Satyam Computer Svc ADR
WKN: 675236 / ISIN: US8040981016Satyam Computer SERVICES LTD.
07.01.09 16:12
#27
Lapismuc
Statement from Satyam Interim CEO to Employees
Statement from Satyam Interim CEO to Employees
Last update: 8:52 a.m. EST Jan. 7, 2009
HYDERABAD, India, Jan 07, 2009 /PRNewswire via COMTEX/ -- The following letter has been issued to Satyam management and staff by Ram Mynampati, Interim CEO of Satyam.
Dear colleagues
I write this mail to update you on some critical Board and Leadership level changes in our company, effective immediately. A series of extremely unfortunate events led to this, which I am sure you have seen covered in the media over the past few hours.
A SWAT team consisting of senior leaders has been formed. Many of them are Satyam veterans with a minimum of ten years experience in our company and more than twenty years in the industry. I have been requested to play the role of an Interim CEO and this team will support me, as we steer Satyam through this challenging phase. These are the leaders on the ground and have always had the final call on most customer and associate related matters in the company, so far. This team has committed to work together, to make it happen. The SWAT team represents all Customer Facing units, key Horizontal Competency Units and critical Support Units.
Over the past twenty one years, with your passion and commitment we have built significant customer assets, formidable service offerings, excellent delivery processes and scalable support systems. Satyam has been consistently acknowledged for our leadership bandwidth and has a demonstrated reputation for collaborative functioning. Our renowned Full Life Cycle (FLC) model encouraged 'Distributed and Empowered' leadership and prepared us for all situations. This is the time when we have to apply it in real life. What we have been trained for, we will now put to work. Let us continue to handle our respective areas with total autonomy, freedom and control. This is as good a time, as any, to remind ourselves that we have been acknowledged as being amongst the top three Best Employers in India by Hewitt and Mercer in independent surveys in 2007 and American Society of Training & Development (ASTD) named us as the best globally, for our Learning practices - the first company outside USA to be ever awarded this honor. Satyam continues to have everything that is fundamentally required for its success - a strong customer base and a committed universe of approx 53,000 associates.
What we are confronted with is the challenge of continuing our business operations, seamlessly. We will need your involvement and ideas to make it happen. This might involve even more effort at every level, in the near term. This is the time to prove to the world that we are united and will succeed in overcoming the challenges.
This quarter will be tumultuous for us. Rumors will abound and it would be fair to assume that competition will try and leverage it to their advantage. As a proactive measure, we have formed fully empowered Cross Functional Teams, headed by seasoned leaders in the respective areas, to address pan-organizational issues like Delivery Excellence, Customer & Associate Retention, Pipeline Management, Cost Controls, Collections etc. You have helped to build Satyam to be what it is today - and we believe that this cannot be allowed to fail, at any cost. I am confident that I can count on your continued support as I commit to our customers that we will ensure deliverables and commitments are serviced.
On behalf of our new leadership team, I apologize to you for the uncertainty and inconvenience that this incident has caused to you and your families. I assure you that we will emerge stronger, because of this. Increased focus on transparency at all levels, integrity and ethical functioning will be ensured. I want you to stand confidently in front of your families and friends and say that we will now be a better company and that we shall soon be a successful case study of how organizations have turned over a new leaf.
We will be conducting "U Speak" (our Meet-the-Leadership sessions) in each city in India starting next week and will have numerous Webinars to address associates in various countries. We will be meeting many of our customers in person over the next two weeks and will meet those of you onsite, at that time. In these sessions, we will explain to you what happened and articulate the actions that are being taken to retain your confidence in our company.
Let us fight this battle together. I am confident that we will emerge stronger, TOGETHER.
Ram Mynampati
SOURCE Satyam Computer Services, Ltd.
Copyright (C) 2009 PR Newswire. All rights reserved
Last update: 8:52 a.m. EST Jan. 7, 2009
HYDERABAD, India, Jan 07, 2009 /PRNewswire via COMTEX/ -- The following letter has been issued to Satyam management and staff by Ram Mynampati, Interim CEO of Satyam.
Dear colleagues
I write this mail to update you on some critical Board and Leadership level changes in our company, effective immediately. A series of extremely unfortunate events led to this, which I am sure you have seen covered in the media over the past few hours.
A SWAT team consisting of senior leaders has been formed. Many of them are Satyam veterans with a minimum of ten years experience in our company and more than twenty years in the industry. I have been requested to play the role of an Interim CEO and this team will support me, as we steer Satyam through this challenging phase. These are the leaders on the ground and have always had the final call on most customer and associate related matters in the company, so far. This team has committed to work together, to make it happen. The SWAT team represents all Customer Facing units, key Horizontal Competency Units and critical Support Units.
