The first meeting of newly-constituted members of beleaguered tech giant Satyam Computers Services ended on Monday. Addressing the press, Deepak Parekh said the new board's top priority would be to restore confidence of customers, employees, investors and suppliers.
Parekh added that the government would appoint more members, after which the board would decide a chairman. “We will appoint a new accounting firm in the next 48 hours, which will restate financials and announce the third-quarter results — we have received proposals from two auditors.” Parekh also stated that the board is also on the lookout for a new CEO and CFO. "We (the board members) will not take part in the day-to-day activities of the company," Parekh said. "We will provide the strategic inputs and direction help."
When asked if the government had sought any help from the government on the liquidity front, Parekh said after the new audit firm restates accounts, they would have a clear idea on what the liquidity position is, and whether there are any loans against the receivables. “We will need to see if the receivables are not overstated and that there are not more loans than what is stated. After that, we will decide on if and whether we need help from the government on the liquidity front.”
After the government disbanded the old Satyam board following the confession of disgraced chairman B Ramalinga Raju in a Rs 7,000-crore scandal, it named former Nasscom president Kiran Karnik, HDFC chief Deepak Parekh and former Sebi members
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