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Satyam Computer Services
Mahindra Satyam (formerly Satyam Computer Services Limited) was an Indian information technology (IT) services company based in Hyderabad, India, offering software development, system maintenance, packaged software integration and engineering design services. Satyam Computer Services was listed on the Pink Sheets, the National Stock Exchange and Bombay Stock Exchange and provided services to a wide range of customers including 185 Fortune 500 companies. In January 2009, the company's founder and chairman Ramalinga Raju admitted of inflating the company's assets by $1 billion, leading to criminal charges and a collapse of the company's stock price. This was known as Satyam Scandal. Mahindra Group's IT arm, Tech Mahindra, purchased a major stake in the company and in June 2009 the company renamed itself Mahindra Satyam. Mahindra Satyam merged with Tech Mahindra on 24 June 2013. History Satyam Computer Services was founded in 1987 and by 2008 earned revenues of over $2 billi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tech Mahindra
Tech Mahindra is an Indian multinational information technology services and consulting company. Part of the Mahindra Group, the company is headquartered in Pune and has its registered office in Mumbai. Tech Mahindra is a 6.0 billion company with over 158,000 employees across 90 countries. The company was ranked #5 in India's IT firms and overall #47 on Fortune India 500 list for 2019. On 25 June 2013, Tech Mahindra announced the completion of a merger with Mahindra Satyam. Tech Mahindra has 1262 active clients as of June 2022. Tech Mahindra Limited has entered into share subscription agreement to acquire 26% equity shares in Upendra Singh Multi Transmission Private Limited. The acquisition would enable the Company to procure 1.5 MW of Solar Energy for its captive consumption at its facilities located in Noida, UP. History Mahindra & Mahindra started a joint venture with British Telecom in 1986 as a technology outsourcing firm. British Telecom initially had around a 30 p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Satyam Scandal
The Satyam Computer Services scandal was India's largest corporate fraud until 2010. The founder and directors of India-based outsourcing company Satyam Computer Services, falsified the accounts, inflated the share price, and stole large sums from the company. Much of this was invested in property. The swindle was discovered in late 2008 when the Hyderabad property market collapsed, leaving a trail back to Satyam. The scandal was brought to light in 2009 when chairman Byrraju Ramalinga Raju confessed that the company's accounts had been falsified. History For many years Satyam accounts showed profits that had never existed, cash at the bank that did not exist, which inflated the share price. Raju and friends then sold shares. The accounts also showed $3m of "salary payments" to people who did not exist. These in fact went to board members. The falsified accounts were used to obtain cheap loans in the USA which were stolen by Raju and never entered into the accounts. M ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Vice President Of India
The vice president of India (IAST: ) is the deputy to the head of state of the Republic of India, i.e. the president of India. The office of vice president is the second-highest constitutional office after the president and ranks second in the order of precedence and first in the line of succession to the presidency. The vice president is also a member of the Parliament of India as the ''ex officio'' chairman of the Rajya Sabha. Article 66 of the Constitution of India states the manner of election of the vice president. The vice president is elected indirectly by members of an electoral college consisting of the members of both Houses of Parliament and not the members of state legislative assembly by the system of proportional representation using single transferable votes and the voting is conducted by Election Commission of India via secret ballot. The vice president also acts as the chancellor of the central universities of India. Jagdeep Dhankhar of the Bharatiya Janata P ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Maytas Properties
Maytas (" Satyam" read backwards) was a group of companies founded by B. Ramalinga Raju. It included Maytas Properties and Maytas Infra Limited. Subsidiaries Maytas Properties Maytas Properties is a property development company founded in 2009. It was run by B. Ramalinga Raju. In January 2009, Raju resigned as chairman admitting to a massive fraud in the company. Raju was arrested on the same day and later imprisoned. Subsequently, the Company Law Board allowed IL&FS to acquire the company in 2011. In August 2013, the name of Maytas Property Limited (MPL) was changed to Hill County Properties Limited (HCPL). Maytas Infra Limited Maytas Infra is an infrastructure development, construction and project management company. It was originally run by Satyam Computer Services founder B Ramalinga Raju. Various agencies, including the state Crime Investigation Department, probed Maytas after Raju admitted to serious financial misdeeds at Satyam Computer. Allegations emerged that funds ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Maytas
Maytas (" Satyam" read backwards) was a group of companies founded by B. Ramalinga Raju. It included Maytas Properties and Maytas Infra Limited. Subsidiaries Maytas Properties Maytas Properties is a property development company founded in 2009. It was run by B. Ramalinga Raju. In January 2009, Raju resigned as chairman admitting to a massive fraud in the company. Raju was arrested on the same day and later imprisoned. Subsequently, the Company Law Board allowed IL&FS to acquire the company in 2011. In August 2013, the name of Maytas Property Limited (MPL) was changed to Hill County Properties Limited (HCPL). Maytas Infra Limited Maytas Infra is an infrastructure development, construction and project management company. It was originally run by Satyam Computer Services founder B Ramalinga Raju. Various agencies, including the state Crime Investigation Department, probed Maytas after Raju admitted to serious financial misdeeds at Satyam Computer. Allegations emerged that funds ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Andhra Pradesh High Court
