Disgraced Indian IT services provider Satyam Computer has named A.S.Murty, a long-time insider, as its new CEO effective immediately.
Murty has been with Satyam since January 1994. He was previously Chief Delivery Officer and also responsible for optimal utilization of Human Resources. Prior to this, Murty was HeadÂ of Human Resources and Head of Insurance vertical.
An electrical engineer from National Institute of Technology in Warangal, Murty joined Tata Consultancy Services after completing his Masters’ degree (in School of Automation) from the Indian Institute of Science in 1981.
Satyam Computer has been brought to its knees after its co-founder B.Ramalinga Raju confessed to engaging in massive accounting fraud for several years to boost the companyâ€™s profits.
Following its board meeting today, Satyam’s directors appointed Homi Khusrokhan andÂ Partho Datta as Special Advisers to assist it in Management and Finance areas, respectively. The Special Advisors, along with Boston Consulting Group, are supposed to work pro bono and assist the new CEO.
Both Khusrokhan and Datta are chartered accountants with decades of corporate experience.
Satyam’s board today claimed the company had received bank sanctions for Rs. 600 Crores ($130 million) as a planned fund infusion towards working capital requirements. This funding, along with healthy collections, is expected to help the company tide over its financial crisis.Â
Satyam claimed that January 09 salaries (globally) and the fortnightly salary in Feb 09 (for its US based associates) were met from internal accruals.
Meanwhile, Wachtell, Lipton, Rosen & Katz have been appointed as Satyamâ€™s lawyers to address the Class Action lawsuits in US.
Yes, the architect of the Satyam scam B.Ramalinga Raju still continues to cool his heels in a Hyderabad jail.
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