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India Inc hails new Satyam directors

January 11, 2009 14:55 IST

Welcoming the government's move to name new members on Satyam's board, industry on Sunday exuded confidence that the new directors would help shape the future of the scam-hit company and restore the global investors' confidence in India Inc.

"We expect them to show the future path and leverage the experience of 53,000 IT professionals in the company. The move will restore confidence of global investors in India Inc," Ficci Secretary General Amit Mitra said.

The government has named eminent banker and HDFC chairman Deepak Parek, IT expert Kiran Karnik and former Sebi member C Achutan to the IT company's board.

CII Director General Chandrajeet Banerrjee said that the people selected for the board are most relevant, experienced and of highest quality.

"They have deep understanding of the corporate governance. I presume that more eminent people will be inducted in the board quickly," Banerrjee said.

Assocham sgcretray General D S Rawat said that the reconstitution of the board and the government taking charge of the troubled company would send right signal.

"The move will save the company from the collapse. It is a confidence building measure not only for the employers and stake holders but the Indian business as a whole," Rawat said.

Nasscom also welcomed the governments move to appoint Karnik as a memebe of the new board.

"He is still an active member of the industry body. He has in depth understanding of the industry. His experience as an industry insider will come in handy," Nasscom chairman Ganesh Natarajan said.

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