The government Sunday named a three-member board, including former Nasscom chief Kiran Karnic and Deepak Parikh, chairman of HDFC, to oversee the functioning of scam-tainted Satyam Computers.
Minister of Corporate Affairs Premchand Gupta told reporters here that the board, whose third member will be C. Achuthan, former member of SEBI (Securities and Exchange Board of India), will ensure that Satyam continues to function in the "interest of the company and its shareholders". The IT bellwether has been hit by a Rs.70 billion fraud perpetrated by its founder B. Ramalinga Raju.
Gupta said the board will meet immediately and other members will be included later.
"Having considered all aspects, the government has decided to reconstitute the Satyam board, with experts in different fields," he said.
"Such a board will provide the necessary vision and accountable leadership for the company in the hour of crisis."
"It would restore credibility, customer confidence and employee morale," Gupta said.
He said the board would function independently and make its "own assessment and take appropriate decisions".