Troubled Satyam to consider changes at Board level
Battered by the aborted twin Mytas firms' acquisition fiasco and an eight-year
ban imposed by the World Bank on it, Satyam Computer Services is all set to
undergo a major restructuring, course for which will be decided in the board's
deferred meeting on January 10.
Amid speculation that there could be major changes in the
management and that Chairman B Ramalinga Raju may quit over the controversy on
acquisition of two firms promoted by his family, one independent director B S
Raju today came out in support of the present regime.
"I am not looking
for a change in management," BS told PTI on phone from Hyderabad, a day after
the company announced to defer a crucial board meeting that was to be convened
on Monday, December 29 to discuss enhancement of shareholders' value through
buyback among others.
Even though independent directors of the IT giant
are talking to each other informally, BS said, "Detailed discussions would be
held at the Board meeting," but declined to take any query, including
resignation of Chairman Raju.
Satyam has asked investment banker DSP
Merrill Lynch to help review the company's options to enhance shareholders'
value, while the Board would also look at issues arising from a possible
dilution of promoter's stake.
Company officials, however, were tight-lipped over the
issues, including the possibility of the change of management, and none
elaborated on possible dilution of promoter stake, which was over 8.2 per cent
by September end.
In a statement late last night, the company said the
Board would also consider "measures to strengthen Satyam's governance structure
including increasing the size and altering composition of the Board".
and held me develop the site suitably
CXO Insights
