Just how many clients does Satyam really have According to its 2007-08 annual report, Satyam had 617 active clients. Another 34 came on board in Q1 2008-09 and 33 in Q2. This means Satyams client base should have been 684 by end September 2008.

But filings with NYSE until January 16 stated that Satyam had 690 clients, including 185 Fortune 500 firms as of September 30, 2008. While the difference between the two numbers may only be small, a bigger question is: have more clients left Satyam than is being admitted

The board has been emphatic that only two key clients have left so far, but its NYSE filings for the board meeting on January 17 quietly dropped all specific client numbers. The board hired its legal advisers the same day. Does that imply the NYSE figures of just the day before have dwindled dramatically