3 more members to Satyam Board: Govt

Posted By: Staff
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New Delhi, Jan 15: Three more members were nominated by the Central government to the Satyam Computers Services Limited board raising its strength to 6. Prem Chand Gupta, the Union Minister of Corporate Affairs said the government is strengthening the board and nominater Tarun Das, the chief mentor of Confederation of Indian Industry (CII), T N Manoharan, Ex-President of Insitute of Chartered Accountants (ICAI) and Suryakant Balakrishnan Mainak to the newly consituted board.

Balakrishnan is a nominee of LIC (Life Insurance Corporation if India). Gupta added that the government is ready to take measures necessary in public interest to bring Satyam Computers back on track. He said the three company directors appointed earlier give the impression that Satyam's operations are sound and investors are willing to remain with India's fouth largest IT gaint.

When asked about the appointment of new CEO and CFO of Satyam, he said, "the new board will decide about the new CEO and CFO of Satyam."

One Jan 11, Deepak Parekh, HDFC Chairman, Kiran Karnik, former NASSCOM Chairman and former SEBI member and ex-presiding officer of Securities and Appellate Tribunal C Achuthan was nominated by the government to the Satyam Board of Directors (BoD)

Meanwhile sources said that State Bank of India is willing to provide loan to ailing Satyam if asked. Also Satyam management said that the salary of employees in United States are paid on Thursday, Jan 15. Karnik said that the Board of Satyam will meet on Jan 17.

OneIndia News (With inputs from Agencies)

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