B. Ramalinga Raju, Satyam chairman may have done his bit to undo the damage on the Maytas deal, but his answers have not satisfied some of the company''s most high profile investors, who now want more accountability. More than 25 high profile investors in Satyam are coming together to form a body, in order to make a formal representation to the company''s management. Some of Satyam shareholders such as SBI Mutual Fund, Reliance MF and Templeton MF, Birla Aberdeen, will be a part of this formal association.
This formal group will also make a representation to market regulator SEBI in order to ensure some action against such moves made by Satyam. They have also asked Raju to come to Mumbai to give some direct answers to them after the buy back meeting happens later this month. Foreign investors and institutions together hold about 60 per cent in Satyam whereas the promoters hold less than 10 per cent.
The Satyam-Maytas deal fiasco has raised questions on the company''s corporate governance norms. Even though the deal was called off, the role of independent directors occupied center stage. While these development have left the IT giants stock getting hammered, investors like Aberdeen who hold more than 5 per cent continue to sense an opportunity to have a more active say.For high profile investors to come together will be the first ever such move in a country where they rarely speak in one voice rarely.
This formal group will also make a representation to market regulator SEBI in order to ensure some action against such moves made by Satyam. They have also asked Raju to come to Mumbai to give some direct answers to them after the buy back meeting happens later this month. Foreign investors and institutions together hold about 60 per cent in Satyam whereas the promoters hold less than 10 per cent.
The Satyam-Maytas deal fiasco has raised questions on the company''s corporate governance norms. Even though the deal was called off, the role of independent directors occupied center stage. While these development have left the IT giants stock getting hammered, investors like Aberdeen who hold more than 5 per cent continue to sense an opportunity to have a more active say.For high profile investors to come together will be the first ever such move in a country where they rarely speak in one voice rarely.
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