'Appointment of new directors of Satyam an interim order'
The CLB, which had recommended disbanding of the Board of tainted IT firm Satyam Computer, said the appointment of new directors will be an interim measure and was confident it would bounce back in months.business Updated: Jan 10, 2009 16:05 IST
The Company Law Board, which had recommended disbanding of the Board of tainted IT firm Satyam Computer, on Saturday said the appointment of new directors will be an interim measure and was confident it would bounce back in months.
"Appointment of new directors is only an interim measure. After the investigations are completed... On the basis of their results, final order would be passed," S Balasubramanian, CLB Chairman, told PTI on the ongoing probe in the Rs 7,800-crore financial fraud in Satyam Computer. Asked whether a multi-level probe by Registrar of Companies, SEBI, SFIO and state authorities would overlap with judicial investigation of the CLB, he said: "It has nothing to do with the judicial process of the CLB. All other investigations are independent."
Various regulatory agencies have started investigations into the country's biggest corporate fraud disclosed by Satyam founder B Ramalinga Raju three days ago. Raju was arrested on Friday by the Andhra Pradesh police. On the future of the company which employs over 50,000 skilled employees, Subramanian said: "I am very confident that with the potential human resource of the company and with the assistance of directors of the to-be reconstituted board, Satyam Computer would bounce back within a few months." CLB Chairman also said none of the employees should be disheartened at what has happened now.
He also complimented the government for approaching the CLB without losing any time.