Mr Raju had put in his papers and that he was awaiting the company board's decision on the issue.
When contacted, a Satyam spokesperson said: "We are still awaiting news from the management. We will let you know once there is an announcement to make."
The resignation of the chairman, who is also the promoter of the company, could raise issues of succession, which is far greater than him quitting, Mr Shah added.
Shares of Satyam were down 8.5% to Rs 148.60 on the BSE in intra day trading. The company's shares have seen severe beating ever since the company board pushed through a decision to buy out two subsidiaries belonging to the promoters' family. The Satyam board had to later reverse this decision following strong opposition from investors and shareholders.
2 comments:
I am very dissapointed with the overall issue. I have been with satyam for quite some time and this is the first time I felt being very let down. And aboveall, even to a naive person like me who understands very little about take-overs, is is not "common-sense" to consult all the stake holders.
The whole "AIC" (Assciate Investor, Customer) basis on which all satyam framework is based (Satyamway etc.,) looks like is just a Joke. One mistake and it did address all the stake holders (AICs)in one go! Not sure when/how Satyam is going to recover.
And if the Deal was so good, why did the management back track?
I agree with what Sameer has said. If the deal is good for the company then no need for back-tracking
When Satyam gets some award, they need to spend a lot publicising. But when they are having tough times, the media loves to screw them.
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