Govt disbands Satyam board to nominate Directors…

Nominate 10 Directors to run the affairs of the crises ridden IT company. Corporate Affairs Minister told Zee News that the Company Law Board had authorised the Govt to restrain the present Board from holding any meeting.

He said the Govt will nominate 10 persons of repute to the Board. This new Board will meet in seven days, canceling the scheduled meeting of the now disbanded Satyam Board that was to take place on Saturday. “The govern an unprecedented move, the Government on Friday disbanded the Satyam Board and declared it would  restraining all current directors from the board. So Satyam cannot hold its Board of Directors meeting Saturday ” Gupta told a news channel.

Three remaining Directors, including two independent ones have been sacked . Satyam Computer Services today welcomed the government’s decision to appoint 10 nominees as directors of the company to replace the current board. Satyam said in a statement that it has received a notification from the Company Law Board, Government of India, that it intends to appoint 10 nominees as directors of the company to replace the current board.

“We welcome this decision which will ensure uninterrupted operations and restore the confidence of all employees, customers and shareholders across the globe,” the company said. The company added that interim CEO Ram Mynampati had earlier written to the Securities and Exchange Board of India, Company Law Board, IT Secretary, Government of Andhra Pradesh, NASSCOM and the Confederation of Indian Industry for recommendations to nominate independent directors.