Month: January 2009

IT Dept brings 8 more firms in Satyam tax evasion probe

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Tightening the knuckles of defaulters of income tax evasion, the Income Tax (I-T) department is likely to include eight other related firms for its investigation into the possible tax evasion by Satyam. Meanwhile, the department is planning to consolidate its investigation of all the companies (Satyam and related companies) under one investigating officer for better … Read more IT Dept brings 8 more firms in Satyam tax evasion probe

Siemens India to transfer IT business to German parent

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Siemens has announced that its wholly owned IT subsidiary, SISL would be transferred to the parent, Siemens AG, at an undisclosed valuation. This decision comes close on the heels of the company reporting an unexpectedly weak result for SISL in FY2008 and the Satyam accounting malpractices revelation, which has brought down average valuations in the … Read more Siemens India to transfer IT business to German parent

Educomp Solutions ties up with Dell Foundation

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Educomp Solutions has entered into a service agreement with a US based charitable foundation Michael & Susan Dell Foundation, to create a model to transform learning levels of poor children served by private schools in Hyderabad for an investment of Rs 4.78 crore. The project named Gyanashakti will help in significantly improving the learning levels … Read more Educomp Solutions ties up with Dell Foundation

Citibank starts freezing Satyam’s Accounts

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Our reporters have confirmed that, Citibank has frozen more than 30 trade receivable accounts of Satyam Computer Services Ltd, following erstwhile chairman B Ramalinga Raju’s startling admission of fraud as the bank aims to protect the bank’s $70-million exposure to the troubled IT major. This will directly hurt the daily operations of Satyam Computers. Citibank … Read more Citibank starts freezing Satyam’s Accounts