Scarcely a month after the world media was flooded with news of the catastrophic terrorist attacks in Mumbai, headlines are once again rife with articles on the global impact of events in India. This time, the news has focused on Satyam Computer Services (“Satyam”), previously one of India’s largest and most prestigious outsourcing providers, and a series of missteps that began in October 2008, when alarming allegations of possible involvement in a customer security breach surfaced in the media. After that news, there were allegations of misdeeds with customers, a failed takeover attempt, and now the chairman’s confession of massive accounting irregularities.
Hunton & Williams has organized a cross-disciplinary team of lawyers to respond to the Satyam situation, including leading outsourcing, data security and insolvency practitioners, as well as local counsel in India. We have also released a second client alert on how Satyam customers should consider dealing with agreements.