Satyam directors, employees shocked over ‘fraud’ by Rajus

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 14th, 2009 NEW DELHI - The government Thursday appointed three more directors to the board of the fraud-hit Satyam Computer Services, including Tarun Das, the chief mentor of the Confederation of Indian Industry (CII). The other two members announced by Corporate Affairs Minister P.C.

January 8th, 2009 HYDERABAD/NEW DELHI - The government Friday evening superseded the Satyam board and dismissed three remaining directors, including two independent ones, of the tainted IT major.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 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 6th, 2009 HYDERABAD - Satyam Computer founder-chairman B. Ramalinga Raju's disclosure of committing a Rs.40-billion ($823-million) fraud has shocked corporate India, especially the investors and over 50,000 employees of the country's fourth largest IT services company.

January 7th, 2009 HYDERABAD - Jolted by the biggest fraud in India's corporate history, thousands of employees of Satyam Computer Services have begun hunting for jobs in other companies. About 15,000 software professionals and other employees of Satyam have sent their CVs to placement companies and job portals during the last two days.

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 15th, 2009 NEW DELHI - The newly-appointed member of the Satyam board of directors, Confederation of Indian Industry (CII) chief mentor Tarun Das, Friday said the main priority was to safeguard the interests of employees, customers and investors of the scam-tainted IT company. Minister for Corporate Affairs P.C.

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 12th, 2009 BANGALORE - India's fourth largest software exporter Satyam Computer will get a new buyer Monday, a little over three months after its founder B. Ramalinga Raju shocked India Inc by admitting massive financial fraud of Rs.7,800 crore (Rs.78 billion).

February 5th, 2009 HYDERABAD - The market regulator Securities and Exchange Board of India (SEBI) Friday concluded interrogation of disgraced Satyam Computer Services founder B. Ramalinga Raju and his brother B.

January 14th, 2009 NEW DELHI - The government has no plans to unveil a bailout package for fraud-hit Satyam Computer Services and the company's new board will decide its future course of action, Minister of State for Industry Ashwani Kumar has said. 'This government is not going to either directly or indirectly subsidise the wrongdoing and fraud in Satyam,' Kumar told reporters on the margins of an international conference on petroleum sector here Thursday.

February 11th, 2009 NEW DELHI - The Rs.70 billion (Rs.7,000 crore) accounting fraud at Satyam computer Services was not a corporate scam but a 'governmental scandal', senior Bharatiya Janata Party (BJP) leader L.K. Advani said.

February 6th, 2009 HYDERABAD - From having to share their cell and toilet with other prisoners like bootleggers and sleeping on the ground, disgraced Satyam founder B. Ramalinga Raju and his brother B.

January 14th, 2009 HYDERABAD - Fraud-hit Satyam Computer Services Thursday denied that its top executives had fled the country. The IT bellwether termed as 'malicious' reports in a section of media that its executives Ram Mynampati, Virender Aggarwal and Keshab Panda left the country to avoid questioning by authorities investigating the Rs.70 billion ($1.43 billion) fraud.