(By Anthony Miller – Thursday, 16th April 2009 4:00pm). It’s nice to know that the Indian government has kept its sense of humour over the Satyam affair. I am in receipt of a copy (sent to me by Satyam) of the Order before the Honourable Company Law Board (CLB) Principal Bench, New Delhi, for yesterday’s hearing to approve Tech Mahindra’s purchase of the 31% stake in Satyam pursuant to taking control. Item 1 on the Order reads as follows:“An apt title to this order could be “Adoption of Orphan Satyam”. Or “Orphan Satyam Adopted”. Apparently a healthy and smiling company, having won various laurels – mostly in relation to corporate governance, became a weeping orphan overnight when its promoter – Shri Ramalinga Raju – abandoned it after making a confessional statement on 7th January 2009 of fudging the accounts of the company to the tune of over Rs. 7,000 crores (Ed. $1.4bn)”.
I don’t doubt this had the judges rolling in the aisles as the CLB approved the Order forthwith!
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