Satyam to consider additional strategic actions

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Satyam to consider additional strategic actions

Satyam Computer Services Ltd., a leading global consulting and IT services provider, today announced that the next meeting of its Board of Directors has been rescheduled to January 10, 2009 in order to allow the board to consider additional options

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Satyam Computer Services Ltd. (NYSE:SAY), a leading global consulting and IT services provider, today announced that the next meeting of its Board of Directors has been rescheduled to January 10, 2009 in order to allow the board to consider additional options.

"Satyam's Board of Directors recognizes the serious nature of certain questions raised by the events of the last two weeks," said B. Ramalinga Raju, Chairman and Founder of Satyam.  "In order to ensure that these questions are properly addressed, and that the interests of stakeholders are fully and carefully considered, Satyam has decided to broaden the scope of its deliberations beyond a possible buy-back of its stock."

Additional possible actions include:

• Measures to strengthen Satyam's governance structure, including increasing the size and altering the composition of the board.
• Conducting a review of the company's strategic options to enhance shareholder value.  The company has engaged DSP Merrill Lynch to assist in this review.
• Addressing issues arising from a possible dilution of the promoter's stake in the company.

The board is expected to make recommendations on these matters at the January 10th meeting.

"Satyam takes the interests of its stakeholders very seriously, and we will take whatever steps are necessary to reinforce their trust and confidence in the company," Mr. Raju added. 

Sourced From: IPAN