Satyam hails government move to appoint new board

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January 8th, 2009 HYDERABAD/NEW DELHI - The government Friday evening superseded the Satyam board and dismissed three remaining directors, including two independent ones, of the tainted IT major.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

April 20th, 2009 HYDERABAD - Tech Mahindra, the new owner of scam-hit Satyam Computer Services, will announce an 'open offer' Tuesday to obtain an additional 20 percent stake in the software major, Satyam chairman Kiran Karnik said here Monday. Tech Mahindra, which deposited Rs.2,910 crore (Rs.29.1 billion) in an escrow account Monday for a 31 percent stake in Satyam, will see its total holding increase to 51 percent after the open offer.

February 16th, 2009 NEW DELHI - The government Tuesday moved the Company Law Board to remove the board of directors of Maytas Infrastructure and Maytas Properties, the two infrastructure firms promoted by the family of B. Ramalinga Raju, the disgraced founder of Satyam Computer Services.

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 20th, 2009 NEW DELHI - The government has taken no view on the proposals from domestic and international companies to buy the fraud-hit Satyam Computer Services and left the decision to its new board, Corporate Affairs Minister Prem Chand Gupta has said. 'There are many corporate houses, they are interested,' Gupta told reporters on being asked if the government was interested in hiving off the beleaguered firm to engineering and construction giant Larsen and Toubro.

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

February 21st, 2009 HYDERABAD - Fraud-hit Satyam Computer Services Saturday decided to invite a strategic investor to keep India's fourth largest software outsourcer running, and will soon announce the details of the process it has adopted for the purpose. The decision was taken at a meeting here of the central government-appointed board of directors.

January 11th, 2009 HYDERABAD - The government-appointed board of directors for scam-hit Satyam Computers has begun the hunt for a new chief executive officer and a chief finance officer as part of measures to restore credibility and confidence in the country's fourth largest IT bellwether and ensure business continuity, Deepak Parekh, one of the new directors said Monday. There will also be a new accounting firm in two days to go over the company's finances and present a correct picture.

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 18th, 2009 GANDHINAGAR - The Gujarat government is waiting for a decision by the new board of the beleaguered Satyam Computer Services, which had committed to set up a Rs.600 million (Rs.60 crore) IT park in this state capital, an official said Monday. 'Since Satyam Computer Services has already invested Rs.11 crore (Rs.110 million) for purchasing land for the IT park in Gandhinagar, we would like to await the decision of the new board,' the IT department official said.

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'.

January 14th, 2009 NEW DELHI - The government will not intervene in the functioning of Satyam Computer Services, Minister of State for Industrial Policy and Promotion Ashwini Kumar said here Thursday. Beleaguered Satyam's former chairman B.

January 16th, 2009 HYDERABAD - A month after Satyam Computer Services founder B. Ramalinga Raju's aborted bid to buy two firms promoted by his sons, minutes of the board meeting on the issue became public Saturday, showing that the independent directors had their doubts about the move.