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'Funding; appointment of CEO, CFO top priority'

business Updated: Jan 17, 2009 14:54 IST

PTI
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Ahead of the crucial board meeting of Satyam Computer Services in Hyderabad on Saturday, Kiran Karnik, one of the six members of the newly constituted board of the crisis-ridden IT firm, said they may discuss the issue of funding as well as the appointment of CEO and CFO.

"The most important issue is funding, I do think that if we can tie up some funding then it will give great comfort to the employees and to the customers," Karnik told NDTV.

On the possibility of the company tapping banks for funds, he said, "We need a bank loan...As this is a viable commercial company. This is not a so called bailout".

Bank loan has certain complications too and we will try to resolve them as we move on, he added.

Besides, the board is also likely to discuss the appointment of Chief Executive Officer and Chief Financial Officer.

"The other important thing is an operational one. The company is running but we need to look what we want to do in terms of management. There is a leadership team, but very quickly we need to get the CFO and CEO," Karnik added.

On Thursday, the government had appointed CII chief mentor Tarun Das, noted chartered accountant and past ICAI president T N Manoharan and S Balkrishna Mainak of LIC on Satyam's board, in addition to Deepak Parekh, Kiran Karnik and C Achuthan.

The board was given the tough task of protecting the interest of over 50,000 Satyam's employees and stakeholders following Raju's revelation of fudging accounts.