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January 8th, 2009 HYDERABAD/NEW DELHI - The government Friday evening superseded the Satyam board and dismissed three remaining directors, including two independent ones, of the tainted IT major.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

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 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.

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.

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.

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

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.

December 27th, 2008 BANGALORE - Beleaguered Satyam Computer Services postponed its board meeting, convened Monday (Dec 29) to discuss a proposal for buy-back of shares by promoters, to Jan 10, the IT bellwether said Sunday. 'The next meeting of board of directors has been rescheduled to January 10, 2009, in order to allow the board members to consider additional options,' the Hyderabad-based company said in a statement.

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.

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 22nd, 2009 HYDERABAD - The government-appointed directors of the beleaguered Satyam Computer Services Friday announced that they have shortlisted three candidates for the posts of chief executive and chief financial officer, and that the names of those selected will be announced next week. 'The selected person will be uniquely qualified to lead the company during this period of transition and will be a leader of global standing and recognition,' the directors said in a statement issued to the Bombay Stock Exchange at the end of their two-day meeting here.

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.