New Board Members for Satyam Rescue Job
Filed Under: Business | Posted: 01/12/2009 at 10:00AM
Comments | Region: India
After the big Satyam 7000 crore scam, it was time for the Government to act and they did. The government on Sunday appointed three men it believes could rescue Satyam. The three new board members are Deepak Parekh, Kiran Karnik and C Achutan, former SEBI member. Satyam’s new board members will have to move quickly to fix the balance sheet and ensure liquidity for operations.
Satyam employees were seen going back to work and they didn’t seem to lose confidence in the company. As of today, Satyam board manager, Deepak Parekh quoted, "We are trying to find out what the requirement of funding is, but when the company is in such a dire straits which bank will fund it? As I mentioned we would be meeting frequently to see what are our options. It is too early to say, who is going to give the money. Is there enough money to pay salaries? These questions we can’t answer today,"
The company and its board members have a daunting task ahead and tough measures will have to be undertaken to make sure the company is safe. Days to come will write the story of the company and its future.
Reference taken from www.ndtv.com