Satyam Computer Services Ltd was founded in 1987 and offered IT services across various sectors. Some key milestones included becoming a public company in 1991, various joint ventures in the 1990s, and expanding to over 30 countries by 1999. In 2008, the company was embroiled in a major accounting scandal where it was revealed that the former chairman, Ramalinga Raju, had inflated cash and bank balances, understated liabilities, and overstated debtors to manipulate the company's financial reports for several years. After the scandal, a new board of directors was formed including leaders from HDFC, Nasscom, and CII. Several companies bid to acquire Satyam, which was eventually purchased by Tech Mahindra.