and information technology (IT) services spanning various sectors, and is listed on the Pink Sheets, the National Stock Exchange (India) and Bombay Stock Exchange (India). In June 2009, the company unveiled its new brand identity “Mahindra Satyam” subsequent to its takeover by the Mahindra Group’s IT arm, Tech Mahindra on April 13, 2009.

Contents

  Industry Presence

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

  Offices of Mahindra Satyam Across The Globe

Mahindra Satyam headquartered in Hyderabad, India has development centres and/or regional offices in USA, Canada, Brazil, the United Kingdom, Hungary, Egypt, UAE, India, China, Malaysia, Singapore, and Australia.[4]

  Mahindra Satyam Campuses

  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]
  • Mahindra Satyam InfoCity [Hitec City]
  • Gachibowli Campus [In DLF SEZ]
  • Mahindra Satyam GateWay [Bldg 1 & 2 in My Home Hub]

The company currently has eight campuses in Hyderabad.[6][7]

  Global units

Asia Pacific: India-Bangalore, Bhubaneshwar, Chennai, Hyderabad (Headquarter), Pune, Vishakapatnam, Delhi,[8][9] Gurgaon,[10] Mumbai,[11] Nagpur.[12][13]

Australia,[14] China, Hong Kong, Japan, Malaysia, New Zealand, Singapore, Taiwan, Thailand, Korea

Europe: Belgium, Czech Republic, Denmark, France, Finland, Germany, Hungary, Ireland, Italy, Netherlands, Spain, Sweden, Switzerland, United Kingdom.

Middle East and Africa: Bahrain, Egypt, Jordan, Kenya, Kuwait, Qatar, Saudi Arabia, South Africa, United Arab Emirates.

Americas: USA, Canada, Brazil.

  Mahindra Satyam Technology Center at Bahadurpally, Hyderabad
  Mahindra Satyam Development Center
  Mahindra Satyam campus, Hyderabad
  Mahindra Satyam Chennai employees at Satyamotsav, an annual cultural show
  Mahindra Group V-C Anand Mahindra

  Competencies

Mahindra Satyam offers the following ‘horizontal’ services.

  • Extended Enterprise Solutions
  • Web Commerce Solutions
  • Business Intelligence Services
  • Quality Consulting
  • Strategic Outsourcing Services
  • Industry Native Solutions
  • Business Services Group - BSG (BPO)
  • Engineering Services
  • Product management

  Partnerships

February 11, 2010, Mahindra Satyam, announced that it has entered into a partnership with the Integr8 Group, Africa’s largest privately owned ICT service and solutions provider.[15]

In June 2012, Mahindra Satyam has tied up with Oxygen Finance, which is a UK based firm to market its cloud-based payment system.[16]

  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.[17] The merger has been delayed due to two tax cases pending with the Income Tax claiming over INR 2700 crore for both.[18] Tech Mahindra announced its merger with Mahindra Satyam on March 21, 2012,after the board of two companies gave the approval.[19] 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.[21] Mahindra Satyam will hold its annual general meeting (AGM) on June 8,2012 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.[22] 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.[23][24]

  Row with I-T Department

The I-T Department had issued notices to the company seeking INR 617 crore 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 February 3, 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 INR 1,037 crore and INR 1,075 crore for assessment years 2002-03 and 2007–08, respectively. [25] 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.[26]

  Turnaround

The company had reported a consolidated net loss of Rs 233.3 crore 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 Rs 30 crore compared to Rs 26 crore. “We will take three [years] for a turnaround,” he informed.[27] Even though the company got 245 crores profit in Q4 for 2010–2011, but due to outside payments nearly 570 crores for SEK,UPAID and Class Action Suit in Q4 (Total 641 crores for the year 2010-2011 ),the company had reported a consolidated net loss of Rs 327 crore for the January–March quarter of 2010-2011.IT firm Mahindra Satyam posted a consolidated net profit of Rs 225.2 crore for the quarter ended June 30, 2011. During the quarter, the company added 2,172 people (net), taking total headcount to 31,438 as of June 30, 2011.[28] The company added 36 new customers during the quarter. The total headcount of the company stood at 32,092 as of the quarter ended September 30, 2011 during which net addition of 654 personnel took place.[29] The company added 188 employees in quarter three ending December 31, 2011 and recorded 29.4% quarter-on-quarter in its consolidated net profit of INR 308 crore .[30] Mahindra Satyam reported a net profit of INR 534.21 crore for the fourth quarter ended March 31, 2012. [31]

  Recent news and developments

Mahindra Satyam will acquire a minority stake of 15% for INR 35 crore in Dion Global Solutions Limited, the Delhi-based firm owned by billionaire brothers Malvinder Mohan Singh and Shivinder Mohan Singh, that provides solutions for capital markets globally. [32][33][34] Mahindra Satyam acquired Delhi based BPO firm vCustomer's International operations for US $27 million. This is the first 100% acquisition by Mahindra Satyam since it became part of Mahindra Group.[35][36]

