Scandal Events Unfolded

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Scandal Events Unfolded

16 Dec 2008: Satyam deal to buy Raju-family-controlled companies, Maytas Infra and Maytaz Properties approved. Deals worth $1.6 billion.

-17 Dec: The market panics and Satyam share price plummets form Rs 190 to Rs 169.40 in one day. They Maytas buy is scrapped.

-6 Jan 2009: Share price is at 139.70.

-7 Jan: Raju confesses to massive accounting fraud but claims his friends and relatives knew nothing about it. Share price sinks to Rs 42.80.

-9 Jan: Raju and his brother, B. Rma Raju are arrested. Government dissolves Satyam's board.

-11 Jan: Independent board appointed to run the firm.

-24 Jan: Pricewaterhouse auditors arrested for their involvement in the scandal.

-27 Jan: Board of Satyam announces it will sell the company. They hire Avendus and Goldman Sachs.

-5 Apr: Three Satyam finance employees arrested.

-7 Apr: Police file charges against Raju.

-9 Apr: Board of Satyam announces bidding for the firm is open.

-13 Apr: Bid by Tech Mahindra wins, at Rs 58 per share. This values Satyam Computers at $1.1 billion.

More news on Satyam Computers: Satyam's Demise and the Future of India's IT Industry

Charles Cole, EconomyWatch.com