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

Channel gathers to celebrate the Reseller News Innovation Awards 2020 winners

Channel gathers to celebrate the Reseller News Innovation Awards 2020 winners

More than 500 channel leaders gathered in Auckland on 21 October at the ​Reseller News Innovation Awards ​2020 to celebrate the achievements of the New Zealand technology industry's top partners, start-ups, vendors, distributors and individuals.

Channel gathers to celebrate the Reseller News Innovation Awards 2020 winners
Meet the winners of the 2020 Reseller News Innovation Awards

Meet the winners of the 2020 Reseller News Innovation Awards

Reseller News honoured the standout players of the New Zealand channel in front of more than 500 technology leaders in Auckland on 21 October, recognising the achievements of top partners, start-ups, vendors, distributors and individuals.

Meet the winners of the 2020 Reseller News Innovation Awards
Meet the Reseller News 30 Under 30 Tech Awards 2020 winners

Meet the Reseller News 30 Under 30 Tech Awards 2020 winners

This year’s Reseller News 30 Under 30 Tech Awards were held as an integral part of the first entirely virtual Emerging Leaders​ forum, an annual event dedicated to identifying, educating and showcasing the New Zealand technology market’s rising stars. The 30 Under 30 Tech Awards 2020 recognised the outstanding achievements and business excellence of 30 talented individuals​, across both young leaders and those just starting out. In this slideshow, Reseller News honours this year's winners and captures their thoughts about how their ideas of leadership have changed over time.​

Meet the Reseller News 30 Under 30 Tech Awards 2020 winners
Show Comments