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Satyam board meets, no decision on CEO

January 22, 2009 17:46 IST
Last Updated: January 22, 2009 19:00 IST

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The board of beleaguered Satyam [Get Quote] Computer met on Thursday for the third time since last week to discuss ways and means to raise funds for the company and find a CEO and a CFO to run the firm.

"There is no decision yet on CEO and CFO, but the board has discussed the applications received by it for these two posts. Arrangement of funds for the running of the company also dominated the discussion," sources in the know said.

When contacted, the company spokesperson said since there is another deliberation tomorrow, some output over the discussions are expected when the meeting finally ends.

Board member Deepak Parekh had on Wednesday said that the board had received 40 applications for the post of CEO.

On funds, Parekh had earlier said that the company could consider mortgaging assets like real estate to raise cash from banks.

Tarun Das, another government-appointed director of Satyam, had said on January 20 that the board would discuss issues including legal matters and whether it needs to ask the government to stand as a guarantor for raising loans.

The meeting would deliberate on class action lawsuits filed against the company in the US.

The six-member board, appointed by the government to run the firm after a shocking Rs 7,800 crore (Rs 78 billion) fraud disclosure by founder Ramalinga Raju on January 7, last met on January 17.

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