The merger on Tuesday brought closure to a long story that began with an explosive disclosure of corporate fraud by erstwhile Satyam promoter B Ramalinga Raju in January 2009. The developments also changed the pecking order in the Indian IT sector to now create the 5th largest entity with a $2.7 billion turnover. Jan 7,2009: Chairman and founder of Satyam Computer Services,Ramalinga Raju resigns from the company,admitting fudging of accounts to the tune of over Rs 7,000 crore in a letter to the board. Jan 9,2009: Raju and his brother,B Rama Raju are arrested by the Andhra Pradesh police on charges of forgery and cheating; government announces superceding of the Satyam board. Jan 10,2009: Company Law Board bars the Satyam board from functioning,appoints nominee directors. Jan 11,2009: Centre nominates Deepak Parekh,Kiran Karnik and C Achuthan on the board. Jan 13,2009: Govt orders serious fraud investigation office to probe the scam. Jan 15,2009: Tarun Das,T N Manoharan and SB Mainak appointed on the board. Feb 2,2009: M&M expresses interest in acquiring Satyam. Feb 5,2009: Govt-appointed board names AS Murthy as the new CEO of Satyam. Feb 13,2009: The new board starts process to sell company. Feb 17,2009: Satyam case handed over to CBI. Feb 18,2009: Government moves CLB to supercede the boards of the two Maytas firms. Feb 21,2009: Satyam board approves process to invite offers from suitors. Feb 26,2009: CLB refuses to supercede Maytas firms boards. March 6,2009: Sebi gives nod to sell 51% in the company. April 13,2009: Through a public auction process,Tech Mahindra through its subsidiary VenturePay acquires Satyam. June 22,2009: The merged entity named Mahindra Satyam effective July. June 23,2009: Tech Mahindra appoints CP Gurnani as the new CEO of Mahindra Satyam and S Durgashankar as the new CFO. March 21,2012: Tech Mahindra announces its plan to merge with Mahindra Satyam. Sept 5,2012: Andhra Pradesh HC decides on IL&FS petition against the merger of the two entities. Oct 18,2012: Raju,along with his brother released on bail after spending nearly 3 years in jail. Dec 7,2012: Andhra Pradesh High Court seeks more clarity on Satyams account,delaying its merger with Tech Mahindra. June 11,2103: Andhra Pradesh high court clears the merger of Satyam and Tech Mahindra. June 25,2013: Tech Mahindra completes takeover of its partly-owned unit Mahindra Satyam,the new entity to retain the name Tech Mahindra.
