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Vineet Nayyar apppointed Chairman of Satyam

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Mahindra Satyam, formerly Satyam Computer Services, today announced that Mr Vineet Nayyar had been appointed as the Chairman of its Board and Mr M Damodaran and Mr Gautam S. Kaji had been appointed as additional directors.


With this, the size of the Board has increased to eight directors, comprising four independent directors, including two nominee directors of the Government of India, two non-executive and two whole-time directors.


Mr Nayyar, 70, a former Indian Administrative Service (IAS) officer, is the Executive Vice-Chairman of Tech Mahindra, which now has a controlling stake in Satyam. Apart from various postings in the Government, he worked with the World Bank for over ten years.


He was the founding Chairman and Managing Director (CMD) of the public sector Gas Authority of India Limited (GAIL). He has served as Managing Director of HCL Corporation Litd and as the Vice-Chairman of HCL Technologies. He was also a co-founder and CEO of HCL Perot Systems.


Mr Damodaran, also a former IAS officer, has served as Chairman of the Securities and Exchange Board of India (SEBI), CMD of Industrial Development Bank of India (IDBI) and Chairman of Unit Trust of India (UTI).


Mr Kaji is the former Managing Director for operations of the World Bank with responsibility for Africa, East Asia and the Pacific and South Asia. He also led the World Bank's finance and private sector development programs and served as chair of the World Bank's operations committee, which reviews all projects put forward for World Bank support. Prior to this he worked in a commercial bank. He is currently Chairman of Centennial Group, a Washington based Policy and Strategic advisory firm and their non-profit initiative The Emerging Markets Forum.


Following these appointments, the Board has also appointed Mr. Damodaran and Mr. Gautam S Kaji as members of the Audit Committee, a press release from Satyam said.


The Board also appointed Deloitte Haskins & Sells as Mahindra Satyam’s statutory auditors.


Satyam suffered a major setback when its founder and then Chairman B Ramalinga Raju disclosed on January 7 this year that the company's profits had been overstated for years and that about $ 1 billion of cash and bank balances on its books did not exist. He and some of his close associates are now under investigation by the Central Bureau of Investigation in what is India's biggest case of corporate fraud.


Following the sensational disclosure, the Government appointed a Board of Directors to look after the affairs of the company. In a strategic sale that was conducted in April, Venturbay Consultants Private Limited, a subsidiary controlled by outsourcer Tech Mahindra Limited, a part of the Mahindra Group, paid Rs 1756 crore to acquire 31 per cent of Satyam.


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