Satyam board members call on PM, Montek

With just two days to go before the general election results are declared, the six board members of Satyam Computer Services today met Prime Minister Manmohan Singh and Planning Commission Deputy Chairman Montek Singh Ahluwalia.

“It was a courtesy visit... We wanted to thank the government and the PM for all the help in the Satyam case. The PM, as usual, smiled at us and said he wanted to meet us. It was just a thank you meeting and nothing else,” Satyam board Chairman Kiran Karnik said.

Karnik was accompanied by the other five board members — HDFC Chairman Deepak Parekh, former ICAI Chairman T M Manoharan, CII chief mentor Tarun Das, former presiding officer of Securities Appellate Tribunal C Achuthan and LIC Executive S B Mainak.

When asked how long the board members would continue and would he want to continue, Karnik said each individual would have to decide that on his own.

“Some people would stay on and I think they should, as the process is still going on. But I personally would not like to continue. I want to do some of the things that I originally intended to,” he said.

The government had appointed a new board after the founder and chairman of the company, Ramalinga Raju, confessed to a massive accountancy fraud. The board had selected Tech Mahindra as the new owner for the Hyderabad-based firm after it emerged as the highest bidder in the auction process.

When asked what would happen to the various legal suits filed in the US, as well as the fate of the jailed management, Karnik said that it was a legal process and will take time.

“As for the class suit actions, it will be up to Tech Mahindra to handle it,” he pointed out.

Karnik did not comment on the details of the business that Satyam has been able to garner post the acquisition by Tech Mahindra.

There have been rumours that the company has won a few large deals.

Meanwhile, Satyam is awaiting the nod of US authorities for inducting four representatives of Tech Mahindra on the IT company's board.

“In the Indian context, it is all clear... Once the US approval comes, their (Tech Mahindra's) representative will be inducted into the board very soon”, Satyam board member and ICAI's past president T M Manoharan said when asked as to when representatives of the new owner would join the board.

Paving the way for the take-over of Satyam by Tech Mahindra, the Company Law Board had allowed the new owners to appoint Vineet Nayyar, C P Gurnani, Sanjay Kalra and Ulhas N Yargon on the board.

In a related development, a Hyderabad court on Thursday adjourned to June 1 the hearing on a petition filed by the Enforcement Directorate (ED) seeking permission to record statements of Satyam’s former chairman B Ramalinga Raju and others accused in the financial fraud at the IT company.