Satyam board decides to invite strategic investor

February 26th, 2009 HYDERABAD - The government-appointed directors of Satyam Computers met here Thursday but did not issue a statement on their discussions and decisions, a practice they had followed after their last seven meetings in as many weeks. 'The board meeting has ended.

February 25th, 2009 HYDERABAD - The government-appointed directors of Satyam Computer Services are set to meet here Thursday amid indication they are yet to receive the official go ahead for the process to be adopted to get a strategic investor to keep the cash-starved IT major afloat. A clear picture on who the strategic investor would be would emerge in six to eight weeks, the embattled company told its employees ahead of the board meeting.

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.

January 8th, 2009 HYDERABAD/NEW DELHI - The government Friday evening superseded the Satyam board and dismissed three remaining directors, including two independent ones, of the tainted IT major.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

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.

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 7th, 2009 HYDERABAD - The new management team of the tainted Satyam Computer Services is looking for a strategic investor to bail it out from the severe liquidity crisis it is facing in the wake of the financial fraud admitted by founder chairman B. Ramalinga Raju, the company said here Thursday.

April 18th, 2009 IT major Tech Mahindra, which needs to pay Rs.1,756 crore for acquiring 31 percent stake in the troubled IT firm Satyam Computer Services, Saturday said it has raised Rs.600 crore through debt instrument.The government-appointed board of Satyam Monday named Venturbay - a subsidiary of Tech Mahindra - as the winner of the auction to sell a majority stake in the fraud-hit IT giant.Under the share subscription agreement signed by the winning bidder and the board, Tech Mahindra will have to deposit the bid amount in an escrow account by April 21. Tech Mahindra will also make an open offer for another 20 percent stake in Satyam at Rs.58 per share for controlling stake (51 percent).

January 4th, 2009 MUMBAI - The pounding of Satyam Computers scrip continued Monday with the stock losing 6 percent in the day's trade amid concerns that the recent Maytas deal fiasco could hit the company's new business prospects. At closing bell, the scrip price had crashed Rs.10.65 or 6 percent to end the day's trade at Rs.166.90 with over 11 million shares changing hands.

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.

February 2nd, 2009 HYDERABAD - The government-appointed directors of Satyam Computer Services will meet here Wednesday for the fifth time in three weeks to take forward their search for candidates for top positions and a strategic investor or outright buyer for the cash-starved company. The meeting is being held against the backdrop of reports that several major companies were exploring option of taking over Satyam, the country's fourth largest software exporter.

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 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.

December 29th, 2008 BANGALORE - Satyam Computer Services founder-chairman B. Ramalinga Raju Tuesday told his employees to beware of 'wild speculation and unchecked rumours' following the Maytas’ deal fiasco.

March 6th, 2009 MUMBAI - Hyderabad-based Satyam Computer Services has secured the nod from the India's markets regulator to sell 51-percent majority stake by way of a global auction to put the software bellwether, hit by a $1.43-bilion fraud, back on rails. The Securities and Exchange Board of India (SEB) gave its permission to Satyam to facilitate a global competitive bidding process so as to sell the majority stake to an investor, the company said in a regulatory filing Friday.