Even as the investor community is worried about the developments, Satyam Computer Services has postponed the crucial board meeting, which was to have taken place on Monday (Dec 29).

A Satyam representative said, “The meeting has been postponed to ensure physical participation by all members on the board. The idea is to have extensive discussions on all the issues, including buyback.”

At least two board members, Mr. Vinod K. Dham and Dr. Krishna Palepu, live abroad. The decision to defer this week's board meeting was taken a few days after the company withdrew its plan to purchase the two Maytas companies.

New York-listed Satyam (SAY.N), India’s No. 4 software services exporter, has postponed the meeting to give itself time to mull over a series of alternatives to win back investor confidence that also include steps to strengthen governance.

Though a new date for the meeting has not been specified, it is learnt that it would be held well ahead of the board meeting in the third week of January planned to consider the third quarter results.

Previously, Mr. Dham asked the company management to arrange a special board meeting to address the developments of the last 10 days.

Mr. Vinod Dham, Father of the Pentium and founder-Executive Managing Partner of NEA-Indo US Ventures, said, “As an independent board member, I am working with the Satyam management and other board members to come up with steps that will maximise shareholders interest.”

The Satyam board sanctioned a plan on December 16 to buy Maytas Properties and Maytas Infra for a consideration of $1.6 billion. Though it backed out the decision in a few hours following objections by the investor community, the scrip lost more than 40% in the past 10 days.

“I have suggested that a special board meeting consider various options and address the concerns that have been brought up,” Mr. Dham said.

Mr, Vinod Dham, who worked as Vice-President of Intel’s Microprocessor Products group, has been on Satyam’s board from January 2003.

Meanwhile, Fidelity Investment Trust, which posseses 4.63% through Fidelity Management and Research Company, refused to remark on reports that foreign institutional investors are trying to effect a change in the management.

“We don’t comment on individual cases,” a Fidelity spokesperson said.