Three new members appointed on Satyam’’s Board

January 11th, 2009 - 3:15 pm ICT by ANI  

Ramalinga Raju

New Delhi, Jan 11 (ANI): The government on Sunday appointed three new members on Satyam’’s Board.
Three members are HDFC Chairman Deepak Parekh, former Nasscom chairman Kiran Karnik and former SEBI member C Achutan.
Addressing a press conference here, Corporate Affairs Minister Prem Chand Gupta told reporters that the meeting of the new board would be held within 24 hours to decide on the remaining of the seven members along with the Chairman.
On the demand by institutional investors like the LIC and the Lazard for a representation on the board, Gupta said, “All options are open in the interests of the company.”
Gupta said that the board would have eminent personalities from finance, law, IT and administration, adding that ” more members would be nominated only if needed.”
Karnik said that the first priority of the board is the arrangement of an operational management.
“We are trying to ensure that India continues to be safe, secure and reliable destination for IT services,” he said.
On Saturday, Satyam Computer’’s disgraced Chairman Ramalinga Raju and his brother Rama Raju were remanded to judicial custody till January 23. They are staying in the Chanchalguda Central Jail.
Raju’’s lawyer Bharat Kumar said that a bail application would be moved on behalf of his clients on Monday.
On Friday, police subjected the two to a lengthy interrogation. On Saturday, Ramalinga Raju, 54, the elder of the two, complained of chest pain and uneasiness. He was taken to the privately-run Care Hospital and a government hospital for amedical check-up.
A case has been filed against Raju under Sections 120-B (criminal conspiracy), 406 (criminal breach of trust), 420 (cheating), 468 (forgery for cheating) and 477-a (fraudulent cancellation of securities) of IPC.
Raju had on Wednesday disclosed a financial fraud in the company to the tune of Rs 7,800 crore by inflating profits and showing fictitious assets where none existed. The company”’’s scrip has fallen nearly 80 per cent since the revelation was made. (ANI)

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