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Parekh, Karnik, Achuthan named on Satyam board

January 11, 2009 13:06 IST
Last Updated: January 11, 2009 14:57 IST

Moving quickly to stabilise the fraud-devastated Satyam [Get Quote] Computer, the government on Sunday nominated noted banker Deepak Parekh, IT expert Kiran Karnik and former Sebi member C Achuthan to the infotech company's board.

The three-member board would meet within 24 hours to decide on the remaining up to seven members along with the chairman, Corporate Affairs Minister Prem Chand Gupta told reporters in a hurriedly called press conference  in Delhi, two days after disbanding the truncated Satyam board.

On the demand by institutional investors like LIC [Get Quote] and Lazard for a representation on the board, Gupta said, "All options are open in the interest of the company."

The board would have eminent personalities from finance, law, IT and administration, Gupta said.

Gupta said that more members to the board would be nominated only if needed.

Asked about the priorities before the board, HDFC [Get Quote] Chairman Deepak Parekh told PTI over telephone, "The first priority would be to meet as soon as possible. We will have to clear the mess."

"I'm yet to talk to the other members," Parekh said.

Karnik, former president of Nasscom, also said that the three newly named board members would meet as soon as possible and that the first priority is the arrangement of an operational management.

"We are trying to ensure that India continues to be safe, secure and reliable destination for IT services," he said.

Ensuring continuity of business our priority: Karnik

Kiran Karnik, who has been appointed as the one of three members in the newly constituted board of Satyam Computer on Sunday said ensuring business continuity of the IT major will be the board's first priority

which is likely to meet within 24 hours.

"The first priority of the Board will be to ensure business continuity. We also have to make sure that India continues to be a safe, secure and reliable destination for IT ," past president of Nasscom Kiran Karnik told PTI.

Talking about the appointment of seven other members to the board, he said, "It's too early to comment on this. We will have to consult with the government for that. As of now I have not received any communication from the government in this regard."

Karnik, a recipient of the Padma Shri award, also said that the three newly named board members would meet as soon as possible and that the first priority is the arrangement of an operational management.

 "I dont know when and where the board will meet. Ideally, the board meeting should be in Hyderabad," he added.

 Nasscom also welcomed the governments move to appoint Karnik as a member of the new board. "He is still an active member of the the industry body. He had in depth understanding of the industry. His experience as an Industry insider will come in handy," Nasscom chairman Ganesh Natarajan said.

 Karnik was the managing director at Discovery Networks in India from 1995-2001. He spearheaded the launch of Discovery Channel in South Asia in August 1995 and Animal Planet in 1999. Karnik has worked for over 20 years with the Indian Space Research Organisation.

The country's second largest software exporter Infosys [Get Quote] also welcomed the move.

"I am happy that such illustrus people has been appointed to the board. It's a well thought off move to restore confidence and assure customers that services will be restored," Infosys Director HR Mohandas Pai said.

New board to chalk out strategies soon: Achuthan

Newly appointed Satyam board member, C Achuthan on Sunday said the topmost priority of the team would be to put back on rail the scam-tainted IT company and ensure that all those guilty do not go scot free.

"The first step in the board meeting would be to evolve the strategy on how to go ahead and restore the damaged image of the company," Achuthan, former Sebi member, told PTI.

The board would also ensure that those behind the 'calamity' will not go scot free and that similar instances do not recur, Achuthan said.

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