New Delhi:
The government on Friday disbanded the board of Satyam Computers for ",failing to do what they were supposed to", and would soon appoint 10 new directors, who would hold its first meeting within a week.
The decision was taken after the Company Law Board gave permission to the government on its interim prayers, Corporate Affairs Minister Prem Chand Gupta told reporters.
The government had approached CLB as ",it is the prime concern of the Government to ensure that the operations of the company continue uninterrupted,", he said.
It is learnt that the names of HDFC Chairman Deepak Parekh and Jayant Verma, professor with IIM Ahmedabad among others are being considered for the nominee directors in the board.
However, Parekh said he has not been contacted by the government.
",The (current) board ceases to exist. How can they take a meeting,", Gupta said in reply to a query.
He said the new board would hold its first meeting in seven days and would appoint the management, as it is not the jurisdiction of the government to do so.
The current board of Satyam was left with only three members, as others resigned after Satyam landed in controversy, beginning its plans to take over Maytas, a company run by founder Chairman B Ramalinga Raju's family.