Satyam Computer Board to meet on Dec 29
Hyderabad: Directors Board of India’s fourth largest software exporter Satyam Computer Services Ltd is scheduled to meet on Monday, December 29, 2008, to discuss proposed shares buyback issue.
Apart from buyback, many issues like corporate governance, world bank statement banning Satyam for 8 years and independent directors role also likely to come in to the boards discussion.
Meanwhile, a group of investor are reportedly not happy with the buy back offer, which may give scope to go for merely 10% share buyback. They are looking for special dividend.
On last Monday, nearly 25 high profile investors in Satyam are reportedly met in Mumbai to form a body, in order to make a formal representation to the company’s management on recent happenings.
Prominent fund houses such as Reliance Mutual Fund, Templeton Mutual Fund, SBI Mutual Fund and Birla Aberdeen are some of them.
Institutional investors are concerned over the cash reserves of Satyam, which are nearly 6000 crore rupees.
Monday board meeting give some answers to all the questions raised by the investors after the Satyam-Maytas deal.
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I worked with Satyam for about 11 years and very strongly believe this is One of The Best companies in terms of governance and value system. I strongly believe and confident that we will bounce back more strong.
“I BELIEVE IN Satyam’s Now more than ever”