Over the past twenty one years, with your passion and commitment we have built significant customer assets, formidable service offerings, excellent delivery processes and scalable support systems. Satyam has been consistently acknowledged for our leadership bandwidth and has a demonstrated reputation for collaborative functioning. Our renowned Full Life Cycle (FLC) model encouraged 'Distributed and Empowered' leadership and prepared us for all situations. This is the time when we have to apply it in real life. What we have been trained for, we will now put to work. Let us continue to handle our respective areas with total autonomy, freedom and control. This is as good a time, as any, to remind ourselves that we have been acknowledged as being amongst the top three Best Employers in India by Hewitt and Mercer in independent surveys in 2007 and American Society of Training & Development (ASTD) named us as the best globally, for our Learning practices - the first company outside USA to be ever awarded this honor. Satyam continues to have everything that is fundamentally required for its success - a strong customer base and a committed universe of approx 53,000 associates.
What we are confronted with is the challenge of continuing our business operations, seamlessly. We will need your involvement and ideas to make it happen. This might involve even more effort at every level, in the near term. This is the time to prove to the world that we are united and will succeed in overcoming the challenges.
This quarter will be tumultuous for us. Rumors will abound and it would be fair to assume that competition will try and leverage it to their advantage. As a proactive measure, we have formed fully empowered Cross Functional Teams, headed by seasoned leaders in the respective areas, to address pan-organizational issues like Delivery Excellence, Customer & Associate Retention, Pipeline Management, Cost Controls, Collections etc. You have helped to build Satyam to be what it is today - and we believe that this cannot be allowed to fail, at any cost. I am confident that I can count on your continued support as I commit to our customers that we will ensure deliverables and commitments are serviced.
On behalf of our new leadership team, I apologize to you for the uncertainty and inconvenience that this incident has caused to you and your families. I assure you that we will emerge stronger, because of this. Increased focus on transparency at all levels, integrity and ethical functioning will be ensured. I want you to stand confidently in front of your families and friends and say that we will now be a better company and that we shall soon be a successful case study of how organizations have turned over a new leaf.
We will be conducting "U Speak" (our Meet-the-Leadership sessions) in each city in India starting next week and will have numerous Webinars to address associates in various countries. We will be meeting many of our customers in person over the next two weeks and will meet those of you onsite, at that time. In these sessions, we will explain to you what happened and articulate the actions that are being taken to retain your confidence in our company.
Let us fight this battle together. I am confident that we will emerge stronger, TOGETHER.
Ram Mynampati
SOURCE Satyam Computer Services, Ltd.
Copyright (C) 2009 PR Newswire. All rights reserved
07.01.09 23:33
#29
biber25
Das war es für Satyam.
Investiert eurer Geld jetzt lieber in die Konkurrenz von Satyam!
Die 3 Größten:
WIBRO
TATA CONS
INFOSYS
Die werden von der Satyam Pleite profitieren.
08.01.09 10:47
#31
Lapismuc
L&T ups Satyam stake, fuels M&A talks
8 Jan 2009, 0450 hrs IST, Nishanth Vasudevan, Apurv Gupta & Kausik Datta, ET Bureau
MUMBAI: The Larsen & Toubro Group is believed to have extended its purchases of Satyam Computer shares from the secondary market on Wednesday,
taking advantage of the plunge in the stock triggered by the accounting fraud revelation. The engineering major is believed to have hiked its stake in the tainted software entity to roughly 3.5-4% on Wednesday, from 2% last week.
Though L&T officials declined to comment on the matter, people familiar with the development said the possibility of a “strategic reason” for the stake purchases could not be ruled out, given the company’s existing interests in the software sector through its subsidiary L&T Infotech. Interestingly, L&T Capital, another L&T subsidiary, has been approached by Maytas Infra for buying out the promoter’s stake. However, the group is yet to take a call.
“As of now, it is just a portfolio investment, but the possibility of L&T looking to buy a strategic stake cannot be completely ruled out,” said a person close to the development. “Either way, it’s a win-win for L&T. If another company decides to buy Satyam, it will benefit the portfolio purchases. But if L&T decides to acquire Satyam, it will have a strategic fit for L&T Infotech at a cheaper price.
It is believed that Satyam could be a good buy for L&T Infotech at this juncture in terms of business prospects.
“Even if half of Satyam’s clients decide to part ways, the remaining client base would be good enough for L&T Infotech,” said another person familiar with the matter. “Bringing in a good management like L&T itself can come as a relief to Satyam clients.”
Talks that regulator Sebi could resort to ‘extraordinary measures’ to assuage investor fears immediately, given the negative implications of this issue on foreign investments in the country, further fuelled the takeover speculation.
