The Sunday Express brings you the inside story of how, in a little over three months, Satyam, the fourth largest technology company in the country, rose from ignominy and certain collapse to find its feet and a new owner, Tech Mahindra By P. Vaidyanathan iyer & George Mathew

•11 a.m., Sunday, January 11: Kiran Karnik, former Nasscom president, was looking forward to a quiet weekend at home in Delhi after days of travel. Then he got an SOS call from Anurag Goel, Secretary, Ministry of Corporate Affairs, requesting him to be part of a proposed government-appointed board that would, in the coming days, supersede B. Ramalinga Raju and other existing high-profile members in Satyam. Just two days before, Raju had shocked India Inc by admitting to a massive Rs 7,000 crore fraud, prompting many to liken Satyam to Enron.

There was a palpable sense of urgency in Goel’s conversation with Karnik on salvaging the situation. No sooner did Karnik in principle accept the ‘responsibility’ than Goel asked him if he could fly to Hyderabad the same day. This was really pushing the envelope. Though taken aback, Karnik volunteered to check flight availability and revert to him. For a change, the government was in overdrive. The Ministry quickly booked the flight and also arranged for Karnik’s accommodation in Hyderabad. Karnik was impressed. The government worked on Sundays.

•Monday, April 20: Anand Mahindra, Chairman, Tech Mahindra, the new owner of Satyam, will address the first board meeting of the company post the Rs 2,890-crore takeover, giving hope and future to Satyam’s 45,000-50,000 employees. A moment of truth for Satyam and a victory for the government and the regulators.

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