Government not to intervene in Satyam: Minister
January 15th, 2009 - 12:19 pm ICT by IANS
New 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.
- Deloitte, KPMG are new joint auditors for Satyam - Jan 14, 2009
- Satyam's new board hunts for CEO and CFO (Lead) - Jan 12, 2009
- Satyam board meeting underway, focus on firm's finances - Jan 17, 2009
- Kiran Karnik joins Attero Recycling board - Feb 13, 2011
- Satyam's new owner likely to be known Monday - Apr 12, 2009
- Government looking at all options to help Satyam: Kamal Nath - Jan 12, 2009
- Satyam board knocks on banks' doors, sends out positive signals (Roundup) - Jan 17, 2009
- Infosys mentor Murthy bats for new Satyam board - Jan 15, 2009
- Satyam board meets Tuesday, may name new CEO - Jan 26, 2009
- Satyam hunts for CEO, PM briefed on developments (Intro Roundup) - Jan 13, 2009
- New Satyam board meets, to get new accounting firm - Jan 12, 2009
- Process begins to resurrect fraud-hit Satyam (Roundup) - Jan 12, 2009
- Don't rely on our Satyam audit, says PricewaterhouseCoopers (Roundup) - Jan 14, 2009
- No government bailout package for Satyam: Minister (Lead) - Jan 15, 2009
- Satyam board in talks with banks, financial institutions (Lead) - Jan 17, 2009
Tags: b ramalinga raju, deepak parekh, development finance, exchange board, export sector, first meeting, hdfc, housing development, hyderabad, member board, minister of state, New Delhi, oil and gas, petrotech, satyam computer services, sebi, securities and exchange board of india, sidelines, sops, watchdog