Good Morning Friends. I may say that this is the right thing to do by the government. As we all know that we all experiencing global crisis. The government should made sure of restoring the confidence in the clients and investors so that they continue their business without any hesitant.
The task ahead for the new Satyam board is well cut out. In its first meeting in Hyderabad on Monday, the board will elect its chairman, find out a solution for creation of working capital and appoint new management of the company.
The government on Sunday constituted a three-member board for Satyam. The members are HDFC chairman Deepak Parekh, former Nasscom president Kiran Karnik and former chief of Securities Appallate Tribunal C Achuthan.
The new board will meet with a mandate to “take necessary immediate action to put the company back on the road,” taking it out of the present crisis, which started after its chairman B Ramalinga Raju revealed fudging of its accounts last week.
In its first meeting, the board is likely to elect Deepak Parekh as its chairman. It is learnt that the government has already sounded the members about Parekh as chairman. The other members will be appointed by the government with the consultation of the chairman and other appointed board members.
“I am going to Hyderabad for the board meeting tomorrow,” Parekh said. The first task of the board is to restore confidence in the clients and investors to continue business with Satyam, he said, refusing to answer any further question.
ref: thetimesofindia
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