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Former ICAI President nominated on Satyam Board |
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New Delhi : Considering various needs of the embattled IT giant Satyam, at the moment, the Government has nominated three more business leaders as directors of the company, in addition to the three directors already nominated.
The three new nominees include Mr. T.N. Manoharan, President of the Institute of hartered Accountants of India (ICAI) during 2006-07; Mr. Suryakant Balkrishna Mainak of LIC and Mr. Tarun Das, Chief Mentor of CII. |
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Speaking at a press conference held here this evening, Minister of Corporate Affairs Mr. Prem Chand Gupta said, "You are aware that the new board of Satyam consisting of the three eminent persons nominated by the Government namely Mr. Kiran Karnik, Dr. Deepak Parekh and Mr. C. Achutan, held its first meeting at Hyderabad on January 12. They have started working and taking various steps as required in the company."
"You are also aware that the investigation of Satyam has been entrusted to SFIO and the officers of SFIO have already started their job. They have been asked to submit their report within 3 months."
"Simultaneously, inspection under section 209A of the companies Act is on in 8 companies associated with Satyam Group including Maytas Properties and Maytas Infra."
Satyam has engaged the services of two audit firms namely Deloitte & KPMG to look into the accounts of the company.
The Institute of Chartered Accountants of India (ICAI) has also initiated disciplinary proceedings against the auditors of Satyam as per the laid down procedure.
"I am confident that the NASSCOM and major companies in IT Sector in the country would support the efforts of the present management of Satyam in sailing through the present crisis", the Minister added.
Source : indiaedunews |
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