Gurgaon, India, May 02, 2009 –  Ranbaxy Pharmaceuticals Inc. (RPI) announced today that it is conducting a voluntary recall of all lots of Nitrofurantoin (Monohydrate/Macrocrystals) Capsules, USP 100 mg, currently on the market in the U.S. 

Although certain lots of the product were determined to not be in conformity with the approved laboratory specifications, Ranbaxy decided to recall all the lots, as a matter of abundant caution, given its commitment to the health and safety of patients.  Ranbaxy is continuing to look into the cause of such non-conformity.   

The recall is being conducted in coordination with the FDA and will be a retail level recall.  To the best of Ranbaxy’s knowledge, the recalled product is unlikely to produce any serious adverse health effects.  However, there is a remote possibility that the non-conforming product may increase the incidence of local non-serious gastrointestinal adverse events such as nausea and vomiting.  All patients presently consuming and/or prescribed this formulation should consult their physicians for alternate and appropriate medication/treatment options.

Ranbaxy Pharmaceuticals Inc. (RPI) based in Jacksonville, Florida, is a wholly owned subsidiary of Ranbaxy Laboratories Limited (RLL), India’s largest pharmaceutical company.  RPI is engaged in the sale and distribution of generic and branded prescription products in the U.S. healthcare system.

Ranbaxy Laboratories Limited, India’s largest pharmaceutical company, is an integrated, research based, international pharmaceutical company producing a wide range of quality, affordable generic medicines, trusted by healthcare professionals and patients across geographies. Ranbaxy’s continued focus on R&D has resulted in several approvals in developed markets and significant progress in New Drug Discovery Research. The Company’s foray into Novel Drug Delivery Systems has led to proprietary “platform technologies,” resulting in a number of products under development. The Company is serving its customers in over 125 countries and has an expanding international portfolio of affiliates, joint ventures and alliances, ground operations in 49 countries and manufacturing operations in 11 countries.

Hyderabad, India, April 28, 2009 – Dr. Reddy’s Laboratories Ltd. (NYSE: RDY) has launched Nexret (Tretinoin 0.04% & 0.1% as microspheres) in India. It marks the entry of Dr. Reddy’s into the topical anti-acne segment, a commonly diagnosed condition by dermatologist.

Nexret is a next generation anti-acne formulation made from a proprietary non-porous microsphere technology. This unique technology minimizes irritation associated with drugs like Tretinoin and provides controlled delivery of drug to the skin.

Nexret is available in gel formulation and in pack size of 15 gms.

The anti-acne market in India is about Rs 130 crores growing at the rate of about 14%.(Source: ORG IMS)

Hyderabad, 24 April 2009: Satyam Computer Services Limited. (NYSE: SAY; BSE: SATYAM; NSE: SATYAMCOMP) (the “Company”), announced today that the Seventh Division of the Federal Cartel Office of Germany has issued a letter dated 22 April, 2009 (the “FCO Letter”), permitting the completion of the acquisition of a controlling stake in the Company by Venturbay Consultants Private Limited, a subsidiary controlled by Tech Mahindra Limited. 
The Company has also received ‘in-principle’ approvals from the Bombay Stock Exchange Limited dated 22 April, 2009 (the “BSE”, and such letter, the “BSE Letter”)  and the National Stock Exchange of India Limited dated 22 April, 2009 (the “NSE”, and such letter, the “NSE Letter”)  for the issuance of 30,27,64,327 (Thirty Crores Twenty Seven Lakhs Sixty Four Thousand Three Hundred and Twenty Seven Only) equity shares (the “Initial Shares”) of Rs. 2/- each at a premium of Rs. 56/- per share to Venturbay Consultants Private Limited on a preferential basis. Upon allotment of the Initial Shares, the Company will seek the approval of the BSE and NSE for listing and trading of the Initial Shares.
This press release, an English translation of the FCO Letter, the BSE Letter and the NSE Letter are being furnished to the U.S. Securities and Exchange Commission (the “SEC”) on Form 6-K and are available to the public over the Internet on the Company’s website at http://www.satyam.com and the SEC’s website at http://www.sec.gov. Further, this press release and the FCO Letter are being submitted to the BSE and the NSE.