MUMBAI: The Larsen & Toubro Group is believed to have extended its purchases of Satyam Computer shares from the secondary market on Wednesday,
taking advantage of the plunge in the stock triggered by the accounting fraud revelation. The engineering major is believed to have hiked its stake in the tainted software entity to roughly 3.5-4% on Wednesday, from 2% last week.
Though L&T officials declined to comment on the matter, people familiar with the development said the possibility of a “strategic reason” for the stake purchases could not be ruled out, given the company’s existing interests in the software sector through its subsidiary L&T Infotech. Interestingly, L&T Capital, another L&T subsidiary, has been approached by Maytas Infra for buying out the promoter’s stake. However, the group is yet to take a call.
“As of now, it is just a portfolio investment, but the possibility of L&T looking to buy a strategic stake cannot be completely ruled out,” said a person close to the development. “Either way, it’s a win-win for L&T. If another company decides to buy Satyam, it will benefit the portfolio purchases. But if L&T decides to acquire Satyam, it will have a strategic fit for L&T Infotech at a cheaper price.
It is believed that Satyam could be a good buy for L&T Infotech at this juncture in terms of business prospects.
“Even if half of Satyam’s clients decide to part ways, the remaining client base would be good enough for L&T Infotech,” said another person familiar with the matter. “Bringing in a good management like L&T itself can come as a relief to Satyam clients.”
Talks that regulator Sebi could resort to ‘extraordinary measures’ to assuage investor fears immediately, given the negative implications of this issue on foreign investments in the country, further fuelled the takeover speculation.
08.01.09 10:48
#32
Lapismuc
Und folgende Meldung:
TA7A (SATYAM COMPUTER SERVICES - WKN 675236) zieht an ... Angeblich gibt's um 12.30 Uhr (MEZ) eine PK.
08.01.09 11:01
#33
0815ax
India's Satyam to hold news conference at 1130 GMT
http://www.finanznachrichten.de/...ews-conference-at-1130-gmt-020.htm
08.01.2009 06:29
India's Satyam to hold news conference at 1130 GMT
HYDERABAD, INDIA, Jan 8 (Reuters) - India's Satyam Computer (News) will hold a news conference at 5:00 PM (1130 GMT) on Thursday, a spokeswoman said, a day after the firm's chairman quit after disclosing that profits had been falsely inflated for years.
Senior management, likely to include interim CEO Ram Mynampati, will address the media, the spokeswoman said.
(Reporting by Sumeet Chatterjee; Editing by John Mair) Keywords: SATYAM PRESSER/
(devidutta.tripathy@thomsonreuters.com; +91 11 4178 1009; Reuters Messaging: devidutta.tripathy.reuters.com@reuters.net)
08.01.2009 06:29
India's Satyam to hold news conference at 1130 GMT
HYDERABAD, INDIA, Jan 8 (Reuters) - India's Satyam Computer (News) will hold a news conference at 5:00 PM (1130 GMT) on Thursday, a spokeswoman said, a day after the firm's chairman quit after disclosing that profits had been falsely inflated for years.
Senior management, likely to include interim CEO Ram Mynampati, will address the media, the spokeswoman said.
(Reporting by Sumeet Chatterjee; Editing by John Mair) Keywords: SATYAM PRESSER/
(devidutta.tripathy@thomsonreuters.com; +91 11 4178 1009; Reuters Messaging: devidutta.tripathy.reuters.com@reuters.net)
08.01.09 12:19
#36
initialsprengstoff
tendenz
was wollt ihr kurzfristig von diesem unternehmen erwarten? nicht mal ein zock ist meiner einschätzung nach möglich, da keine phanastie (geschweige denn ein rest an vertrauen) existiert...
die wird meiner meinung nach richtung 0,2 abschmieren.
satyam hat den gesamten indischen anlegermarkt in den abgrund gezogen- dafür wird (und muss) sie abgestraft werden.
für alle investierten hoffe ich, dass ich unrecht habe...
nur eine meinung
die wird meiner meinung nach richtung 0,2 abschmieren.
satyam hat den gesamten indischen anlegermarkt in den abgrund gezogen- dafür wird (und muss) sie abgestraft werden.
für alle investierten hoffe ich, dass ich unrecht habe...
nur eine meinung
08.01.09 12:21
#37
Lapismuc
13% im plus schon
Thursday, January 8, 2009
where is Satyam computer CEO Ramalinga Raju?
After the lots of controversies the question now in everyone's mind is where is Satyam computer CEO Ramalinga Raju?.
A team of officials from market regulator Securities and Exchange Board of India (SEBI) will arrive in Hyderabad on Thursday to begin a probe amid speculation that police might arrest Raju, but nobody knows his whereabouts.
