Satyam Computer Services News

Tech Mahindra Ltd. Wednesday reported a more than threefold jump in quarterly profit, aided by a surge in the share of income from associate Satyam Computer Services Ltd.

GURGAON: Reebok India on Tuesday lodged a first information report with Gurgaon Police alleging that its former managing director Subhinder Singh Prem and COO Vishnu Bhagat had "stolen" products by setting up "secret warehouses", fudged accounts and indulged in fictitious sales to cause a Rs 8,700 crore dent to the company.

Satyam Computer Services Ltd. Thursday reported a net profit for the fourth straight quarter, and said it has recovered from an accounting fraud that had pushed the Indian outsourcing-services provider to a near collapse three years ago.

When Vineet Nayyar, vice-chairman, CEO and managing director, Tech Mahindra and now Chairman, Mahindra Satyam, flashed the victory sign after having emerged as the highest bidder in the race to acquire Satyam Computer Services, many within the industry were not so sure that there was any reason to feel triumphant.

Interest in the take over of Satyam has been increasing as the company is seen as stabilising under the aegis of the board of directors appointed by the government.