FRONT PAGE | Saturday, January 10, 2009 | Email | Print | 
Govt supersedes board, sacks directors
IANS | New Delhi
The Government on Friday evening superseded the scam-tainted IT bellwether Satyam Computer board and dismissed three remaining directors, including two independent ones. It has cancelled a Satyam board meeting scheduled for Saturday in Hyderabad. It also reconstituted the Satyam board and appointed 10 nominated directors. The first meeting of the new board is to be held in seven days.
"The Government has asked Satyam Computer to appoint new directors within next seven days," said Prem Chand Gupta, Minister for Company Affairs.
The company's existing directors will have no powers until the board is reconstituted. "The Company Law Board has already issued an order to the existing directors of the board restraining them from exercising their functions and the order becomes effective immediately," the Minister added.
Email | Print | Rate:
|