1987 : Ramalinga Raju establishes Satyam Computer Services Ltd. 1991 : Satyam gets listed on the Bombay Stock Exchange, IPO oversubscriber 17 times. 2006: Revenues cross '$1 billion.' Raju becomes Nasscom Chairman. 2007: Raju named Ernst & Young Entrepreneur of the Year. 2008: September 23: Satyam awarded with Golden Peacock Award for Corporate Governance and Compliance. December 16: Satyam Chairman Ramalinga Raju announces plan to buy Maytas Infra and Maytas Properties owned by his sons for $1.6 billion. December 17: Raju does a U-turn because of negative investor reaction. December 23: Satyam barred from business with the World Bank for 8 years for alleged malpractices in securing contracts. Shares fall to lowest in 4 years. December 25 - Satyam asks World Bank to apologize. December 26 – Board member Mangalam Srinivasan resigns followed by exits of members Vinod Dham, Krishna Palepu. December 30 - One of Satyam's largest investors says it could sell its stake.More suitors join in the fray to acquire Satyam. 2009 January 2: Satyam says its founder's stake fell by a third to 5.13%. January 6: Satyam's i-bank DSPML meets Sebi, informs about accounting irregularitites. January 7: Ramalinga Raju resigns, discloses a Rs 7000-crore accounting fraud in balance sheets about cash which never existed in the company. January 8: Satyam's bank Citibank freezes its 30 accounts. Interim CEO Ram Mynampati says company in severe cash crunch and may not be able to pay salaries. Satyam's auditor PwC faces ire. January 9: Ramalinga Raju and his younger brother B Rama Raju arrested by Police. Central Govt disbands Satyam board, to appoint its own 10 directors. January 10: Satyam's largest investor Lazard seeks a nomination board. SEBI grills Raju. |
No comments:
Post a Comment