UK-based Lazard Asset Management, the largest shareholder of troubled IT firm Satyam Computer Services, today said it has not asked for berth in the restructured board of the company.
"Reports that Lazard Asset Management has sought a seat on the Satyam board of directors are incorrect," the fund house said in an emailed statement.
The statement, however, said, "On behalf of our investment clients, we have communicated to Sebi, the Ministry of Corporate Affairs of India and to the interim management of Satyam."
The communication requested that as a large shareholder, the asset management company would like to be informed on all matters being considered regarding Satyam, it said.
The asset manager holds about 7.4 per cent stake the troubled IT-firm Satyam on whose board the government today nominated HDFC Chairman Deepak Parekh, ex-Nasscom Chief Kiran Karnik and former Sebi member C Achuthan. Yesterday, Corporate Affairs Minister Prem Chand Gupta admitted having received letter from Lazard.
Asked about the whether institutional investors like LIC and Lazard would get representation on the Board, Gupta today said, "All options are open in the interest of the company." "Further appointments to the board may be made subsequently as required," he added.
As per the order of the Company Law Board, which disbanded the board of the Satyam, the reconstituted board of the IT major can have a maximum of 10 members. The government on Friday sacked the board of Satyam days after its founder-chairman B Ramalainga Raju admitted to Rs 7,800-crore fraud in the books of the IT company.
