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Mumbai : Investment banker DSP Merrill Lynch on Wednesday said it has terminated its services with software services firm Satyam, after coming to know about the ‘material accounting irregularities’ in the IT firm.
The investment banker, which was appointed by Satyam Computer to consider strategic options, had on Tuesday communicated to the company about the said termination.
"We, DSP Merrill Lynch Limited, have terminated our advisory engagement with Satyam Computer Services Ltd for considering various strategic options on January 6, 2009," DSP Merrill Lynch said in a statement.
"In the course of such engagement, we came to understand that here were material accounting irregularities, which prompted our aforesaid decisions," Merrill Lynch added.
However, Ramalinga Raju, in his letter to the stock exchanges released early today confessing of irregularities in accounts, said that he hoped financial adviser DSP Merrill Lynch would stand by the company at this crucial hour.
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