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Mumbai/Hyderabad: board was released. The BSE struck Satyam from all its major indices, including the Sensex, BSE 100, BSE 200, the BSE 500, BSE Teck and BSE IT.
It is also clear that the other corporates in India are reluctant to take up a strategic stake in Satyam. Narayan Murthy said in an interview, “We have no interest in buying Satyam and we will not touch such a tainted company.” Similarly, Larsen & Toubro also said that its 4% stake in the company was a portfolio investment and ruled out the possibility of a purchase or arrangement.
Speaking to FE, Yogesh Lohiya, CMD, GIC Re said, “The Satyam fraud is a matter of serious concern. We will not just re-evaluate Satyam, but also our exposure to the whole IT sector. The larger issues of corporate governance, the role of institutional nominees, independent directors and auditors need to be introspected now.”
Similarly, the LIC, which has a 4 % stake in Satyam, is keeping a watch on developments before deciding its course of action. “We don’t have board-level representation in the company and as a shareholder, we have to protect our interest,’’ said a senior LIC official. He refused to comment on the possibility of LIC exiting Satyam at this time.
Meanwhile, Maytas Infrastructure, one of the two promoter-group companies of B Ramalinga Raju at the centre of the entire controversy, announced that its chairman & non-executive director, RC Sinha, had resigned. A company filing with NSE states Sinha had cited personal reasons. ...
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