India's fourth-largest software exporter Satyam finds itself in the middle of a fraud scandal and last week received a notification from the Company Law Board of the Government of India, that it intends to appoint 10 nominees as directors of the company to replace the current board. Late yesterday the company announced that it has appointed three new Board Members. Deepak S. Parekh, Kiran Karnik and C. Achuthan will join immediately and the board is expected to meet within the next 24 hours.
Parekh is currently Chairman of HDFC Bank, Karnik is the former President of NASSCOM and Achuthan is Director at the National Stock Exchange, former Member of SEBI, and former Chairman of Securities Appellate Tribunal.
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