Satyam's newly-appointed CEO A S Murty has received a thumbs up from the company's board, which is "very happy" with the way he has shaped up so far in dealing with the evolving situation in the firm.
Four state-owned banks on Friday said the government has extended tenures of their top officials, including managing director and chief executive officers (MD and CEOs) of Punjab National Bank and Bank of Maharashtra. Besides, the government has extended the tenures of executive directors of Punjab National Bank (PNB), Union Bank of India and Central Bank of India. The government sent notifications to these banks on Thursday, informing them about the extensions given to the top-level officials.
Stressed MSME borrowers would be eligible for restructuring of debt, if their accounts were classified standard.
With cost-cutting and workforce rationalisation top on the agenda, the board of the embattled Satyam Computer met on Thursday to discuss the future course for the firm.
A team from India's $7 billion engineering behemoth, Larsen & Toubro, which holds 12 per cent stake in Satyam Computer Services started inspecting the books of the troubled company.
"What's wrong in that? Even if you have shares, you will sell them," Corporate Affairs Minister Prem Chand Gupta told reporters in New Delhi. The minister was replying to a query as to whether the fact that Murty sold the shares between December 12-16, 2008, was a matter of concern and could have been a case of insider trading as the sale preceded an abortive acquisition deal -- now at the centre of the accounting scam in Satyam.
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