Hyderabad, INDIA, January 11, 2009: Satyam Computer Services Limited (NYSE: SAY) today said that it welcomes the Ministry of Corporate Affairs’ appointment of three distinguished members to a newly formed board of directors for the company.
The members are:
- Mr. Deepak S. Parekh, Chairman of HDFC
- Mr. Kiran Karnik, former President of NASSCOM
- Mr. C. Achuthan, Director at the National Stock Exchange, former Member of SEBI, and former Chairman of Securities Appellate Tribunal.
“Satyam welcomes this key development, which will ensure the company’s continued operations, help maintain customer confidence and associate morale, and restore investor trust. The new members are eminent and accomplished leaders, recognized in India and around the world for their expertise in finance, law, administration and the IT services industry. Satyam’s leadership team has complete confidence in them, and pledges to work closely and in full cooperation with the new board,” the company said.
The board is expected to meet within the next 24 hours.
“This is a vital stabilizing development for Satyam, and it marks the beginning of a new chapter in the company’s history. It is the best news we’ve received in the past four weeks,” a company spokesperson added.
For clarifications, write to us at MediaRelations@Satyam.com
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Reshma Wad Jain
This press release contains forward-looking statements within the meaning of section 27A of Securities Act of 1933, as amended, and section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements contained herein are subject to certain risks and uncertainties that could cause actual results to differ materially from those reflected in the forward-looking statements. Satyam undertakes no duty to update any forward-looking statements. For a discussion of the risks associated with our business, please see the discussions under the heading “Risk Factors” in our report on Form 6-K concerning the quarter ended September 30, 2008, furnished to the Securities and Exchange Commission on 07 November, 2008, and the other reports filed with the Securities and Exchange Commission from time to time. These filings are available at http://www.sec.gov.