Satyam's path to disaster
Following is the chronological summary of events which saw IT major Satyam Computer Services, founded in 1987, on its path to disaster:india Updated: Jan 07, 2009 22:53 IST
Following is the chronological summary of events which saw IT major Satyam Computer Services, founded in 1987, on its path to disaster:
1. December 16 - Satyam gets board's approval for acquisition of Maytas Infrastructure and Maytas Properties for USD 1.6 billion
2. December 17 - Defers Maytas' acquisition on stiff investor resistance.
3. December 18 - Schedules board meet for the proposal of buyback of shares on December 29.
4. December 18 - British mobile solution provider Upaid files a law suit against Satyam in a district Court in the US over Maytas deal.
5. December 24 - World Bank bans Satyam for 8 years on charges of data-theft.
6. December 25 - Satyam objects to World Bank's statements; asks Bank to apologise to the company or face legal action.
7. December 25 - Mangalam Srinivasan, non-executive and independent director resigns from board.
8. December 27 - Postpones board meeting to January 10, 2009 to consider buyback of shares.
9. December 27 - Promoters disclose that their entire holding
In Satyam pledged with institutional lenders since 2006.