CLB asks Satyam not to implement board decision
The Company Law Board has asked Satyam's interim management for not implementing the decisions of the board, but has allowed it to continue its business, a senior executive of the firm said.india Updated: Jan 10, 2009 11:50 IST
The Company Law Board has asked Satyam's interim management for not implementing the decisions of the board, but has allowed it to continue its business, a senior executive of the firm said in Hyderabad on Saturday.
"We are asked by the Company Law Board not to implement the decisions of the Board. But we are allowed to continue our activity. The team which was constituted recently is continuing its work," Satyam Computer Head Global Marketing and Communications Hari Thalapalli told PTI.
Thalapalli further added that business was going on normally at Satyam Computer though an element of uncertainty has crept into the company following the suspension of the Board.
"We are continuing our business as normal. However, there is a movement of uncertainty due to suspension of the board," he said.
Thalapalli said the executives are continuing their job as usual, including collection of receivables, he said. The government had yesterday disbanded the Board of Satyam and cancelled its meeting scheduled for Saturday.
Union Minister for Corporate Affairs Premchand Gupta said a ten-member board will be constituted by the government which will take up its work in about a week. The members of disbanded board included the company's interim CEO Ram Mynampati, former Cabinet Secretary T R Prasad and an IIT Professor VS Raju.