Satyam hails government move to appoint new board

Scam tainted IT bellwether Satyam Computer Services Ltd welcomed the central government's move to appoint 10 nominees as directors to replace the current board.

Scam tainted IT bellwether Satyam Computer Services Ltd late on Friday welcomed the central government's move to appoint 10 nominees as directors to replace the current board.

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“We welcome this decision which will ensure uninterrupted operations and restore the confidence of all employees, customers and shareholders across the globe,” the Hyderabad based company said in a statement.

In view of the government superseding the truncated board comprising two independent directors (T S Prasad and V S Raju) and whole time director Ram Mynampati, who is also an interim chief executive, the company has cancelled the board meeting re scheduled for on Saturday.

The new board is expected to meet within seven days of its constitution.

Mynampati has written to market regulator SEBI, the company law board, the IT secretary of the Andhra Pradesh government, IT trade representative body Nasscom and the Confederation of Indian Industry (CII) for recommendations to nominate the independent directors.