INFOTECH MARKET

New Directors at Satyam Board

As a damage-control measure, India’s Ministry of Corporate Affairs had disbanded the Satyam’s Board last week. Now the Ministry has appointed three new directors. The move is aimed to win back the confidence of shareholders, employees, and other stakeholders in the local and global markets.

The new Board members are: 

• Deepak S. Parekh, Chairman of HDFC Bank
• Kiran Karnik, former President of NASSCOM
• C. Achuthan, Director at the National Stock Exchange, former Member of Securities and Exchange Board of India (SEBI), and  former Chairman of Securities Appellate Tribunal.

"This is a vital stabilizing development for Satyam, and it marks the beginning of a new chapter in the company's history. It is the best news we've received in the past four weeks," a company spokesperson said.

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