Just a couple of days after its president was arrested and its board of directors dumped amid a fraud scandal, Satyam (SAY) has named a new board.
They are:
- Deepak S. Parekh, chairman of HDFC Bank
- Kiran Karnik, former president of NASSCOM
- C. Achuthan, director at the National Stock Exchange, former member of SEBI, and former chairman of Securities Appellate Tribunal
"Satyam welcomes this key development, which will ensure the company's continued operations, help maintain customer confidence and associate morale, and restore investor trust. The new members are eminent and accomplished leaders, recognized in India and around the world for their expertise in finance, law, administration and the IT services industry. Satyam's leadership team has complete confidence in them, and pledges to work closely and in full cooperation with the new board," the company said.
"This is a vital stabilizing development for Satyam, and it marks the beginning of a new chapter in the company's history. It is the best news we've received in the past four weeks," a company spokesperson added.
