Govt puts Parekh, Karnik and Ex-SEBI member on Satyam Board

New Delhi, Jan 11 (PTI) Moving quickly to stabilise the
fraud-devastated Satyam Computer, the Indian government Sunday
nominated noted banker Deepak Parekh, IT expert Kiran Karnik
and former Securities and Exchange Board of India (SEBI)
member C Achutan to the IT company's Board.

The three-member board would meet within 24 hours to
decide on the remaining up to seven members along with the
Chairman, Corporate Affairs Minister Prem Chand Gupta told
reporters in a hurriedly called press conference two days
after disbanding the truncated Satyam Board.

On the demand by institutional investors like LIC and
Lazard for a representation on the Board, Gupta said, "All
options are open in the interest of the company."

The board would have eminent personalities from finance,
law, IT and administration, Gupta said.

Gupta said that more members to the board would be
nominated only if needed.

Asked about the priorities before the board, HDFC
Chairman Deepak Parekh told PTI over telephone, "The first
priority would be to meet as soon as possible... we will have
to clear the mess."

"I'm yet to talk to the other members," Parekh said.

Karnik, former President of NASSCOM, also said that the
three newly named board members would meet as soon as
possible and that the first priority is the arrangement of an
operational management.

"We are trying to ensure that India continues to be safe,
secure and reliable destination for IT services," he said. PTI