Govt Constitutes New Satyam Board

The Government has constituted the new board for troubled IT major Satyam Computers with the appointment of Kiran Karnik and Deepak Parekh as its members. The move is part of the ongoing government effort to salvage the IT major that has been going through trouled times after the Rs 7,000 crore scam involving inflated balance sheets that led to resignation of Ramalinga Raju. Among the members who have been named in the Bord of Directors include former NASSCOM chief Kiran Karnik, HDFC bank head Deepak Parekh and C Achuthan. Though the Board has 10 members, government has nominated only three till now. C Achuthan, former member of SEBI, who is the third member of the new Board, is a legal expert. The government is trying to salvage the IT major and the move is part of this effort. The Minister for Company Affairs PC Gupta told media persons that new Board will hold its meeting in the nexdt 24 hrs. He also said that the Board members will elect a chairman. The company has lost credibility and eminent persons are being appointed to bring the company back on track. The government has hinted that the new Board would convene immediately.

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