Government supersedes Satyam board, sacks remaining directors

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 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.

December 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.

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 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 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.

December 29th, 2008 BANGALORE - T.R. Prasad, an 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.

January 18th, 2009 GANDHINAGAR - The Gujarat government is waiting for a decision by the new board of the beleaguered Satyam Computer Services, which had committed to set up a Rs.600 million (Rs.60 crore) IT park in this state capital, an official said Monday. 'Since Satyam Computer Services has already invested Rs.11 crore (Rs.110 million) for purchasing land for the IT park in Gandhinagar, we would like to await the decision of the new board,' the IT department official said.

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

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 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.

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.

December 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.

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.