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Merger option open for Satyam, will try to its best to help the company tide over the crisis. : Deepak Parekh

HYDERABAD: In their first joint press conference after being appointed on board the beleaguered Satyam, the three independent board members Satyam board members Satyam board members Deepak Parekh (C), Kiran Karnik (R) and C Achutan at a press conference in Hyderabad. (AFP)

Deepak Parekh, K Karnik and C Achutan said that the board will try to its best to help the company tide over the crisis.

Board member Deepak Parekh informed media that government may provide temporary liquidity to Satyam to overcome crisis.

Parekh said, “Government will appoint new board members soon and chairman will elected by the full board. A new independent accounting firm will also be appointed.”

Calling Satyam fiasco “a big challenge”, Parekh said board will try its best to retain prized clients of Satyam.

According to PTI, after taking preliminary stock of the company that has been hit hard by the Rs 7,800-crore scam, the reconstituted board met for the first time on Monday and discussed various options to handle the immediate issues, including liquidity.

Parekh said that the working capital issue needed an immediate attention, but it has not yet determined in the amount of the liquidity needed. An independent auditing firm would be appointed within 48 hours, he said, while talking to reporters along with two other board members Kiran Karnik and C Ahuthan.

Parekh said that there was a need to appoint new CEO and Chief Financial Officer for the company, while adding that “we have no candidates in mind” and no one was willing to join within 24 hours.

“The top priority is to restore the confidence of customers, employees, suppliers and investors… Satyam has a lot of marquee customers, so the sustainability of service is a priority,” he said.

Asked if merger could be considered to overcome the crisis, Parekh said, “The option of merger is always open.”

PTI report says that another member C Achuthan said that the board has not sought any immunity from lawsuits as such for the company.

Asked if PwC would be sued, Parekh said investigations were going on and it was too premature to comment on the issue. Parekh said that the board was talking to two entities for selecting the new independent accounting firm for Satyam, but declined to reveal their names.

Source / courstesy: PTI  & TOI