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"Don't Believe in Rumours" : Raju|
- By CXOtoday Staff, Dec 31, 2008 1352 hrs IST
- Tags : Raju, Satyam, Maytas
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Raju (founder-chairman) of Satyam, told his employees to beware of speculation and rumours following the Maytas' deal fiasco.
The company had witnessed loss of investor confidence in the management in the past two weeks. Questions were raised on the viability of the company's business strategy to diversify and the effectiveness of its corporate governance.
In a letter addressed to his employees, he wrote 'we are committed to the IT services and BPO business as it has been since the company's inception in 1987. While the idea that we could diversify into an unrelated business was rejected by our investors, it was formed with the belief that doing so would not imperil our leadership in our core business or lessen our commitment to it, and that all stakeholders would benefit.'
Raju said that steps were taken to strengthen the board by changing its size and composition, and engaging DSP Merrill Lynch to provide strategic advice and options.
The board will meet Jan 10 to consider the options and chart a course of action to boost stakeholders' confidence.
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