India Inc has welcomed the government’s decision to appoint a three-member board for embattled technology company Satyam Computer Services, saying it was a step in the right direction.
“We are confident that this will help in ensuring business continuity, building confidence and protecting the interest of all the stakeholders — employees, customers and investors,” said Som Mittal, president, Nasscom (The National Association of Software and Services Companies), the apex body of IT and business process outsourcing industry in India.
Rajeev Chandrashekhar, president, Ficci (Federation of Indian Chambers of Commerce and Industry), said the government should ensure that the board immediately arranges financing to ensure the salaries of 53,000 employees.
Chandrajit Banerjee, director-general, CII (Confederation of Indian Industry), said, the move would restore investor confidence. “It would send out a signal that the government is serious about saving the company. This is a positive sign for investors.”