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Indian Government Starts Replacing Satyam’s Board; Firm to Restate Third-Quarter Results

11:45 AM MST | January 12, 2009 | Esther D'Amico

The Indian government has begun replacing the board of directors of IT consulting firm Satyam Computer Services (Hyderabad, India), which is reeling after Satyam’s chairman recently disclosed that he perpetrated years of accounting fraud that overstated results by nearly $1 billion. Satyam says it is in the process of appointing an independent accounting firm to restate its financials and announce third-quarter results, and that its top managers have vowed to remain with the firm. Satyam is also trying to determine its financial liquidity and verify its...

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