More Satyam directors within two days: Govt official

Tags: News
The government is likely to appoint more directors on the board of the crisis-ridden Satyam Computer Servicesatyam soon.

"More directors will be appointed within two days," a senior official of the Ministry of Corporate Affairs said today.

The government earlier appointed a three-member board comprising HDFC chairman Deepak Parekh, Nasscom past president Kiran Karnik and past presiding officer of Securities Appellate Tribunal (SAT) C Achuthan to steer the beleaguered company out of the present crisis.

Among the probables, the government is considering to appoint noted industry expert and former chairman of the Hindustan Lever (presently Hindustan Unilever) Ashok S Ganguly to the Satyam Board.

In view of the disclosure by Satyam's founder-chairman B Ramalinga Raju that company was doctoring account books, the government disbanded the existing board of the IT major and appointed its own nominees.

As per the Company Law Board (CLB) decision on Satyam, the board of the IT major can have a maximum of 10 directors.

After the first meeting of the newly constituted three-member board on Monday, Parekh had said the board would elect a chairman after more members are appointed by the government to the Satyam Board.

Corporate Affairs Minister Prem Chand Gupta, while announcing the three-member board had said, "further appointments to the board may be made subsequently as required".

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.
Image CAPTCHA
Copy the characters (respecting upper/lower case) from the image.

FC NEWSLETTER

Stay informed on our latest news!

EDITORIAL OF THE DAY

  • Inheritance tax can open Gates to corporate responsibility

    Tech kids — Rishad Premji, Akshata Murthy, Shruti Shibulal, Arihant Gajendra Kumar Patni and Uday Jain — are today crorepatis by virtue of their s

INTERVIEWS

Deepak Chandnani

President, Obopay

Anand Sharma

Commerce and industry minister

Thomas Matthew

MD, LIC

COLUMNIST

Varun Dutt

Carbon storage has challenges

According to so­me experts, global coal consumption is projected to ...

Paulo Coelho

Navel was sacred in ancient cultures

It was precisely a poster of Britney Spears that made ...

Bubbles Sabharwal

When you want to see God, don’t look up, look within

A friend in school, who was not too bright, not ...