Govt withdraws four directors from Satyam board

The Union government has withdrawn four of the six directors appointed by it on the board of Satyam Computer Services Limited. The government has taken this decision following the permission granted by the Company Law Board (CLB) to this effect.

Mahindra Satyam, the new brand identity of Satyam, stated that the government has decided to retain C Achutan and  T N Manoharan on the  board of the company.

The Central Government, after getting permission from the CLB on January 9, this year, had appointed directors on the board of the company under the chairmanship of  Kiran Karnik on January 11 and 15. The government appointed directors include Deepak Parekh, Tarun Das, and Suryakant Balkrishna Mainak.

While passing this order, according to Mahindra Satyam, the CLB has extended its compliments and appreciation to all the six board of directors for providing leadership to the company during the troubled times and enabling stabilization and smooth transition of control of the company to the strategic investor.