Four independent directors resigns from Satyam
Satyam Computer Services Ltd. said four directors quit as the Indian software company struggles to regain investor confidence after fumbling acquisition plans and drawing a sanction from the World Bank.
The shares rose 9.2 percent in Mumbai trading after the company said Vinod Dham, Krishna Palepu and M. Rammohan Raoresigned, bringing the number of board members who have stepped down since last week to four. Satyam didn’t give a reason.
Infosys also in race for stake in Satyam Services Ltd??
Software bellweather Infosys Technologies Ltd is likely to contemplate acquisition of 8.61 per cent stake held by promoters of Satyam Computer Services Ltd. So far HP, Oracle, IBM, Accenture and CapGemini are in Satyam takeover race.
Satyam ripe target for corporate raid, takeover: Brokers
Satyam has become a ripe target for a corporate raid - market parlance for takeover, brokers said on Monday after the country's fourth largest IT firm revealed that its promoters have pledged all their shares with lenders.
Do Ramalinga Raju and family have any stake in Satyam?
HYDERABAD/MUMBAI: Satyam Computer sank deeper into a crisis with four directors quitting the board and the company announced that lenders were possibly selling promoters equity that is entirely pledged with them.
Coinciding with dilution of promoters equity in the troubled company, suffering from an embarrassing failed-bid to acquire two firms promoted by the family of Chairman B Ramalinga Raju, the firm announced that Krishna G Palepu and Vinod Dham have quit taking the total resignation to four.
Was Rajus' exit pre-planned?
Did the Rajus have a long range exit plan out of Satyam ? In September 2006, over two years ago the promoters of Satyam Computer Services formed a holding company called SRSR Holdings Pvt Limited and transferred all their shares to this entity. This accounted for 8.5 per cent of the shares of Satyam. The four promoters of the company were founder of Satyam Ramalinga Raju, his brother and co-founder Rama Raju and their respective wives Nandini Raju and Radha Raju.
According to a company statement at that time these transfer of shares were executed through a block deal of 1.95 crore Satyam shares on NSE at a price of Rs 809 per share. Even at that time there was speculation that this Raju move was a prelude to their exiting Satyam. This was however steadfastly denied by them at that time and they contended it was just an easy way to handle their scattered holdings.
But now it is clear that the family shares were consolidated so that they could be pledged to institutional investors - in return for loans. In fact the pledgings happened simultaneously with the formation of SRSR Holdings. It is these shares that have now been sold off by the institutions, leaving the Rajus without any stake whatsoever in the company that is synonymous with their name.
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