Karnik becomes board chairman | business | Hindustan Times
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Karnik becomes board chairman

business Updated: Feb 07, 2009 10:02 IST
HT Correspondent
HT Correspondent
Hindustan Times
Kiran Karnik

Kiran Karnik, technology sector veteran and former president of National Association of Software and Service Companies (Nasscom) has been appointed chairman of the board of Satyam Computer Services, Corporate Affairs Minister Prem Chand Gupta said on Friday.

Karnik’s appointment as chairman came a day after the board appointment Satyam-veteran AS Murty as the new chief executive officer of the fraud-hit technology giant that is taking its first tentative steps to wipe out loss of image and business after its founder B Ramalinga Raju confessed that accounts were doctored for several years.

Karnik is a respected figure from the troika of directors first named by the government after it stepped in to clean up the company. As the former Nasscom president, he has been a global face for the country’s IT sector.

The government had last month named Deepak Parekh, chairman of the Housing Development Finance Corporation, C Achutan, a former member of the Securities and Exchange Board of India and Karnik as members of board.

They were later joined by Tarun Das, chief mentor of the Confederation of Indian Industry, TN Manoharan, a noted chartered accountant, and Suryakant Balakrishnan, a nominee of the Life Insurance Corp of India as the government expanded the board into a six member team.

The Company Law Board has granted immunity and wide-ranging powers to the six members of the government-appointed Board of the crisis-ridden company to enable them to discharge their functions without any threat of punitive action by government agencies.