Satyam's expanded board to meet today

17 January 2009

The new board comprises of initial members HDFC chairman Deepak Parekh, former Nasscom chairman Kiran Karnik and former SEBI member and ex-presiding officer of Securities and Appellate Tribunal C Achutan.

The government had inducted three more board members,  Tarun Das, chief mentor of Confederation of Indian Industry (CII); T N Manoharan, ex-chief of Institute of Chartered Accountants of India and Suryakant Balakrishan Mainak, a nominee of the Life Insurance Corporation of India (LIC).

The government has ruled out a bail out plan, hence the board will have to find other means to raise funds including bank finance. Other urgent maters that will be decided today will be to elect the chairman of the board and a new CEO and CFO.

Several names have been making rounds for the top post at Satyam including Jerry Rao founder Mphasis and former chairman of Hindustan Unilever Ashok S Ganguly.

Company affairs minister Prem Chand Gupta said the first impression from the new directors about the company is that its operations are sound and that "by and large" major customers were willing to remain with the firm.

Satyams requirement of funds
Satyam's liquidity position, newly-appointed board member Deepak Parekh disclosed, are receivables stand at Rs1,700 crore. He also said that Satyam may borrow against assets if there is a need.