MUMBAI, 23rd April 2009: Reliance Petroleum Limited (RPL) has recently commissioned
SEZ refinery at Jamnagar and processed 3.6 million tonnes of crude during the quarter
ended 31st March 2009. The refinery has also commissioned several secondary processing
units during the quarter.
These facilities are operating at design capacities. All the essential support units and
utilities are fully operational.
RPL has commenced production and despatch of products from its refinery to the quality
conscious markets of US and Europe. This is a reflection of its ability to produce and place
high quality, value-added products within a short time of production.
After the successful commissioning, RPL is focusing on achieving the highest standards of
safety and reliability at its facilities. The refinery is designed keeping in mind changing crude
and product dynamics and hence has the inherent capability of delivering superior returns
even in challenging market conditions.
Commenting on the progress Mr. Mukesh Ambani, Chairman of RPL said “RPL
refinery has achieved start-up and successful stabilisation of its operations within a short
period of time. The proposed merger with RIL will lead to a globally competitive and industry
leading refining business and create sustainable value for shareholders.”
Key Notes:
1. Commercial production has been considered from 15th March 2009.
2. Trial run income and expenses except interest are included under the respective
heads. An amount of Rs. 43 crore (US$ 8 million) being the net expense over income
during trial run is capitalized and adjusted from ‘Other expenditure’. Turnover
includes, trial run sales of Rs. 2,418 crore (US$ 477 million).
3. The company is operating an integrated refinery and has identified only one
reportable segment. The total capital employed of the company is Rs. 33,982 crore
(US$ 6.7 billion).
4. The Company has adjusted the foreign currency exchange differences on amounts
borrowed for acquisition of fixed assets to the carrying cost of fixed assets in line with
the amendment to Accounting Standard (AS 11) on “Effects of Changes in Foreign
Exchange Rates” vide GSR Notification 225 (E) dated 31st March 2009.

Source: Company Release

MUMBAI: NTPC Limited the largest power utility of the country has been ranked 317th in the Annual ranking of top 2000 public companies in the world by Forbes magazine. The ranking is based on a mix of four performance metrics of sales, profit, assets and market value. The ranking is considered an indicator of the leading public companies of the world.

With a gross revenue of over Rs. 45500 crore, provisional unaudited sales of Rs 42182 crore and profit after tax of Rs 7414 crore in 2008-09, NTPC is the leader in Indian power sector. Company contributed 28.60% of the total electricity generated in the country during 2008-09 with 18.79% share of the total installed capacity of the nation.

Operational excellence is the key to NTPC’s success with fifteen of its coal based stations achieving a PLF of 90% which includes 4 registering PLF of over 95% during 2008-09. Dadri station of NTPC achieved an all time high PLF of 99.36% and Talcher thermal (average age 36years) a PLF of 92.7% during the period.

