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Satyam board meeting starts

January 27, 2009 11:55 IST

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The government-appointed six-member Satyam [Get Quote] Board met on Tuesday in Hyderabad, and is expected to discuss having a strategic partner to steer the company forward among other issues confronting the company since the Rs 7,800 crore (Rs 78 billion) fraud came to light.

The board also will decide on the funding arrangements to ensure scheduled payments, including salaries and vendor fees, for the next two months, till the end of March 2009.

The board said in a release last Friday it had short-listed three candidates for the post of CEO and it expected to take a final look at it at the next meeting, which is on Tuesday.

Although the board had said that it will meet for two days -- January 26 and 27 -- in its release last Friday, it decided to meet formally on Tuesday since January 26 was Republic Day, company sources said.

The six-member board comprises noted banker Deepak Parekh, former president of Nasscom Kiran Karnik, former Sebi member C Achuthan, CII mentor Tarun Das, former president of ICAI T N Manoharan and S B Mainak.

Even as the government said the board members will elect the chairperson, the board decided to continue without a head and give opportunity to every member to preside over the meeting by rotation. Tarun Das chaired last week's meeting.



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