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Parekh, Karnik & Ex-SEBI member in Satyam Board

The government has appointed three new members on Satyam’s Borad - Dr Deepak Parekh, Kiran Karnik and C Achuthan.

Corporate Affairs Minister P C Gupta has said that the new Satyam Board will meet in the next 24 hours. He also said that the chairman will be decided by the Board.

“Will ensure there is business continuity. It’s important to maintain customer confidence. Will get the company back on track,” said Kiran Karnik.

On Friday, the government had disbanded the board of Satyam Computer for “failing to do what they were supposed to”.

Meanwhile, Satyam’s fallen promoters Ramalinga Raju and his brother Rama Raju will spend the next two weeks in judicial custody at the high security Chanchalguda prison in Hyderabad. They have been remanded to judicial custody till January 23.

Source  / courtesy : NDTV

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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 understnding of the corporate governance. I presume that more eminent people will be inducted in the board quickly,” Banerrjee said.

Assocham Secretray 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 collpase. 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 one memeber of the new Board.