Hyderabad, INDIA, April 21, 2009: Satyam Computer Services Ltd. (NYSE: SAY; BSE: SATYAM; NSE: SATYAMCOMP) (the “Company”) announced today that on April 17, 2009 Euronext Amsterdam N.V. approved the Company’s application for delisting from NYSE Euronext, the regulated market of Euronext Amsterdam (“Euronext Amsterdam”), of its American Depositary Shares (“ADSs”), subject to the following conditions:
1. The mandatory cash tender offer to be made by Venturbay Consultants Private Limited, a subsidiary controlled by Tech Mahindra Limited, described in the Company’s press release dated April 13, 2009, will be open for participation by investors holding their ADSs through Euroclear Nederland (“ECN holders”) on such terms and conditions as are at least equal to those that apply to investors holding ADSs through DTC who participate. The terms and conditions for participation in the cash tender offer for ECN holders will be posted on the Company´s website at www.satyam.com as soon as they are available.
2. In connection with the cash tender offer, an agent in the Netherlands will have been appointed who will facilitate the tender process for ECN holders.
The Company expects to be able to meet these conditions.
In accordance with the rules of Euronext Amsterdam, the Company published earlier today the announcement regarding Euronext Amsterdam’s approval of the delisting in The Netherlands’ Officiële Prijscourant (Official Price Gazette) and Het Financieele Dagblad, a daily newspaper with circulation in The Netherlands. In accordance with the rules of Euronext Amsterdam, the ADSs will be delisted from – and trading in the ADSs will no longer be possible on – Euronext Amsterdam with effect from the 20th business day from the date of this announcement, i.e. May 20, 2009.  The last day of trading for the Company’s ADSs on Euronext Amsterdam will be May 19, 2009.
Upon delisting from Euronext Amsterdam, the Company’s equity shares are expected to remain listed and traded on the Bombay Stock Exchange Limited (“BSE”) and the National Stock Exchange of India Limited (“NSE”), and its ADSs are expected to remain listed and traded on the New York Stock Exchange in New York (“NYSE”). The Company does not currently intend to delist from any of the BSE, NSE or NYSE.

Source: Press Release

Hyderabad. . Anand Mahindra, VC & MD, Mahindra Group & Chairman, Tech Mahindra is vising Satyam Computer Services Ltd campus in Hyderabad on Monday.

Mahindra along with his senior management team will meet government appointed board of Satyam and other senior officials of fraud hit IT firm.

Back ground of Satyam-Tech Mahindra deal:

Satyam Computer Services Ltd. (NYSE: SAY; BSE: SATYAM; NSE: SATYAMCOMP) (the “Company”), announced today that its Board of Directors (the “Board”), has selected Venturbay Consultants Private Limited, a subsidiary controlled by Tech Mahindra Limited (“Tech Mahindra”) as the highest bidder to acquire a controlling stake in the Company, subject to the approval of the Hon’ble Company Law Board.

The Company has been administered by a new Board appointed pursuant to the orders of the Hon’ble Company Law Board dated January 9, 2009. The process to select a strategic investor has reached this significant stage within three months of the new Board’s first meeting.

“On behalf of all Satyamites and their families, we congratulate Tech Mahindra on being the highest bidder. The selection of the highest bidder, in a fair, open and transparent process, signals a new stage for the Company in its progress towards stabilization and  growth. We hope this will infuse greater confidence and comfort amongst customers, who continue to be happy with Satyam’s excellent service delivery. This event ought to dispel the anxiety of all stakeholders as it re-positions the Company’s commitment to revival and good governance.” said Kiran Karnik, the Chairman of the Board.

The Board selected Tech Mahindra through a global competitive bidding process launched by the Company on March 9, 2009, which was designed in accordance with the orders of the Hon’ble Company Law Board, approved by the Securities Exchange Board of India (the “SEBI”) and conducted under the supervision of Justice Bharucha. Pursuant to the bidding process, on April 13, 2009, bidders submitted their technical and financial bids. The Board under the supervision of Justice Bharucha first evaluated technical bids based on predetermined criteria submitted by three bidders, previously notified to the bidders. The technical criteria covered information on the bidder, its promoters’ (if any) and persons acting in concert. The technical criteria included:

corporate governance and management track record;
corporate behavior record, including corporate social responsibility policies and information pertaining to past conduct in companies managed by the bidder;
organizational ability and experience in owning, operating and managing information technology companies, global companies of the scale and scope of the Company and distressed companies;
track record in managing distressed companies;
revenues and profitability from Indian and overseas operations; and
strategic plan for the Company.

