It’s been a tough few months for Satyam Computer Services. First, the global economic meltdown; then, its board chairman was arrested on fraud charges, including forgery, breach of trust and criminal conspiracy to the tune of $1 billion. But now the company says its recovery is taking shape.
"The board is satisfied with the progress of the company's stabilization program and appreciates the sustained efforts of the company's associates, who have placed its revival on a fast track," said Kiran Karnik, chairman of Satyam's board of directors.
Associates' commitment to client service and indomitable team spirit have done more than keep customers from leaving Satyam after the company's accounting crisis, which came to light Jan. 7. In fact, since that day, "associates' dedication and the tireless efforts of the board have helped Satyam win new purchase orders and extensions totaling more than $250 million," said Satyam Chief Executive Officer A.S. Murty.
The contract wins include a $50 million project, plus numerous others representing a broad range of industries, technologies and geographies.
Over the weekend, Satyam’s board announced it has established a process for potential strategic investors, and will seek regulatory approvals early next week. Should the government consent, the board will announce the specific process potential investors must follow.
