Corporate Governance Issues at Satyam Computers|Business Ethics|Case Study|Case Studies

Corporate Governance Issues at Satyam Computers

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Case Details:

Case Code : BECG094
Case Length : 18 Pages
Period : 2008-2009
Pub Date : 2009
Teaching Note :Not Available
Organization : Satyam Computer Services Ltd.
Industry : Information Technology/ Software Services
Countries : India

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Introduction Contd...

The resignation followed the announcement the previous day by B. Ramalinga Raju (Raju), Founder and Chairman of India's fourth largest IT services company, Satyam Computer Services Limited (Satyam), that the company had been inflating the revenue and profit figures for past several years. In his resignation letter, Rao, who had recently resigned as independent director on the Satyam board, said, "Unfortunately, yesterday's shocking revelations (by Raju), of which I had absolutely no prior knowledge, mean that we are far from seeing the end of the controversy surrounding Satyam Computers. My continued concern and preoccupation with the evolving situation are impacting my role as dean of ISB at a critical time for the school."7

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On December 30, 3008, Rao, resigned from the board of Satyam. With him, two other independent directors, Vinod Dham (Dham), inventor of the Pentium chip, and Krishna Palepu (Palepu), Professor at the Harvard Business School, also submitted their resignations to the board of the company.

Another independent director, Mangalam Srinivasan8 (Srinivasan), had resigned from the Satyam board a few days earlier, on December 25. The resignations of these directors were the result of an aborted deal by Satyam to acquire two companies run by Raju's sons, Maytas Properties Pvt. Ltd (Maytas Properties) and Maytas Infrastructure Limited (Maytas Infra) for US$ 1.6 billion.

Satyam's board of directors had given its consent for the acquisition. However, when the acquisition was announced publicly, it received flak from the investor community, who did not find any synergies in an IT company acquiring companies involved in construction and infrastructure...

Excerpts >>

7] "Rammohan Rao Quits as ISB Dean,", January 08, 2009.
8] Mangalam Srinivasan, is a management consultant, and advisor to the Center for Kennedy School of Government at Harvard University.


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