Satyam board to meet today

The Satyam board will be holding its next meeting tomorrow in Delhi, with members of Tech Mahindra also in attendance as ‘special invitees’.

The board is expected to discuss all matters that are of immediate concern for the company and take stock of ongoing business. It is understood that the board will also discuss a future course of action with regard to the 13 class action suits, as well as the Upaid case which will come up for hearing in June.

“I cannot divulge the details of what will be discussed in the board meet. But all that is of importance for Satyam will be accounted for,” Kiran Karnik, chairman of the board, told Business Standard.

Both Tech Mahindra and Upaid are said to favour an out-of-court settlement. Upaid has filed a case of fraud, forgery and breach of contracts and is claiming damage of $1 billion from Satyam.

Meanwhile, Tech Mahindra, the new owner of Satyam Computer Services, will be able to let four of its senior management join the Satyam board in a week’s time.

In a related development, ICICI Bank has approached the corporate affairs ministry seeking representation on the board of Maytas Infra, a company promoted by the kin of disgraced Satyam founder Ramalinga Raju.