The newly constituted board of Satyam today swung into action and decided to change top management, seek advance from clients and explore all options, including merger, to salvage the company which is hit hard by Rs 7,800 crore scam and the resultant liquidity crunch.
The government appointed board has already zeroed in on two accounting firms, one of which would be mandated in the next 48 hours to restate the accounts and work on third quarter results. The board also decided to appoint a new CEO and a CFO at the earliest.
At the same time, Prime Minister Manmohan Singh took a review of the developments of the company during his meetings with market regulator Sebi's Chairman C B Bhave and top government officials and directed the Cabinet Secretary K M Chandrasekhar to coordinate the action on the issue.
Also Read: HIGHLIGHTS - Satyam new board press meet
A day after they were put on the board, Deepak Parekh, Kiran Karnik and C Achuthan went to the headquarters of the IT firm and took a first hand account of the situation in the meeting of the board and took a number of decisions, crucial to keep the company afloat.
Announcing the steps to be taken over in the next few days, Parekh told reporters: "Our top priority is to restore confidence of customers, employees and investors by ensuring business continuity."
The government would soon induct more members in the board which thereafter would decide on Chairman, he said.
Meanwhile, Commerce and Industry Minister Kamal Nath said in New Delhi that government was willing to consider all options, including financial support to the company.
Asked if merger could be considered to overcome the crisis, Parekh said, "The option of merger is always open." The board has also not sought any immunity for the company from lawsuits.
