New Satyam CEO to be selected by Friday

February 20th, 2009 NEW DELHI - The Central Bureau of Investigation (CBI) Friday registered a case against disgraced Satyam founder B. Ramalinga Raju for the Rs.70 billion fraud and constituted a multi-disciplinary investigation team (MDIT) for the probe.

January 8th, 2009 HYDERABAD/NEW DELHI - The government Friday evening superseded the Satyam board and dismissed three remaining directors, including two independent ones, of the tainted IT major.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 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 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 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 NEW DELHI - India's capital market regulator C.B. Bhave met Corporate Affairs Minister P.C.

January 8th, 2009 HYDERABAD - Market regulator Securities Exchange Board of India (SEBI) Friday granted 24 hours to B. Ramalinga Raju, the disgraced former chairman of Satyam Computer Services, to appear before it for a hearing into the Rs.70-billion (Rs.7,000-crore) fraud he admitted the company has committed.

January 8th, 2009 KOLKATA - West Bengal government will give 25 acres land to scam-tainted IT company Satyam Computers in the state if they want it, Information Technology (IT) Minister Debesh Das said here Friday. 'If they want it, we will definitely give it.

January 22nd, 2009 HYDERABAD - Disgraced Satyam Computer Services founder B. Ramalinga Raju bought lands not only in India but in other countries also, prosecutors told a court here Friday.

March 20th, 2009 HYDERABAD - The Satyam board met on Friday to assess the proposals of the bidders for acquiring up to 51% stake in the embattled IT company, and discuss several other issues. The Government-appointed company board has received several expressions of interest, including those from engineering major Larsen and Toubro, B K Modi-led Spice Group, software firm Tech Mahindra and iGate, a company official said after the meeting.

January 8th, 2009 HYDERABAD - Disgraced Satyam chief B. Ramalinga Raju will appear before market watchdog Securities and Exchange Board of India (SEBI) at 4 p.m.

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.

February 20th, 2009 MUMBAI - Infrastructure and construction major Larsen and Toubro (L&T) Friday said it was studying the go-ahead given to scam-hit Satyam Computer Services to rope in a strategic investor with a combination of fresh equity and an open offer to shareholders. L&T is now the largest shareholder in Satyam.

September 11th, 2009 CANBERA - Mahindra Satyam has pulled out of a $75 million software development project that the disgraced Satyam founder had promised to set up in Australia's Geelong city, media reports said Friday. Sujit Baksi, the company's president of corporate affairs, formally conveyed the decision to the government of Victoria state through a letter addressed to provincial IT Minister John Lenders, the Australian daily reported.

June 11th, 2009 MUMBAI - Between 7,000 to 10,000 Satyam employees have been put in a virtual pool, continuing their association with the company but with reduced pay, the IT firm said in a regulatory statement Thursday. The virtual pool programme is an innovative way of retaining the excellent human assets of Satyam despite the difficult economic situation, chairman Kiran Karnik said in the statement.