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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Indian government boots out directors of fraud-hit IT firm AFP - 1 hour 32 minutes ago MUMBAI (AFP) - - India on Friday kicked out the directors' board of fraud-hit Satyam Computers and said it will name representatives to manage the affairs of the disgraced outsourcing giant as reports said the company's founder-chairman had surrendered to police. "The current board ceases to exist and there would not be any meeting tomorrow (Saturday)," Corporate Affairs Minister Prem Chand Gupta announced in New Delhi. "The new board of directors will meet in the next seven days," Gupta told reporters, adding the wrongdoing by the Hyderabad-based firm would be investigated as per federal laws. On Friday night television channel CNBC-TV18 reported that founder-chairman B. Ramalinga Raju had surrendered to Andhra Pradesh state police in Hyderabad. New York-listed Satyam, India's fourth-biggest software firm with clients in 65 countries, has in recent years been on the investment list for several top Indian and global mutual funds. But nervousness set in on reports that at least two US shareholder lawsuits had been filed against the firm by late Wednesday. That followed revelations by Raju Wednesday that company accounts and assets were falsified and profits inflated to the tune of more than one billion dollars. Satyam's board had tried damage-control, pledging to investigate the swindle and rectify mistakes in the wake of the admissions. They insisted they were unaware of the scam, which has prompted comparisons with the collapse of US energy giant Enron and generated fears over the impact on foreign investment in Indian business and on corporate governance standards. Satyam shares plunged again Friday, as investors dumped the sinking stock and the markets regulator served a summons on Raju. Shares in the firm plummeted 71.2 percent or 28.45 rupees (58 US cents) to a day's low of 11.5 rupees in early Friday trade, but recovered partially to close at 23.85 rupees. The 30-share Sensex fell 180.41 points or 1.88 to 9,406.47. "The ongoing investigation could reveal more bad news, which kept sentiment down," said a dealer with brokerage Crosseas Securities. Raju's lawyer, S. Bharat Kumar, said the Securities and Exchange Board of India had served a legal summons for his client to appear for a hearing. The law firm of Izard Nobel filed a suit seeking a class action in New York on behalf of people who purchased the American Depositary Receipts (ADRs) of Satyam Computer between January 6, 2004, and January 6, 2009. The suit alleges that Satyam and its executives violated US securities laws "by issuing materially false and misleading statements," the firm said. Satyam ADRs, or US-traded shares, fell 90 percent after the fraud was revealed. Another lawsuit was filed in New York by the firm Vianale and Vianale, based in Florida, a statement from the law firm said. "Strategic and long-term investors will now be seriously discouraged by untrue financials and suspicion that Raju could not be the only one involved in the scam (and some in the company could be involved)," said Viju George, an analyst with brokerage Edelweiss Securities. "People do not want anything to do with the company. We believe the entire company will come under legal scrutiny," said Nirmal Jain, chairman and managing director with equity research firm India Infoline. Responding to the fraud, the Mumbai stock exchange said it would replace Satyam with Sun Pharma in its 30-share Sensex index, while Reliance Capital would replace it on the National Stock Exchange's Nifty index. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy Disney plans to build Shanghai theme parkAP - 20 minutes ago Indian government boots out directors of fraud-hit IT firmAFP - 1 hour 32 minutes ago Mexico central banker: 4Q economic growth negativeAP - 2 hours 29 minutes ago Indian oil workers end crippling fuel strike: officialsAFP - Saturday, January 10 Related Articles: Business U.S. judge rules against Rambus in Micron caseReuters - 14 minutes ago Seattle Post-Intelligencer up for saleAP - 16 minutes ago Hopes for resumption of Russian gas supplies sinkAP - 17 minutes ago Robert Rubin quits Citigroup; Citi's shares dropReuters - 19 minutes ago Disney plans to build Shanghai theme parkAP - 20 minutes ago Enlarge Photo Indian government boots out directors of fraud-hit IT firm Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Marks & Spencer to axe 1,230 jobs and close 27 stores Citigroup: 2-billion-dollar exposure to LyondellBasell Finance fights sex for Aussie dictionary honour Israel presses on with Gaza strikes despite UN resolution Half the planet could be hit by food crisis by 2100: study View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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