On December 16, 2008, the board of Satyam Computer Services approved the purchase of two companies, Maytas Infra and Maytas Properties, for 1.6 billion dollars. Investors protested, and Satyam called the deal off.
Business Standard later reported on the minutes. Several of the five independent directors had raised concerns. As the meeting began, one of them, Mangalam Srinivas, warned the board against being a “rubber stamp to affirm decisions already reached.” The minutes still referred to “the unanimous approval by the board members.”