Latest updates on Satyam

Indian government has dissolved the satyam board of Directors and has announced its own nominees .A 3 member board has been announced by P.C.Gupta , Corporate Affairs minister consisting of Deepak Parekh, Kiran Karnik And C.Achuttan . More members may be announced and the new board will meet withing the next 24hrs. Chiarman to be decided by the Board.


All three are eminent experts in India. Deepak Parekh is the chairman of HDFC .Kiran Karnik had been the President of Nasscom in the past. C. Achuttan is a legal brain and is a past member of SEBI.The three member board now is a perfect combination of IT, Law and Finance . Deepak Parekh is a Financial wizard, Kiran karnik is an IT expert and C . Achuttan is a legal brain.


The initial reaction of Kiran karnik, one of the board directors is "Satyam will be back in the race.Will get company back on track. We will ensure there is business continuity, it's critical.It's important to maintain Customer confidence. Government has moved quickly and decisively."


Profile of new Board members

• Deepak Parekh had qualified as a chartered accountant in England and had worked with Ernst & Young, Precision Fasteners, ANZ Grindlay's and Chase Manhattan in New York and Mumbai before he came to HDFC.
• Kiran Karnik is a post-graduate from Indian Institute of Management, Ahmedabad.He was the President of Nasscom.BusinessWeek named Mr. Karnik as one of the 'Stars of Asia.' He was also selected as Forbes magazine's 'Face of the Year 2003,' for being a driving force behind India's offshoring wave.Prior to joining NASSCOM, Mr. Karnik was the Managing Director at Discovery Networks in India where he spearheaded the launch of Discovery Channel in South Asia in August 1995 and Animal Planet (a Discovery - BBC joint venture) in 1999.Mr. Karnik has worked for over 20 years at the Indian Space Research Organization (ISRO).
• Former Joint Secretary at law ministry. He was part of the team which drafted SEBI.