Are Satyam’s Top Execs Absconding?
No, says Satyam. In a statement, the company has dismissed media
reports that said Satyam’s top executives including Ram Mynampati,
Virender Aggarwal, and Keshab Panda have run away from India to avoid
investigations in the fraud case that Satyam is facing.
“Satyam flatly denies malicious media reports that suggest executives
– specifically, Ram Mynampati, Virender Aggarwal and Keshab Panda –
left the country to avoid interacting with investigating authorities,”
says the company statement.
It
clarifies that Panda remains in India, while Mynampati and Aggarwal
have returned to the US and Singapore, respectively, where they are
based.
Their
absence from the country is being projected as a need for business
development. Satyam says that it generates 97% of its revenues from
outside of India. So these executives are currently meeting with
customers in their regions.
The
executives remain in constant contact with Satyam’s board of directors
and are available to authorities, according to the statement.
India’s Ministry of Corporate Affairs had disbanded
the original Satyam’s Board and had handpicked three new directors (Deepak
S. Parekh, Kiran Karnik, and C. Achuthan) in the first
attempt.
As the government of India has planned to appoint 10
nominee directors, it has added three more: Tarun Das, T.N. Manoharan,
and S. Balakrishnan.
The new Board is scheduled to meet for the second time
on Saturday (Jan. 17). The first meeting took place on Monday (Jan.
12) when no significant decision was taken.
Meanwhile, Deloitte and KPMG have been given the task to streamline the
accounts at the ailing company.
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