The search for a new CEO and CFO of  the scandal-hit IT major Satyam seems to have reached a conclusion. The names doing the rounds are Homi Khusrokhan, ex-MD of Tata Chemicals and Partho Datta, ex-group finance director of the Murugappa Group,  as finalists for the CEO and CFO respectively.

Khusrokhan, a professional top manager in companies across sectors, is also reported to have been inducted on the Satyam board though there has been no formal announcement.

Till last month Khusrokhan, a chartered accountant and an MSc in economics from the London School of Economics, was managing director of Tata Chemicals (TCL) since October 2006.

Earlier, he was executive director of Tata Chemicals and, before that, managing director of Tata Tea from 2001 to 2004. Prior to joining the Tata Group, he worked for Glaxo Laboratories (India) for 29 years, rising to become managing director of Burroughs Wellcome in 1995 and MD of both Glaxo and Wellcome (India) in 1996, a position he held till he retired in 2000.

Partho Dutta is ex-group finance director of Murugappa Group and before that he served as CFO, Indal, after 25 years in the company.

Corporate affairs minister PC Gupta said the top appointments would be made by week end, though refusing to divulge the shortlisted names.

The main hurdle in the announcement seemed to be the fact that the CEO and CFO are seeking immunity from any legal action against them arising out of the acts of the promoters and former management of the company.

Several class action suits have been filed in the US against Satyam Computer Services. The Satyam board has said that any functionary which this board appoints will also have the similar legal immunity from legal action in India.

However since Satyam is listed on Nasdaq, it is subject to law suits in the US and the laws of the land there and it is uncertain how the class action suits will affect the new appointees in the US.

The board has already been granted a partial immunity from the company law board and the Satyam directors will be exempt from any action by the provident fund authorities as well as cases filed in various courts (See: Satyam's new board granted immunity against legal action)

"To ensure that the present board of directors discharge its function without any apprehension of being subjected to criminal, civil or punitive action, I direct that none of the state or central government agencies shall initiate any action against the present directors," the CLB chairman S Balasubramanian said in an order.