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More appointments on Satyam board soon

business Updated: Jan 12, 2009 18:23 IST

The government will soon appoint more directors on the board of Satyam Computer and the chairman will be elected by the full board, the company's newly appointed director Deepak Parekh said on Monday.

After taking preliminary stock of the company that has been hit hard by the Rs 7,800-crore scam, the reconstituted board met for the first time here today and discussed various options to handle the immediate issues, including liquidity.

Briefing reporters shortly after the meeting of 3-member board, constituted by the government yesterday, Parekh said that the working capital issue needed an immediate attention, but it has not yet determined in the amount of the liquidity needed.

An independent auditing firm would be appointed within 48 hours, he said, while talking to reporters along with two other board members Kiran Karnik and C Ahuthan.

Parekh said that there was a need to appoint new CEO and Chief Financial Officer for the company, while adding that "we have no candidates in mind" and no one was willing to join within 24 hours.

"The top priority is to restore the confidence of customers, employees, suppliers and investors... Satyam has a lot of marquee customers, so the sustainability of service is a priority," he said.

Another member C Achuthan said that the board has not sought any immunity from lawsuits as such for the company. Asked if PwC would be sued, Parekh said investigations were going on and it was too premature to comment on the issue.

Parekh said that the board was talking to two entities for selecting the new independent accounting firm for Satyam, but declined to reveal their names.