Financial Daily from THE HINDU group of publications
Tuesday, Dec 10, 2002
Financial Daily from THE HINDU group of publications Tuesday, Dec 10, 2002 |
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Info-Tech
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Internet Corporate - Announcements Satyam Infoway is now Sify; new faces on board Our Bureau
CHENNAI, Dec. 9 THE shareholders of Satyam Infoway Ltd today approved the company's change of name to Sify Ltd. Further, the board is to be reconstituted, following the entry of new investors into the company. In a statement, the company said that the board of directors, after the closure of investment, would include Mr Eric Hsia and Mr Ravi Chandra Adusumalli of South Asia Infrastructure Fund (SAIF), Mr Sandeep Reddy of VentureTech and Mr Donald Peck of South Asia Regional Fund. Mr S. Srinivasan and Mr T.H. Chowdary would be independent directors, while Satyam Computer Services' new nominees would include Mr K. Thiagarajan and Mr V. Srinivas, replacing Mr B. Ramalinga Raju and Mr Srini Raju. It may be recalled that Sify had announced the entry of new investors into the company September last. These include South Asia Infrastructure Fund (which is co-promoted by Softbank and Cisco), the South Asia Regional Fund and VentureTech. The shareholders also approved the said investment, the statement said. They also approved a proposal to reappoint Mr R. Ramaraj as Managing Director of the company for a further period of five years effective April 1, 2003 and change the company's name to Sify Ltd, subject to Government's approval.
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