Satyam Computer Services was rebranded Mahindra Satyam in June 2009 and is in the process of merging with Tech Mahindra, but these corporate changes have not changed the company’s status as one of the top half-dozen outsourcing firms rising from India.
MUMBAI, India – Indian investigators have said the fraud at Satyam Computer Services, once India’s fourth-largest software services firm, was at least $1 billion more than initially thought.
Satyam founder R. Ramalinga Raju confessed in January to inflating company assets by 71.36 billion rupees ($1.54 billion), by exaggerating cash balances, booking fake interest, overstating debt and understating liabilities.
In a 200-page court brief filed Tuesday, India’s Central Bureau of Investigation said Raju had understated the fraud by at least $1 billion.
Raju and his associates got 19.3 billion rupees ($418 million) by pledging their shares at inflated values and generated billions more with a host of other stock scams, the …
Hubert Giraud, CEO of Capgemini shares some interesting views (in this SSON interview) on the global outsourcing market including the early-stage maturation of global IT support, the Satyam fallout and the need for a “rightshore” approach. Giraud also takes note of Latin America’s strong momentum in the global sourcing market largely because of its near shore capabilities in support of North American clients.