NEW DELHI: The expanded board of crisis-ridden Satyam Computer Services is slated to meet in Hyderabad on Saturday to thrash out issues pertaining to fund raising to keep the IT major’s business running, as also the controversy over its selection of audit firms for restating the financial numbers.
The prime objective of the board, whose strength stands doubled to six with the government appointing three more directors on Thursday, would be to devise ways and means of keeping the company afloat while protecting the interests of over 50,000 employees and other stakeholders from the fall-out of the Rs. 7,100-crore accounting fraud owned up to by its erstwhile chairman B. Ramalinga Raju last week.
Joining Deepak Parekh, Kiran Karnik and C. Achutan on Satyam’s board would be Tarun Das, T.N. Manoharan and S. Balakrishna Mainak. Mr. Das, who is also the chief mentor of apex industry chamber CII, said: “The priority [of the board] is to safeguard the interest of [Satyam’s] employees, customers and investors.” At its meeting, the board is expected to elect a chairman as also scout for a new CEO and CFO.
Meanwhile, even as the government-nominated board has selected audit firms KPMG and Deloitte to restate the IT major’s account books, ICAI president Ved Jain said: “We have written to the Satyam board that KPMG cannot be appointed auditor...as they are not our members. We expect the board will consider the issue...”
