GoI supercedes Satyam Board of Directors
After receiving the preliminary reports from the Registrar of Companies, the Government of India moved swiftly through the Ministry of Company Affairs and issued orders superceding the present Board of Directors with immediate effect.
Thus the proposed meeting of the Satyam Board will not take place today as originally scheduled.
The Government of India is expected today to exercise its powers under the Companies Act and appoint a 10 member Board of Directors for Satyam Computer Services.
This new Board will meet within 7 days of its appointment and take all necessary measures to set right the affairs of the company and take care of the careers of the 53,000 odd employees.