The new Satyam Board appointed by the government is addressing media as of now. Deepak Parekh, Chairman, HDFC Bank, Kiran Karnik, Chairman, Nasscom and C. Achuthan, former head of SEBI Appellate Tribunal, are addressing media. Highlights:
The government will appoint few more board members soon, to decide the Chairman thereafter.
The board is in the process of appointing an independent audit firm to restate the accounts. The board has already spoken to two auditing firms. They will be receiving the proposals tomorrow. The decision will be taken in 48 hours from now.
The top priority will be to restore confidence and get Satyam out of the crisis.
Immediate priority to assure sustainability of services with minimum disruption.
Working capital requirements require immediate attention and will work with the team to tide over the crisis.
Still analysing the amount required to meet the immediate liquidity crunch in the company. The receivables are large and and they also need to ensure that the actual debt is not larger than what is stated in the accounts.
The board has not sought immunity against class action suits or legal proceedings as of now.
May have to ask for an extension for the Q3 results.
Urgent need to appoint a new CEO and a CFO, someone who can bring “normalcy” to the company at the earliest.