Satyam welcomes Govt move to appoint directors

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Updated: 10/01/2009 | 12:00 AM IST

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Press Trust of India

Saturday, January 10, 2009 (New Delhi)

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Satyam Computer Services on Friday welcomed the government's decision to appoint10 nominees as directors of the company to replace the current board.

Satyam said in a statement that it has received a notification from the Company Law Board, Government of India, that it intends to appoint 10 nominees as directors of the company to replace the current board.

"In view of this decision, the board meeting originally scheduled for January 10, 2009, has been cancelled. The new board is expected to meet within seven days of its constitution," the statement added.

The government on Friday disbanded the current board of troubled IT company Satyam and said that it would nominate 10 directors to the board.

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

The company added that interim CEO Ram Mynampati had earlier written to the Securities and Exchange Board of India, Company Law Board, IT Secretary, Government of Andhra Pradesh, Nasscom

and the Confederation of Indian Industry for recommendations to nominate independent directors.