Andhra has limited role in company overhaul, says CM | india | Hindustan Times
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Andhra has limited role in company overhaul, says CM

india Updated: Jan 11, 2009 20:58 IST
Ashok Das
Ashok Das
Hindustan Times
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Andhra Pradesh Chief Minister YS Rajasekhara Reddy invoked local language sentiments on Sunday as he welcomed a Centre-appointed core team in the board of troubled Satyam Computer Services. But he said the state government had a limited role to play.

The state was was keen to protect the interest of 53,000 employees, 50 per cent of whom are Telugu speakers, besides shareholders and investors. He called for making immediate and 'permanent management structural changes' to protect the interests of the employees of the company.

“To my understanding, almost 95 to 96 per cent shares in the company are being held by various financial institutions and different organisations and companies. These organisations, I am sure, will come together and form some sort of a board or structuring and they will ultimately take over the management of the company,” he said.

He said that the institutions and companies having stakes in Satyam Computer Services could be named to the company's board too to take over the management of the crisis-ridden IT firm.

“The government of India is more experienced in these sorts of things. Managing company affairs is not state government's purview. The Central government has a separate ministry and in their own wisdom they have formed this committee, which will look into all aspects,” he said.