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Rediff.com  » Business » Satyam: Nominee directors can come out, says minister

Satyam: Nominee directors can come out, says minister

June 10, 2009 18:41 IST

The government said on Wednesday its 'job is done' in handling the crisis-ridden Satyam, which posted a standalone net profit of Rs 181 crore (Rs 1.81 billion) in October-December quarter, and the company board can decide on sending back the nominee directors.

"Our job is done. I think they can now be phased out . . .It is for the board to decide," corporate affairs minister Salman Khursheed told PTI when asked as to when the government would recall its directors, which replaced the Satyam's Board in January after the Rs 10,000-crore (Rs 100 billion) financial scam became public.

"We can take credit for what we have done and we will give credit to them for what they have done ... now let them decide," he said while pointing out to the good financial results announced by the company in which Mahindra Group firm took majority stake last month.

Following disclosure of accounting fraud by founder chairman of Satyam, B Ramalinga Raju, on January 7, the government superseded the board of the IT company and appointed its own nominees to run the company.

The government nominees included former Nasscom chairman Kiran Karnik, CII chief mentor Tarun Das, HDFC chairman Deepak Parekh and former ICAI president T M Manoharan.

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