Government construes a 3-member board for Satyam

12 January 2009

Aftetr having superde its board last week (See: Government nominees to replace Satyam board), the government has moved speedily and put together a respected three-member board at Satyam that even the staunches critics of the gvernment cannot fault. 

The new board it named yesterday, brings together highly respected individuals from the fields of finance, IT and the legal and regulatory affairs.

HDFC chairman Deepak Parekh, former NASSCOM chief Kiran Karnik and former SEBI member C Achuthan constitute the new board in place of Satyam's earlier board during the company's recent travails starting with the aborted attempt to acquire Maytas and its promoters confessions of puffing up the account books of the country's fourth-largest IT firm.

The three members will decide on the chairman from amongst themselves after they meet formally at Hyderabad today to decide on their next step.

''The new board is expected to convene immediately within the next 24 hours to decide on the future course of action. We are confident they would give leadership to the company,'' said minister for corporate affairs, Prem Chand Gupta.

Gupta said that the government and the board would do what is ''in the best interest'' of Satyam, its customers and staff.

He also said additional board members may be appointed as and when required and added that the board would have complete independence to act swiftly.