Raju became incommunicado after sending a letter to the Satyam Board of Directors on Wednesday morning. There was utter confusion after a TV channel reported that he had left either for the US or Dubai.
Raju is believed to have met nobody in the last two days. It is also possible that he might have handed over his letter to company officials before becoming incommunicado.
Sources in Satyam, however, said he was in Hyderabad and might address a press conference later in the day. The reporters who rushed to his house in upmarket Jubliee Hills were told by the security guards that he was attending a meeting in Satyam Infocity at Madhapur.
However, no senior official from Satyam could be reached to confirm this. A large group of reporters waited outside Satyam Infocity till late on Wednesday night but in vain.
The Hyderabad police were also reportedly trying to find the whereabouts of Raju.
The Andhra Pradesh government has ordered a probe by crime branch. Police Commissioner B Prasada Rao on Wednesday said they would act only if a shareholder or regulator lodges a complaint against Raju.
Some police teams were also sent to Satyam offices in the city to find Raju's whereabouts but they were unsuccessful in tracing him as well.
Click here to see the text of his resignation letter. For more details about Satyam scam click the links below.
http://rammy-time2know.blogspot.com/2009/01/where-is-satyam-…
Nach oben
where is Satyam computer CEO Ramalinga Raju?
After the lots of controversies the question now in everyone's mind is where is Satyam computer CEO Ramalinga Raju?.
A team of officials from market regulator Securities and Exchange Board of India (SEBI) will arrive in Hyderabad on Thursday to begin a probe amid speculation that police might arrest Raju, but nobody knows his whereabouts.
Raju became incommunicado after sending a letter to the Satyam Board of Directors on Wednesday morning. There was utter confusion after a TV channel reported that he had left either for the US or Dubai.
Raju is believed to have met nobody in the last two days. It is also possible that he might have handed over his letter to company officials before becoming incommunicado.
Sources in Satyam, however, said he was in Hyderabad and might address a press conference later in the day. The reporters who rushed to his house in upmarket Jubliee Hills were told by the security guards that he was attending a meeting in Satyam Infocity at Madhapur.
However, no senior official from Satyam could be reached to confirm this. A large group of reporters waited outside Satyam Infocity till late on Wednesday night but in vain.
The Hyderabad police were also reportedly trying to find the whereabouts of Raju.
The Andhra Pradesh government has ordered a probe by crime branch. Police Commissioner B Prasada Rao on Wednesday said they would act only if a shareholder or regulator lodges a complaint against Raju.
Some police teams were also sent to Satyam offices in the city to find Raju's whereabouts but they were unsuccessful in tracing him as well.
Click here to see the text of his resignation letter. For more details about Satyam scam click the links below.
http://rammy-time2know.blogspot.com/2009/01/where-is-satyam-…
Nach oben
08.01.09 12:42
#39
0815ax
TA7A: Aussetzung/Suspension
http://www.finanznachrichten.de/...ta7a-aussetzung-suspension-029.htm
08.01.2009 12:39
TA7A: AUSSETZUNG/SUSPENSION
DIE FOLGENDE AKTIE IST AB SOFORT AUSGESETZT:
THE FOLLOWING SHARE IS SUSPENDED WITH IMMEDIATE EFFECT:
INSTRUMENT NAME KUERZEL/SHORTCODE ISIN BIS/UNTIL
SATYAM COMPUTER SVC - ADR TA7A US8040981016 (News) BAW/UFN
08.01.2009 12:39
TA7A: AUSSETZUNG/SUSPENSION
DIE FOLGENDE AKTIE IST AB SOFORT AUSGESETZT:
THE FOLLOWING SHARE IS SUSPENDED WITH IMMEDIATE EFFECT:
INSTRUMENT NAME KUERZEL/SHORTCODE ISIN BIS/UNTIL
SATYAM COMPUTER SVC - ADR TA7A US8040981016 (News) BAW/UFN
08.01.09 12:48
#40
Lapismuc
Dann warten wir eben
bis die bei 6 oder 9 € wieder eingesetzt wird :-)))
08.01.09 12:53
#41
Lapismuc
gestern gekommen:
CEO hat Betrug und Bilanzfälschung zugegeben: wahrscheoinlich ist die aktie nach dem Kurssturz von gestern wegen überprüfung der Sachlage auch an der heimatbörse erst einmal ausgesetzt worden
08.01.09 14:19
#42
0815ax
pre.market-Handel in US (RT)
http://finance.yahoo.com/q?s=SAY
http://datasvr.tradearca.com/arcadataserver/...hp?Symbol=SAY&x=11&y=5
http://datasvr.tradearca.com/arcadataserver/...hp?Symbol=SAY&x=11&y=5
08.01.09 14:27
#43
0815ax
Satyam's Top Leaders Announce Action Plan...
