Four government nominees on Mahindra Satyam board to quit
03 Jul 2009
Four of the six government nominated directors will be withdrawn from the board of Mahindra Satyam Ltd on Monday, Company Law Board chairman S Balasubramanian said on Friday. Two of the directors will remain on the board.
Balasubramanian did not clarify why two government nominees would remain on the board of the company, formerly known as Satyam Computer Services. "The government has asked us to recall four directors. The relevant orders will be passed Monday," he said in comments to media organisations on Friday.
"The government has asked us they need not have six directors on Satyam board since the other person has taken control. Only two directors will stay," Balasubramanian said, adding a decision on directors to be retained would be decided by the board.
Kiran Karnik, one of the government appointees, told Dow Jones Newswires that he has requested the government to release him from the company board. "We have done whatever we were assigned to do," he said. "The CLB though has to take a final decision (on whether he will continue on the board)."
Meanwhile, Mahindra Satyam's chief executive officer Chander Prakash Gurnani said the company is regaining customers after the infamous scam at what was formerly Satyam Computer Services.
''The company is now focused on growth,'' Gurnani said in a Bloomberg Television interview. ''Overall, the feedback from the customers is excellent.''
The former head of international operations at Tech Mahindra was appointed at Satyam by the Pune-based software services provider last week.
