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'First priority would be to ensure continuity'

January 16, 2009

Newly appointed member on the Satyam board T N Manoharan on Thursday said that his experience in the financial sector would help contribute to revival of the scam-tainted IT Major which was brought down by disclosure of accounting fraud by the founder chairman B Ramalinga Raju.

"With my exposure in financial sector, I hope to contribute to the Satyam", he told PTI soon after the announcement of his appointment to the IT company's board by Corporate Affairs Minister Prem Chand Gupta.

"Our first priority would be to ensure continuity and stability of the company...and retain confidence of employees and customers", said Manoharan who was president of the Institute of Chartered Accountants of India in 2006-07.

Manoharan was appointed on the board of Satyam, along with chief mentor of Confederation of Indian Industry Tarun Das and insurance, finance and secondary market expert Suryakant B Mainak.

With the appointment of three more directors, the government has raised the strength of the Satyam board to six, though it can appoint up to 10 members as per the order of the Company Law Board.

The members who were earlier appointed to the Satyam board by the government include HDFC chairman Deepak Parekh, Nasscom past president Kiran Karnik and past presiding officer of Securities Appellate Tribunal C Achutan.