Hyderabad:
The government has acted swiftly just days after the Rs 7000 crore Satyam fraud came to light.
It has appointed a new board bringing together highly respected individuals from the fields of Finance, IT and Law. HDFC Chairman Deepak Parekh, former NASSCOM chief Kiran Karnik and former SEBI member C Achuthan constitute the new board.
Making the announcement, Minister of Corporate Affairs PC Gupta said, the government agencies have began probe into the Satyam fraud in a coordinated way and have made ",commendable progress",.
Speaking to NDTV, Minister of Corporate Affairs PC Gupta said, ",No actions are being ruled", on Satyam front. ",We are keeping all the options open,", he said, when asked about whether the government is looking at bailing out the embattled IT company, which is facing a liquidity crisis.
The newly appointed board will meet over the next 24 hours to decide on a future course of action and will also take a call on who else to include in the new board.
The board takes over at a time when the fate of almost 50,000 employees remains unclear with liquidity being a serious concern. Investor confidence is also rock-bottom.
",Will ensure there is business continuity. It's important to maintain customer confidence. Will get the company back on track,", said Kiran Karnik.
On Friday, the government had disbanded the board of Satyam Computer for ",failing to do what they were supposed to",.
Meanwhile, Satyam's fallen promoters Ramalinga Raju and his brother Rama Raju will spend the next two weeks in judicial custody at the high security Chanchalguda prison in Hyderabad. They have been remanded to judicial custody till January 23.
They were interrogated for 18 hours on Saturday and their bail pleas have been rejected. V Srinivas, the chief financial officer of Satyam was also arrested late Saturday night.
While Raju's counsel is expected to apply for bail on Monday, police will push for custody.
The CID has raided various associate companies of Satyam. The stock market watchdog SEBI has also filed a petition to interrogate Ramalinga Raju.
Meanwhile, the CID has formed teams to arrest the other directors of Satyam Computer and auditors of PricewaterhouseCoopers who have been listed as the accused in the case.
Who are the board members:
Deepak Parekh, HDFC chairman: Parekh is on the board of several multinational companies. He helped resolve the UTI scam of 2001 and he is seen as a crisis manager for the government.
Kiran Karnik, for NASSCOM chief: Karnik is considered a father figure for the IT industry. He has worked closely with the industry to formulate policies and strategies and has spent 20 years in the Indian Space Research Organisation (ISRO).
C Achutan, former SEBI member: Achuthan, as a presiding officer of the Securities Appellate Tribunal, decided on cases involving market manipulations and flouting of takeover regulations. He is known to make decisions with fear or favour.
It has appointed a new board bringing together highly respected individuals from the fields of Finance, IT and Law. HDFC Chairman Deepak Parekh, former NASSCOM chief Kiran Karnik and former SEBI member C Achuthan constitute the new board.
Making the announcement, Minister of Corporate Affairs PC Gupta said, the government agencies have began probe into the Satyam fraud in a coordinated way and have made ",commendable progress",.
Speaking to NDTV, Minister of Corporate Affairs PC Gupta said, ",No actions are being ruled", on Satyam front. ",We are keeping all the options open,", he said, when asked about whether the government is looking at bailing out the embattled IT company, which is facing a liquidity crisis.
The newly appointed board will meet over the next 24 hours to decide on a future course of action and will also take a call on who else to include in the new board.
The board takes over at a time when the fate of almost 50,000 employees remains unclear with liquidity being a serious concern. Investor confidence is also rock-bottom.
",Will ensure there is business continuity. It's important to maintain customer confidence. Will get the company back on track,", said Kiran Karnik.
On Friday, the government had disbanded the board of Satyam Computer for ",failing to do what they were supposed to",.
Meanwhile, Satyam's fallen promoters Ramalinga Raju and his brother Rama Raju will spend the next two weeks in judicial custody at the high security Chanchalguda prison in Hyderabad. They have been remanded to judicial custody till January 23.
They were interrogated for 18 hours on Saturday and their bail pleas have been rejected. V Srinivas, the chief financial officer of Satyam was also arrested late Saturday night.
While Raju's counsel is expected to apply for bail on Monday, police will push for custody.
The CID has raided various associate companies of Satyam. The stock market watchdog SEBI has also filed a petition to interrogate Ramalinga Raju.
Meanwhile, the CID has formed teams to arrest the other directors of Satyam Computer and auditors of PricewaterhouseCoopers who have been listed as the accused in the case.
Who are the board members:
Deepak Parekh, HDFC chairman: Parekh is on the board of several multinational companies. He helped resolve the UTI scam of 2001 and he is seen as a crisis manager for the government.
Kiran Karnik, for NASSCOM chief: Karnik is considered a father figure for the IT industry. He has worked closely with the industry to formulate policies and strategies and has spent 20 years in the Indian Space Research Organisation (ISRO).
C Achutan, former SEBI member: Achuthan, as a presiding officer of the Securities Appellate Tribunal, decided on cases involving market manipulations and flouting of takeover regulations. He is known to make decisions with fear or favour.
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