Government announces three-member board for Satyam

January 8th, 2009 HYDERABAD/NEW DELHI - The government Friday evening superseded the Satyam board and dismissed three remaining directors, including two independent ones, of the tainted IT major.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 14th, 2009 NEW DELHI - The government will not intervene in the functioning of Satyam Computer Services, Minister of State for Industrial Policy and Promotion Ashwini Kumar said here Thursday. Beleaguered Satyam's former chairman B.

January 11th, 2009 HYDERABAD - The three-member board appointed by the central government to bring back financial order to the fraud-hit Satyam Computer Services began its meeting here Monday. A Satyam spokesperson said the meeting began at the company's headquarters in Hitec City at 11 a.m.

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 11th, 2009 NEW DELHI - Commerce Minister Kamal Nath Monday said the government was looking at all options to help fraud-hit Satyam Computer Services out of its current mess, perpetrated by its former chairman R. Ramalinga Raju.

January 20th, 2009 NEW DELHI - The government has taken no view on the proposals from domestic and international companies to buy the fraud-hit Satyam Computer Services and left the decision to its new board, Corporate Affairs Minister Prem Chand Gupta has said. 'There are many corporate houses, they are interested,' Gupta told reporters on being asked if the government was interested in hiving off the beleaguered firm to engineering and construction giant Larsen and Toubro.

January 14th, 2009 NEW DELHI - The government has no plans to unveil a bailout package for fraud-hit Satyam Computer Services and the company's new board will decide its future course of action, Minister of State for Industry Ashwani Kumar has said. 'This government is not going to either directly or indirectly subsidise the wrongdoing and fraud in Satyam,' Kumar told reporters on the margins of an international conference on petroleum sector here Thursday.

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 22nd, 2009 HYDERABAD - The government-appointed directors of the beleaguered Satyam Computer Services Friday announced that they have shortlisted three candidates for the posts of chief executive and chief financial officer, and that the names of those selected will be announced next week. 'The selected person will be uniquely qualified to lead the company during this period of transition and will be a leader of global standing and recognition,' the directors said in a statement issued to the Bombay Stock Exchange at the end of their two-day meeting here.

January 15th, 2009 NEW DELHI - The newly-appointed member of the Satyam board of directors, Confederation of Indian Industry (CII) chief mentor Tarun Das, Friday said the main priority was to safeguard the interests of employees, customers and investors of the scam-tainted IT company. Minister for Corporate Affairs P.C.

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.

February 16th, 2009 NEW DELHI - The government Tuesday moved the Company Law Board to remove the board of directors of Maytas Infrastructure and Maytas Properties, the two infrastructure firms promoted by the family of B. Ramalinga Raju, the disgraced founder of Satyam Computer Services.

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.

March 5th, 2009 CHENNAI - Global audit firm PricewaterhouseCoopers (PwC) is cleaning up its Indian stables in the wake of the accounting scandal in Satyam Computer Services. According to a statement by the firm, an advisory board is being set up to provide guidance to the PwC leadership on its strategy and actions.

January 14th, 2009 BANGALORE - IT major Infosys Technologies chairman and chief mentor N.R. Narayana Murthy Thursday said the government-appointed board members of the fraud-hit Satyam Computer Services were excellent, competent and had lots of experience.