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...

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

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 custo...

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 areTarun Das - Chief mentor at CII (Confederation if Indian Industry)TN Manoharan - ex-chief of ICAI (Institute of Chartered Accountants of Ind...

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 ...

Satyam Update

HighlightsTop 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 priorityWill appoint auditors in next 48 hours to analyse the financial healthWill appoint CEO & CFO soon, no timeframe or names have been decided yet- Not decided on suing PwC as of nowGovernment to look into appointing new board membersThe 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...

Satyam Board - Profiles

Just a brief on the profiles of the 3 new board members of the beleagured IT firm Satyam.Deepak ParekhCA by qualification- Currently chairman of HDFC LtdAwarded Padma Bhushan- Started his career working for E&Y.Has worked for leading banks in the world like Grindlays Bank, Chase Manhattan.Was awarded with 'Businessman of the Year" in 1996 by Business IndiaKiran KarnikEx-president of NASSCOM- Awarded Padma Shri in 2007Holds a PG from IIMHas been recognized as the guiding force for the Indian IT industry during the outsourcing backlashPrior to joining Nasscom in 2001, Kiran Karnik was the managing director at Discovery Networks in India where he was instrumental in the launch of Discovery Channel in South Asia in August 1995 and Animal Planet (a Discovery – BBC joint venture) in 1999- Between...

New SATYAM board

Satyam Update:A new booard has been constituted by the Government to lead Satyam. The new board constitutes of leading honchos from the business community & they are:1. Kiran Karnik, former chairman of NASSCOM2. Deepak Parekh, banker from HDFC3. C Achutan, former member of SE...