Satyam's board begins talks on funding options, new CEO
January, 17th 2009
The new-look board of Satyam Computer Services began its meeting here to discuss among other things options to raise funds to keep the business alive.
The board, whose size was doubled with the induction of three members on Thursday, is likely to elect a new Chairman to steer the company out of the financial mess that its founder Ramalinga Raju led it into.
The government had appointed Tarun Das, T N Manoharan and S Balkrishna Mainak, on Satyam's board, which already has Deepak Parekh, Kiran Karnik and C Achuthan.
Discussions about the financial situation of the company in the backdrop of Ram Mynampati's SoS to the Corporate Affairs Ministry is expected to dominate the agenda, as also complaints from accounting regulator ICAI about the board's choice of auditor to restate Satyam's financials.
Although the board had appointed KPMG and Deloitte, ICAI had objected to the appointment of KPMG, since it is not a registered with the regulator.
The board has been mandated to protect the interest of over 50,000 Satyam's employees and stakeholders following Raju's revelation of accounts fudging. The board is also expected to decide on the appointment of new CEO and CFO to bring back the company' s operation to normalcy.