Over the last week or so, the confusion surrounding Satyam, Maytas Properties and Maytas Infrastructure has only grown muddier and deeper.The controversy began when Satyam indicated that it wanted to buy stakes of 100% and 51% respectively in Maytas Properties and Maytas Infrastructure. So what was the controversy about? How did the backlash spread through the company’s top directors? We’ve gotten some email asking for a clearer picture, which is what we hope to bring to you today.
Today, the chairman of Satyam Computer Services, B Ramalinga Raju, resigned, admitting to fraud.
Our expert on the show is Sandeep Parekh, who also writes the Initial Private Opinion blog on the Mint web site. Parekh is a visiting associate faculty at the Indian Institute of Management in Ahmedabad, and he was, until recently, an executive director at the Securities and Exchange Board of India, heading up the Legal Affairs and Enforcement departments. Parekh has previously worked for law firms in Delhi, Mumbai and Washington DC, and he was recently honoured as a Young Global Leader by the World Economic Forum.