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New Satyam board can handle the crisis: Damodaran

January 12, 2009 19:02 IST

Terming the newly constituted board of Satyam [Get Quote] Computer as "able", former Sebi chairman M Damodaran on Monday expressed the confidence that the new leadership will chalk out ways to tide over the crisis.

"The new board is able... it will chalk out ways (to overcome the crisis)," Damodaran said when asked what was the way forward to sort out the issues plaguing India's fourth largest software exporter.

Underlining the need for carrying out the investigation to its logical end, Damodaran said, "Nobody knows that what went wrong (in Satyam). The investigations are on, which will bring the truth out."

"We need to see what happened (in this case)," he added. Asked if he would be roped into the board, Damodaran said he had rejected the offer.

The Hyderabad-based IT-giant plunged in a to crisis after its former chairman B Ramalinga Raju revealed that Satyam's profit numbers were inflated and liabilities understated for several years.

Later, the government scrapped the board of Satyam and appointed HDFC [Get Quote] chairman Deepak Parekh, IT-expert Kiran Karnik and former Sebi member, C Achuthan as the new board members.

The Satyam fiasco: Complete coverage

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