New board to focus on stabilising Satyam

17 January 2009

Hyderabad: The expanded board of crisis-stricken Satyam Computers met today for the second time in six days to discuss the immediate action plans for the company.

This is the first meeting following the decision of the Ministry of Corporate Affairs' to nominate an additional three new members to this Board. The Board today had extended deliberations on matters relating to enhancing liquidity, leadership issues and customer concerns.

On 12 January the three-member board comprising HDFC chairman Deepak Pareekh, former NASSCOM chief Kiron Karnik and former SEBI board member C Achuthan met to work out an accelerated recovery of dues from the fourth-largest software exporter's clients.

Till such time a chairman is appointed by the central government, in line with the directions of the company law board, it was decided that one of the members of the board will chair the meeting, by rotation. Today's meeting was chaired by Parekh.

The board confirmed that the search for the CEO and CFO continues and that till such time these appointments are concluded, it will continue to meet on a weekly basis, to address ongoing issues. Satyam business leaders made a detailed presentation to the board, which has asked them to continue to lead their respective operations.

The board reaffirmed its confidence in Satyam's employees and their ability to continue delivering high quality work, as per the stated service level agreements.