Satyam's priority: Get CEO, CFO & funds

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Posted: Saturday, Jan 17, 2009 at 1240 hrs IST
Updated: Saturday, Jan 17, 2009 at 1240 hrs IST

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Spice to move CLB on Satyam sale End-game nears for Satyam, buyers wary Custody of Raju, four others extended

Hyderabad: Ahead of the crucial board meeting of Satyam Computer Services here today, Kiran Karnik, one of the six members of the newly constituted board of the crisis-ridden IT firm, said they may discuss the issue of funding as well as the appointment of CEO and CFO.

"The most important issue is funding.... I do think that if we can tie up some funding then it will give great comfort to the employees and to the customers...," Karnik told a TV channel.

On the possibility of the company tapping banks for funds, he said, "We need a bank loan...as this is a viable commercial company. This is not a so called bailout".

Bank loan has certain complications too and we will try to resolve them as we move on, he added. Besides, the board is also likely to discuss the appointment of Chief Executive Officer and Chief Financial Officer.

"The other important thing is an operational one. The company is running... but we need to look what we want to do in terms of management. There is a leadership team, but very quickly we need to get the CFO and CEO," Karnik added.

On Thursday, the government had appointed CII chief mentor Tarun Das, noted chartered accountant and past ICAI president T N Manoharan and S Balkrishna Mainak of LIC – on Satyam's board, in addition to Deepak Parekh, Kiran Karnik and C Achuthan.

The board was given the tough task of protecting the interest of over 50,000 Satyam's employees and stakeholders following Raju's revelation of fudging accounts.

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Comments

» Satyam

Posted by Harry on 2009-01-17 19:26:33.504219+05:30
The govt is doing a reasonable job in bringing the company some credibility viz restoring customer confidence and employee concerns. Now it seems that Ramalinga Raju and almost all the board members planned this fiasco well in advance and executed it to perfection. They need to be taught a lesson. Any amount of good work Mr Raju would have done in the past is now gone in the drains because of such a dirty game that he has played.

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» Takeover Merger

Posted by Indian123 on 2009-01-17 18:35:30.624857+05:30
Every sign that the Government takeover is on its way. Satyam may turn into a PSU.

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» What about the small retail investors?

Posted by Baatul on 2009-01-17 14:22:34.261412+05:30
Nobody's talking of the small retail investors who have been taken for a ride. The big FIIs who exited using the "Insider Trading" route, Ramalinga Raju's family and Price Waterhouse should be asked to make good the loss of retail investors who got invested in good faith. This is not a case of market loss but a case of CHEATING by all the above parties.

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» Satyam fiasco

Posted by Lal Narang on 2009-01-17 13:48:37.420606+05:30
Satyam is a gone case. While its core workers are non the verge of leaving,its 40 subsidiary companies will add to the woes of the new Board. No one can imagine the number of frauds that may emerge from these subsidiaries.Basically share of Satyam may reduce to the value of paper it is printed on. Get out as fast as you can and accept wjatever market offers. Tomorrow may be too late.

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» Satyam's bailout

Posted by anil bharali on 2009-01-17 11:17:44.243937+05:30
ISatyam fraud is a well planed chit corporate and within the knowedge of the section of high level politicians. Only thing is that somebody has to be made scapgoat like Harshad Mehta"s affair. Indian politics like american politics ,they canot servive without fraud money of corporate house.It is as simple as that but Media seems not active in exposure as it should have been.

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Satyam's priority: Get CEO, CFO & funds

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