Kiran Karnik appointed chairman of Satyam

The union government appointed Mr Kiran Karnik, former president of software industry body NASSCOM, as chairman of Satyam, a day after Satyam veteran Mr A S Murty was named the company's CEO.

Karnik is one of the six-man Satyam board, constituted by the government in the wake of the massive accounting fraud at the company.

The govt. announcement was made by Corporate Affairs Minister, Mr P C Gupta, whose ministry had earlier moved the Company Law Board to disband the erstwhile Satyam board after disclosure of fraud by company founder Mr Ramalinga Raju.

Pursuant to the directions of the Company Law Board, the government initially constituted the board of Satyam with three members including Mr Karnik, HDFC chairman Mr Deepak Parekh and past presiding officer of Securities Appellate Tribunal, Mr C Achutan.

The government later expanded the board of Satyam by nominating three more members including CII chief mentor Tarun Das, LIC nominee Mr S Balakrishnan and past president of ICAI, Mr T N Manoharan.

The board had held several meetings at the IT company's headquarters and had cleared the appointment of Mr A S Murty and two other advisers. Karnik, who will head Satyam, was NASSCOM president in 2001-02 and has earlier held several key positions in the IT sector.

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