Click to play videoHyderabad: Satyam Computer Services Ltd new six-member board is on a damage control mode following the over Rs 7,800 crore accounting scandal in the IT giant.
Satyam's new board on Friday is expected go through the 40 applications received so far and name a new Chief Executive Officer (CEO) from among them.
The hunt for a new and Chief Financial Officer is also on as former CFO Vadlamani Srinivas, too, quit and is in police custody along with Satyam's founder and former chairman Ramalinga Raju and former managing director Rama Raju.
Also on the board's agenda are fund raising and tackling class action lawsuits filed against the company in the US.
Satyam's board members also revealed that the IT giant has received buyout offers from several corporate houses with Larsen & Toubro Ltd likely to present a revival plan to the board of fraud-hit Satyam.
Satyam has been badly hit by a over Rs 7,800 crore financial fraud as admitted to by Ramalinga Raju.
Meanwhile, the police custody of Ramalinga Raju ends at 1600 hrs on Friday.
Skeletons continue to tumble from Raju's closet. Raju had forged fixed deposit certificates and was part of at least 400 benami land deals,
He had also inflated Satyam employee numbers by 13,000, and diverted at least Rs 1,200 crore belonging to the company to his family accounts.
If his custody is not extended than Raju is likely to get bail and walk out free
CNBC-TV18's Ashwin Mohan reports that legally Raju's lawyers will continue with bail application proceedings that have been pending for a long time.
"Raju is going to be brought back to court along with others between 1600-1700 hrs IST. The magistrate will decide whether or not SEBI (Securities and Exchange Board of India) will get a statement from all the three accused. The judicial custody of Raju may get extended and then SEBI might get chance to record their statements or Raju may go back home," reports Ashwin Mohan.
Mohan also reports that the board will also decide on the next CEO.
"Vivek Paul's name is doing the rounds but he is not keen to come back to India. Venkatesh Rodham is the frontrunner now and he is the ex-CEO of Nipuna, the BPO division of Satyam. There is a possibility of an investment banker being announced with Morgan Stanley as the frontrunner," he reveals.
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