http://www.finanznachrichten.de/...n-for-board-and-management-008.htm
08.01.2009 14:21
Satyam's Top Leaders Announce Action Plan Focusing on Business Continuity, Corporate Transparency and Leadership Transition for Board and Management
HYDERABAD, India, Jan. 8 /PRNewswire-FirstCall/ -- The top leaders of Satyam Computer Services Limited (News) have launched an immediate action plan to ensure business continuity and leadership transition even as it initiates efforts to ascertain its liquidity position and verify allegations by its founder and chairman Mr. Ramalinga Raju of financial irregularities.
Satyam's leaders announced at a press conference at the IT services company's headquarters in Hyderabad that the Company has started to actively reach out to customers globally and has been heartened to receive strong expressions of confidence and support from customers.
At the same time, the leaders of Satyam steering the organization through the crisis, and approximately 40 top managers representing the Leadership Council from various geographical regions have pledged their commitment to remain in the company. The leadership team is headed by interim CEO Mr. Ram Mynampati.
At a press conference chaired by Mr. Mynampati, the company announced several immediate actions already carried out or being undertaken by the leaders.
-- Formulation of a Task Force to address all ongoing operational issues to ensure business continuity, including maintaining customer confidence. -- An immediate customer outreach by all geographical regions to assure clients that Satyam will meet all its business commitments. "Many clients rely on Satyam for mission-critical functions and collaborate closely with our team. While we have to address various customer concerns, we have been heartened by expressions of confidence and support from various clients," said Mr. Mynampati. Satyam's top 100 customers account for 85% of total revenue and have had relationships with the company ranging from four to ten years. -- Assurances to the approximately 53,000 associates from leaders and line managers that the company places top priority in protecting the careers and livelihood of employees and their families. "We share the pain and grief being felt by all associates and their families and will do our utmost to ensure that salaries can be paid," Mr. Mynmapati said. "We are extremely touched by the outpouring of support from associates." -- Begun a process to ascertain Satyam's financial liquidity position and verify allegations by the Chairman. An independent audit is being contemplated. -- As part of efforts to strengthen corporate governance, leaders have accorded top priority to addressing various legal issues which are expected to unfold; and have written to the regulatory authorities and various industry associations for assistance to identify candidates to be new members of Satyam's board.
The immediate action plans announced were collectively decided based on an initial assessment of the key challenges faced. These actions will be reviewed by the leadership team on a daily basis for the next few months.
"The leadership team comprises highly experienced veterans with cross-functional responsibilities across geographical regions. They have also been mandated with additional tasks of great urgency including collection of accounts receivable, cost containment as well as customer and associate retention," said Mr. Mynampati. "At the onset we wish to stress that the leaders have offered themselves to steer the organization through the current crisis.
About Satyam
Satyam , a leading global business and information technology services company, delivers consulting, systems integration, and outsourcing solutions to clients in 20* industries and more than 65* countries.
Satyam leverages deep industry and functional expertise, leading technology practices, and an advanced, global delivery model to help clients transform their highest-value business processes and improve their business performance. The company's 52,865* professionals excel in engineering and product development, supply chain management, client relationship management, business process quality, business intelligence, enterprise integration, and infrastructure management, among other key capabilities.
Satyam development and delivery centers in the US, Canada, Brazil, the UK, Hungary, Egypt, UAE, India, China, Malaysia, Singapore, and Australia serve 690* clients, including 185* Fortune 500. For more information, see http://www.satyam.com/.
*As of September 30, 2008 Satyam Contacts: For clarifications, write to us at MediaRelations@Satyam.com Or contact our global Satyam PR representatives at: India Deepa Jayaraman deepa.jayaraman@ipan.com +91-981-980-8681 US Melissa Baratta mbaratta@ricochetpr.com +1-212-679-3300 ext. 118 Europe Sandeep Thawani Sandeep_Thawani@Satyam.com +44-783-010-3838 Asia-Pacific Dan Bleakman Dan@howorth.com.au +61-439-408-484 Reshma Wad Jain Reshma@wer1.net +65-98-140-507 Safe Harbor
This press release contains forward-looking statements within the meaning of section 27A of Securities Act of 1933, as amended, and section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements contained herein are subject to certain risks and uncertainties that could cause actual results to differ materially from those reflected in the forward-looking statements. Satyam undertakes no duty to update any forward-looking statements. For a discussion of the risks associated with our business, please see the discussions under the heading "Risk Factors" in our report on Form 6-K concerning the quarter ended September 30, 2008, furnished to the Securities and Exchange Commission on November 7, 2008, and the other reports filed with the Securities and Exchange Commission from time to time. These filings are available at http://www.sec.gov/.
