Satyam welcomes new Board of Directors | business | Hindustan Times
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Satyam welcomes new Board of Directors

Satyam Computer Services welcomed the government's move to stabilise the crisis-ridden Satyam by constituting a new Board with three distinguished members.

business Updated: Jan 11, 2009 14:50 IST

Satyam Computer Services on Sunday welcomed the government's move to constitute a new Board with three distinguished members.

"This is a vital stabilizing development for Satyam, and it marks the beginning of a new chapter in the company's history. It is the best news we've received in the past four weeks," a company spokesperson added.

To stabilise the crisis ridden Satyam, the government nominated noted banker Deepak Parekh, IT expert Kiran Karnik and former SEBI member C Achutan to the IT company's Board.

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 press conference two days after disbanding the truncated Satyam Board.

"Satyam welcomes this key development, which will ensure the company's continued operations, help maintain customer confidence and associate morale, and restore investor trust. The new members are eminent and accomplished leaders, recognized in India and around the world for their expertise in finance, law, administration and the IT services industry. Satyam's leadership team has complete confidence in them, and pledges to work closely and in full cooperation with the new board," the company said.