Satyam Board meet to discuss operational issues today

February 12th, 2009 - 11:29 am ICT by ANI  


Mumbai, Feb 12 (ANI): The board of directors of Satyam Computer Services will meet here today to discuss the company’’s operational issues.

The newly elected Satyam Chairman Kiran Karnik will chair the board meeting.

After receiving a Rs. 600 crore loan from banks, the company directors are aiming to restore the investor’’s confidence.

The meeting is also likely to discuss issues relating to companies manifesting interest in acquiring a controlling stake in Satyam.

Meanwhile, the designated auditors are working on the restatement of accounts.

A senior company executive has stated that the company board could use KPMG services for quick restatement of accounts along with Deloitte, the international accounting and consulting firm.

Although the Institute of Chartered Accountants of India (ICAI) has already clarified that the KPMG could not participate in the restatement of accounts, none of the board members has been open in discussing the vital legal issue till yet.

Also, it is suspected that only Deloitte might sign the accounts as a licensed auditor.

In a bid to instill confidence in the customers, Chief Executive Officer A. S. Murty after the meeting, would be traveling abroad for two weeks to discuss with some medium-size customers about Satyam’’s continued good performance post the scam.

The fraud- hit Satyam, on February 9, was ranked eighth in ”Training Top 125 Awards 2009” among 1,000 IT companies across the globe.

This has tremendously helped the company regain a part of its goodwill.

Factors that influenced the rankings included employee turnover and retention, corporate university and percentage of payroll. (ANI)

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