Parekh, IIM-A professor may join Satyam board

NEW DELHI: HDFC Chairman Deepak Parekh and IIM-A Professor Jayant Varma are being tipped to join the new board of the crisis-ridden Satyam Computer Services as the government on Friday decided to reconstitute the board of the IT company.

Following the crisis in Hyderabad-based Satyam, the government disbanded its existing board and proposed to appoint 10 nominee directors to manage the company.

When contacted, Parekh said, "I have not been contacted by the government...I am not in the fray."

However, commenting on the decision of the government to reconstitute the board, he said, "I think this would be all powerful and will take necessary measures to restore confidence among clients and investors of Satyam."

The nominee members, official sources said, would be from various fields such as law, finance, IT and insurance. Besides, representatives from RBI, SEBI and LIC are also expected to join the new board of Satyam.

According to Corporate Affairs Minister P C Gupta, the first meeting of the new board of Satyam will take place within a week.

The new board, the minister said, will also take a view on the management of the company.

Varma, whose name is also being considered by the government, is a cost accountant and is currently a professor of finance and accounting at the country's top business school, Indian Institute of Management, Ahmedabad.

Varma, who was has also served Sebi as a full-time member, could not be contacted for his comments.