After evaluating each bidder’s technical bid and determining that each bidder qualified, the Board and Justice Bharucha opened each shortlisted bidder’s financial bid in the presence of each shortlisted bidder and ranked them based on price. Since there was no bid within at least 90% of Tech Mahindra’s bid, which was the highest bid, the Board, finding Tech Mahindra’s bid to be satisfactory and in the interests of the Company, declared Tech Mahindra as the highest bidder. Upon being declared the highest bidder, Tech Mahindra and the Company executed a share subscription agreement with the Company on April 13, 2009 (the “Share Subscription Agreement”). Pursuant to the Share Subscription Agreement, Tech Mahindra has agreed to subscribe to and acquire 30,27,64,327 (Thirty Crores Twenty Seven Lakhs Sixty Four Thousand Three Hundred and Twenty Seven Only) shares of the Company (the “Initial Shares”), representing thirty one percent (31%) of the share capital of the Company after giving effect to the issuance of the Initial Shares (the “Enhanced Share Capital”) at a price of Rs. 58 per share (the “Preferential Allotment”) thereby agreeing to infuse Rs. 1,756 Crores (or approximately US$ 351 million based on the exchange rate of Rs. 50 to US$1) (the “Initial Subscription Amount”) into the Company.

Tech Mahindra is required to deposit the Initial Subscription Amount and the requisite escrow amounts for the Public Offer (as defined below) in accordance with the Takeover Regulations (collectively, the “Total Acquisition Funds”) in separate escrow accounts on or before April 21, 2009. If Tech Mahindra desires to take control of the affairs of the Company simultaneously with the Preferential Allotment, Tech Mahindra will be required to deposit in escrow the total funds necessary to consummate the Public Offer.  The Preferential Allotment is subject to fulfillment of certain conditions and obtaining the required regulatory approvals, including approvals from the Company Law Board (the “CLB”) and the SEBI. In the event Tech Mahindra does not deposit the Total Acquisition Funds on or before April 21, 2009, the next highest bidder will be considered the highest bidder and the details will be announced by the Board.

Board members Mr. Deepak Parekh and Mr. S.B. Mainak abstained from discussion regarding the selection of the highest bidder. This was due to possible conflicts of interests since Deepak Parekh sits on the board of directors of the controlling shareholder of one of the bidders, while S.B. Mainak is the executive director of a significant shareholder of another bidder.

Under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 (the “Takeover Regulations”), Tech Mahindra will be required to make a mandatory cash tender offer to acquire an additional minimum of 20% of the Enhanced Share Capital and convertible instruments (the “Public Offer”) at a minimum price of Rs. 58 per share (or approximately US$ 1.16 per share based on the exchange rate of Rs. 50 to US$1). While the Public Offer will be made on a worldwide basis for the Company’s shares, holders of the Company’s American Depositary Shares (the “ADSs”) in the United States are expected to be able to participate in the Public Offer through a facility to be implemented by Citibank, N.A., the depositary for the ADSs.  Pursuant to the Takeover Regulations, Tech Mahindra will be required to make a public announcement of the Public Offer within four working days of receiving approval from the CLB for the Preferential Allotment and open the Public Offer to tendering by shareholders and ADS holders no later than 55 calendar days after the date of such public announcement.

If, upon closing of the Public Offer, Tech Mahindra  will have acquired less than 51% of the Enhanced Share Capital pursuant to the Preferential Allotment and the Public Offer, Tech Mahindra will have the option to subscribe to additional newly issued shares (the “Additional Shares”) of the Company (the “Subsequent Preferential Allotment”), such that the shares acquired through the Preferential Allotment, the Public Offer and the Subsequent Preferential Allotment, if any, will be not more than 51% of the Enhanced Share Capital after giving effect to the issuance of the Additional Shares.

As previously disclosed, the CLB exempted the Company from shareholder approval requirements in connection with the Preferential Allotment that would otherwise be required under the Companies Act, 1956.

Goldman Sachs and Avendus Capital acted as financial advisors to Satyam. Amarchand & Mangaldas & Suresh A. Shroff & Co acted as Indian legal counsel to Satyam. Latham & Watkins LLP acted as U.S. legal counsel to Satyam.

