Govt appoints new members to Satyam's board

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New Satyam board appointed by Govt
New Delhi, Jan 11: In a bid to save the sinking Satyam Computers, the Central Government on Sunday, Jan 11 appointed three independent directors on the board for Satyam Computers. They are noted banker and HDFC Chairman Deepak Parekh, IT expert and former NASSCOM chairman Kiran Karnik and former SEBI member C Achutan to the IT company's board, said Corporate Affairs Minister PC Gupta.

The new board will have its first meeting on Monday in Hyderabad, where the company is headquartered.

"The board is expected to be convened immediately to decide the further course of action," Gupta said when asked if more people will be appointed to the company's board and if the government was considering a financial bailout package to meet the salary expenses of the company.

The three-member board is expected to meet in the next 24 hours to decide on the other members and chairman. The board can be expanded to include seven more directors.
Gupta said that the board's first priority would be to restore the company's credibility, customer confidence and employee morale apart from safeguarding the interests of investors and other stakeholders.

On demands made by institutional investors positions on Satyam's board, he was non-committal. "All options are open. Whatever is in the interest of the company will be done."
Satyam Computers has welcomed the Union Government's move to disband the existing board.

OneIndia News (With inputs from Agencies)

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