Satyam puts off board meeting

Satyam Computer Services postponed the board meeting scheduled for Monday till January 10 to strengthen corporate governance in the company and improve investor confidence.

Satyam Computer Services postponed the board meeting scheduled for Monday till January 10 to strengthen corporate governance in the company and improve investor confidence.

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The company has hired DSP Merrill Lynch to assist it in this step.

The software services major suffered 40 per cent fall in its share value and drew flak for its attempt to acquire Maytas Properties and Maytas Infrastructure. The board was previously due to meet on Monday.

In a statement issued on Saturday night, Satyam chairman B. Ramalinga Raju said: “Satyam’s Board of Directors recognises the serious nature of certain questions raised by the events of the last two weeks.”

“In order to ensure that these questions are properly addressed, and that the interests of stakeholders are fully and carefully considered, Satyam has decided to broaden the scope of its deliberations beyond a possible buy-back of its stock.”