  Controversies

  Maytas acquisition

In 2008, Satyam attempted to acquire Maytas Infrastructure and Maytas Properties, founded by family relations of company founder Ramalinga Raju (Maytas is "Satyam" reversed) for $1.6 billion, despite concerns raised by independent board directors.[37] Both companies are owned by Raju's sons. This eventually led to a review of the deal by the government,[38] a veiled criticism by the vice president of India[39] and Satyam's clients re-evaluating their relationship with the company.[40] Satyam's investors lost about INR 3,400 crore in the related panic selling. The USD $1.6 billion (INR 8,000 crore) acquisition was met with skepticism as Satyam's shares fell 55% on the New York Stock Exchange.[41] Three members of the board of directors resigned on 29 December 2008.[42]

  Accounting scandal of 2009

In addition to other controversies involving Satyam, on January 7, 2009, Chairman Raju resigned after publicly announcing his involvement in a massive accounting fraud.

  See also

  References

  1. ^ http://www.thenational.ae/thenationalconversation/industry-insights/technology/chief-of-indian-it-giant-has-good-yarn-to-tell
  2. ^ Mahindra Satyam delivers Industry growth
  3. ^ Mahindra Satyam posts profit of Rs 534.21 cr in Q4
  4. ^ Mahindra Satyam Acquires Stake In Dion Global Solutions
  5. ^ MSat Hyderabad office details
  6. ^ The Cool Cost-Cutter
  7. ^ Income tax department attaches Mahindra Satyam assets
  8. ^ moneycontrol.com
  9. ^ Offices & Development Centers
  10. ^ gurgaononcall.com
  11. ^ http://www.moneycontrol.com/company-facts/satyamcomputerservices/locations/SCS
  12. ^ Companies in MIHAN-SEZ
  13. ^ L&T IT Park,Nagpur
  14. ^ Mahindra Satyam Australia ready to make bigger inroads
  15. ^ "Mahindra Satyam partners with Integr8 for expansion in South Africa". http://www.prlog.org/10529107-mahindra-satyam-partners-with-integr8-for-expansion-in-south-africa.html. Retrieved 18 February 2010. 
  16. ^ "Mahindra Satyam ties up with UK firm". 11 June 2012. http://www.thehindubusinessline.com/industry-and-economy/info-tech/article3516044.ece. 
  17. ^ moneycontrol.com
  18. ^ http://www.moneycontrol.com/news/business/mah-satyam-tech-mah-to-appoint-bankers-to-fasten-merger_581330.html
  19. ^ /Tech Mahindra, Satyam get nod to merge
  20. ^ Mahindra Satyam-TechM to take 150 top leaders to Bangkok
  21. ^ High Court orders shareholders' meeting on MSat-Tech Mahindra merger
  22. ^ Mahindra Satyam AGM on June 8
  23. ^ Mahindra Satyam shareholders approve merger with Tech Mahindra
  24. ^ Markets firm in morning deals
  25. ^ Mahindra Satyam gets attachment order from I-T dept
  26. ^ Mahindra Satyam gets relief in assets attachment case
  27. ^ indiaearnings.moneycontrol.com
  28. ^ http://profit.ndtv.com/news/show/mahindra-satyam-reports-rs-225-cr-profit-in-q1-168250
  29. ^ http://www.moneycontrol.com/news/business/mahindra-satyam-q2-net-soars-europe-crisisworry_614931.html
  30. ^ Mahindra Satyam Q3 net spikes 29% to Rs 308 cr
  31. ^ Mahindra Satyam posts Rs 534.21 cr profit for Q4
  32. ^ Mahindra Satyam to pick up 15% stake in Dion Global
  33. ^ Mahindra Satyam to pick stake in Dion for Rs 35 cr
  34. ^ Mahindra Satyam to acquire minority stake in Dion Global
  35. ^ Mahindra Satyam acquires vCustomer BPO for $27 million
  36. ^ Mahindra Satyam acquires vCustomer for $27 mn
  37. ^ The Hindu Business Line - ‘Satyam’s independent directors had raised concerns over the deal’ Friday, December 19, 2008
  38. ^ "Centre refers Satyam deal to ROC". timesofindia.indiatimes.com. 20 December 2008. http://timesofindia.indiatimes.com/Hyderabad/Centre_refers_Satyam_deal_to_ROC/articleshow/3864623.cms. 
  39. ^ The Hindu : Business : Plain-speak by Hamid Ansari on governance - (Sunday, December 21, 2008)
  40. ^ Bibhu Ranjan Mishra (December 18, 2008). "Satyam clients likely to re-evaluate contracts". Bangalore: Business Standard. http://www.business-standard.com/india/news/satyam-clients-likely-to-re-evaluate-contracts/00/12/343589/. 
  41. ^ [1][dead link]
  42. ^ "Fourth independent director M. Rao resigns from Satyam". economictimes.indiatims.com. December 29, 2008. http://economictimes.indiatimes.com/Features/Satyam_Maytas_deal_called_off/Fourth_independent_director_resigns_from_Satyam/articleshow/3909517.cms. 

  External links

   
               

 

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