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November 22, 2009
         
Govt moves application in CLB to recall nominated directors
Updated on Saturday, July 04, 2009, 18:55 IST
New Delhi, July 04: The government has moved an application in the Company Law Board (CLB) to recall its nominated directors from the board of Mahindra Satyam, Corporate Affairs Minister Salman Khurshid said on Saturday.

"These (board members) are very distinguished people who very graciously agreed to be on board at a very difficult time. They can now decide when their job is done and then come out. Whatever we are required to do before the CLB, we will do because a formal request or an application would have to be made and that has been done," he said at a CII function.

Asked if all the six members or some would be recalled, he said, "that will be the decision of the board, not our decision...because we only had to pinpoint who will be useful at the time of the crisis...the road ahead is something that will be collectively decided by the board."

Kiran Karnik, chairman of the board of Mahindra Satyam, said, "The job is done but the investigation is on and if the government feels that the investigation would be aided by having a presence on the board, then may be one or two directors can continue."

"But most of us can now withdraw. The job that we were supposed to do as far as we are concerned is almost over," he added.

Bureau Report


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