The outsourcing company Satyam Computer Services postponed its board meeting until Jan. 10 to give itself time to consider a series of options to shore up investor confidence.
Shares of Satyam, which is listed on the New York Stock Exchange, have plummeted by about 40 percent since a botched effort two weeks ago to buy two infrastructure companies.
The board was expected to meet on Monday to consider a share buyback, but news last week that the company had been barred from doing business with the World Bank added to its woes.
Satyam, based in Hyderabad, India, said in a statement issued late on Saturday night its board would consider measures to strengthen the company’s governance structure, including increasing the size of the board and altering its composition.
“In order to ensure that these questions are properly addressed, and that the interests of stakeholders are fully and carefully considered, Satyam has decided to broaden the scope of its deliberations beyond a possible buyback of its stock,” its chairman, B. Ramalinga Raju, said in the statement.
It had also hired DSP Merrill Lynch to review the company’s strategic options.
http://www.nytimes.com/2008/12/29/business/worldbusiness/29satyam.html?_r=1&partner=rss&emc=rssI would not shed a tear for them if they collapsed into obscurity.
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