New board of directors appointed at Satyam

HYDERABAD, INDIA: Satyam Computer Services Ltd said that it welcomes the Ministry of Corporate Affairs' appointment of three distinguished members to a newly formed board of directors for the company.

The members are:

* Deepak S. Parekh, Chairman of HDFC Bank.

* Kiran Karnik, former President of NASSCOM.

* C. Achuthan, Director at the National Stock Exchange, former Member of SEBI, and  former Chairman of Securities Appellate Tribunal.

"Satyam welcomes this key development, which will ensure the company's continued operations, help maintain customer confidence and associate morale, and restore investor trust. The new members are eminent and accomplished leaders, recognized in India and around the world for their expertise in finance, law, administration and the IT services industry. Satyam's leadership team has complete confidence in them, and pledges to work closely and in full cooperation with the new board," the company said.

The board is expected to meet within the next 24 hours.

"This is a vital stabilizing development for Satyam, and it marks the beginning of a new chapter in the company's history. It is the best news we've received in the past four weeks," a company spokesperson added.