State Farm Insurance Co, which is an US-based insurer, has ended its agreement with fraud-stricken Satyam Computer Services Ltd, a spokeswoman for the Indian outsourcer stated today.
Reportedly, Satyam would issue a statement later today.
India’s No. 4, Satyam software services exporter, has been fighting for existence since Ramalinga Raju resigned as chairman previously this month, bringing forth profits had been misused for years and that $1 billion of cash on the books never existed.
A government-appointed six-member board said it was seeking for a new chief executive and chief financial officer for the company on Saturday.