Satyam board meeting to be held on Monday postponed

The board meeting of Satyam Computer Services that was to be held on Monday to discuss the acquisition fiasco and the tiff with the World Bank has been postponed, a company official said late tonight.

“The next date of the board meeting is not clear,” an official of the country’s fourth-largest IT services company said on the condition of anonymity, but indications are that the meeting was deferred due to division among directors and resignation of one independent director.

US-based Mangalam Srinivasan resigned from the board earlier this week taking moral responsibility for failing to prevent the IT major’s move to acquire two companies promoted by Chairman Ramalinga Raju’s sons.

The board meeting originally was also scheduled to discuss a share buyback programme to mollify investors who were livid at the company’s move to acquire firms — Maytas Properties and Maytas Infrastructure.