ID :
40097
Mon, 01/12/2009 - 09:11
Auther :
Shortlink :
http://m.oananews.org//node/40097
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New Satyam Board to meet tomorrow
New Delhi, Jan 11 (PTI) The Indian government Sunday nominated noted banker Deepak Parekh, IT expert Kiran Karnik and former Securities and Exchange Board of India (SEBI) member C Achuthan to Satyam Computer's Board, which will meet Monday at Hyderabad to chart out the future course of action.
"We will meet tomorrow at Hyderabad," HDFC Chairman
Deepak Parekh told PTI.
Parekh along with Karnik, former Nasscom president, and
Achutan was nominated to the board by the government in order
to stabilise the fraud-devastated Satyam Computer Services.
Asked whether he would head the board, Parekh said,
"Decision to this effect will be taken tomorrow when the board
meets for the first time."
The newly appointed board members would be reaching
Hyderabad Sunday night, he added.
Earlier during the day, Corporate Affairs Minister Prem
Chand Gupta said, "The board is expected to meet within 24
hours and decide (the) further course of action."
According to the order of the Company Law Board, the
reconstituted board of the IT major can have a maximum of 10
members.
The government on Friday disbanded the board of Satyam
days after its founder B Ramalinga Raju admitted to a Rs
7,800-crore fraud in the books of the IT company.
Meanwhile, Satyam Computer Services Sunday welcomed the
reconstitution of the board, with the spokesperson saying,
"This is a vital stabilising development for Satyam".
On demands from institutional investors like LIC and
Lazard for representation on the Board, Gupta said, "All
options are open in the interest of the company."
The board, he added, would have eminent personalities
from finance, law, IT and administration, Gupta said. "Further
appointments to the board may be made subsequently as
required," he added.
Meanwhile, sources said the newly appointed board member
would be meeting Sunday night to have informal discussion
before the formal one Monday.
The informal meeting is expected to chart out the
modalities for the Monday's crucial board meeting and the
way forward, sources said.
Earlier during the day, Karnik also said the three-member
board would meet as soon as possible and put in place an
operational management to deal with the present problems.
"We are trying to ensure that India continues to be a
safe, secure and reliable destination for IT services," he
added.
Achuthan said the topmost priority of the team would be
to put back on rail the scam-tainted IT company and ensure
that all those guilty do not go scotfree.
"The first step in the board meeting would be to evolve
the strategy on how to go ahead and restore the damaged image
of the company," the former Sebi member said. PTI DP
AM
NNNN
"We will meet tomorrow at Hyderabad," HDFC Chairman
Deepak Parekh told PTI.
Parekh along with Karnik, former Nasscom president, and
Achutan was nominated to the board by the government in order
to stabilise the fraud-devastated Satyam Computer Services.
Asked whether he would head the board, Parekh said,
"Decision to this effect will be taken tomorrow when the board
meets for the first time."
The newly appointed board members would be reaching
Hyderabad Sunday night, he added.
Earlier during the day, Corporate Affairs Minister Prem
Chand Gupta said, "The board is expected to meet within 24
hours and decide (the) further course of action."
According to the order of the Company Law Board, the
reconstituted board of the IT major can have a maximum of 10
members.
The government on Friday disbanded the board of Satyam
days after its founder B Ramalinga Raju admitted to a Rs
7,800-crore fraud in the books of the IT company.
Meanwhile, Satyam Computer Services Sunday welcomed the
reconstitution of the board, with the spokesperson saying,
"This is a vital stabilising development for Satyam".
On demands from institutional investors like LIC and
Lazard for representation on the Board, Gupta said, "All
options are open in the interest of the company."
The board, he added, would have eminent personalities
from finance, law, IT and administration, Gupta said. "Further
appointments to the board may be made subsequently as
required," he added.
Meanwhile, sources said the newly appointed board member
would be meeting Sunday night to have informal discussion
before the formal one Monday.
The informal meeting is expected to chart out the
modalities for the Monday's crucial board meeting and the
way forward, sources said.
Earlier during the day, Karnik also said the three-member
board would meet as soon as possible and put in place an
operational management to deal with the present problems.
"We are trying to ensure that India continues to be a
safe, secure and reliable destination for IT services," he
added.
Achuthan said the topmost priority of the team would be
to put back on rail the scam-tainted IT company and ensure
that all those guilty do not go scotfree.
"The first step in the board meeting would be to evolve
the strategy on how to go ahead and restore the damaged image
of the company," the former Sebi member said. PTI DP
AM
NNNN
