Govt to give 10 new members to Satyam board

Posted By: Staff
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New Delhi, Jan 10: Government's move to appoint 10 nominees replacing the current board of directors for Satyam Computers has been welcomed by company after a Rs 7000 crore fraudulence beleaguered the company.

"We welcome this decision which will ensure uninterrupted operations and restore the confidence of all employees, customers and shareholders across the globe," the Satyam said in a statement.

In view of the government superseding the truncated board comprising two independent directors (T.S. Prasad and V.S. Raju) and whole-time director Ram Mynampati, who is also an interim chief executive, the company has cancelled the board meeting re-scheduled for Saturday.

The new board is expected to meet within seven days of its constitution.

Mynampati has written to market regulator SEBI, the company law board, the IT secretary of the Andhra Pradesh government, IT trade representative body Nasscom and the Confederation of Indian Industry (CII) for recommendations to nominate the independent directors.

OneIndia News (With inputs from Agencies)

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