Satyam board in talks with banks, financial institutions

January 20th, 2009 HYDERABAD - The newly-formed board of the scam-tainted IT bellwether Satyam Computer Wednesday said the company has received a large number of applications for the job of the chief executive and chief financial officer (CFO). A day earlier, it had confirmed being 'approached by potential buyers'.

February 4th, 2009 HYDERABAD - The cash-strapped Satyam Computer Services would borrow Rs.6 billion (Rs.600 crore/$130 million) from banks to meet its working capital requirements, the company confirmed Thursday after a two-day board meeting here. 'This funding, along with healthy collections, is expected to help the company tide over its financial challenges,' the IT bellwether said in a statement, but did not name the banks which had sanctioned the funds.

January 16th, 2009 HYDERABAD - The government-appointed directors of the fraud-hit Satyam Computer Services have started talks with banks to raise funds for salaries and other expenditure, while customers have assured continued support to the company, the new board said here Saturday. Meeting for the second time in six days to save the country's fourth largest software outsourcer, whose financial fraud of Rs.70 billion (Rs.7,000 crores/$1.43 billion) was described by Prime Minister Manmohan Singh Saturday as a blot on India Inc., the six directors said 'all efforts are being made to ensure that the associates (employees) are paid their salaries on time'.

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.

January 8th, 2009 HYDERABAD/NEW DELHI - The government Friday evening superseded the Satyam board and dismissed three remaining directors, including two independent ones, of the tainted IT major.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

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.

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.

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 11th, 2009 HYDERABAD - The three-member board appointed by the central government to bring back financial order to the fraud-hit Satyam Computer Services began its meeting here Monday. A Satyam spokesperson said the meeting began at the company's headquarters in Hitec City at 11 a.m.

January 15th, 2009 HYDERABAD - The government-appointed directors of fraud-hit Satyam Computer Services meet here Saturday for the second time in six days to assess the company's financial position and consider action to speedily put the firm back on rails as cooked up figures by founder B. Ramalinga Raju are making it difficult for the software industry to forecast the sector's growth for 2008-09.

January 11th, 2009 HYDERABAD - The fraud-hit Satyam Computers will get a new accounting firm in 48 hours to restate the company's financial position and publish the third quarter results, Deepak Parekh, one of the three new board members named by the government, announced Monday. Parekh made the announcement at the end of the first meeting of the new board which also includes former NASSCOM chief Kiran Karnik and former SEBI member 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.

February 4th, 2009 HYDERABAD - The scam-hit Satyam Computer Services Thursday appointed a company veteran, A.S. Murty, as its chief executive, while naming two other outside experts as advisors to the reconstituted board.

January 5th, 2009 BANGALORE - The sale of mortgaged shares of Satyam promoters by Infrastructure Leasing and Financial Services (IL&FS) has further reduced their minority holding in the beleaguered IT bellwether, a company official said Tuesday. IL&FS has informed the stock exchanges late Monday that over 24,520,500 equity shares of the promoters (pledged with lenders) were sold in the secondary market between Dec 23 and Jan 5 on behalf of Bangar Agro Ltd, Amravati Greenfields Ltd, Narayandri Greenfields and Harangi Agro Farms Ltd.