Satyam may decide on CEO today

The board of Satyam Computer Services met today for the third time since last week to discuss ways to raise funds for the company and find a CEO and a CFO to run the firm.

“There is no decision yet on the CEO and CFO, but the board has discussed the applications received by it for these two posts. Arrangement of funds for the running of the company also dominated the discussions,” sources in the know said.

When contacted, the company spokesperson said a final decision on these issues is expected after the board meeting tomorrow.

Board member Deepak Parekh had Wednesday said that the company has received 40 applications for the post of CEO.

On funds, Parekh had earlier said that the company could consider mortgaging assets like real estate to raise cash from banks. The meeting would also deliberate on class action lawsuits filed against the company in the US.

The six-member board, appointed by the government to run the firm last met on January 17.

Meanwhile, LIC, which has equity investment and board representation in both the companies, today said the IT firm was still valuable and could be revived with right leadership.

“We have an investment there (Satyam). If better returns come from a sale, then we (will) go for a sale,” LIC Chairman T S Vijayan said, but added that he would not give any instruction to its nominees on the issue. The country’s top life insurer, which has over 4 per cent stake in Satyam, however, ruled out joining the race for acquiring the troubled IT firm, either alone or with L&T.