Satyam board to meet in Hyderabad today

Hyderabad, Jan 17 (ANI): The newly constituted board of Satyam Computer will meet here today to take stock of the situation arising out of Rs.7000 crore scam perpetrated by the previous board.

On Thursday, the Government announced the nomination of three more directors to the board of Satyam Computer Services. They are Tarun Das, Chief Mentor of CII, T. N. Manoharan, an eminent chartered accountant, and Suryakant Balkrishna Mainak of the LIC.

Last week, Dr. Deepak Parekh, the chairman of HDFC Ltd, was named along with former Nasscom president Kiran Karnik and Securities Appellate Tribunal's past presiding officer C Achuthan as members of the Satyam board.

Meanwhile, Minister of Corporate Affairs Prem Chand Gupta said that the board of Satyam has already engaged the services of two reputed Audit firms namely Deloitte and KPMG to look into the accounts of Satyam.

In another development, the government ordered the Serious Fraud Investigation Office (SFIO) to probe the Satyam Computer Services scandal.

The SIFO is expected to submit its report in three months.

The probe has been ordered after receiving a report from the Registrar of Companies (RoC) in Hyderabad, which inspected the books of accounts of Satyam Computer Services and eight other companies belonging to the kin of the former chairman B Ramalinga Raju. (ANI)