Six-member Satyam board to meet for a third time today

January 22nd, 2009 - 12:26 pm ICT by ANI  

Ramalinga Raju

Hyderabad, Jan 22 (ANI): The six-member board of Satyam Computer Services, will begin a vital two-day meeting in Hyderabad today with the objective of appointing a Chief Executive Officer (CFO) and a Chief Financial Officer (CFO).
This will be the third meeting since the Company Law Board dissolved the previous board after exposure of a huge scam committed by accused Satyam promoter, B. Ramalinga Raju.

The appointment of the two key posts was originally planned to held in Mumbai but was shifted to Hyderabad.

Deepak Parekh, the member of the existing board of Satyam said that the decision of appointing a CEO of the company might not be passed on the first day itself.

The post of the CEO of Satyam has received proposals from 40 applicants.

The selection of the CFO is also crucial as the financial figures of the company are yet to be installed.

In a bid to buy Satyam, two of the leading corporates- Larsen and Toubro and Essar have approached the company. However, proposals from other Indian and Foreign companies are also lined up.

Liquid cash at Satyam is close to nil and the board is in a desperate need to raise funds to keep the company operations active. The company management is seeking to raise money from banks by pledging its receivables, which have over Rs. 1700 crore of worth. (ANI)

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