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Satyam seeks to start anew
Source: Agencies |
February 23, 2009, Monday
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Print Edition
Print Edition
INDIA'S troubled Satyam Computer Services Ltd said on Saturday that it will seek new investors and replace its auditors in the wake of a US$1-billion fraud scandal.
Following a board meeting on Saturday, the software services provider said in a statement that it has set up a process to line up potential strategic investors and this week will seek regulatory approval for that process.
The Hyderabad-based company, one of India's largest outsourcing firms, also said that it plans to remove PricewaterhouseCoopers as its auditors. It said PwC had been notified and resigned from that role. Satyam said the board will soon appoint a new auditing company.
Two auditors from PwC along with Satyam's founder, his brother and a top official at Satyam were arrested earlier this month in connection with the alleged fraud.
Following a board meeting on Saturday, the software services provider said in a statement that it has set up a process to line up potential strategic investors and this week will seek regulatory approval for that process.
The Hyderabad-based company, one of India's largest outsourcing firms, also said that it plans to remove PricewaterhouseCoopers as its auditors. It said PwC had been notified and resigned from that role. Satyam said the board will soon appoint a new auditing company.
Two auditors from PwC along with Satyam's founder, his brother and a top official at Satyam were arrested earlier this month in connection with the alleged fraud.
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