Government asks Satyam to appoint new directors within seven days

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 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January 8th, 2009 HYDERABAD/NEW DELHI - The government Friday evening superseded the Satyam board and dismissed three remaining directors, including two independent ones, of the tainted IT major.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.

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.

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 11th, 2009 HYDERABAD - The government-appointed board of directors for scam-hit Satyam Computers has begun the hunt for a new chief executive officer and a chief finance officer as part of measures to restore credibility and confidence in the country's fourth largest IT bellwether and ensure business continuity, Deepak Parekh, one of the new directors said Monday. There will also be a new accounting firm in two days to go over the company's finances and present a correct picture.

February 3rd, 2009 HYDERABAD - The government-appointed directors of fraud-hit Satyam Computer Services Wednesday extended its meeting by a day. The board, which is meeting for the fifth time in three weeks, will continue its meeting Thursday.

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 25th, 2009 HYDERABAD - The government-appointed directors of embattled Satyam Computer Services will meet here Tuesday to pick a new chief executive officer (CEO) and finalise funding arrangements to ensure the fraud-hit company's smooth operations in the next two months. The six directors, making up the new board, said last Friday that they had shortlisted three candidates for the posts of CEO and chief financial office (CFO) and they will finalise the names this week.

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 14th, 2009 NEW DELHI - The government Thursday appointed three more directors to the board of the fraud-hit Satyam Computer Services, including Tarun Das, the chief mentor of the Confederation of Indian Industry (CII). The other two members announced by Corporate Affairs Minister P.C.

January 8th, 2009 HYDERABAD/NEW DELHI - Disgraced founder of Satyam Computer Services B. Ramalinga Raju Friday night surrendered before the Andhra Pradesh police and was arrested, three days after admitting to the country's biggest financial fraud of Rs.70 billion (Rs.7,000 crore).

January 8th, 2009 NEW DELHI/HYDERABAD - The central government Friday sacked Satyam Computers' directors and announced it will appoint 10 new directors within seven days to run the company tottering on the brink of collapse after its founder B. Ramalinga Raju rocked corporate India by confessing to the country's biggest financial fraud of Rs.70 billion (RS.7,000 crore).

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.