How The New Board Plans To Rescue Satyam?

Swinging into action on the very first day of taking charge of the scam-tainted Satyam, its three-member board on Monday announced that top management would be changed and every effort made to address the prime concern of liquidity, including asking main clients to make advance payments.

"The top priority is to restore the confidence of customers, employees, suppliers and investors... Satyam has a lot of marquee customers, so the sustainability of service is a priority," he said, adding that the board would have to meet frequently in the next few months given the enormity of the issues at hand.

The next meeting could be in the next 48 hours. Another member C Achuthan said that the board has not sought any immunity from lawsuits as such for the company. About a dozen lawsuits have been filed in the US against Satyam, its founder Ramalinga Raju and his brother Rama Raju charging them with duping thousands of investors of billions of dollars.

Asked if PwC would be sued, Parekh said investigations were going on and it was too premature to comment on the issue.

On conflict of interest of two of the new board members, Parekh said: "All three of us have been appointed by the Centre keeping in mind all the aspects." He, however, announced that Kiran Karnik has resigned from the board of Satyam-AP government venture, EMRI.