Indian law firm Amarchand & Mangaldas has been appointed as legal advisors to the controversial Satyam Computer Services following the latter's highly publicised fraud scandal.
A new Satyam board constituted on Saturday confirmed the appointment of the law firm as the outsourcing company comes to grips with several legal challenges it is facing. These include a number of class actions filed in the US following a case of fraud committed by former chairman Ramalinga Raju.
Earlier last week, law firm Luthra & Luthra issued a statement denying involvement with Satyam. The firm said that it had only advised Satyam's proposed target company, Maytas Properties, in an unrelated IPO transaction.
"We would like to clarify that Luthra & Luthra Law Offices has not been engaged by Satyam Computer Services Limited in any capacity at any time, including in relation to its proposed buy-out of Maytas Properties Limited," the statement read.
Raju has engaged a local lawyer, Bharat Kumar, for his defence. The long line of law firms that have filed class action suits against Satyam include The Brualdi Law Firm, Harwood Feffer, Glancy Binkow & Goldberg, Finkelstein Thompson, Pomerantz, Vianale & Vianale, Federman & Sherwood, Brodsky & Smith, Dyer & Berens, Sarraf Gentile and Izard Nobel.