Latham and Jones Day head up $600m Satyam auction
Latham & Watkins and Jones Day have won lead roles on the Indian Government-sponsored auction for outsourcing firm Satyam Computer Services, reports The Am Law Daily.On Monday (13 April), the scandal-plagued company announced the sale of a 51% stake in its business to Indian telecommunications company Tech Mahindra in a deal valued at nearly $600m (£403m).Hyderabad-based Satyam found itself on the verge of collapse in early January after founder and former chairman Ramalinga Raju admitted to board members that the company's accounts had been falsified. Last week India's Central Bureau of Investigation charged nine people - including Raju and two of Satyam's outside auditors from PricewaterhouseCoopers - with forgery and fraud.
April 14, 2009 at 07:42 AM
3 minute read
Latham & Watkins and Jones Day have won lead roles on the Indian Government-sponsored auction for outsourcing firm Satyam Computer Services, reports The Am Law Daily.
On Monday (13 April), the scandal-plagued company announced the sale of a 51% stake in its business to Indian telecommunications company Tech Mahindra in a deal valued at nearly $600m (£403m).
Hyderabad-based Satyam found itself on the verge of collapse in early January after founder and former chairman Ramalinga Raju admitted to board members that the company's accounts had been falsified. Last week India's Central Bureau of Investigation charged nine people – including Raju and two of Satyam's outside auditors from PricewaterhouseCoopers – with forgery and fraud.
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