Fallout from Satyam Accounting Scandal Continues, Vendor Installs New Board

Following the dismissal of the board of IT outsourcing vendor Satyam last week after former chairman B Ramalinga Raju’s admission of a US$1 billion accounting fraud, the vendor has appointed three new board members. The vendor has recruited the former head of technology group Nasscom, Kiran Karnik, ex-Securities and Exchange Board of India member C Achuthan and banker Deepak Parekh to its board.
Raju and another board member have been arrested for conspiracy and forgery and Vadlamani Srinivas, Satyam’s former chief financial officer, is reportedly also being questioned in connection with the fraud.