40 hopefuls in queue for Satyam's top job | business | Hindustan Times
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40 hopefuls in queue for Satyam's top job

As many as 40 applicants have thrown their hats in the ring for the top job of CEO at scam-tainted Satyam, whose Board meeting is scheduled for Thursday to consider the appointment.

business Updated: Jan 21, 2009 17:52 IST

As many as 40 applicants have thrown their hats in the ring for the top job of CEO at scam-tainted Satyam, whose Board meeting is scheduled for Thursday to consider the appointment.

"We have received around 40 applications for the post of the top job in Satyam... The Board would be meeting tomorrow to consider appointments of the CEO and CFO," Deepak Parekh, an important member of the newly-constituted Satyam Board, told reporters in Mumbai on Wednesday.

On the probe into the affairs of Satyam, Parekh said some of the documents of the company were found to have been forged and that investigations into the scam to find out all the facts would take some time.

Right now, the company is in the process of securing funds and retaining its international clients, Parekh said, adding, "We have a large set of receivables and have asked our sales team to recover them at the earliest."

"We are in the process of raising funds...Unless the accounts are restated and reach some level of accuracy, banks would be reluctant to lend to Satyam," he said.

The Board meet on Thursday would also discuss ways to raise funds for immediate requirements, he said.

Parekh further said that the IT major is also in talks with domestic and overseas clients to regain their confidence in the company, and their response has been mixed.

"They are not happy with the current status of the company's accounts," he said.

The company is also moving towards IFRS accounting standards to ensure transparency. "I strongly believe that the basic corporate governance framework continues to be robust and a few stray instances of mis-governance will not mar our standing," Parekh said.