AL JAZEERA ENGLISH (AJE) Indonesian stockmarket Feed
A report stated that the merger between Mahindra Satyam and Tech Mahindra is delayed to 2012. However it is hopeful that the company will clear its issues with the help of the US regulator, Securities and Exchange Commission
(SEC), and get listed on the New York Stock Exchange (NYSE).
It has been planned by chief executive C P Gurnani of Mahindra Satyam to increase the staff by 12,000 over next four to five quarters.
On Thursday, Mahindra Satyam (MSAT) has said that it is agree to pay $125 million to settle the US suit. The company was dealing with a US class action suit for a long period of time at US District Court. As per the Indian Inc, the case will be settled out-of-court.
Moreover, the company has also said to sue its previous statutory auditor Price Waterhouse Coopers (PWC) over this issue. It has also informed that a quarter of the net recovery from the proposed legal suit will be paid to the clutch of lawsuits. It will be combined into one class action by a court in New York.
Indian software services exporter Mahindra Satyam has announced its financial results for the third quarter of the ongoing fiscal year and it has managed to increase its net profit figure remarkably.
The company has recorded more than double net profit in the third quarter as compared to the previous quarter. The company has been benefited from the new outsourcing contracts from the clients of the western nations.
The Unique Identification Authority of India (UIDAI) has selected three Biometric Solution agencies and awarded contract to consortiums led by M/s Accenture, Mahindra Satyam~Morpho and L1 Identity Solutions to implement the core biometric identification system in for the “Aadhaar” programme. The goal of the programme is to provide each Indian resident with a unique identification [...]
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