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New auditing firm in next 48 hours: Satyam board chairman Parekh
January, 13th 2009

In a jam-packed press conference at Satyam'''s headquarters today, Satyam Board Chairman and HDFC Chairman Deepak Parekh said the board's top pririty was to restore confidence among company's employees, invesitors and clients by continuity of the business.

He said the board was in the process of appointing a new audit firm in the next 48 hours. "We already are in talks with two firms and also called for their applications," he informed.

Replying to a question, Parekh said more board members would be appointed by the central government in days to come. He also said there was a need for addressing staff concern. "Banks should go easy on the Satyam staff," Parekh said.

Dismissing any conflict among directors, Parekh said it was premature to decide on suing PWC, the current Satyam auditor.

He also ruled any talks with the tainted Satyam CEO Ramalinga Raju.

Replying to yet another question, Parekh stressed the need for appointing new CEO and CFO to accord direction to Satyam. "It's an herculean task. It will take some time to find one. And even if we find them, they wouldn't like to sacrifice their good jobs to take up the challenge possed by Satyam," he said.

As of now two clients have expressed satisfaction with Satyam, Parekh said.

Other two board members are Kiran Karnik, former president of the IT industry body the National Association of Software and Services Companies (Nasscom) and C Achuthan, former presiding officer of the Securities Appellate Tribunal (SAT).

 
 
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