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New Satyam Board to meet tomorrow

New Satyam Board to meet tomorrow
PTI
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First Published: Sun, Jan 11 2009. 04 09 PM IST
Updated: Sun, Jan 11 2009. 04 09 PM IST
New Delhi: The new Satyam Board constituted by the government on Sunday will meet on Monday at Hyderabad to chart out the future course of action.
“We will meet tomorrow at Hyderabad,” HDFC chairman Deepak Parekh said.
Parekh along with Karnik, former Nasscom president, and Achutan was nominated to the board by the government in order to stabilise the fraud-devastated Satyam Computer Services.
Asked whether he would head the board, Parekh said, “Decision to this effect will be taken tomorrow when the board meets for the first time.”
The newly appointed board members would be reaching Hyderabad tonight, he added.
Earlier during the day, corporate affairs minister Prem Chand Gupta said, “The board is expected to meet within 24 hours and decide (the) further course of action.”
According to the order of the Company Law Board, the reconstituted board of the IT major can have a maximum of 10 members.
The government on Friday disbanded the board of Satyam, days after its founder B Ramalinga Raju admitted to a Rs7,800 crore fraud in the books of the IT company.
Meanwhile, Satyam Computer Services on Sunday welcomed the reconstitution of the board, with the spokesperson saying, “This is a vital stabilising development for Satyam”.
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First Published: Sun, Jan 11 2009. 04 09 PM IST