"I sincerely apologise to all Satyamites and stakeholders, who have made Satyam a special organisation, for the current situation," said Raju. "I am now prepared to subject myself to the laws of the land and face consequences thereof."
Raju recommended DSP Merrill Lynch be entrusted the task of "quickly exploring some merger opportunities," but the investment banker informed the stock exchanges that it has terminated its engagement with Satyam.
According to Raju, Ram Mynampati will act as an interim CEO. The resignations, ahead of January 10 board meeting, pushed the company into crisis and paved the way for immediate restructuring of the board and the management.
Shares of the company plunged by over 40 per cent soon after the resignations. Satyam, considered a ripe proposition for acquisition, was pushed into crisis after Raju was forced to abandon the acquisition of Maytas Infrastructure and Maytas Properties promoted by his son.
In a regulatory filing the company said Raju would continue to be the chairman till the board is expanded. "Under the circumstances I am tendering my resignation as the chairman of Satyam and shall continue in this position only till such time the current board is expanded. My continuance is just to ensure enhancement of the board over the next several days or as early as possible," said Raju.
