The Indian government has nominated three more directors to the board of Satyam Computer Services, taking the total number of directors to six. The three men added to the new Satyam board on Thursday were Tarun Das, chief mentor of Confederation of Indian Industry (CII), T.N. Manoharan, a former president of the Institute of Chartered Accountants of India, and S. Balakrishnan of Life Insurance Corporation.
The government had on Sunday appointed three directors on the board of the software exporter, which got embroiled in a major financial fraud by its promoters. The new board included Deepak Parekh of HDFC, Kiran Karnik of formerly Nasscom and C. Achuthan, a former member SEBI tribunal.
The new board on Wednesday had appointed Deloitte and KPMG as auditors to assist the company in restating its accounts and determining its true assets. Satyam’s auditor Price Waterhouse, which has been its auditor for last eight years, had on Wednesday said that its findings and opinion on the accounts could be wrong since it relied on the falsified information given by its management.
Price Waterhouse is an Indian firm that is part of the global PricewaterhouseCoopers International Ltd. network.
Meanwhile the Indian government said on Thursday it had rejected a request by Satyam for financial assistance of Rs 150 crore ($30.8 million) to meet payment needs. The governmenmt said it was not considering a bailout of the software exporter.