Business Daily from THE HINDU group of publications
Saturday, Feb 07, 2009
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Business Daily from THE HINDU group of publications Saturday, Feb 07, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Info-Tech
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Stocks Corporate - Corporate Governance
Moumita Bakshi Chatterjee New Delhi, Feb. 6 Rising to the defence of the newly appointed CEO, the Satyam Chairman, Mr Kiran Karnik, on Friday termed the issue of share transactions done by Mr A.S. Murty as an “unnecessary controversy” and said that sale of the shares was done only after “proper approvals”. “We are aware of the transaction. We checked and found that it was done through proper approvals, which were required at that time,” Mr Karnik told Business Line. Mr Murty, who was named as the new Chief Executive Officer of Satyam Computer Services yesterday, had sold 40,000 shares just before the Hyderabad firm’s failed bid for the two Maytas companies in December. According to the information on the BSE, Mr Murty sold 21,000 shares between December 12-15, and 19,000 shares on December 16, the day Satyam proposed $1.6-billion acquisition of two companies promoted by Mr Ramalinga Raju’s son (Maytas Properties for $1.3 billion and Maytas Infrastructure for $0.3 billion). However, investor ire forced the company to call off the deals just a day later. Post the two transactions that virtually coincided with the Maytas fiasco, Mr Murty’s holding stood at 50,065 shares. ‘No surprise’“Mr Murty only sold a part of his holding. Anyone involved in the so-called insider trading would have dumped all his shares,” Mr Karnik said adding, “We looked at all aspects and did not have any doubt on this account as everything has been done in a proper manner with the approvals. It did not take us by surprise.” “We are convinced that he was not involved in any insider trading. The money was required for buying a flat and it was nothing beyond that. We are satisfied on that count,” Mr Karnik added. Calculated on the basis of average BSE closing share prices of Satyam between December 12 and 16, the sale value works out to nearly Rs 90 lakh for the 40,000 shares offloaded by Mr Murty. Satyam insider is CEO More Stories on : Stocks | Corporate Governance | Satyam Computer Services Ltd | People
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