MAHINDRA SATYAM

Directors of Satyam Computer Services Ltd.' appointed by India's government were set to meet Saturday to discuss ways the company can receive financing after the state rejected a rescue bid.

At a time when the World Bank appears to be on a banning frenzy, Tata Consultancy Services (TCS) has pulled off the impossible by bagging direct contracts from the global anti-poverty agency.

India ordered the Serious Fraud Investigation Office to investigate regulations at Satyam Computer Services Ltd, Prem Chand Gupta, minister for company affairs said in New Delhi today.

Beleaguered technology outsourcer Satyam Computer Services risks losing both clients and employees, market analysts have warned.

Corporate India has welcomed the confidence-building measures taken by the Indian government over the weekend.

The future of 53,000-odd employees of beleaguered technology outsourcer Satyam Computer Services or Satyamites as they are popularly known is at stake following the sensational disclosure by the company's founder-chairman last week that he had fudged the company's accounts for several years to inflate profits by $1 billion.

On Saturday, Indian police arrested the chief financial officer of embattled outsourcing giant Satyam Computer Services Ltd for his involvement in a major fraud scandal.

Satyam Computer Services Ltd. Chairman Ramalinga Raju was arrested on Friday by Indian authorities, two days after he resigned admitting he falsified the company's profits for several years for up to $1 billion fraud.

Mumbai - The market reacted with shock, Wednesday, after the promoters of beleaguered technology outsourcer Satyam Computer Services admitted to cooking up its books to the tune of $ 1 billion.

Investors filed lawsuits against Indian Satyam Computer Services on Thursday one day after the company's CEO resigned and confessed to manipulating the company's accounts to show enormously inflated profits and false assets.

The chairman of Indian firm Satyam Computer Services Ltd. resigned today admitting the company falsely inflated profits for several years. Shares of the company dropped nearly 90 percent.

India's fourth largest IT services provider Satyam Computer Services on Monday reported a 18.6 percent surge in net profit for the quarter ended March 31, 2008, but failed to beat market forecast.

The Bombay Stock Exchange (BSE) Sensex remained bullish on Monday, gaining 1.57 percent or 258 points, riding on strong market sentiments as investors looked forward to a robust earning season.