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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 to 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 bil ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tech Mahindra
Tech Mahindra is an Indian multinational information technology services and consulting company. It was formed in 1986 as a joint venture between Mahindra & Mahindra and BT Group. Part of the Mahindra Group, the company is headquartered in Pune and has its registered office in Mumbai. History In 1986, Mahindra & Mahindra started a 60:40 joint venture technology services outsourcing firm with British Telecom named Mahindra British Telecom (MBT). In 2000, British Telecom committed business of at least £105 million over three years; as a consideration, British Telecom's stake in MBT increased to 43%. MBT primarily served the telecommunications industry in its early years, with British Telecom as its largest client. In 2006, MBT was renamed as Tech Mahindra, and it became a public company via an initial public offering. In December 2010, British Telecom sold 5.5% of its stake in Tech Mahindra to Mahindra & Mahindra for 451 crore. In August 2012, British Telecom sold 14.1% of i ... [...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 (ISO: ) 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 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 Panjab University and Delhi University. Jagdeep Dhankhar of the Bharatiya Janata Party is the current vic ... [...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] |
Andhra Pradesh High Court
The High Court of Andhra Pradesh is the High Court of the Indian state of Andhra Pradesh. It serves the judicial duties of Andhra Pradesh. 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 located at Amar ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Central Board Of Direct Taxes
The Central Board of Direct Taxes (CBDT) is a statutory body under the Department of Revenue, Ministry of Finance, Government of India. It oversees the administration of direct taxes, including income tax and corporate tax, through the Income Tax Department. The CBDT was constituted in 1964 under the Central Board of Revenue Act, 1963. The counterpart for indirect tax An indirect tax (such as a sales tax, per unit tax, value-added tax (VAT), excise tax, consumption tax, or tariff) is a tax that is levied upon goods and services before they reach the customer who ultimately pays the indirect tax as a part of ...es is the Central Board of Indirect Taxes and Customs (CBIC). CBDT is currently headed by Ravi Agarwal, the Chairperson of the Central Board of Direct Taxes. History The Central Board of Revenue, the apex body of the Department entrusted with the administration of taxes, was established under the Central Board of Revenue Act, 1924. It was initially responsible for ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Income Tax Department
The Income Tax Department (also referred to as IT Department; abbreviated as ITD) is a government agency undertaking direct tax collection of the government of the Republic 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 authorit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Vineet Nayyar
Vineet Nayyar (1938 – 16 May 2024) was an Indian businessman and IT executive who was Vice-Chairman, Managing Director and CEO of Tech Mahindra, and chairman of Mahindra Satyam. He was also the Vice-Chairman of IL&FS. Early life and education Nayyar was born in 1938 in Lahore, British India. His family relocated to India at the time of independence. He had a master's degree in development economics from Williams College, Massachusetts. Career Government and Worldbank Nayyar was an IAS officer in Haryana cadre servicing as a district magistrate, Haryana's rural development secretary and director at the department of economic affairs. In 1977, he was deputed to the World Bank where he worked for over 10 years in its energy and infrastructure divisions. Nayyar was involved in the establishment of GAIL and served as its Chairman and Managing Director from April 13, 1987, to November 2, 1991. Private Sector He moved back to India to be founding chairman and managin ... [...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 2023, his net worth according to Forbes was estimated to be $2.1 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 'E ... [...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 Chairperson of the CCI is Ravneet Kaur, who was appointed to the role in 2023. 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 especially i ... [...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. It was formed in 1986 as a joint venture between Mahindra & Mahindra and BT Group. Part of the Mahindra Group, the company is headquartered in Pune and has its registered office in Mumbai. History In 1986, Mahindra & Mahindra started a 60:40 joint venture technology services outsourcing firm with British Telecom named Mahindra British Telecom (MBT). In 2000, British Telecom committed business of at least £105 million over three years; as a consideration, British Telecom's stake in MBT increased to 43%. MBT primarily served the telecommunications industry in its early years, with British Telecom as its largest client. In 2006, MBT was renamed as Tech Mahindra, and it became a public company via an initial public offering. In December 2010, British Telecom sold 5.5% of its stake in Tech Mahindra to Mahindra & Mahindra for 451 crore. In August 2012, British Telecom sold 14.1% of it ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
