Another scandal rocks SatyamPublished on Tue, Dec 30, 2008 at 09:24 | Source : CNBC-TV18 Updated at Tue, Dec 30, 2008 at 18:00
IL&FS Trustees sold 1.04 crore shares, or nearly 1.5%, since December 24. It has also sold 44.1 lakh shares on December 29 in the open market.
The other factor is that as and when independent directors are appointed by Satyam, they will have to go to the shareholders for their appointment and at that point other institutional shareholders can come together and create a majority and then pass a resolution for Mr. Raju's removal. As of now, it looks like the Board meeting is not going to be advanced and will take place on January 10.
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