The scam-tainted IT company Satyam Computer has got a three-member board which will help the company to regain its health. The central government inducted Deepak Parekh of HDFC, former Nasscom cheif Kiran Karnik and a former Securities Appellate Tribunal presiding officer and legal adviser to Government, C. Achuthan in the new Satyam board. It is reported that officials were chosen as per the expertise in their respective field. The newly constituted board will have a formal meeting today.

 

The board members will study each and every aspects of the Rs 7,800-crore financial fraud that was disclosed by Satyam founder Ramalinga Raju on Wednesday (January 7). Ramalinga Raju and his brother who relinquished their jobs were arrested by the Andhra police on charges of cheating. The three board members appointed by the government are likely to provide ample information to the SEBI and Serious Fraud Investigation Office of Corporate Affairs Ministry on matters related to the million-dollar fraud.

 

While interacting with the media, Corporate Affairs Minister Prem Chand Gupta stated that during their meeting, the three members will decide further course of action and seek all the information related to the scam. Gupta also informed that the government will also appoint more members to the Satyam board. On the Friday (January 9), the existing directors of Satyam were fired by the government. As per the Company Law Board, the new of Satyam can have a maximum of 10 members.