October 19, 2012 by Zafar Anjum
Editor’s Note: Last week, we carried excerpts from the forthcoming new book ‘The Resurgence of Satyam – The Global IT giant, (Random House India, Random House Publishers India Private Limited) by Zafar Anjum. That excerpt told the story of the frenzied Sunday when it all began. On 7 January 2009, Satyam’s founder and chairman admitted 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, Venturbay 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.
Cover of ‘The Resurgence of Satyam – The Global IT giant’ by Zafar Anjum
In today’s excerpt, we carry an adaptation of Mahindra Group Chairman Anand Mahindra’s interview with Zafar, in which he looks back at what led to the decision to get involved in Satyam and takes stock of the decision three years after the event.