| Font Size |
Returning from the US ahead of the December 16 meeting, wherein the company decided to go in for the Rs 8,000 crore acquisition of two firms related to his family, Raju had told the board that IBM and another company are going to take over the Indian IT firm because of its strong cash balances, a member present at the meeting said.
Raju also warned that after the takeover of Satyam, pink slips could be issued by the acquirer to enhance profits, the member said on the condition of anonymity.
To avoid this, Raju urged the members, in an informal pitch before the meeting commenced, to take what is known in the corporate world as a 'poison pill'. His suggestion was that Satyam should enter sectors where IBM and their likes would have no interest, to deter hostile takeovers.
Subsequently, the board was given presentations on Maytas Infra and Maytas Properties with the valuation, an issue on which some members wanted more clarity and adhere to certain basic parameters before going ahead with the deal though agreeing for it in principle.
Discuss this story on expressindia forums
|
|
Andhra State (amethi) is a Congress shelter as its people are naive voting corrupt and moralless people to power. No wonder! Many farmers committed suicide unable to pay the loan sharks with no State help. The State Ministry including CM should be sacked for allowing Satyam scam to be India's Enron. Several thousands have lost their life's savings for trusting Satyam who cooked their account books for years betraying the investors who had trusted them. The Raju bros are worst than the Naxalites of Andhra Pradesh. Satyam faces a class action lawsuit in NYcourt for securities fraud. They should not be granted bail. They are scums of Indian society.
Raju has ruined the lives of hundreds of thousands of middle income shareholders who have parked a major portion of their funds in his company based on his falsification of company assets and earnings.How many gererations would it take for a person to earn what he has faked?Imagine the mental torture that he has subjected these ordinary shareholders to, some maybe at this point in time even contemplating suicide.Raju should be hanged - no mercy here, hang him !!!
Did this Board member compared the market value of Satyam as it was at that time with 'Cash balances'. He could have called off the bluff instaed of taking th poison pill. Even the poison pill was a new innovation. Board members swallowed it but shareholders were dead.