Govt takes charge, disbands Satyam board

NOTHING ONBOARD: The current board was left with only three members from the original nine.

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New Delhi: The Government on Friday disbanded the current board of troubled IT company Satyam Computers and will nominate 10 new directors.

“The current board ceases to exist and there would not be any meeting on Saturday," Corporate Affairs Minister Prem Chand Gupta said.

"The Centre is considering the appointment of suitable persons as directors of Satyam following interim permission by the Company Law Board (CLB)," Gupta added.

The new board would meet in the next seven days.

The current board was left with only three members from the original nine.

Gupta said the board will decide on the new management for Satyam but there was no decision to take over the management as yet.

He also said that the IT firm's auditors PwC, if found guilty, would be banned in the country.

"The Government has decided to approach the Company Law Board to ensure that the operations of the company continue uninterrupted," Gupta said, adding that the current board has failed in what it was supposed to do.

The Government had approached the CLB, which has allowed it to restrain the current board members from functioning as the directors at the company.

On Wednesday, Sataym's Founder and Chairman Ramalinga Raju resigned from the company after disclosing massive financial irregularities, which emerged as one of the biggest corporate frauds in the country.

On the same day, its CEO and MD Rama Raju also resigned. The company's CFO sent in his resignation on Thursday.