08.01.2009 14:21
Satyam's Top Leaders Announce Action Plan Focusing on Business Continuity, Corporate Transparency and Leadership Transition for Board and Management
HYDERABAD, India, Jan. 8 /PRNewswire-FirstCall/ -- The top leaders of Satyam Computer Services Limited (News) have launched an immediate action plan to ensure business continuity and leadership transition even as it initiates efforts to ascertain its liquidity position and verify allegations by its founder and chairman Mr. Ramalinga Raju of financial irregularities.
Satyam's leaders announced at a press conference at the IT services company's headquarters in Hyderabad that the Company has started to actively reach out to customers globally and has been heartened to receive strong expressions of confidence and support from customers.
At the same time, the leaders of Satyam steering the organization through the crisis, and approximately 40 top managers representing the Leadership Council from various geographical regions have pledged their commitment to remain in the company. The leadership team is headed by interim CEO Mr. Ram Mynampati.
At a press conference chaired by Mr. Mynampati, the company announced several immediate actions already carried out or being undertaken by the leaders.
-- Formulation of a Task Force to address all ongoing operational issues to ensure business continuity, including maintaining customer confidence. -- An immediate customer outreach by all geographical regions to assure clients that Satyam will meet all its business commitments. "Many clients rely on Satyam for mission-critical functions and collaborate closely with our team. While we have to address various customer concerns, we have been heartened by expressions of confidence and support from various clients," said Mr. Mynampati. Satyam's top 100 customers account for 85% of total revenue and have had relationships with the company ranging from four to ten years. -- Assurances to the approximately 53,000 associates from leaders and line managers that the company places top priority in protecting the careers and livelihood of employees and their families. "We share the pain and grief being felt by all associates and their families and will do our utmost to ensure that salaries can be paid," Mr. Mynmapati said. "We are extremely touched by the outpouring of support from associates." -- Begun a process to ascertain Satyam's financial liquidity position and verify allegations by the Chairman. An independent audit is being contemplated. -- As part of efforts to strengthen corporate governance, leaders have accorded top priority to addressing various legal issues which are expected to unfold; and have written to the regulatory authorities and various industry associations for assistance to identify candidates to be new members of Satyam's board.
The immediate action plans announced were collectively decided based on an initial assessment of the key challenges faced. These actions will be reviewed by the leadership team on a daily basis for the next few months.
"The leadership team comprises highly experienced veterans with cross-functional responsibilities across geographical regions. They have also been mandated with additional tasks of great urgency including collection of accounts receivable, cost containment as well as customer and associate retention," said Mr. Mynampati. "At the onset we wish to stress that the leaders have offered themselves to steer the organization through the current crisis.
About Satyam
Satyam , a leading global business and information technology services company, delivers consulting, systems integration, and outsourcing solutions to clients in 20* industries and more than 65* countries.
Satyam leverages deep industry and functional expertise, leading technology practices, and an advanced, global delivery model to help clients transform their highest-value business processes and improve their business performance. The company's 52,865* professionals excel in engineering and product development, supply chain management, client relationship management, business process quality, business intelligence, enterprise integration, and infrastructure management, among other key capabilities.
Satyam development and delivery centers in the US, Canada, Brazil, the UK, Hungary, Egypt, UAE, India, China, Malaysia, Singapore, and Australia serve 690* clients, including 185* Fortune 500. For more information, see http://www.satyam.com/.
*As of September 30, 2008 Satyam Contacts: For clarifications, write to us at MediaRelations@Satyam.com Or contact our global Satyam PR representatives at: India Deepa Jayaraman deepa.jayaraman@ipan.com +91-981-980-8681 US Melissa Baratta mbaratta@ricochetpr.com +1-212-679-3300 ext. 118 Europe Sandeep Thawani Sandeep_Thawani@Satyam.com +44-783-010-3838 Asia-Pacific Dan Bleakman Dan@howorth.com.au +61-439-408-484 Reshma Wad Jain Reshma@wer1.net +65-98-140-507 Safe Harbor
This press release contains forward-looking statements within the meaning of section 27A of Securities Act of 1933, as amended, and section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements contained herein are subject to certain risks and uncertainties that could cause actual results to differ materially from those reflected in the forward-looking statements. Satyam undertakes no duty to update any forward-looking statements. For a discussion of the risks associated with our business, please see the discussions under the heading "Risk Factors" in our report on Form 6-K concerning the quarter ended September 30, 2008, furnished to the Securities and Exchange Commission on November 7, 2008, and the other reports filed with the Securities and Exchange Commission from time to time. These filings are available at http://www.sec.gov/.