This announcement is neither an offer to purchase nor a solicitation of an offer to sell the Company’s shares. The Public Offer can only be made through a letter of offer and related tender offer materials. Security holders are urged to read the offeror’s tender offer statement on Schedule TO to be filed with the Securities and Exchange Commission (the “SEC”) in connection with the Public Offer, including any exhibits, amendments or supplements to the statement, when they become available, because they will contain important information. Each of these documents will be filed with the SEC, and security holders may obtain them for free from the SEC’s website (www.sec.gov). A description of which documents will be obtainable for free from the offeror, and instructions as to how to obtain such documents, will be announced by the Company or the offeror prior to the commencement of the Public Offer.

~In a record time of six and a half years, as against world average of 9-10 years for similar deepwater facilities ~
~ Will transform India’s energy landscape and is expected to double the current level of indigenous gas production ~
~ One of the World’s largest Deepwater Production Facilities ~
~ RIL joins elite league of Global Deepwater Oil and Gas operators ~

Gadimoga, Andhra Pradesh, India, April 2, 2009:  Reliance Industries Limited (RIL) commenced production of gas from the Dhirubhai 1 and 3 discoveries of the KG-D6 block in the Krishna Godavari Basin, located off the East Coast of India, in the Bay of Bengal. The gas from offshore is being received at its world class onshore facility at Gadimoga, a small village in the East Godavari district of Andhra Pradesh and delivered to the East West Pipeline of Reliance Gas Transportation Infrastructure Ltd. (RGTIL).  With this, RIL has commissioned one of the world’s largest deepwater production facility in the same block in which RIL already discovered oil reserves (Dhirubhai – 26) and commissioned trial production earlier.

At peak production of oil & gas, the KG-D6 facility is expected to produce over 550,000 barrels of oil equivalent per day. Production from the Dhirubhai 1 and 3 discoveries of the KG-D6 block will result in a quantum leap towards achieving India’s energy security. KG-D6 gas would also substantially reduce wealth transfer from India to other nations due to energy imports and bring down subsidy levels in the fertilizer, transportation and other sectors. Apart from the economic benefits to the nation, the impact of this gas will be significant in helping India in its climate change efforts and achieving a greener footprint.

RIL has started gas production in six and a half years from discovery, in comparison to the world average of 9-10 years for similar deepwater production facilities. This achievement is especially commendable as the Bay of Bengal is known for its extremely hostile weather conditions, inundated with storms, cyclones, waves up to twenty meters in height and subsea currents of over 4 knots, except a fair weather window of four months every year. RIL also had to overcome supply chain challenges and manpower shortages to adhere to tight schedules. Start of production of gas from the KG-D6 block was a complex task, requiring engineering ingenuity to develop critical infrastructure and use of latest cutting edge technology, never experienced in the region before.  With this project, RIL has joined a select club of global deepwater operators.

The facilities comprises of wells, sub sea architecture, which are connected by flow lines and production risers to a Control and Riser Platform (CRP) and are tied back to the Onshore Terminal (OT), approximately 60 kms from the gas fields – amongst the longest tie backs in the world. At the seabed, equipment equivalent to over 110,000 MT tones of steel weight and over 2400 line kilometers of flowlines and umbilicals have been installed to construct a deepwater production system. Subsea installations were carried out by remotely operated vehicles (ROVs) at the sea bed depths ranging from 600 metres to 1200 metres, well beyond diver depths.  At the peak of offshore construction, the largest marine construction spread in the world comprising of 89 vessels was deployed in an area of 400 square km.

Commenting on the start of the gas production, Mr. Mukesh Ambani, Chairman & Managing Director, Reliance Industries Limited said; “This is a momentous occasion for India. Reliance takes great pride in this success.  Reliance has created history and has once again demonstrated its ability to implement complex projects at par with the best performance benchmarks in the world. The clean energy from the Dhirubhai 1 and 3 discoveries of the KG-D6 block will be a boost for energy security and growth of India. We wish to acknowledge and thank all our stakeholders including the Government of India, the Directorate General of Hydrocarbons and our project partners for their continued support.”

