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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Satyam seeking new investors, auditor after fraud AP - Sunday, February 22 HYDERABAD, India - India's troubled Satyam Computer Services Ltd. said Saturday it will seek new investors and replace its auditors in the wake of a $1 billion fraud scandal. ADVERTISEMENT Following a board meeting Saturday, the software services provider said in a statement that it has set up a process to line up potential strategic investors and next week will seek regulatory approval for that process. The Hyderabad, India-based company, one of India's largest outsourcing companies, also said it has notified the Indian Ministry of Corporate Affairs that it plans to remove PriceWaterhouseCoopers as its auditors. The statement said Price Waterhouse had been notified and resigned from that role. Satyam said the board will soon point a new auditing firm. Two auditors from Price Waterhouse, the Indian unit of PriceWaterhouseCoopers, along with Satyam's founder, his brother and a third top official at Satyam, were arrested earlier this month in connection with the alleged fraud. The chairman and founder, B. Ramalinga Raju, resigned on Jan. 7 after admitting Satyam's profits had been doctored for several years and its balance sheet contained a $1 billion hole. His brother, a company managing director, also quit. The case, which is being investigated by India's market regulator and the U.S. Securities and Exchange Commission, shook faith in India's corporate giants. Satyam shares plunged nearly 80 percent initially on the news, which dragged down the benchmark Sensex stock index 7 percent the same day. Earlier this month, A.S. Murty, a senior vice president who has worked at the company since 1994, was made the new chief executive, and the company secured $130 million in bank loans. On Saturday, board member T.N. Manoharan said in a statement that the new money is being used to cover operating requirements, including payments to vendors. "Furthermore, we are now receiving unsolicited offers from banks for additional funding," Manoharan added. The board authorized Murty to take steps to retain key employees and endorsed efforts under way to cut expenses and boost profits. The new board chairman, Kiran Karnik, said the board is satisfied with progress in the recovery so far. The company noted it has obtained new purchase orders and contract extensions worth more than $250 million since the fraud came to light. 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: Business NEWSMAKER-New Japan finmin in tough fiscal gameReuters - 1 hour 5 minutes ago Australian miner says China takeover saved firmAFP - 1 hour 6 minutes ago Taiwan leader calls for free trade pact with ChinaAP - 1 hour 8 minutes ago Hong Kong telecom workers protest forced leaveAP - 1 hour 9 minutes ago Thai PM denounces protectionist policiesAP - 1 hour 30 minutes ago Most Popular – Business Viewed Huge gamma-ray blast spotted in space Seductive chemicals hidden in sloppy kisses US moves to dispel bank nationalization rumors Malaria: Spoonful of sugar could save thousands of children Bank fears drag down world markets View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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