08.01.09 14:53
#44
Lapismuc
LiveCommentary
- Satyam Press Conference unter
http://www.business-standard.com/india/news/...ference/17/31/52460/on
http://www.business-standard.com/india/news/...ference/17/31/52460/on
08.01.09 16:28
#45
0815ax
HIGHLIGHTS-Satyam Computer media conference
http://www.finanznachrichten.de/...-computer-media-conference-020.htm
08.01.2009 16:18
HIGHLIGHTS-Satyam Computer media conference
HYDERABAD, India, Jan 8 (Reuters) - The interim CEO and other senior executives of Indian software firm Satyam Computer (News), which has been hit by a financial scandal, spoke to media in the southern city of Hyderabad on Thursday.
Ramalinga Raju, the chairman of Satyam, resigned on Wednesday saying that profits had been falsely inflated for years, sending the company's shares plunging nearly 80 percent.
For detailed coverage, see.
Following are highlights of interim CEO Ram Mynampati's comments at the media conference, which ran for more than an hour.
BUSINESS AND INVESTIGATION:
'I stand in front of you today shocked by the disclosures and recognising fully the severity of the issues.'
'Our only aim at this time is to ensure that the business continues.'
'I, along with other members of the board, received reports and data that were audited and verified by a leading accounting firm. We relied on that data.'
'Obviously, the most important activity is to assure the world that we are committed to ascertain the facts of the case and help investigating agencies in their process. The leadership team is committed in making this happen.'
'Some regulatory bodies have already started their work and we will continue to work with them closely.'
CLIENTS AND EMPLOYEES:
'The next step is to ensure that business continuity will remain undisturbed. We are taking immediate proactive steps to address this.'
'These steps include reaching out to customers to assure them that business support deliverables will continue, practicing complete transparency in all that we do, and ensuring a smooth transition of leadership.'
'We have begun an immediate outreach to customers around the world assuring them of our continued commitment.'
'Our top 100 clients account for almost 80 percent of total revenues and we are speaking to them individually.'
'We have already received many expressions of support from our key customers.'
'It is our top priority to protect (employees') careers and livelihood.'
'Notwithstanding media speculation on significant number of exits and attrition, I want to assure you that we have seen no such trends.'
FINANCIAL CONDITION AND LIQUIDITY:
'We have launched a process to ascertain Satyam's financial condition, especially its liquidity position, and to verify the disclosures made by Mr Raju.'
'The liquidity on the balance sheet is not very encouraging at this point.'
'We are looking at various options. No 1, to take care of outstanding responsibilities from a finance perspective as well as ensuring the sustainability of operations.'
'We're also trying to come out with an assessment of the steps we need to take to maintain liquidity, including paying our subcontractors, paying our suppliers and associates.'
'What we know is we need some assistance as far as liquidity is concerned to deal with the business continuity for this month.'
'We have healthy receivables position. We are putting in a lot of effort in making sure our receivables are collected. We are also putting in a lot of efforts in identifying other avenues of liquidity.'
'We are confident that we will be in a position to deal with the obligations for this month.'
CHIEF FINANCIAL OFFICER:
'The CFO Srinivas (Vadlamani) has actually sent in his resignation today; we have not approved the resignation.'
'We have been in constant touch with the CFO. He had not been coming to office due to personal reasons but he had been cooperating fully in terms of the information he is to provide and channels he is to open up for access.
'What I understand is that he is very much in Hyderabad, but he assured us he will be at work next week.'
CHAIRMAN RAMALINGA RAJU:
'He assured us he would be available to provide any support if required. We have not contacted him since because the things we have been engaged in doing do not require us contacting him.'
STRATEGIC ALTERNATIVES:
'To explore strategic alternatives ... that becomes even more pertinent today.'
'We are looking at engaging an investment banker.'
RESULTS AND GUIDANCE:
'We are legally bound to declare the results by the end of this month, January.'
'The more prudent thing to do is to establish what our Q3 numbers are going to be and look at the business scenario and project out the guidance for the year including the situation for Q4. That would obviously mean a different number for the year than was originally stated.'
'Given the statements related to the accuracy -- or lack of -- of the previous numbers, any guidance that we would have given earlier based on that would probably not be relevant here in this context.
(Compiled by C.J. Kuncheria; Editing by John Mair) Keywords: SATYAM/NEWSCONFERENCE
(devidutta.tripathy@thomsonreuters.com; +91 11 4178 1009; Reuters Messaging: devidutta.tripathy.reuters.com@reuters.net)
COPYRIGHT
Copyright Thomson Reuters 2009. All rights reserved.
