October 10, 2012 by Zafar Anjum
Inside story of Satyam: the frenzied Sunday that changed it all
Editor’s Note: The story begins on 7 January 2009, with Satyam’s founder and chairman admitting to cooking the books of his own company to the tune of $1 billion. The news stuns the corporate sector. After all, at that time, Satyam counted 185 of the Fortune 500 companies as its clients. In April 2009, after a bidding and evaluation process, Venurbay Consultants Private Limited, a 100 percent subsidiary of Tech Mahindra, becomes the new owner of Satyam. In June that year, Satyam is rebranded as Mahindra Satyam. The rest is history. In this excerpt from the forthcoming new book ‘The Resurgence of Satyam – The Global IT giant, (Random House India, Random House Publishers India Private Limited) Zafar Anjum recreates the eventful Sunday after the Rajus and their CFO were arrested, a day of breakneck activity which saw the government reach out to Kiran Karnik, Deepak Parekh and C Achutan and convince them to join the proposed new board.