Timeline of events surrounding Satyam Computer

April 13th, 2009 - 8:00 pm ICT by IANS  

Ramalinga Raju Mumbai, April 13 (IANS) The following is the timeline of events surrounding Satyam Computer Services since its founder B. Ramalinga Raju made an abortive bid to make the company acquire two family enterprises, raising questions on corporate governance, followed by his admission to perpetrating India’s biggest corporate fraud:
Dec 16, 2008 - Satyam announces plan to buy two realty firms part-owned by its founders for $1.6 billion, but does a U-turn after negative investor fallout

Dec 18 - Satyam board plans to meet Dec 29 to consider a share buyback to restore confidence

Dec 23 - Satyam barred from business with the World Bank for eight years for providing bank staff with “improper benefits”

Dec 26 - Mangalam Srinivasan, an independent director, resigns

Dec 29 - Three more directors quit

Jan 7, 2009 - Raju resigns saying the company’s profits had been inflated

Jan 8 - Chief financial officer (CFO) Vadlamani Srinivas resigns

Jan 9 - Andhra Pradesh police arrest Raju and his brother and former company managing director B. Rama Raju on charges of cheating and forgery

Jan 10 - Finance head Srinivas arrested

Jan 11 - The central government reconstitutes Satyam board

Jan 14 - Deloitte, KPMG named new joint auditors for Satyam

Jan 14 - Satyam’s former auditor, PricewaterhouseCoopers (PwC), says its opinion on the IT firm’s financials may be rendered “inaccurate and unreliable”

Jan 19 - The government orders probe into possible “nexus” between the fraud-hit Satyam and Raju’s two family-run firms Maytas Properties and Maytas Infrastructure

Jan 21 - Ramalinga Raju confesses diverting Satyam funds to the Maytas firms

Jan 23 - The Raju brothers, Srinivas sent to judicial custody till Jan 31

Jan 23 - Court rejects SEBI plea to record statements of Raju brothers

Jan 24 - Former Satyam auditor PWC’s S. Gopalakrishnan and Srinivas Talluri arrested

Jan 27 - The board appoints Goldman Sachs and Avendus, an Indian investment bank, to identify strategic investors

Jan 31 - A Hyderabad court extends judicial custody of all accused to Feb 7

Feb 3 - The Supreme Court allows SEBI to grill the Rajus

Feb 5 - Satyam gets Rs.600 crore ($130 million) from banks to meet working capital requirements. A.S. Murty appointed new CEO

Feb 6 - Former Nasscom chairman Kiran Karnik appointed Satyam chairman

Feb 7 - Court extends the judicial custody of Ramalinga Raju and four other accused to Feb 21

Feb 10 - Andhra Pradesh Chief Minister Y.S. Rajasekhara Reddy writes to Prime Minister Manmohan Singh, seeking a Central Bureau of Investigation (CBI) probe into the fraud

Feb 13 - SEBI relaxes takeover norms for Satyam, giving their reconstituted boards the power to lower the target price for open offers

Feb 14 - The Serious Fraud Investigation Office (SFIO) joins probe

Feb 16 - The central government hands over investigations to the CBI

Feb 21 - The government-appointed board, meeting for the seventh time, decides to invite strategic investors

March 6 - Satyam gets permission from SEBI to sell 51 percent majority stake

March 9 - The court allows CBI to take custody of Raju brothers, Srinivas and sacked PWC auditors Gopalakrishnan and Talluri Srinivas

March 13 - L&T, Tech Mahindra, Spice Group and US outsourcer iGate Corp say they have registered as potential bidders

March 13 - The company appoints former chief justice S.P. Bharucha to oversee the bidding, selection process

March 20 - The board receives bids. iGate Corp says it will not bid

March 27 - Spice Group says it will not proceed as it has not got the desired level of transparency

April 7 - CBI files a 2,315 page chargesheet against the Raju brothers and seven other accused

April 13 - Tech Mahindra selected as strategic investor

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