Merrill Lynch terminates engagement

DSP Meryll Lynch, a leading financial management and advisory firm, today announced it has terminated its advisory engagement with Satyam Computer following the Maytas fiasco.

DSP Meryll Lynch, a leading financial management and advisory firm, on Wednesday announced it has terminated its advisory engagement with Satyam Computer following the Maytas fiasco.

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"This is to inform you that we, DSP Meryll Lynch, have terminated our advisory engagement with Satyam Computer Services Ltd for considering various strategic options on January 6, 2009. This has been communicated to the company as well," the company said in a regulatory statement to the Bombay Stock Exchange.

"In the course of our engagement, we came to understand that there were material accounting irregularities, which prompted our aforesaid decision," the statement added.