Satyam's new board meets for the first time
Satyam's three-member board constituted by the Govt to bring back financial order to the fraud-hit IT company met for the first time today. Ramalinga Raju's bail plea hearing has been postponed till January 16.business Updated: Jan 12, 2009 14:21 IST
The three-member board appointed by the Central Government to bring back financial order to the fraud-hit Satyam Computer Services began its meeting in Hyderabad on Monday.
A Satyam spokesperson said the meeting began at the company's headquarters in Hyderabad at 11 am.
The new board comprises former chief of the National Association of Software and Service Companies (Nasscom) Kiran Karnik, chairman of Housing Development Finance Corp (HDFC) Deepak Parikh and former member of markets watchdog Securities and Exchange Board of India (SEBI) C Achuthan.
The board members drove straight into the Satyam premises as the media persons waiting outside since morning were not allowed in.
The company official told media persons that there would be a media briefing at 5 pm.
Before reaching the Satyam headquarters, the board members met informally at a hotel to decide the agenda. The board is expected to elect a chairman and discuss ways to bring working capital to the company to tide over the liquidity crisis. It will also discuss ways to restore confidence of employees, investors and clients into the firm's future operations.
They will also consider various names for including them on the 10-member board.