Govt announces three-member board for Satyam
In an attempt to stabilise the fraud-devastated Satyam Computer, the Govt nominated noted banker Deepak Parekh, IT expert Kiran Karnik and former SEBI member C Achutan to the IT company's Board. 'New Satyam Board to chalk out strategies soon' | Satyam suitors spurned; merger not mandate of new boardbusiness Updated: Jan 12, 2009 00:48 IST
Moving quickly to stabilise the fraud-devastated Satyam Computer, the government on Sunday nominated noted banker Deepak Parekh, IT expert Kiran Karnik and former SEBI member C Achutan to the IT company's Board.
Karnik, former president of NASSCOM, was the guiding force for the Indian IT industry during the outsourcing backlash. A former MD at Discovery Networks India, Karnik is a post-graduate from IIM, Ahmedabad and worked for over two decades at ISRO.
HDCF Chairman Deepak Parekh has played a key role in the country’s banking and financial sector reforms. A CA by training, Parekh is part of the Investment Commission.
The first presiding officer of Securities Appellate Tribunal (SAT), Achuthan is an eminent legal expert and was also a member of market regulator SEBI. He is currently a director on the board of National Stock Exchange.
The three-member board would meet within 24 hours to decide on the remaining up to seven members along with the chairman, Corporate Affairs Minister Prem Chand Gupta told reporters in a hurriedly called press conference two days after disbanding the truncated Satyam Board. On the demand by institutional investors like LIC and Lazard for a representation on the Board, Gupta said, "All options are open in the interest of the company." The board would have eminent personalities from finance, law, IT and administration, Gupta said.