An article relating to this blog post on Finextra:
Upaid seeks deposition of Satyam executives
Mobile payments firm Upaid has requested depositions from Satyam executives regarding last week's aborted attempt by Satyam to buy up companies related to its chairman, Ramalinga Raju. Upaid claims th...
Fox News has been dogged in its pursuit of scandals going on at the World Bank, including the
hacking cases we wrote about in October.
To add to Satyam's recent woes, they have now confirmed that
Satyam has been banned from working for the World Bank for eight years, starting from September.
Apparently the punishment has been meted out for paying "improper benefits to bank staff" and "lack of documentation on invoices." But the fact that the Satyam-supervised computer network of the World Bank Group had reportedly been hacked repeatedly by outsiders
for more than a year probably helped too.
This tops off a bad couple of weeks for the Indian IT service company, and will probably cause its
share price to dip further.