Satyam get new CEO, advisors & Chairman

After rounds of discussion & giving different pointers in the media, the board annouced A S Murthy (popularly known as ASM) as the CEO of Satyam. ASM has been associated with Satyam since last 15 years in various capacities like head of the HR & most recently being the chief of delivery.

Homi Khusrokhan, who was the former MD of Tata Chemicals & Partho Dutta, former CFO of Murugappa Group were also appointed by the board as advisors along with Boston Consulting Group. The two though were tipped to be the CEO & CFO respectively, but the slew of legal actions would have forced the board to appoint them as advisors.

The day after ASM was appointed as CEO, the board annouced Kiran Karnik as the chairman. These ended the weeks of sceptism about the board of directors & his appointment could give a huge boost to in the relationships with clients has Karnik was previously associated with NASSCOM. He was instrumental in bringing the positive turning to the growth story in the India IT industry in early 2002.

Satyam: Spice Group Interested in Acquisition

The latest news on the Satyam is coming out that Spice Group is interested in picking up a stake in Satyam. Spice has approached Ministry of Corporate affairs to acquire 51% stake in Satyam.

More to follow soon...

Satyam Board Meet

The new board members of Satyam met again today & have given updates on few crucial aspects:

1. Salaries - The employees have been assured of payments of salaries for the month of January.
2. Advisors - Boston Consulting Group has been appointed as the advisor to the management.
3. Investment Banker - Goldman Sachs & Avendus are the bankers for the organisation under the new board.
4. Management Structure - A new management structure & plan has been decided & the same will be shared with media this week.
5. Employee Number - The count on number of employee seems to be right according to the preliminary investigations.

Satyam Saga: PwC officials sent to judicial custody

In continuation of investigations into Satyam fraud, the latest reports coming in are that PwC officials S Gopalakrishnan (Chief Relationship Partner) and Srinivas Taluri(Engagement Leader) have been sent to judicial custody.

Satyam : Additional board members

The government has announced addition of 3 new board members

Satyam : Additional board members

The government has announced addition of 3 new members to the board of director at Satyam.

The new board members are

Tarun Das - Chief mentor at CII (Confederation if Indian Industry)

TN Manoharan - ex-chief of ICAI (Institute of Chartered Accountants of India)

Satyam - New Auditors

Reports are coming in now that the new board has decided on the set of auditor to review the financial health of Satyam & come out with its Q3 results.

News are flowing that KPMG & Deloitte have been shortlisted as the auditors.

Will be adding more details as they come in.