I interviewed Mahindra Satyam last week and for the first time since it was hit by a $1bn internal fraud in 2008 it was confident enough to say it has now recovered and will push for growth. I spoke to Roger Newman, who heads up a UK business unit, at Mahindra Satyam.
He said the company is ready to draw a line under the chaos case over four years ago when Satyam’s former chief B Ramalinga Raju admitted to fixing the outsourcer’s books. Last thing I heard about him was that he was in a prison in Hyderabad.
So important is the Indian IOT services sector that the Indian government so fit to get directly involved to help protect the countries reputation. Following the fraud Western corportes were suddenly very concerned about offshoring to India.
Back in November 2010 Mahindra Satyam’s European head Vikram Nair told me the company was back, but now it is drawing a line under the problems.
Satyam is a company close to my heart. I wrote so many articles about the company and the fraud that it felt that that was all I was doing. I thought I would do a timeline with a selection of the articles I wrote about Satyam so you can follow the saga through to its happy ending.
There are many more but here are some of the key stories.
17 May 2013: Mahindra Satyam draws a line under turmoil
07 Feb 2013: Inside outsourcing interview: Former Satyam business in a better position than ever before following Tech Mahindra take-over
16 November 2010: “We are back” says Mahindra Satyam’s European head, as the supplier has its year zero
29 October 2010: Disgraced former Satyam chief to head up prison BPO
30 September 2010: The ghost of Satyam is laid to rest
29 September2010: Mahindra Satyam has cut its losses as ship steadies
12 July 2010: Well done Mahindra Satyam as the World Cup software acheives 100% uptime
27 November 2009: Satyam’s fraud bigger than thought, what does this mean?
27 January 2009: Interest grows in Satyam acquisition
27 May 2009: European customers stick with Satyam
14 April 2009: Satyam saviour is part-owned by BT
20 March 2009: Satyam bidding deadline arrives
17 march 2009: Satyam loses 46 customers
01 February 2009: Interview – Satyam CEO speaks to Computer Weekly
05 February 2009: Satyam sets the record straight
04 Feruary 2009: Satyam could be auctioned off electronically
02 February 2009: Satyam signs 15 contracts despite its troubles
26 January 2009: Price Waterhouse partners arrested in connection with Satyam fraud
23 January 2009: Satyam close to sealing funding
22 January 2009: 13,000 Satyam staff never existed, says prosecutor
20 January 2009: General Electric gives Satyam vote of confidence
16 January 2009: Satyam staff dreams shattered
16 January 2009: Satyam may ask customers for cash early
12 January 2012: New board at Satyam following chairman’s arrest
09 January 2009: Satyam staff exodus as fraud unravels
08 January 2009: Satyam emergency conference reveals recovery plans
08 January 2009: Troubled Satyam needs cash
07 January 2009: Satyam chief B Ramalinga Raju admits to fixing the outsourcer’s books