Business | General
India names 3 to Satyam board after fraud scandal
Indian authorities on Sunday named three business leaders to help rescue outsourcing giant Satyam Computers in the wake of a massive fraud scandal.
- Agencies
- Published: 13:49 January 11, 2009
New Delhi: Indian authorities on Sunday named three business leaders to help rescue outsourcing giant Satyam Computers in the wake of a massive fraud scandal.
Corporate Affairs Minister Prem Chand Gupta tapped experts in technology, finance and law to form the core of a new board for the company.
Gupta said the three new board members will be Deepak Parekh, head of the Housing Development Finance Corp., Kiran Karnik, the former head of Nasscom, and C. Achuthan, a legal expert and a former member of the Securities and Exchange Board of India.
Satyam is fighting for its life after founder and chairman B. Ramalinga Raju confessed to accounting fraud. He has been arrested and faces life in prison, police said.
Police were questioning Raju, along with his brother and the former chief financial officer in Hyderabad on Sunday, said senior police official V.S.K. Kumudi.
The company welcomed Sunday's announcement as "the best news we've received in the past four weeks."
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