Government not to intervene in Satyam: Minister

January 15th, 2009 - 12:19 pm ICT by IANS  

Ramalinga RajuNew Delhi, Jan 15 (IANS) The government will not intervene in the functioning of Satyam Computer Services, Minister of State for Industrial Policy and Promotion Ashwini Kumar said here Thursday. Beleaguered Satyam’s former chairman B. Ramalinga Raju is in jail and after admitting to a Rs.70 billion ($1.43 billion) fraud last week.”We will not intervene in the company. The new board will take the decisions,” Ashwini Kumar told reporters on the sidelines of Petrotech 2009, an international conference on oil and gas.

The government-appointed three-member board of the company held its first meeting in Hyderabad Monday.

The new board comprises former chief of the National Association of Software and Service Companies (Nasscom) Kiran Karnik, chairman of Housing Development Finance Corp (HDFC) Deepak Parekh and former member of markets watchdog Securities and Exchange Board of India (SEBI) C. Achuthan.

The minister said that the government is goping to give more sops to the export sector. “We will announce this soon,” he said.

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