Satyam names four new directors

September 17th, 2009 UAL names Jane Garvey to board of directorsCHICAGO — UAL Corp., the holding company for United Airlines, said Thursday it named Jane F. Garvey to its board of directors, effective Sept.

August 31st, 2009 NEW DELHI - Corporate Affairs Minister Salman Khurshid Monday said prima facie some evidence indicated that funds had been transferred from Maytas Infra to scam-tainted Satyam Computers, now Mahindra Satyam. "When the accounts are stated, this will become clear as to where the money has gone," said Khurshid while briefing reporters on a new Company Law Board (CLB) order regarding Maytas Infra.

August 23rd, 2009 HYDERABAD - India has a huge potential to involve retail investors in the stock markets but they are not coming out to invest because they have learnt a lesson from the Satyam Computer fraud, feels Madhav Mehra, president of the London-based World Council for Corporate Governance. "The stock market participation of Indians is barely two percent while in the US it is 45 percent," Mehra told IANS during a visit here.

July 10th, 2009 MUMBAI - Mahindra Satyam, formerly Satyam Computer Services, Friday said it has allotted 198.6 million shares to Venturebay Consultants, a Tech Mahindra arm. After this allotment, Tech Mahindra will hold about 43 percent in the company.

June 23rd, 2009 HYDERABAD - Two days after Satyam Computer Services was re-branded as Mahindra Satyam, the company Tuesday announced changes in its leadership with Tech Mahindra's head of international operations C.P. Gurnani being named the outsourcer's new chief executive.

June 1st, 2009 MUMBAI - Satyam Computer Services Ltd Monday announced the appointment of Venki Prathivadi as the new country manager for Australia and New Zealand (ANZ). Satyam has also appointed Vijay Prasad as the principal adviser to the ANZ region, the company said in a regulatory statement.

May 5th, 2009 MUMBAI - Satyam Computer Services Tuesday said it has allotted 30.28 crore equity shares, representing 31 percent of the share capital, to Venturbay Consultants, a subsidiary of Tech Mahindra, which is acquiring a controlling stake in the scam-hit IT major. 'The board of directors of the company allotted 30,27,64,327 equity shares on preferential basis to Venturbay Consultants,' the company said in a statement.

April 20th, 2009 HYDERABAD - Tech Mahindra, the new owner of Satyam Computer Services, Monday said it was excited about the prospects of the fraud-hit IT major and that restoring financial health was the priority. After the first meeting with the government-appointed board, Anand Mahindra, chief of Mahindra Group, said Satyam would remain a stand-alone unit in foreseeable future and its leadership would continue with marginal changes.

April 20th, 2009 HYDERABAD - Tech Mahindra, the IT arm of auto major Mahindra and Mahindra, Monday said it has deposited the amount needed for acquiring a majority stake in the fraud-hit Satyam Computer Services. Venturbay Consultants, a subsidiary of Tech Mahindra, was to pay $351 million for a 31 percent preferential allotment of new shares and would then make an open offer for a further 20 percent of the company at a cost of about $231 million, a company statement said.

April 16th, 2009 NEW DELHI - The Company Law Board Thursday approved the strategic sale of Satyam Computer Services to Tech Mahindra, and directed the consideration of Rs.1,756 crore (Rs.17.56 billion/$351 million) for a 31-percent stake be submitted by April 21. Tech Mahindra, which is acquiring Satyam through its subsidiary Venturbay, has also been allowed to make an open offer for another 20 percent stake at Rs.58 per share in India's fourth largest software exporting company.

April 14th, 2009 HYDERABAD - Fraud-hit Satyam Computer Services has filed an application with the New York Stock Exchange (NYSE) to delist its American depository shares traded on Euronext Amsterdam, the company said Tuesday. 'The board of directors has come to the conclusion that the financial and legal burdens no longer justify a listing on NYSE Euronext, the regulated market of Euronext Amsterdam,' Satyam said.

March 24th, 2009 HYDERABAD - Scam-hit Satyam Computer Services Ltd has informed the Securities Exchange Board of India (SEBI) on its bidding process under the market regulator's amended takeover regulations for selecting an investor to buy majority stake in the company, the IT bellwether said late Tuesday. 'A letter relating to the process followed by the company pursuant to regulation 29A of the SEBI takeover regulations to select an investor and the in-principle exemptions/relaxations granted by SEBI from applicable regulations and guidelines has been submitted,' the company said in a statement.

March 20th, 2009 HYDERABAD - The government-appointed directors of Maytas Infra Ltd Thursday said they were trying to assess the health of the company and work out the future of its business. Ved Jain and O.P.

March 6th, 2009 NEW DELHI - The Company Law Board Thursday allowed the government to name four directors, including the chairperson, to the board of Maytas Infra but set aside a petition seeking to supersede the company's entire top brass. The permission immediately resulted in the government appointing senior advocate and tax expert O.P.

February 11th, 2009 NEW DELHI - The new Companies Act proposed by the government will provide greater levels of protection to independent directors, provided they are not accomplices to wrong-doings by promoter-directors or other executives of the company, Corporate Affairs Minister P.C. Gupta said here Thursday.