Satyam to get new accounting firm

The fraud-hit Satyam Computers will get a new accounting firm in 48 hours to restate the company's financial position and publish the third quarter results, Deepak Parekh, one of the 3 new board members announced today.

The fraud-hit Satyam Computers will get a new accounting firm in 48 hours to restate the company's financial position and publish the third quarter results, Deepak Parekh, one of the three new board members named by the government, announced on Monday.

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Parekh made the announcement at the end of the first meeting of the new board which also includes former NASSCOM chief Kiran Karnik and former SEBI member C Achuthan.

"A new independent accounting firm will be appointed in 48 hours to restate the financial position and publish the Q3 results," Parekh, chairman of Housing Development Finance Corporation (HDFC), told a crowded press conference here.

"More members will be appointed to be board soon. The full board will elect the chairman," he said.

Parekh said the board will meet frequently in the next few months in view of the enormity of the task on hand - that of restoring credibility of and confidence in the company.

He said the board was already searching for a new CEO and chief finance officer for the IT major.

"However it is not be going to easy to get the right people. It will take time but we hope we should be able to finalise in a few weeks," said Parekh, who was flanked by Karnik and Achuthan.