Enterprise license for Monadnock Research Notes published in December 2008 and January 2009 related to the Satyam corporate fraud issue, including:

Satyam's board of directors appoints the Boston Consulting Group (BCG) as management advisors to support directors and the firm's leadership team during its "revival process." BCG agrees to work for no fee. Satyam appoints Goldman Sachs and Avendus as investment bankers to advise the company as it explores strategic options. PricewaterhouseCoopers' Indian affiliate suspends two partners after their arrest for alleged complicity in the Satyam fraud.

Indian Regulators Seize Control of Satyam; Founders and Financial Chief Jailed: Indian law enforcement and regulators seized control of Satyam, firing its three remaining board members and naming replacements. Deloitte and KPMG were appointed to review the firm's financials and prepare a restatement of the accounts that were audited by PwC. Satyam founder and Chairman, B. Ramalinga Raju, has been arrested and jailed along with his brother, Rama Raju, the company's Managing Director, and Srinivas Vadlamani, Satyam's CFO.

World Bank Discloses Corporate Procurement Program Debarments: The World Bank Group has made public the details of all companies and individuals, including a large number of consultancies, that have been debarred from receiving direct contracts under its corporate procurement program. The change was made in the interest of fairness and transparency.

Satyam Founder Resigns; Admits to Falsifying Financial Records for Years: Satyam's chairman and founder, B Ramalinga Raju, resigned after admitting in a letter to the company's board to fraudulently over-stating Satyam's revenues, profits, and assets for "the last several years." India's Enron may cast PwC as India's Arthur Andersen. Includes full-text of Raju letter.

Satyam Abruptly Cancels $1.6 Billion Plan to Diversify Beyond Consulting and IT Services; Corporate Governance Questioned: Satyam has reversed direction and abruptly canceled plans to diversify beyond consulting, IT services, and outsourcing, and into real estate and infrastructure development. Investors objected to the diversification strategy that was announced less than two weeks ago, and questioned the transparency of the proposed transactions.

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