INFOTECH MARKET

No Decision at Satyam Board Meeting

In its first meeting today, the newly constituted Board by the Indian government for tainted Satyam Computer Services didn’t take any significant decision. It’s waiting for the government to appoint more Board members. 

After dethroning the original Satyam Board members last week, the government had handpicked three new members: C Achuthan, Deepak S Parekh, and Kiran Karnik. In their first meeting held today (Jan. 12), they revealed that the new Board will restore confidence of the Satyam’s customers, employees, investors and other stakeholders.

 
New Board: C Achuthan, Deepak S Parekh, Kiran Karnik

But they couldn’t explain their future approach, saying they’re waiting for the government to appoint more members including the selection of the chairman. 

While rumors are floating around that there will be mass layoffs at the company, the new Board has yet to take decision on the fate of thousands of Satyam employees.  

Meanwhile, the company is in the process of appointing an independent accounting firm to finalize the Q3 results.  

Earlier, Price Waterhouse in India was the auditing firm for Satyam when financial fraud took place. 

Government of India is considering to appoint 10 nominee directors for the interim to handle the current situation at the tech company. 

Photo courtesy: Satyam

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