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New directors to run Satyam
By M.C. Govardhana Rangan |
January 12, 2009, Monday
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DEEPAK Parekh, chairman of Housing Development Finance Corp, and two directors were appointed to run Satyam Computer Services Ltd as India detained the software company's founder in the nation's biggest corporate fraud.
"First we need to go and assess the magnitude of the issue," Parekh told Bloomberg News yesterday.
"Then we have to work on the re-statement of accounts."
Kiran Karnik, ex-president of the nation's software industry lobby group, and former regulator C. Achuthan were also appointed to Satyam's board, Corporate Affairs Minister Prem Chand Gupta said in New Delhi yesterday. The previous directors were sacked on Friday when Chairman Ramalinga Raju was arrested.
The new management will work to retain Hyderabad-based Satyam's customers including Telstra Corp and safeguard 53,000 jobs. Satyam was sued by investors in at least three class-action lawsuits in the United States following the plunge in its shares after Raju said he falsified accounts for several years. "The board's first priority will clearly be to restore the company's credibility, customer confidence and employee morale, as also to safeguard the interests of investors and other stakeholders," Gupta said. "I'm confident these persons will be able to give the kind of leadership to the company which is required."
A Hyderabad magistrate on Saturday remanded Raju, Satyam's founder, and his brother Rama to judicial custody until January 23. Satyam Chief Financial Officer Srinivas Vadlamani was questioned by police on Saturday and subsequently arrested, Inspector General V.S.K. Kaumudi said.
The brothers were detained on charges including forgery, breach of trust and criminal conspiracy, Kaumudi said on Friday.
"First we need to go and assess the magnitude of the issue," Parekh told Bloomberg News yesterday.
"Then we have to work on the re-statement of accounts."
Kiran Karnik, ex-president of the nation's software industry lobby group, and former regulator C. Achuthan were also appointed to Satyam's board, Corporate Affairs Minister Prem Chand Gupta said in New Delhi yesterday. The previous directors were sacked on Friday when Chairman Ramalinga Raju was arrested.
The new management will work to retain Hyderabad-based Satyam's customers including Telstra Corp and safeguard 53,000 jobs. Satyam was sued by investors in at least three class-action lawsuits in the United States following the plunge in its shares after Raju said he falsified accounts for several years. "The board's first priority will clearly be to restore the company's credibility, customer confidence and employee morale, as also to safeguard the interests of investors and other stakeholders," Gupta said. "I'm confident these persons will be able to give the kind of leadership to the company which is required."
A Hyderabad magistrate on Saturday remanded Raju, Satyam's founder, and his brother Rama to judicial custody until January 23. Satyam Chief Financial Officer Srinivas Vadlamani was questioned by police on Saturday and subsequently arrested, Inspector General V.S.K. Kaumudi said.
The brothers were detained on charges including forgery, breach of trust and criminal conspiracy, Kaumudi said on Friday.
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