In a dramatic move, the Company Law Board has decided to bar the current board of Satyam from functioning and appoint 10 nominal directors. The first meeting of the new board would meet in seven days and it will decide on new management. This means that Satyam cannot hold the board meeting which was scheduled tomorrow. “The current board has failed to do what they are supposed to do. The credibility of the IT industry should not be allowed to suffer,” said Corporate Affairs Minister Prem Chand Gupta. Explaining the move, he said that the government approached the Company Law Board for the necessary action. “The operations of Satyam should not suffer,” he said. Gupta also added that said the government is trying to locate disgraced Satyam chief B. Ramalinga Raju. Welcoming the move, Infosys said constitution of the new board will help to protect the career of over 50,000 employees. IT trade body Nasscom has described the move excellent. Earlier, seeking to avoid a Satyam-like financial fraud, market regulator SEBI on Friday decided to review the earnings statement of all the companies that figure in the elite stock trackers Nifty-50 and Sensex-30. "Such a review would be in relation to the last quarterly results and last audited annual financial results," the regulator said in a statement. SEBI will also prepare a panel of auditors to conduct the exercise, which would be taken following the publication of third quarterly results and is likely to be completed by end-February.