The government today expanded the three-member Satyam board to six to include S Balakrishnan of Life Insurance Corporation, Tarun Das, chief mentor of the Confederation of Indian Industry and T N Manoharan, former president of the Institute of Chartered Accountants of India.
A top company official said, "We are still waiting to receive any communication from the new board. we might make a presentation to the new board."
Zeenat Aman went down memory lane to share the details of her first onscreen kiss.
'I fell in love with Suraiya and that was my first real gafla. The more I couldn't get her, the more I wanted her. When I couldn't marry her because the world didn't want it, I cried for the first time.'
The board meeting, which was expected to be held on February 5, was brought forward by a day. "Announcements relating to critical leadership appointments are expected to be made at the board meeting," the company's internal newsletter stated.
The government is considering initiating a probe by the Serious Fraud Investigation Office (SFIO) against Gensol Engineering and its promoters, according to sources familiar with the matter. "It is under consideration at this stage. A final decision will be taken soon," a government official said.
On February 17, 2009, Satyam case was handed over to CBI.
The meeting of the six-member Satyam Board, which started in Hyderabad on Wednesday, has been extended till Thrusday.
As many as 40 applicants have thrown their hats in the ring for the top job of CEO at scam-tainted Satyam, whose board meeting is scheduled for Thursday to consider the appointment.
The announcement was made by Corporate Affairs Minister P C Gupta, whose ministry had earlier moved the Company Law Board to disband the erstwhile Satyam board after disclosure of fraud by company founder Ramalinga Raju
The Satyam board said corporate governance, a clean record, management and organisational ability in operating a global company will be considered, apart from the financial bid and other technical criteria. The bidders will furnish an irrevocable and unconditional performance bank guarantee of Rs 100 crore to guarantee the deposit of funds required for the preferential allotment and the requisite escrow amounts for the public offer within four days of being selected.
Bidding guidelines for inviting a strategic investor in Satyam Computer Services Ltd are expected to be ready in 10-15 days, Corporate Affairs Minister Prem Chand Gupta has said. "It would be a transparent process," said Gupta. The Satyam board was in touch with the financial consultants and would take a decision soon, he added.
With only two days left for the final bidding process to start (9 am on April 13), the government-appointed board of Satyam Computer Services is giving final touches to the modalities. And providing the extra information the potential bidders wanted.
Independent directors of Satyam Computers, who agreed to the company's proposal of buying out two promoter-related companies, failed to be independent in 'spirit', industry captains said.
It is quite a shock that that company management, mainly disgraced chairman B Ramalinga Raju, kept everyone -- seemingly --in the dark for a decade.
Market regulator Sebi is likely to approve the Satyam Board-formulated framework to induct a strategic investor.
Under the takeover code, an investor who acquires 15 per cent of a company needs to make an open offer for another 20 per cent at a price which is not less than the average share price of the previous six months. This means a buyer of more than 15 per cent of Satyam will have to make an open offer at a price almost six times Monday's closing price of Rs 57.60.
PriceWaterhouse (PW) has said that it resigned as statutory auditor of Satyam Computer Services with effect from February 12, 2009, while stating that it would co-operate with the ongoing investigations into the Rs 7,800-crore (Rs 78 billion) fraud at the IT major.
Nasdaq-listed Cognizant Technology Solutions, which did not complete the due diligence process for Satyam Computer Services, is understood to be back in the race to acquire the troubled software company.
While welcoming the reconstitution of the scam-tainted Satyam board, the Nasscomchairman Ganesh Natrajan on Monday said the apex body had advised its members to desist from making "unsolicited offers" to the customers of the beleagured company, which has earned the dubious reputation of being 'India's Enron'.
Scam-tainted Satyam Computer Services has lost its value with customers moving out of the company, according to Phaneesh Murthy, chief executive of the US-based iGate Corporation.
"We were not given to understand by any party, explicitly or implicitly, during the valuation exercise about Satyam's plans to acquire Maytas Properties," an Ernst & Young spokesperson informed Business Standard by e-mail.
The Spice Group on Wednesday alleged that there was no openness and transparency in the bidding for the troubled Satyam Computer and said it would soon decide on whether to go ahead with the bidding process.
The government-appointed Satyam board had recently said that it secured Rs 600-crore (Rs 6-billion) bank loans, which would help it fulfil its immediate fund requirements. The lender's board, which met on January 23 to take a call on the IHFL sale, had deferred the decision, citing the need for more information about prospective buyers.
Analysts are optimistic on absorption of new clients, growth possibilities under Tech Mahindra. For Tech Mahindra, the biggest positive is that the two companies have synergies in service offerings and client portfolio, says Sabyasachi Satpathy, director and co-founder, Mindplex Consulting. Satyam will give Tech Mahindra capabilities in enterprise resource planning, systems integration, as well as vertical expertise in the embedded, manufacturing and insurance space.
Kicking off the formal process for inducting a strategic investor, the Satyam board on Saturday approved the procedure to invite offers from likely suitors.
IT firm Tech Mahindra on Monday deposited Rs 2,910 crore (Rs 29.10 billion) for 51 per cent controlling stake in Satyam Computer.
Satyam on Thursday closed registrations for potential bidders as it began a process to sell 51 per cent stake in the company, which is caught in the country's biggest corporate scandal. The board will make the financial and legal data available to those shortlisted companies who will qualify in the EoI criteria.
Bhupendra Kumar Modi of Spice Corp on Thursday sent an expression of interest to the new Satyam Computer Services board to acquire the fraud-hit company.
Going by the provisions of the new company law, the responsibility and accountability equation for independent directors has seen a major change.
B K Modi-promoted Spice Corp on Friday said it is withdrawing from bidding "for the moment" for Satyam Computer alleging non-transparency, multiple short-listing process and lack of clarity in the selection criteria.
The MCA has written letters to various ministries following a request by the Satyam board that public sector undertakings should not insist on the financial statements and other information like details of turnover from the company while seeking bids.
Satyam Computer's potential suitor may get to control the IT company at an affordable price, with market regulator Sebi on Monday saying it would amend regulations governing open offer to ensure transparent pricing.
The B K Modi-led Spice Corporation said on Monday it has been shortlisted by the Satyam board to put its bid for a majority stake in the crisis-ridden IT firm. A senior official of Spice Corp told PTI the company would now get access to financial data relating to revenues, number of employees and clients and other details to value the firm for putting the auction price.
In the face of surge in stock prices of Satyam to about Rs 81 a share on the eve of the open offer for beleaguered company, its new owner Tech Mahindra said it will not hike the offer price.
Last week, three of Satyam's big clients -- Nestle, Nissan and CIBA -- who were on wait and watch mode, assured the firm of their continued support with with the firm. Nestle is also believed to have given some additional business to Satyam. Analysts had feared that post the acquisition of the firm by Tech Mahindra, clients of Satyam, who were sitting on the fence, would jump to other vendors.
The Satyam board may present prospective bidders for the troubled Satyam Computer Services with operating statements for two quarters - October-December 2008 and January-March 2009 - to help them arrive at a decision.
Welcoming the government's move to name new members on Satyam's board, industry on Sunday exuded confidence that the new directors would help shape the future of the scam-hit company and restore the global investors' confidence in India Inc.
The six-member board -- comprising HDFC chairman Deepak Parekh, former Nasscom president Kiran Karnik, former Sebi member C Achuthan, CII chief mentor Tarun Das, renowned chartered accountant TN Manoharan and LIC nominee Suryakant Balakrishnan -- met in Hyderabad on Thursday for the third time after it was constituted January 12.
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