Menu
New board taking charge at scandal-ridden Satyam

New board taking charge at scandal-ridden Satyam

The Indian government has appointed three new board members to scandal-ridden Satyam.

The Indian government appointed three members to the board of Satyam Computer Services on Sunday, promising that the new board will provide direction to the company which is reeling from a financial scandal.

The government, which was criticized for delaying action on Satyam, Friday dissolved the earlier board.

Local police in Hyderabad also arrested on Friday B. Ramalinga Raju, formerly chairman of Satyam, and his brother B Rama Raju who was the managing director. The company's chief financial officer, Vadlamani Srinivas was arrested Saturday.

Ramalinga Raju on Wednesday resigned as chairman from Satyam, after admitting to inflating the profits of the company.

The new board will have to appoint a new chief executive officer or confirm Ram Mynampati, interim CEO at Satyam, who was earlier a business unit head at the company.

The new board will also have develop a plan to raise funds for the company. At a press conference on Thursday, Mynampati cautioned that the company's balance sheet showed liquidity problems.

The new board consists of Deepak S. Parekh, chairman of HDFC Bank, a large financial services company in India; C. Achuthan, director at the country's National Stock Exchange, and former member of the Securities and Exchange Board of India; and Kiran Karnik, former president of National Association of Software and Service Companies (Nasscom), a trade association that promotes India's outsourcing industry.

The government said that the three-person board will meet on Monday. Further appointments to the board will be made subsequently as required, the country's corporate affairs minister Prem Chand Gupta told reporters on Sunday in Delhi. The government said on Friday it would nominate a total of 10 members to the board.

Nasscom welcomed the appointment of the new board saying that it would help to ensure business continuity, build confidence and protect the interests of employees, customers and investors.


Follow Us

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

Tags Satyam

Featured

Slideshows

The making of an MSSP: a blueprint for growth in NZ

The making of an MSSP: a blueprint for growth in NZ

Partners are actively building out security practices and services to match, yet remain challenged by a lack of guidance in the market. This exclusive Reseller News Roundtable - in association with Sophos - assessed the making of an MSSP, outlining the blueprint for growth and how partners can differentiate in New Zealand.

The making of an MSSP: a blueprint for growth in NZ
Reseller News Platinum Club celebrates leading partners in 2018

Reseller News Platinum Club celebrates leading partners in 2018

The leading players of the New Zealand channel came together to celebrate a year of achievement at the inaugural Reseller News Platinum Club lunch in Auckland. Following the Reseller News Innovation Awards, Platinum Club provides a platform to showcase the top performing partners and start-ups of the past 12 months, with more than ​​50 organisations in the spotlight.​​​

Reseller News Platinum Club celebrates leading partners in 2018
Meet the top performing HP partners in NZ

Meet the top performing HP partners in NZ

HP has honoured its leading partners in New Zealand during 2018, following 12 months of growth through the local channel. Unveiled during the fourth running of the ceremony in Auckland, the awards recognise and celebrate excellence, growth, consistency and engagement of standout Kiwi partners.

Meet the top performing HP partners in NZ
Show Comments