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January 8th, 2009 HYDERABAD/NEW DELHI - The government Friday evening superseded the Satyam board and dismissed three remaining directors, including two independent ones, of the tainted IT major.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

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.

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 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 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.

January 16th, 2009 CHENNAI - The government-appointed board of Satyam Computer Services Limited will have to define the scope of work for the city-based Brahmayya & Co that has been appointed as the beleaguered IT bellweather's internal auditor, an official of the accounting firm said Saturday. 'We were sounded out about the assignment by the authorities and we gave our consent.

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 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 6th, 2009 HYDERABAD - The besieged board of Satyam Computer Services Ltd will meet Saturday to discuss the various issues that rocked the IT bellwether since the Maytas deal fiasco Dec 16, culminating in the dramatic resignation of its co-founders who admitted to a massive revenue fraud in the company over the years. 'The board will meet as re-scheduled on Jan 10 to discuss the issues related to the company’s operations and the fallout of today’s events and actions thereby,' Satyam interim CEO and whole-time director Ram Mynampati said in a statement here late Wednesday.

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 10th, 2009 HYDERABAD - A magistrate here Sunday remanded former Satyam Computer Services chief financial officer (CFO) Vadlamani Srinivas into judicial custody till Jan 23 for the Rs.70 billion fraud in the IT bellwether. Srinivas was taken to Chanchalguda central jail, where the company's disgraced founder and former chairman B.

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 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.