Satyam Computer Services finally gets its turnaround man. The government apoointed Board for the fraud hit major has appointed A.S. Murty, a Satyam veteran for 15 years as its CEO with immediate effect. Murthy has been with Satyam since Jan 94.
It has appointed Homi Khusrokhan and Partho Datta as special advisors to the Board. The move is aimed at strengthening the management and financial areas of the company.
However, as the news of Satyam’s sale grow stronger, it still remains to be seen how long and if this management will continue, should the new Board comes on seat.
The Board also confirmed receiving bank sanctions for a total sum of Rs 600 crores to meet working capital requirements. In a BSE filing, the Board said that its collective focus will remian unchanged and will undertake cost rationalization measures, reaching out to customers and rebuilding the confidence in the company. The Board also confirmed receiving bank sactions of Rs.600 crores. The company also reaffirmed that january’09 salaries have been met with internal accruals.
Wachtell, Lipton, Rosen & Katz have been appointed as Satyam’s lawyers to address the class action suits in US.