The government has said candidates for positions of the CEO and the CFO in the crisis-ridden Satyam have been zeroed in and legalities are being worked out to provide legal immunity to them so that they are not held responsible for the liabilities of the IT major.
"We have zeroed in on two persons of eminence to be appointed as the CEO and the CFO... But they want certain sort of protection so that in case of some liabilities they are not held responsible. So that process is going on, we are working on that," Corporate Affairs Minister Prem Chand Gupta today said in an interview to a private television channel. He said nobody would like to join a company in controversy and, therefore, the modalities of providing legal immunities are being worked out and the appointment of the CEO and the CFO would soon be done.
He said the person, who will not be called a CEO because of involvement of certain legal implications, is from outside the company.
He added that the person to be appointed as CEO has worked in an Indian multinational company earlier.
As regard better compliance by corporates, he said, "We need better enforcement, better compliance, and better mindset...So that the government is not forced into bringing additional laws and create unnecessary problems."
