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More directors to join Satyam board soon

January 14, 2009 15:20 IST

The government is likely to appoint more directors on the board of the crisis-ridden Satyam Computer Services [Get Quote] soon. "More directors will be appointed within two days," a senior official of the Ministry of Corporate Affairs said.

The government earlier appointed a three-member board comprising HDFC [Get Quote] chairman Deepak Parekh, Nasscom past president Kiran Karnik and past presiding officer of Securities Appellate Tribunal (SAT) C Achuthan to steer the beleaguered company out of the present crisis.

Among the probables, the government is considering to appoint noted industry expert and former chairman of the Hindustan Lever [Get Quote] (presently Hindustan Unilever) Ashok S Ganguly to the Satyam Board.

                                      The Satyam fiasco: Complete coverage

In view of the disclosure by Satyam's founder-chairman B Ramalinga Raju that company was doctoring account books, the government disbanded the existing board of the IT major and appointed its own nominees.

As per the Company Law Board (CLB) decision on Satyam, the board of the IT major can have a maximum of 10 directors.

After the first meeting of the newly constituted three-member board on Monday, Parekh had said the board would elect a chairman after more members are appointed by the government to the Satyam Board.

Corporate Affairs Minister Prem Chand Gupta, while announcing the three-member board had said, "further appointments to the board may be made subsequently as required".

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