The initial production of gas from the Dhirubhai 1 and 3 discoveries of the KG-D6 block will be sold to existing gas starved Fertilizer and Power companies resulting in substantial reduction in subsidy burden of the Government.

The KG-D6 block (KG-DWN-98/3) in Krishna Godavari basin was awarded to RIL and Niko consortium under NELP-I.  RIL holds 90% Participating Interest (PI) and Niko Resources Limited holds 10% PI in the block.

RIL’s partners in the  project execution were Aker Kvaerner Group, Allseas, Afcons, Bechtel, Cameron, GE, Halliburton, Hellix, L&T, McDermott, Schlumberger, Siemens, and Transocean amongst others.

RIL is the largest exploration acreage holder in the private sector in India. Its E&P assets consist of 54 blocks spanning eight countries.

Hyderabad, INDIA, March 9, 2009:  Satyam Computer Services Ltd. (NYSE: SAY; BSE: SATYAM; NSE: SATYAMCOMP) (the “Company”) announced today that it is commencing a competitive bidding process which, subject to receipt of all approvals, contemplates the selection of an investor to acquire a 51% equity interest in the Company.
Based on the Securities and Exchange Board of India’s (“SEBI”) response to the Company’s application seeking relaxations from certain requirements under Indian law, the Board proposes to follow the bidding process outlined below.
Transaction Structure:
·       The acquisition is expected to occur in the following related steps:
·       An initial subscription by the selected investor of newly issued equity shares representing 31% of the Company’s share capital after giving effect to the share issuance (“enhanced share capital”);
1       Upon deposit of the entire subscription amount by the selected investor with the Company and requisite funds for the public offer in the escrow account as required under the SEBI Takeover Regulations, the investor will be required to make a mandatory public offer to purchase a minimum of 20% of the Company’s enhanced share capital.  The public offer will be made at the same share price as the price paid by the investor for the initial subscription; and
2       If upon the closing of the public offer, the investor would have acquired less than 51% of the enhanced share capital of the Company through the initial subscription and the public offer, the investor would have the option to subscribe to additional newly issued equity shares, such that the shares acquired by the investor through the three related steps, the initial subscription, public offer and the subsequent subscription (if any) will result in the investor acquiring not more than 51% of the enhanced share capital of the Company. Ability to subscribe to additional equity shares in the third related step would be subject to the terms and conditions specified in the request-for-proposal (“RFP”). The subsequent subscription, if any, will be required to be completed within 15 days of the closing of the public offer and will not result in requiring a further public offer.
Process for Registration of Interest:
· Commencing today, all interested bidders should register their interest in participating in the bidding process by accessing [insert link] and registering their interest by 5:00 PM Indian Standard Time on Thursday, March 12, 2009, subject to their meeting the registration requirements set forth on such website.   Interested bidders may see [insert link] for more details.
· The process for selecting a bidder shall be overseen by a former Chief Justice of India or a former Supreme Court judge appointed by the Company.
Bid Process:
· Each interested bidder that has validly registered its interest in participating in the bid process by 5:00 PM Indian Standard Time on Thursday, March 12, 2009 will be sent an RFP shortly thereafter, and asked to submit a detailed Expression of Interest (“EOI”) together with the proof of availability of funds in the amount of at least Rs. 1,500 crores (US$290 million based on exchange rate of Rs. 51.635 to US$1) by 5:00 pm Indian Standard Time on Friday, March 20, 2009.
· Based on submitted EOIs, eligible bidders will be short-listed and given access to certain business, financial and legal diligence materials relating to the Company provided they have executed a non-disclosure and non-solicitation agreement, a stand-still agreement and a ‘no-claims’ undertaking. After completion of the due diligence process and execution of the pre-financial bid documents, all short-listed bidders will be asked to submit their financial bids and an executed copy of the share subscription agreement.
· Based on an evaluation of the bids, the Company will select the successful bidder, after which the successful bidder will have four days to deposit with the Company the entire subscription amount, and the requisite funds for the public offer in an escrow account.
· As a result of a relaxation from SEBI, there is no requirement to have a minimum floor price that is otherwise required under Indian law in connection with the initial subscription.
· Upon selection of the successful bidder, the Company will be required to approach the Company Law Board and SEBI for approval and, upon receipt thereof, the successful bidder would be allowed to consummate the subscription.

