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New Satyam board addresses media
By UTVi Desk
Mumbai, Jan 12, 2009 1743 hrs IST
Parekh said the full board will appoint the chairman, and added that the financial statements would be restated soon. An indepedent accounting firm would be appointed in 48 hours to do this as well as announce Q3 results.
He added that the government will appoint more board members soon, and the full board will appoint the new chairman.
Achutan said a new CEO and CFO would be appointed in due course of time. "We cannot produce CEO/CFO in 24 hours from our pockets," Achutan said.
Parekh said the new accounting firm will report on the liquidity position of the company. "There are a large number of receivables.... if they come in 60-90 days, the firm may not need any liquidity support but we need to see how many of them are true..."
Satyam Accounts to be Re-stated
HYDERABAD: Deepak Parekh, Kiran Karnik and C Achutan addressed the media after the first board meeting of the newly constituted board of Satyam Computer.
Parekh said the immediate priority is to restore confidence, and added that the financial statements would be restated soon. An indepedent accounting firm would be appointed in 48 hours to do this as well as announce Q3 results.
Parekh said the government will appoint more board members soon, and the full board will appoint the new chairman.
Achutan said a new CEO and CFO would be appointed in due course of time. "We cannot produce CEO/CFO in 24 hours from our pockets," Achutan said.
Parekh said the new accounting firm will report on the liquidity position of the company. "There are a large number of receivables.... if they come in 60-90 days, the firm may not need any liquidity support but we need to see how many of them are true..."
He also said a senior CFO needs to be inducted to bring back normalcy quickly and clients can be asked to pay on time for the firm to tide over the liquidity crunch.
The government had appointed the three-member Satyam board on Sunday after superceing the Ramalinga Raju-led board on Friday.
Raju confessed to a Rs 7,000 crore accounting fraud, and has been sent to judicial custody for 14 days. Srinivas Vadlamani, who was the CFO of Satyam till the time the board was superced, in a confessional statement said: "bank deposits were handled directly by chairman and managing director, and I was specifically asked not to look into this...."
Karnik said Satyam has marquee clients who have been satisfied with the results, and the new challenge would be to ensure continuity in business.
Related Links:
New Satyam Board to Meet Today
Satyam to get help if needed: Nath
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