Fin wizard, IT whizkid, wily investigator form Satyam Board
In what could be construed as clever thinking, the government today put together for Satyam a three-member board that comprises a financial wizard, an IT genius and a wily investigator - the brains needed to turn inside out the scam tainted company and clear the mess.business Updated: Jan 11, 2009 20:51 IST
In what could be construed as clever thinking, the government on Sunday put together for Satyam a three-member board that comprises a financial wizard, an IT genius and a wily investigator - the brains needed to turn inside out the scam tainted company and clear the mess.
True to the saying that only a qualified engineer could be a demolition expert, the government has chosen the best brains in their chosen areas - Deepak Parekh of HDFC, former Nasscom president Kiran Karnik and a former Securities Appellate Tribunal presiding officer and legal adviser to Government, C Achuthan - for the Board that will formally meet on Monday.
The three experts would have a legitimate claim to seek every piece of paper or bit of information that could be related to the Rs 7,800 crore financial fraud that was disclosed by Satyam founder Ramalinga Raju on Wednesday. The trio could prove conducive to investigation being carried out by teams from market regulator SEBI and Serious Fraud Investigation Office of Corporate Affairs Ministry. "The board is expected to meet within 24 hours and decide (the) further course of action," Corporate Affairs Minister Prem Chand Gupta told reporters at a press conference and added more members would be appointed to the Satyam board. The government on Friday sacked the board of Satyam. According to Company Law Board, the new board of the IT major can have a maximum of 10 members.
On a question if the state government would involve CBI in the probe on account of the enormity of the fraud, Andhra Pradesh Chief Minister Y S Rajasekhara Reddy told reporters in Hyderabad that "nothing prevents CBI from inquiring into this... Nothing on earth prevents any other law enforcement agency from inquiring into them."