Further details of the bidding process and other terms and conditions would be set forth in the RFP.
Source: Press Release

 Hyderabad, INDIA, January 27, 2009: Satyam Computer Services Limited (NYSE: SAY) today announced key decisions at its Board meeting on 27th January, 2009, in Hyderabad.
Today’s board meeting – the fourth since its reconstitution on 10th Jan 09 – was chaired by Mr. Manoharan.  The Board had earlier met on 26th Jan 2009, for over three hours.
The Board has appointed Boston Consulting Group as Management Advisors to support the Directors and the Satyam Leadership team. A dedicated 3 member senior team from BCG is expected to work closely during this revival process. “An important point to note is that they will not be charging Satyam any fees for their services and this reflects on their commitment to the task on hand” Mr. Parekh stated.
The board today said it had concluded most of the discussions relating to the financing requirements of the company. These funds will help tide over the immediate, compelling operational expenses.
The company reaffirmed that the salaries for January 2009 will be paid, as scheduled and that this would be achieved from its internal accruals / receivables.  Further validations have been done relating to the employee numbers of Satyam Computer Services Ltd., and there are sufficient data points to reinforce the understanding that the earlier reported numbers hold good.
The proposed Management structure was further discussed and a formal statement reflecting the plan of action will be released this week.
The board has announced the appointment of Goldman Sachs and Avendus as Investment bankers to advise the company on the way forward and to explore various strategic options.
The various options under consideration include :
a.    Identifying strategic investors
b.    Obtaining expressions of Interest and
c.    Ensuring a fair, transparent approach to the entire process
Commenting on the move, Mr. Manoharan said “The Board has received several proposals from Corporate entities as well as from select PE firms. Some have shown interest in evaluating Satyam as an integrated entity, while others have expressed interest in portions of Satyam’s business. A sale of ‘parts’ of Satyam at this stage would be contrary to the mandate of regulating the affairs of Satyam as a going concern, as stipulated by the Government of India. It is therefore not an option that is being evaluated currently”
Responding to the move by a corporate entity to acquire large portions of Satyam shares in the open market, Mr. Manoharan said “The reasons for the same are best explained by the purchaser. It should not be taken as an indication of support by the Government nominated Board, for change of control of Satyam, at this stage. Appropriate, fair and transparent measures for enabling open bids will be devised by the company’s Board in consultation with SEBI and the Government of India, since adequate number of bidding interests have been evinced to the new Board. It is important to keep in view that this is now a Government administered company, reporting to the Company Law Board and the Ministry of Corporate Affairs.”
Speaking on customers, Mr. Kiran Karnik said “I have been talking to quite a few customers and partners, every day. It is heartening to note that they continue to engage with us, confidently. While a few are discussing risk mitigation plans, they are closely monitoring and wanting to see Satyam’s return to long term sustainability. We have been assured by the actions of some of our key customers, who have sent strong messages to other vendors, to refrain from poaching Satyam’s associates or business. There is also a steady improvement in the Statement of Work (SoW) extensions. We continue to reach out to our customers, where required, to reassure them at every stage”
“All these actions reflect the sense of urgency and determination and these steps will help restore stakeholder confidence, ensure stability and growth and bring back the glory that the Satyamites truly deserve” said Mr. Manoharan, who chaired today’s meeting.