Hyderabad, INDIA, January 17, 2009: Satyam Computer Services Limited (NYSE: SAY) today announced that its newly constituted Board convened for the second time in six days to discuss the immediate action plans for the Company.
This is the first meeting following the decision of the Ministry of Corporate Affairs' to nominate an additional three new members to this Board. The Board today had extended deliberations on matters relating to enhancing liquidity, leadership issues and customer concerns.
Till such time a Chairman is appointed by the Central Government (in line with the directions of the Company Law Board), it was decided that one of the members of the Board will chair the meeting, by rotation. Today's meeting was chaired by Mr. Deepak Parekh.
The Board confirmed that the search for the CEO and CFO continues and that till such time these appointments are concluded, the Board will continue to meet on a weekly basis, to address ongoing issues. The Business Leaders made a detailed presentation to the Board and they have been requested to lead their respective operations, seamlessly.
The Board Members reiterated that they are in touch with Key customers and so far have not heard of deliveries being affected in any way. The Board reaffirmed its confidence in its associates (employees) and their ability to continue delivering high quality work, as per the stated Service Level Agreements.
The Board expressed that they have been in conversation with customers, who in turn have expressed their continued support, which is a very encouraging sign.
Addressing the issue of liquidity, the Board confirmed that it is engaged in discussions with Banks and financial institutions. The last week had seen definite improvements on 'collections' and this is expected to be a major priority for the business leaders and the Board, in the ensuing weeks. All efforts are being made to ensure that the associates (employees) are paid their salaries on time. Scheduling of Vendor payments was also discussed.
The Board has constituted an Audit Committee comprising of Mr. T.N. Manoharan (Chairman), Mr. C. Achuthan and Mr. S.B. Mainak (Members).
The Board has also appointed M/s Brahmayya & Co., Chartered Accountants, Chennai as Internal Auditors of the company, with immediate effect.
Amarchand & Mangaldas & Suresh A. Shroff & Co., have been appointed as Legal advisors to the Board.
Over SatyamSatyam (Euronext Amsterdam: SAYE, NYSE: SAY) is een vooraanstaande wereldwijde business- en IT-dienstverlener. Het bedrijf levert diensten op het gebied van advies, systeemintegratie en outsourcing aan klanten in verschillende sectoren.
Satyam beschikt over een brede, functionele expertise, hoogwaardige technologische kennis en een geavanceerd wereldwijd leveringsmodel om bedrijven te helpen bij het optimaal inrichten van hun belangrijkste processen en hun prestaties te verhogen. De professionals van Satyam blinken onder andere uit in engineering, productontwikkeling, supply chain management, CRM, BPM, BI, enterprise integration en infrastructuurbeheer.
Vanuit zijn Development Centres in de Verenigde Staten, Canada, Brazilië, het Verenigd Koninkrijk, Hongarije, Egypte, de Verenigde Arabische Emiraten, India, China, Maleisië, Singapore en Australië bedient Satyam een groot aantal klanten, waaronder uit de Fortune 500. Voor meer informatie:
www.satyam.com.
Voor meer informatie: Lammers van Toorenburg Benelux PR
Lianne van Dijk
Telefoon: +31 (0)30 65 65 070
E-mail:
lianne@lvtpr.nlSatyam Computer Services Ltd.
Sandeep Thawani
Tel.: +44 (0) 20 7715 5000
Email:
Sandeep_thawani@satyam.com Safe Harbor
This press release contains forward-looking statements within the meaning of section 27A of Securities Act of 1933, as amended, and section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements contained herein are subject to certain risks and uncertainties that could cause actual results to differ materially from those reflected in the forward-looking statements. Satyam undertakes no duty to update any forward-looking statements. For a discussion of the risks associated with our business, please see the discussions under the heading "Risk Factors" in our report on Form 6-K concerning the quarter ended December 31, 2007, furnished to the United States Securities Exchange Commission on January 28, 2008 and the other reports filed with the Securities Exchange Commission from time to time. These filings are available at www.sec.gov. This announcement is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration. Any public offering of securities to be made in the United States will be made by means of a prospectus that may be obtained from Satyam and that will contain detailed information about Satyam and its management, as well as financial statements.