independent directors - Initial Private Opinion

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Tuesday, February 17, 2009 3:49 PM

Subhiksha and ICICI Ventures

Prof. TT Ram Mohan has posted an entry on the ICICI - Subhiksha rift. "Subiksha MD R Subramaniam holds 59% of equity but he apparently contends that the company is actually controlled by ICICI Venture because the latter has the right to appoint a...
Posted by Sandeep Parekh | 9 comment(s)
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Wednesday, February 11, 2009 12:24 PM

Corporate Governance reforms?

I was on a conference call with the Asian Corporate Governance Association (ACGA) on the Satyam episode and it's lessons. I re-iterated that there were some areas including corporate disclosures which needed a wholesome overhaul in it structure and...
Posted by Sandeep Parekh | 1 comment(s)
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Saturday, January 17, 2009 5:06 PM

Satyam - Board minute gems

Stop press - update : Minutes of the audit committee meeting of Nov 2008 satyamAudit.pdf (don't miss the World Bank misrepresentation on pg. 8/9) The Satyam Board of Directors' meeting's minutes of the infamous 16th December 08 are out and...
Posted by Sandeep Parekh | 2 comment(s)
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Sunday, January 11, 2009 7:59 PM

Satyam I - what likely happend

In my FT piece , I discussed what was wrong with the story of the Raju confession, rather than what may be the correct story. Clearly, no one except those who carried out the fraud would likely know the story. Here is what may have happened as pieced...
Posted by Sandeep Parekh | 1 comment(s)
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Thursday, January 08, 2009 10:04 AM

Satyam - introduction to series

I'm going to run a series of pieces on Satyam - please ignore the series if you have had more than your fill of the issue. As more facts seep in, I will keep updating the series as new facts are unraveled, recall, there are very few facts in the public...
Posted by Sandeep Parekh | 6 comment(s)
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Tuesday, December 30, 2008 7:04 PM

Satyam - Board of directors quorum

A piece in the Times of India quotes an anonymous source in the Ministry of Corporate Affairs commenting on Clause 49 of the Listing Agreement - saying the Board meeting of Satyam will not be able to take place in the absence of a majority of directors...
Posted by Sandeep Parekh | 1 comment(s)
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Saturday, December 27, 2008 11:34 AM

Satyam – resignation and poor advice

I thought the resignation of Mrs. Mangalam Srinivasan (or at least the one reported in the news) was very mature. It demonstrated contrition, it was humble and it talked the walk by resigning. She stated she had concerns at the meeting but admitted she...
Posted by Sandeep Parekh | 1 comment(s)
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Wednesday, December 24, 2008 2:25 PM

Satyam - from storm to maelstrom

Just when you thought, things couldn't get worse for Satyam Computers, they do. The Upaid lawsuit in Texas, US, seeking over a billion dollars in compensation and also punitive damages (BTW, Texas is famous for giving fantastical awards in punitive...
Posted by Sandeep Parekh | 2 comment(s)
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Thursday, December 18, 2008 12:14 PM

Satyam Board - thy name is mud

Seems we were all barking up the wrong tree - rather the wrong shrub. There is something far more sinister which has occurred in the self dealing proposal. This is based on a CNBC report I saw yesterday which does not seem to have seeped in at all in...
Posted by Sandeep Parekh | 3 comment(s)
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Wednesday, December 17, 2008 1:25 PM

Satyam - name and reputation are upside down - 2

Compensation of independent directors In case you are curious, here is the list of the independent directors of Satyam and what they were paid last year for attending 3 to 4 Board meetings: Prof. Krishna G Palepu (non-independent but non-executive member...
Posted by Sandeep Parekh | 10 comment(s)
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Wednesday, December 17, 2008 8:04 AM

Satyam - name and reputation are upside down

The story till now in brief: Satyam, one of the leading software and BPO companies of India declared yesterday (16th Dec) after market close that it was planning to buy large stakes (100% and 51%) in two promoter companies. Maytas and Maytas Infrastructure...
Posted by Sandeep Parekh | 8 comment(s)
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Saturday, November 01, 2008 11:27 PM

The government is above the law - Corporate Governance in public sector

A first of its kind SEBI (Securities and Exchange Board of India) order against GAIL India (a listed government controlled company registered under the Indian Companies Act 1956 as a government company) was passed on the 27th Oct 08. It relates to applicability...
Posted by Sandeep Parekh | 4 comment(s)
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