Besieged Satyam board to meet Saturday

January 8th, 2009 NEW DELHI - The beleagured IT firm Satyam Computer cannot hold its board meeting Saturday as scheduled earlier, Minister for Company Affairs Prem Chand Gupta said here Friday. 'The government is restraining all current directors from the board.

January 8th, 2009 HYDERABAD/NEW DELHI - The government Friday evening superseded the Satyam board and dismissed three remaining directors, including two independent ones, of the tainted IT major. The government has cancelled a Satyam board meeting scheduled for Saturday in Hyderabad.

January 9th, 2009 NEW DELHI - India's capital market regulator C.B. Bhave met Corporate Affairs Minister P.C.

January 9th, 2009 HYDERABAD - Scam-tainted IT bellwether Satyam Computer Services Ltd late Friday welcomed the central government's move to appoint 10 nominees as directors to replace the current board. 'We welcome this decision which will ensure uninterrupted operations and restore the confidence of all employees, customers and shareholders across the globe,' the Hyderabad-based company said in a statement.

January 10th, 2009 NEW DELHI - The government Sunday named a three-member board, including former Nasscom chief Kiran Karnic and Deepak Parikh, chairman of HDFC, to oversee the functioning of scam-tainted Satyam Computers. Minister of Corporate Affairs Premchand Gupta told reporters here that the board, whose third member will be C.

January 15th, 2009 HYDERABAD - The government-appointed directors of fraud-hit Satyam Computer Services meet here Saturday for the second time in six days to assess the company's financial position and consider action to speedily put the firm back on rails as cooked up figures by founder B. Ramalinga Raju are making it difficult for the software industry to forecast the sector's growth for 2008-09.

April 18th, 2009 IT major Tech Mahindra, which needs to pay Rs.1,756 crore for acquiring 31 percent stake in the troubled IT firm Satyam Computer Services, Saturday said it has raised Rs.600 crore through debt instrument.The government-appointed board of Satyam Monday named Venturbay - a subsidiary of Tech Mahindra - as the winner of the auction to sell a majority stake in the fraud-hit IT giant.Under the share subscription agreement signed by the winning bidder and the board, Tech Mahindra will have to deposit the bid amount in an escrow account by April 21. Tech Mahindra will also make an open offer for another 20 percent stake in Satyam at Rs.58 per share for controlling stake (51 percent).

February 21st, 2009 HYDERABAD - Fraud-hit Satyam Computer Services Saturday decided to invite a strategic investor to keep India's fourth largest software outsourcer running, and will soon announce the details of the process it has adopted for the purpose. The decision was taken at a meeting here of the central government-appointed board of directors.

January 8th, 2009 HYDERABAD - Disgraced Satyam chief B. Ramalinga Raju will appear before market watchdog Securities and Exchange Board of India (SEBI) at 4 p.m.

January 10th, 2009 HYDERABAD - A magistrate here Sunday remanded former Satyam Computer Services chief financial officer (CFO) Vadlamani Srinivas into judicial custody till Jan 23 for the Rs.70 billion fraud in the IT bellwether. Srinivas was taken to Chanchalguda central jail, where the company's disgraced founder and former chairman B.

January 22nd, 2009 HYDERABAD - Three names have been shortlisted for the posts of chief executive officer and chief financial officer in fraud-hit Satyam Computer Services, the new board announced Friday. The selections will be taken next week.

January 7th, 2009 HYDERABAD - Mendu Rammohan Rao, dean of the prestigious International School of Business (ISB) here, Thursday resigned from his position in the wake of the financial fraud at Satyam Computers. He was a member of the Satyam board when the irregularities were committed.

April 13th, 2009 MUMBAI - Tech Mahindra, the IT arm of auto major Mahindra and Mahindra, Monday won the bid for India's fourth largest software exporter Satyam Computer. Satyam's new board of directors, which met here to select the highest bidder, chose Tech Mahindra following its bid of Rs.1,757 crore ($351.4 million) for 31 percent stake in the scam-tainted IT giant.

January 16th, 2009 HYDERABAD - The government-appointed board of directors of the fraud-hit Satyam Computer Services Saturday said it was engaged in discussions with banks and financial institutions to address the issue of liquidity and assured that it would take all steps to pay salaries of the employees on time. The board, which met here for the second time in six days, left the appointment of the board chairman to the government and said the search for a chief executive officer (CEO) and chief financial officer (CFO) was still on.

January 16th, 2009 HYDERABAD - The government-appointed directors of the fraud-hit Satyam Computer Services have started talks with banks to raise funds for salaries and other expenditure, while customers have assured continued support to the company, the new board said here Saturday. Meeting for the second time in six days to save the country's fourth largest software outsourcer, whose financial fraud of Rs.70 billion (Rs.7,000 crores/$1.43 billion) was described by Prime Minister Manmohan Singh Saturday as a blot on India Inc., the six directors said 'all efforts are being made to ensure that the associates (employees) are paid their salaries on time'.