Satyam board meets to assess bidders

March 17th, 2009 Satyam allots 10,511 equity shares under stock option plans MUMBAI - IT firm Satyam Computers, on Tuesday said in a filing to the Bombay Stock Exchange that it has allotted 10,511 equity shares under its stock option plans. The government appointed Satyam board gave its consent to the allotment of shares on March 13, the filing said.

March 12th, 2009 MUMBAI - Satyam Computer Services has begun the procedure of selecting an investor by inviting expressions of interest from bidders. SEBI has recently authorized Satyam to sell up to 51 percent stake.

January 8th, 2009 HYDERABAD/NEW DELHI - The government Friday evening superseded the Satyam board and dismissed three remaining directors, including two independent ones, of the tainted IT major.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

April 13th, 2009 MUMBAI - It was with a sense of satisfaction and achievement that the six-member board of Satyam Computer Services Monday announced the virtual 'rebirth' of the crisis-ridden software giant, hoping its future would now be sound and secure. At a hurriedly convened press conference after Tech Mahindra agreed to pick up a 31 percent stake in Satyam for Rs.1,756 crore (Rs.17.56 billion/$351 million) at Rs.58 per share, the board members appeared relaxed.

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

March 9th, 2009 HYDERABAD - Fraud-hit Satyam Computer Services Monday said that it had started the process to sell 51-percent majority stake in the company by way of a global auction after India's market regulator gave it the go-ahead last week to do so. 'Commencing today (Monday), all interested bidders should register their interest in participating in the bidding process,' the company said in a regulatory filing.

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 - 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.

March 12th, 2009 MUMBAI - Infrastructure major Larsen and Toubro (L&T) and Mahindra and Mahindra's IT arm Tech Mahindra were among the bidders to register interest Thursday in acquiring a 51-percent stake in scam-hit Satyam Computer Services. L&T, which already holds 12 percent in the Hyderabad-based IT major said, in a regulatory statement: 'The company has registered its interest in participating in the bidding process set out by the board of Satyam Computer Services.' Earlier in the day, Tech Mahindra also registered interest in bidding.

April 13th, 2009 MUMBAI - Tech Mahindra, the IT arm of auto major Mahindra and Mahindra, Monday won the bid for India's fourth largest software exporter Satyam Computer. Satyam's new board of directors, which met here to select the highest bidder, chose Tech Mahindra following its bid of Rs.1,757 crore ($351.4 million) for 31 percent stake in the scam-tainted IT giant.