Damodaran: New Satyam board can handle the crisis

Tuesday, January 13, 2009 at 5:01 am

Terming the newly constituted board of Satyam Computer as “able”, former Sebi chairman M Damodaran on Monday (Jan 12) expressed the confidence that the new leadership will chalk out ways to tide over the crisis.

“The new board is able… it will chalk out ways (to overcome the crisis),” Damodaran said when asked what was the way forward to sort out the issues plaguing India’s fourth largest software exporter. Underlining the need for carrying out the investigation to its logical end, Damodaran said, “Nobody knows that what went wrong (in Satyam). The investigations are on, which will bring the truth out.”

“We need to see what happened (in this case),” he added. Asked if he would be roped into the board, Damodaran said he had rejected the offer. The Hyderabad-based IT-giant plunged in a to crisis after its former Chairman B Ramalinga Raju revealed that Satyam’s profit numbers were inflated and liabilities understated for several years.

Later, the government scrapped the board of Satyam and appointed HDFC Chairman Deepak Parekh, IT-expert Kiran Karnik and former Sebi member, C Achuthan as the new board members. The new board of Satyam is meeting in Hyderabad today and is likely to name Deepak Parekh as the Chairman of the board. Satyam stock today closed higher by 44.23 per cent in the Bombay Stock Exchange.

(With inputs from agencies)

( This post is from an independent writer. The opinions and views expressed herein are those of the author and are not endorsed by APakistanNews.Com.)

Damodaran: New Satyam board can handle the crisis

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