Government supersedes Satyam board, sacks remaining directorsJanuary 8th, 2009 HYDERABAD/NEW DELHI - The government Friday evening superseded the Satyam board and dismissed three remaining directors, including two independent ones, of the tainted IT major.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.
Government to remove two Maytas firms' directorsFebruary 16th, 2009 NEW DELHI/HYDERABAD - The government Tuesday moved the Company Law Board to remove the board of directors of Maytas Infrastructure and Maytas Properties, the infrastructure firms promoted by disgraced Satyam founder B. Ramalinga Raju's family.
No Satyam Board meeting Saturday: MinisterJanuary 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.
Satyam hails government move to appoint new boardJanuary 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.
Government asks Satyam to appoint new directors within seven daysJanuary 8th, 2009 NEW DELHI - The government Friday announced that it has asked scam-tainted IT bellwether Satyam Computers to appoint new directors within seven days. 'The government has aked Satyam Computers to appoint new directors within next seven days,' said Prem Chand Gupta, minister for company affairs.
Maytas Infra files criminal case against VedantaFebruary 26th, 2009 HYDERABAD - Maytas Infra, the infrastructure firm owned by the son of disgraced former chairman of Satyam Computer Services B. Ramalinga Raju, has filed a criminal case against Vedanta Aluminium and eight of its employees for 'fraudulently' encashing bank guarantees without terminating a contract between them.
A month after Satyam's Maytas fiasco, board minutes surfaceJanuary 16th, 2009 HYDERABAD - A month after Satyam Computer Services founder B. Ramalinga Raju's aborted bid to buy two firms promoted by his sons, minutes of the board meeting on the issue became public Saturday, showing that the independent directors had their doubts about the move.
Maytas director C.S. Bansal quitsJanuary 29th, 2009 HYDERABAD - C.S. Bansal Friday resigned as director of Maytas Infra Limited, the firm promoted by disgraced founder and former chairman of Satyam Computer Services B.
Independent director Prasad to continue on Satyam boardDecember 29th, 2008 BANGALORE - T.R. Prasad, independent director on the board of Satyam Computer Services, Tuesday declared he would continue in the non-executive post despite four other directors quitting in succession.
Satyam postpones board meeting to Jan 10December 27th, 2008 BANGALORE - Beleaguered Satyam Computer Services postponed its board meeting, convened Monday (Dec 29) to discuss a proposal for buy-back of shares by promoters, to Jan 10, the IT bellwether said Sunday. 'The next meeting of board of directors has been rescheduled to January 10, 2009, in order to allow the board members to consider additional options,' the Hyderabad-based company said in a statement.
Maytas chief executive resigns from boardJanuary 18th, 2009 HYDERABAD - P.K. Madhav, chief executive of Maytas Infra, promoted by disgraced founder and former chairman of Satyam Computer Services B.
Two more directors resign from Satyam boardDecember 28th, 2008 BANGALORE - Satyam Computer Services Monday announced the resignations of director Vinod K. Dham and non-executive director Krishna G.
Tarun Das among three new directors on Satyam boardJanuary 14th, 2009 NEW DELHI - The government Thursday named three more directors to the Satyam Computer Services board, including Tarun Das, chief mentor of the Confederation of Indian Industry (CII), even as it rejected a bailout package for the fraud-hit company. Minister for Corporate Affairs P.C.
MMTC backs out from Matyas projectJanuary 15th, 2009 MUMBAI - State-owned trading company MMTC Ltd has rolled back its decision to invest in a special purpose vehicle created by the Maytas group that is owned by the sons of disgraced Satyam promoter B. Ramalinga Raju, the company said Friday.
Maytas denies receiving funds from SatyamJanuary 19th, 2009 HYDERABAD - Maytas Infra Tuesday denied it received any funds from scam-tainted Satyam Computer Services, and that there was a nexus between the two companies. The denial came a day after the central government extended the ambit of probe into Satyam fraud to Maytas Infra and Maytas Proprties, promoted by two sons of disgraced founder and former chairman of Satyam B.
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