Satyam Board begins a crucial two-day meet today

The six-member Board of Satyam Computer Services (Satyam) will begin a crucial two-day meet in Hyderabad on Thursday in a concerted bid to steer the company away from the current crisis following the Rs 7800 crore financial fraud.

The meeting, the third since the Company Law Board dissolved the depleted Board after the disclosure of the fraud, will have on hand the most important task of appointing Chief Executive Officer(CEO) and Chief Financial Officer(CFO), the two key posts being looked at for reviving the scam-tainted company.

Originally slated to be held in Mumbai and on Saturday, the venue was shifted to Hyderabad, the headquarters of the beleaguered company and fixed for two days to meet the exigencies arising out of the liquidity crisis.

Even as 40 applications for the post of CEO had been received, according to Deepak Parekh, a Board member, a decision on final choice may not be taken on the first day, company sources said.

The selection of CFO, too, was likely to be tricky, as the financial figures were yet to be re-instated.

Internal housekeeping, too, was fraught with many intangibles, even though, Parekh had, after the second meeting of the Board, indicated that the company had Rs 7000 crore plus receivables.

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