Govt announces three-member board for Satyam
In an attempt to stabilise the fraud-devastated Satyam Computer, the Govt nominated noted banker Deepak Parekh, IT expert Kiran Karnik and former SEBI member C Achutan to the IT company's Board. 'New Satyam Board to chalk out strategies soon' | Satyam suitors spurned; merger not mandate of new boardbusiness Updated: Jan 12, 2009 00:48 IST
Moving quickly to stabilise the fraud-devastated Satyam Computer, the government on Sunday nominated noted banker Deepak Parekh, IT expert Kiran Karnik and former SEBI member C Achutan to the IT company's Board.
Karnik, former president of NASSCOM, was the guiding force for the Indian IT industry during the outsourcing backlash. A former MD at Discovery Networks India, Karnik is a post-graduate from IIM, Ahmedabad and worked for over two decades at ISRO.
HDCF Chairman Deepak Parekh has played a key role in the country’s banking and financial sector reforms. A CA by training, Parekh is part of the Investment Commission.
The first presiding officer of Securities Appellate Tribunal (SAT), Achuthan is an eminent legal expert and was also a member of market regulator SEBI. He is currently a director on the board of National Stock Exchange.
The three-member board would meet within 24 hours to decide on the remaining up to seven members along with the chairman, Corporate Affairs Minister Prem Chand Gupta told reporters in a hurriedly called press conference two days after disbanding the truncated Satyam Board. On the demand by institutional investors like LIC and Lazard for a representation on the Board, Gupta said, "All options are open in the interest of the company." The board would have eminent personalities from finance, law, IT and administration, Gupta said.
First Published: Jan 11, 2009 12:48 IST