Search for Satyam CEO and CFO continues: Board
In the meeting the board constituted a three-member audit panel headed by past ICAI President T N Manoharan. Satyam's Development Centres | New Satyam board
By Agencies |
HYDERABAD: The newly constituted board of troubled Satyam Computer today said it had opened discussions with banks and financial institutions to raise funds and making all efforts to ensure that employees are paid salaries on time.
The search for CEO and CFO of the fraud-tainted Satyam Computers continues. The company said the board will meet on a weekly basis with each member taking turns to chair meeting. Deepak Parekh chaired today's meeting.
In the meeting the board constituted a three-member audit panel headed by past ICAI President T N Manoharan. The other memebrs of the panel are C Achuthan and S B Mainak.
On Thursday, the government had appointed CII chief mentor Tarun Das, noted chartered accountant and past ICAI president T N Manoharan and S Balkrishna Mainak of LIC -- on Satyam's board, in addition to Deepak Parekh, Kiran Karnik and C Achuthan.
Satyam's disgraced founder B. Ramalinga Raju last week admitted to a Rs 7000 crore ($1.43 billion) accounting fraud.
The new board will have to keep clients from defecting to Satyam's rivals, fend off a growing number of lawsuits over the scandal and try to rebuild investor trust.
Lazard Asset Management said in a notice to the stock exchange on Friday it had sold all of its 5.3 percent holding in Satyam through open market transactions on Thursday.
Satyam's clients include corporate giants such as Nestle and General Electric.
The search for CEO and CFO of the fraud-tainted Satyam Computers continues. The company said the board will meet on a weekly basis with each member taking turns to chair meeting. Deepak Parekh chaired today's meeting.
In the meeting the board constituted a three-member audit panel headed by past ICAI President T N Manoharan. The other memebrs of the panel are C Achuthan and S B Mainak.
On Thursday, the government had appointed CII chief mentor Tarun Das, noted chartered accountant and past ICAI president T N Manoharan and S Balkrishna Mainak of LIC -- on Satyam's board, in addition to Deepak Parekh, Kiran Karnik and C Achuthan.
Satyam's disgraced founder B. Ramalinga Raju last week admitted to a Rs 7000 crore ($1.43 billion) accounting fraud.
The new board will have to keep clients from defecting to Satyam's rivals, fend off a growing number of lawsuits over the scandal and try to rebuild investor trust.
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Lazard Asset Management said in a notice to the stock exchange on Friday it had sold all of its 5.3 percent holding in Satyam through open market transactions on Thursday.
Satyam's clients include corporate giants such as Nestle and General Electric.
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