In a bid to fill up two key posts of the beleaguered IT firm Satyam Computer Services, the six-member board appointed by the government met on Thursday but reached to no conclusion on the selection of new CEO and CFO.
The independent board members will carry on their discussion on Friday seeking out all possible means and immediate measures to resolve the ongoing liquidity crisis of the company, so that the farm can perform its daily operation actively.
The Thursday meet in Hyderabad was the third round discussion in a row by the newly-formed board to finalize the name of a CEO.
The board Wednesday said to have received 40 applications for the post of CEO while Deepak Parekh, an independent board member has stated that it’s not possible to take a final call in a single day.
On the other hand, the post of CFO is also crucial for the company as the financial figures of the company are yet to be re-installed after unearthing the Rs.7,400-crore financial fraud – the biggest ever corporate scam in India – this month.
The founder of Satyam and Ex-Chirman B Ramalinga Raju earlier this month accepted the biggest financial fraud pertaining to data manipulation in the balance sheet of the company and resigned from his post. Seven others out of ten too resigned from the board one by one.
The government in this response dissolved the existing board and appointed the six members – Deepak Parekh, Kiran Karnik, C Achuthan, Tarun Das, T N Manoharan and S Balkrishna Mainak – to prevent the company from further calamities and to restore its lost ground in the global market.
The crime investigation department (CID) of Andhra Pradesh had arrested Ramalinga Raju and his brother Rama Raju, and the Nampally district court sent the duo to 15-day non-bailable remand which was extended by one day (till Friday evening) in a latest court ruling on Thursday.
Meanwhile, two business giants Larsen and Toubro (L&T) – the construction conglomerate – and Essar group of industries have proposed to buy India’s fourth largest IT firm, while some other Indian and foreign companies are also in the row.
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