Satyam has welcomed the Government move to dissolve the Satyam Board and appoint its own Board members to get Satyam back on track and restore investor confidence. As a result of the government’s quick action plan, the high-profile meeting which was to be conducted by the older management comprising of interim CEO Ram
Mynampati and three independent directors stands cancelled.

“We welcome this decision which will ensure uninterrupted operations and restore the confidence of all employees, customers and shareholders across the globe,” Satyam, in a statement  said.

The new board is expected to meet within seven days of its constitution.

The company also said that that interim CEO Ram Mynampati had earlier written to the market regulator Sebi (Securities and Exchange Board of India), the Company Law Board; the IT Secretary, Government of Andhra Pradesh; Nasscom; and the Confederation of Indian Industry for recommendations to nominate independent directors.

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