The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
08.01.2009 16:18
HIGHLIGHTS-Satyam Computer media conference
HYDERABAD, India, Jan 8 (Reuters) - The interim CEO and other senior executives of Indian software firm Satyam Computer (News), which has been hit by a financial scandal, spoke to media in the southern city of Hyderabad on Thursday.
Ramalinga Raju, the chairman of Satyam, resigned on Wednesday saying that profits had been falsely inflated for years, sending the company's shares plunging nearly 80 percent.
For detailed coverage, see.
Following are highlights of interim CEO Ram Mynampati's comments at the media conference, which ran for more than an hour.
BUSINESS AND INVESTIGATION:
'I stand in front of you today shocked by the disclosures and recognising fully the severity of the issues.'
'Our only aim at this time is to ensure that the business continues.'
'I, along with other members of the board, received reports and data that were audited and verified by a leading accounting firm. We relied on that data.'
'Obviously, the most important activity is to assure the world that we are committed to ascertain the facts of the case and help investigating agencies in their process. The leadership team is committed in making this happen.'
'Some regulatory bodies have already started their work and we will continue to work with them closely.'
CLIENTS AND EMPLOYEES:
'The next step is to ensure that business continuity will remain undisturbed. We are taking immediate proactive steps to address this.'
'These steps include reaching out to customers to assure them that business support deliverables will continue, practicing complete transparency in all that we do, and ensuring a smooth transition of leadership.'
'We have begun an immediate outreach to customers around the world assuring them of our continued commitment.'
'Our top 100 clients account for almost 80 percent of total revenues and we are speaking to them individually.'
'We have already received many expressions of support from our key customers.'
'It is our top priority to protect (employees') careers and livelihood.'
'Notwithstanding media speculation on significant number of exits and attrition, I want to assure you that we have seen no such trends.'
FINANCIAL CONDITION AND LIQUIDITY:
'We have launched a process to ascertain Satyam's financial condition, especially its liquidity position, and to verify the disclosures made by Mr Raju.'
'The liquidity on the balance sheet is not very encouraging at this point.'
'We are looking at various options. No 1, to take care of outstanding responsibilities from a finance perspective as well as ensuring the sustainability of operations.'
'We're also trying to come out with an assessment of the steps we need to take to maintain liquidity, including paying our subcontractors, paying our suppliers and associates.'
'What we know is we need some assistance as far as liquidity is concerned to deal with the business continuity for this month.'
'We have healthy receivables position. We are putting in a lot of effort in making sure our receivables are collected. We are also putting in a lot of efforts in identifying other avenues of liquidity.'
'We are confident that we will be in a position to deal with the obligations for this month.'
CHIEF FINANCIAL OFFICER:
'The CFO Srinivas (Vadlamani) has actually sent in his resignation today; we have not approved the resignation.'
'We have been in constant touch with the CFO. He had not been coming to office due to personal reasons but he had been cooperating fully in terms of the information he is to provide and channels he is to open up for access.
'What I understand is that he is very much in Hyderabad, but he assured us he will be at work next week.'
CHAIRMAN RAMALINGA RAJU:
'He assured us he would be available to provide any support if required. We have not contacted him since because the things we have been engaged in doing do not require us contacting him.'
STRATEGIC ALTERNATIVES:
'To explore strategic alternatives ... that becomes even more pertinent today.'
'We are looking at engaging an investment banker.'
RESULTS AND GUIDANCE:
'We are legally bound to declare the results by the end of this month, January.'
'The more prudent thing to do is to establish what our Q3 numbers are going to be and look at the business scenario and project out the guidance for the year including the situation for Q4. That would obviously mean a different number for the year than was originally stated.'
'Given the statements related to the accuracy -- or lack of -- of the previous numbers, any guidance that we would have given earlier based on that would probably not be relevant here in this context.
(Compiled by C.J. Kuncheria; Editing by John Mair) Keywords: SATYAM/NEWSCONFERENCE
(devidutta.tripathy@thomsonreuters.com; +91 11 4178 1009; Reuters Messaging: devidutta.tripathy.reuters.com@reuters.net)
COPYRIGHT
Copyright Thomson Reuters 2009. All rights reserved.
The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
08.01.09 18:42
#48
Lapismuc
die Börsen-Stuttgarter meinen:
bis das geklärt ist kann u.U. Wochen dauern, sorry
bei der IngDiBa übrigens auch die gleiche Meinung
bei der IngDiBa übrigens auch die gleiche Meinung
08.01.09 21:26
#50
martin30sm
Wird sehr spannend wo die Reise hingeht, wenn der
Handel wieder aufgenommen wird!
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