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Who will Wear the Thorny Crown at Satyam?

After its top brass was imprisoned last week, the government-appointed Board of Directors at Satyam Computer Services has begun head hunt to identify people for the posts of CEO and CFO. Deloitte and KPMG are already in to streamline the accounts at the ailing company. 

Satyam announced that its Board of Directors has launched a search to identify candidates for the positions of Chief Executive Officer (CEO) and Chief Financial Officer (CFO) of Satyam. 

This is to fill the vacancies resulting from the resignations of Rama Raju, Satyam's former CEO, and Srinivas Vadlamani, its former CFO. 

Meanwhile, the Board has also appointed Deloitte and KPMG to assist it in the restatement of accounts. 

Earlier, PricewaterhouseCoopers India was the auditing firm for Satyam when financial fraud took place.  

Last week, as a damage-control measure after Satyam’s financial fraud was exposed, India’s Ministry of Corporate Affairs had disbanded the Satyam’s Board and had appointed three directors from its own side. They are: Deepak S. Parekh, Kiran Karnik, and C. Achuthan. 

More directors are likely to be appointed.

For more information, visit India Market.

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