The High Court of Andhra Pradesh is the High Court of the Indian state of Andhra Pradesh. The seat of the High Court is currently located at Nelapadu. History The High Court of Andhra Pradesh was established in the year 1954 when the state was formed from the earlier Madras Presidency. After the merger of the Hyderabad State with Andhra State to form the State of Andhra Pradesh, the Court initially continued at Guntur till 1956. Thereafter the High Court started functioning from the then capital city of state, Hyderabad. However, post bifurcation of Andhra Pradesh, as per the Andhra Pradesh Reorganisation Act, 2014, the High Court of Judicature at Hyderabad was constituted as a common High Court, until the new High Court for the State of Andhra Pradesh is created. Later by a Presidential order, the High Court for the state of Andhra Pradesh was established on 1 January 2019 under the Andhra Pradesh Reorganisation Act, 2014. Geography and structure The High Court is ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Central Board Of Direct Taxes
Taxes in India are levied by the Central Government and the State Governments by virtue of powers conferred to them from the Constitution of India. Some minor taxes are also levied by the local authorities such as the Municipality. The authority to levy a tax is derived from the Constitution of India which allocates the power to levy various taxes between the Union Government and the State Governments. An important restriction on this power is Article 265 of the Constitution which states that "No tax shall be levied or collected except by the authority of law". Therefore, each tax levied or collected has to be backed by an accompanying law, passed either by the Parliament or the State Legislature. Nonetheless, tax evasion is a massive problem in India, ultimately catalyzing various negative effects on the country. In 2019–20, the Direct tax collections reported by CBDT were approximately INR 12.33 trillion. History India has abolished multiple taxes with passage of time and i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Income Tax Department
The Income Tax Department (also referred to as IT Department or ITD) is a government agency undertaking direct tax collection of the government of India. It functions under the Department of Revenue of the Ministry of Finance. The Income Tax Department is headed by the apex body Central Board of Direct Taxes (CBDT). The main responsibility of the Income Tax Department is to enforce various direct tax laws, most important among these being the Income-tax Act, 1961, to collect revenue for the government of India. It also enforces other economic laws such as the Benami Transactions (Prohibition) Act, 1988, and the Black Money Act, 2015. The Income Tax Act, 1961, has a wide scope and empowers ITD to levy tax on the income of individuals, firms, companies, local authorities, societies, or other artificial juridical persons. Thus, the Income Tax Department influences businesses, professionals, NGOs, income earning citizens, and local authorities, among others. The act empowe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Vineet Nayyar
Vineet Nayyar, an Indian businessperson, IT executive, was Vice-Chairman, Managing Director and CEO of Tech Mahindra and former chairman of Mahindra Satyam. He is the present Vice-Chairman of IL&FS. An accomplished leader, he has led several organizations across industries, creating high performance teams and successful businesses. In a career spanning over 40 years, he has worked with the Government, international multilateral agencies and the corporate sector (both public and private). Education Nayyar was born in 1939. He has a master's degree in development economics from Williams College Williams College is a private liberal arts college in Williamstown, Massachusetts. It was established as a men's college in 1793 with funds from the estate of Ephraim Williams, a colonist from the Province of Massachusetts Bay who was kill ..., Massachusetts. Career An IAS officer (his wife is from the same service), he has worked as a district magistrate, Haryana's rural dev ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Anand Mahindra
Anand Gopal Mahindra (born 1 May 1955) is an Indian billionaire businessman, and the chairman of Mahindra Group, a Mumbai-based business conglomerate. The group operates in aerospace, agribusiness, aftermarket, automotive, components, construction equipment, defence, energy, farm equipment, finance and insurance, industrial equipment, information technology, leisure and hospitality, logistics, real estate and retail. Mahindra is the grandson of Jagdish Chandra Mahindra, co-founder of Mahindra & Mahindra. As of January 2020, his net worth is estimated to be $1.6 billion. He is an alumnus of Harvard University and Harvard Business School. In 1996, he established Nanhi Kali, a non-government organisation that supports education for underprivileged girls in India. He is included by Fortune Magazine among the 'World's 50 Greatest Leaders'. and was in the magazine's 2011 listing of Asia's 25 most powerful businesspeople. Anand was noted by Forbes (India) as their 'Entrepreneur o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Competition Commission Of India
The Competition Commission of India (CCI) is the chief national competition regulator in India. It is a statutory body within the Ministry of Corporate Affairs and is responsible for enforcing the Competition Act, 2002 to promote competition and prevent activities that have an appreciable adverse effect on competition in India. The CCI looks into cases and investigates them if the same has a negative impact on competition. CCI also approves combination under the act so that two merging entities do not overtake the market. The commission was established on 14 October 2003. It became fully functional in May 2009 with Dhanendra Kumar as its first chairman. The current Chairman of the CCI is Ashok Kumar Gupta, who was appointed to the role in 2018. The Competition Act, 2002 The idea of Competition Commission was conceived and introduced in the form of the Competition Act, 2002 by the Vajpayee government. A need was felt to promote competition and private enterprise especial ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tech Mahindra-Mahindra Satyam Merger
Tech Mahindra is an Indian multinational information technology services and consulting company. Part of the Mahindra Group, the company is headquartered in Pune and has its registered office in Mumbai. Tech Mahindra is a 6.0 billion company with over 158,000 employees across 90 countries. The company was ranked #5 in India's IT firms and overall #47 on Fortune India 500 list for 2019. On 25 June 2013, Tech Mahindra announced the completion of a merger with Mahindra Satyam. Tech Mahindra has 1262 active clients as of June 2022. Tech Mahindra Limited has entered into share subscription agreement to acquire 26% equity shares in Upendra Singh Multi Transmission Private Limited. The acquisition would enable the Company to procure 1.5 MW of Solar Energy for its captive consumption at its facilities located in Noida, UP. History Mahindra & Mahindra started a joint venture with British Telecom in 1986 as a technology outsourcing firm. British Telecom initially had around a 30 per ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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