Satyam welcomes Govt move to take charge

IN GOVERNMENT'S HAND: Satyam issued a statement backing Union Government.

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New Delhi: Satyam Computers has welcomed the Union Government's move to disband the existing board.

"We welcome this decision which will ensure uninterrupted operations and restore the confidence of all employees, customers and shareholders across the globe," said a Satyam press release.

The decision to disband Satyam board and restrain its members from taking any action was announced by Minister of Corporate Affairs Prem Chand Gupta on Friday in New Delhi.

"The interim prayer granted by honourable Company Law Board is one to restrain the current directors of Satyam from acting as its directors and second to allow the Central government to appoint 10 nominee directors to function as directors of the company," said Gupta.

The government has appointed 10 of its nominees on the board. The Minister of Corporate Affairs also announced that the new board will be holding its first meeting within the next seven days.

The Government-appointed nominees will chart out a way of salvaging what's left of what was supposedly India's fourth largest IT company and put it back on track.

On Friday night at 2300 hrs IST Andhra Pradesh Police confirmed that Satyam founder and its former chairman Ramaling Raju and his brother Rama Raju, who was the CEO and MD of the software giant, have been arrested.

Raju has been charged under various sections of the Indian Penal Code including Section 120B for criminal conspiracy, under Section 409 for breach of trust, under Section 420 for cheating, and under Section 468 and Section 471 for forgery.

On Wednesday, Raju resigned from the company after confessing to country's biggest financial fraud of Rs 7,000 crore and disclosing massive financial irregularities.