Satyam Update

Highlights

• 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
• Will appoint auditors in next 48 hours to analyse the financial health
• Will appoint CEO & CFO soon, no timeframe or names have been decided yet- Not decided on suing PwC as of now
• Government to look into appointing new board members

The new board has spent a day at Satyam today & were briefing the press in the late evening. Initial focus of the board is to study the financial health of the organisation & understand the situation at ground zero. Answering to one query, Deepak Parekh said that they would not like to go by the face value of the contents that have been spilled out in Ramalinga Raju's mail on the current financial situation of the organisation, instead they will nominate a group of auditors in next 48 hours, who'll look into the matter & come our with correct set of figures. Also, according to him, these figures would be the basis on which banks could lend to Satyam.

The second issue they would like to address is appointing the CEO & CFO. Ram Mynampati, who till recently was one of the directors on the board has been stripped off the powers as director, but will continue to be part of Satyam as a senior employee. According to the new boards they have not yet identified any names for these post.