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Stabilising Satyam primary objective: TN Manoharan
January, 16th 2009

TN Manoharan, Former president of ICAI and the new board member of Satyam, said ensuring the stability is the new boards primary objective. This is a challenging task but it is also the responsibility of the board now nominated and appointed by the Ministry to take important decisions in the ensuing meetings after taking stock of the factual position.

Manoharan, however, declined to give details of the agenda of the board meeting that will be held on Saturday. I am yet to know of the agenda. Maybe after the meeting is over we will be a position to comment on specifics. Right now, I am not aware of the facts and figures, he said.

Here is a verbatim transcript of TN Manoharans exclusive interview on CNBC-TV18. Also watch the accompanying video.

Q: As this currently stands, where are the investigations and what we have seen going on with act one of trying to save Satyam? How comfortable are you with this new position?

A: This is a challenging task but it is also the responsibility of the board now nominated and appointed by the Ministry to take important decisions in the ensuing meetings after taking stock of the factual position. But the primary objective will be and what is made clear by the government, is to review and ensure stability of Satyam.

Q: We understand that the Board will meet for the second time on Saturday. This will of course be all six members that last board meeting had only the first three government appointed members have you been told what is the agenda of that board meeting and we understand that Satyam has paid salaries of its US employees? Have you now been given a sense by the current board in terms of what working capital requirements are and in terms of what kind of facilitation the government is willing to provide at this point?

A: Youre right that the next board meeting is scheduled to take place on Saturday but I am yet to know of the agenda. Maybe after the meeting is over we will be a position to comment on specifics. Right now, I am not aware of the facts and figures.

Q: Youve been the President of the ICAI. There seems to be a strange sort of controversy brewing here. We have heard from the ICAI President Ved Jain saying that KPMG is not registered with the ICAI and it is actually the local partner BSR that will then be doing the audit as far as Satyam is concerned and they intend to write to the Board as well as the government on this matter to clarify the position. Do you really see a controversy here?

A: The purpose of the board nominating these two names is to restate the accounts. So therefore in terms of reaudit and restatement, the President of ICAI is right that KPMG is not an audit firm. It, as such, is an institute. But as its Indian firm affiliate who must be doing this. If we get to know more details, I will be in a position to comment.

Q: We have heard Deepak Parekh say that the search is on to appoint the CEO and the CFO any more information, leads as far as that search is concerned that you have been informed of or intimated of?

A: No, as of now I have not been intimated. In fact I just came to know that the board meeting is scheduled for Saturday and all this specifics will be looked into when we meet on Saturday.

 
 
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