Zeenews Bureau
Hyderabad, Jan 12: Announcing that the Government is keen to see Satyam Computers Ltd back on its feet, the new Board members began work in Hyderabad to bail out the IT company in the earnest.
“Government is keen to see Satyam back on it feet. It will work to provide temporary liquidity to the company,” Deepak Parekh, the Govt's trouble shooter and the HDFC chairman appointed to Satyam Board told media persons here today.
Parekh made the announcement at the end of the first meeting of the new board which also includes former NASSCOM chief Kiran Karnik and former SEBI member C. Achuthan.
He said it will be difficult to arrange for working capital till the time there were no independent figures about the company.
“We will talk to some bankers for liquidity. It’s a major concern area,” Parekh added.
Revealing a slew of measures that the new Board will implement, Parekh admitted that the challenge before them was magnanimous.
“A new independent accounting firm will be appointed in 48 hours to restate the financial position and publish the Q3 results. Two auditors have been approached for this and PricewaterhouseCoopers will not be allowed to audit Satyam accounts,” Parekh said.
The board is also seeking an extension for announcing the
third quarter results beyond the scheduled date of January 16.
Asked if PwC would be sued, Parekh said investigations
were going on and it was too premature to comment on the
issue.
"The auditors are appointed by the general body, by the
shareholders, so we will have to wait till the next AGM to
take a view on that, because it is the shareholders'
prerogative to appoint auditors," Parekh said.
On conflict of interest of two of the new board members,
Parekh said: "All three of us have been appointed by the
Centre keeping in mind all the aspects."
Assuring the clients, the new Board presented a positive scenario, saying that they hoped to retain all the esteemed clients.
"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.
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.
Kiran Karnik has resigned from the board of Satyam
subsidiary EMRI.
Parekh said the board will meet frequently in the next few months in view of the enormity of the task on hand - that of restoring credibility of and confidence in the company.
He said that the appointment of new CEO and CFO will take some time and that old Directors including Ram Mynampati were not on Board anymore. Mynampati, however, continued as senior employee. He also said that they were not
"However it is not be going to easy to get the right people. It will take time but we hope we should be able to finalise in a few weeks," said Parekh.
"More members will be appointed to be board soon. The full board will elect the chairman," he said.
Parekh said the board will meet frequently in the next few months in view of the enormity of the task on hand - that of restoring credibility of and confidence in the company.
Meanwhile the Govt has said it is not going to dissolve the Boards of Maytas Infra and Maytas Properties, the companies owned by Raju’s family.