Clients standing by Satyam, says interim CEO

January 12th, 2009 HYDERABAD - Former interim CEO of Satyam Computer Services Ram Mynampati is in the US, the company clarified Tuesday while denying reports that he had been arrested by Andhra Pradesh police. A Satyam spokesperson said Mynampati was meeting clients in the US and the reports of his arrest and interrogation were not true.

June 25th, 2009 MELBOURNE - Tech Mahindra, which took over scandal hit Satyam Computer Services, will hold high-level talks with key Australian corporate clients of the troubled IT firm in a bid to salvage the reputation of the company. National Australia Bank is one of the key customers Tech Mahindra executive vice-chairman Vineet Nayyar will be meeting next week.

January 6th, 2009 HYDERABAD - Directors of the beleaguered IT major Satyam Computers Wednesday expressed shock the admission of founder-chairman B. Ramalinga Raju to committing a fraud to the tune of Rs.40 billion (Rs.4,000 crore or $823 million) before he resigned, along with Managing Director Rama Raju.

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 10th, 2009 THIRUVANANTHAPURAM - It is advantage time for IT companies in Kerala. With Satyam under a cloud, the software companies in the state are busy trying to win over clients of the tainted IT bellwether even as they are flooded with job applications from Satyam employees.

January 7th, 2009 HYDERABAD - The new management team of the tainted Satyam Computer Services is looking for a strategic investor to bail it out from the severe liquidity crisis it is facing in the wake of the financial fraud admitted by founder chairman B. Ramalinga Raju, the company said here Thursday.

January 6th, 2009 HYDERABAD - Following is the transcript of a recorded video message by Satyam Computer Services interim CEO Ram Mynampati: 'I am shocked and distressed by the disclosures coming from the organization. I can certainly understand and empathize with the pain that every one of you would be going through based on the events of today.

April 20th, 2009 HYDERABAD - Tech Mahindra, the new owner of scam-hit Satyam Computer Services, will announce an 'open offer' Tuesday to obtain an additional 20 percent stake in the software major, Satyam chairman Kiran Karnik said here Monday. Tech Mahindra, which deposited Rs.2,910 crore (Rs.29.1 billion) in an escrow account Monday for a 31 percent stake in Satyam, will see its total holding increase to 51 percent after the open offer.

January 12th, 2009 BANGALORE - IT bellwether Infosys Technologies Ltd would not pro-actively approach clients of the fraud-hit Satyam Computer Services on its own but is open to consider proposals for deals on merits, a top company official said Tuesday. 'We have decided not to pro-actively approach Satyam clients.

January 8th, 2009 HYDERABAD - India's market regulator Friday summoned B. Ramalinga Raju, disgraced founder of Satyam Computer, to appear before it Saturday as it began a probe into his Rs.70-billion (Rs.7,000-crore) accounting fraud, even as the Andhra Pradesh police began an enquiry.

February 11th, 2009 NEW DELHI - The perpetrator of the Rs.70-billion (Rs.7,000-crore/$1.43 billion) accounting fraud at Satyam Computer Services will not go scot-free, Minister for External Affairs Pranab Mukherjee said here Thursday. 'In the recent past, we have seen an unfortunate case, a failure which has attracted considerable attention,' Mukherjee said in his address at the 81st annual general meeting of the Federation of Indian Chambers of Commerce and Industry (FICCI).

January 7th, 2009 HYDERABAD - Chief financial officer (CFO) Vadlamani Srinivas of the tainted Satyam Computer Services Ltd resigned from the IT bellwether a day after founder chairman B. Ramalinga Raju quit admitting to a massive financial fraud, a top company official said Thursday.

January 6th, 2009 HYDERABAD - The besieged board of Satyam Computer Services Ltd will meet Saturday to discuss the various issues that rocked the IT bellwether since the Maytas deal fiasco Dec 16, culminating in the dramatic resignation of its co-founders who admitted to a massive revenue fraud in the company over the years. 'The board will meet as re-scheduled on Jan 10 to discuss the issues related to the company’s operations and the fallout of today’s events and actions thereby,' Satyam interim CEO and whole-time director Ram Mynampati said in a statement here late Wednesday.

January 14th, 2009 HYDERABAD - Fraud-hit Satyam Computer Services Thursday denied that its top executives had fled the country. The IT bellwether termed as 'malicious' reports in a section of media that its executives Ram Mynampati, Virender Aggarwal and Keshab Panda left the country to avoid questioning by authorities investigating the Rs.70 billion ($1.43 billion) fraud.

February 8th, 2009 HYDERABAD - The Securities and Exchange Board of India (SEBI) may again interrogate disgraced founder of Satyam Computer Services B. Ramalinga Raju and his brother B.