Satyam board to safeguard employee, client interests: DirectorJanuary 16th, 2009 - 9:44 pm ICT by IANS
New Delhi, Jan 16 (IANS) The newly-appointed member of the Satyam board of directors, Confederation of Indian Industry (CII) chief mentor Tarun Das, Friday said the main priority was to safeguard the interests of employees, customers and investors of the scam-tainted IT company.Minister for Corporate Affairs P.C. Gupta Thursday named three more directors to the Satyam Computer Services board. Besides Das, the other two directors named were T.N. Manoharan, noted chartered accountant, and Suryakant Balakrishnan, nominee of the Life Insurance Corp.
Satyam’s disgraced founder B. Ramalinga Raju last week admitted to a Rs.70-billion ($1.43 billion) accounting fraud.
In a statement, Das said he had accepted the government’s request to serve on the government-nominated Satyam board “in a spirit of public service, to work in partnership with my fellow members of the board”.
“Our collective endeavour is to help find solutions to extremely difficult challenges facing the company and the priority is, as other board members have said, to safeguard the interests of employees, customers and investors,” he added.
On Thursday night, CII also praised the “quick action” of the corporate affairs minister on the Satyam matter.
CII director general Chandrajit Banerjee said that the new board had some of the “best corporate minds of the country and between them, collectively, have the necessary experience to turn around Satyam”.
CII said that with the appointment of auditors KPMG and Delloite, it is certain that the authentic record of accounts will be available soon. “This would go a long way in the process of reviving Satyam,” it added.
The government earlier nominated three members to Satyam’s board. They are Deepak Parekh, chairman of Housing Development Finance Corp, Kiran Karnik, former president of the National Association of Software and Service Companies, and C. Achuthan, former member of the Securities and Exchange Board of India.
- Foreign audit firms not to probe PwC: Satyam director (Lead, Superseding earlier story) - Jan 15, 2009
- New auditors not to probe PwC: Satyam director - Jan 15, 2009
- Tarun Das among three new directors on Satyam board (Roundup) - Jan 15, 2009
- Satyam board in talks with banks, financial institutions (Lead) - Jan 17, 2009
- Government nominates three new directors on Satyam board - Jan 15, 2009
- Satyam board meeting underway, focus on firm's finances - Jan 17, 2009
- Satyam board to meet in Hyderabad today - Jan 17, 2009
- Satyam board meets Saturday, second time in six days - Jan 16, 2009
- Satyam board knocks on banks' doors, sends out positive signals (Roundup) - Jan 17, 2009
- Satyam's new board hunts for CEO and CFO (Lead) - Jan 12, 2009
- Fraud-hit Satyam gets three new board members (Lead) - Jan 11, 2009
- Satyam to get new CEO next week (Second Lead) - Jan 23, 2009
- Tarun Das among three new directors on Satyam board - Jan 15, 2009
- Tech Mahindra wins bid for Satyam Computer - Apr 13, 2009
- Satyam's new board to meet Monday, officer jailed (Intro Roundup) - Jan 11, 2009