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Satyam CEO, CFO names likely soon
BS Reporter in Hyderabad | February 04, 2009 17:58 IST
The meeting of the six-member Satyam [Get Quote] Board, which started in Hyderabad on Wednesday, has been extended till Thrusday.
The board is expected to finalise and announce the names of the new Satyam Computer Services CEO and CFO on Thursday.
"Announcements relating to critical leadership appointments are expected to be made at the Board meeting," the company's internal newsletter stated.
The delay in announcing these much-awaited names, note highly-placed sources, was primarily since the new Satyam board was seriously mulling the buyout options that emerged with the interest of numerous suitors in the company.
The names include that of Larsen & Toubro and B K Modi-owned Spice group (both asking for management control), Mahindra & Mahindra, Hinduja group, Essar group (Aegis BPO), HCL Technologies [Get Quote], Tech Mahindra [Get Quote] and iGate.
Other unconfirmed names include that of Fijustu, Hitachi and IBM. However, most of these suitors are believed to have asked for 4-8 weeks of time to do a due diligence before they come out with a concrete proposal.
Besides, they are also waiting for SEBI to issue details about the relaxed norms in case of an open offer for Satyam-like cases.
Sebi chairman C B Bhave, on Tuesday said the regulatory body was open to amending the regulations but did not give any details or timeframe.
The name that tops the CEO shortlist is said to be that of Homi Khusrokhan, former MD of Tata Chemicals [Get Quote] for the post of Satyam CEO.
Khusrokhan attended the last Satyam Board meet as a special invitee to understand the situation, and go deeper into the problems.
The Board is also understood to be avoiding any top-level reshuffling in the company and wants to maintain the status quo for the time being as many of these senior members are busy persuading the clients to stay back.
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