This was the fifth meeting of the Board (in less than a month) and was chaired by Mr. Achuthan, former Presiding Officer of Securities Appellate Tribunal and Member of the Board.
Murty is a Satyam veteran of 15 years, who has been at its forefront since Jan 1994.
"(Murty) is well respected for his ability to effectively integrate the team and enable a collective decision making - which will be critical as Satyam moves into its revival phase," said Deepak Parekh, Member of the Board.
"In our interactions over the past few weeks, we are convinced that Satyam needs an internal leader to steer it at this critical juncture and ASM has the required bandwidth and support," he added.
The Board also announced the appointment of Homi Khusrokhan and Partho Datta as Special Advisors to the Board, to assist in Management and Finance areas, respectively.
The Special Advisors, along with Boston Consulting Group will work pro bono and will assist the newly named CEO and the Board, in defining priorities and executing them.
The organisation has visibly increased its focus on business continuity for its customers and confidence building amongst its associates (employees) and vendors.
"This is a unique opportunity to provide direction and guidance and I accept it with all humility. I have no misgivings about the enormity of the task in front of us, but together with my colleagues, I am confident we can accomplish the impossible," said Murty.
"I look forward to working very closely with the Board, our Advisors and all Satyamites - to restore Satyam to its well-deserved glory.
"We will chart a precise and practical 30 - 60 - 90 day plan that will encompass and address the interests of all stakeholders," Murty added.
Referring to another significant development, the board today confirmed receiving bank sanctions for a total sum of Rs. 600 Crores (USD 130 Mn. approx) 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 challenges. Satyam also reaffirmed that January 09 salaries (globally) and the fortnightly salary in Feb 09 (for its US based associates) have been met from its internal accruals. (US payroll is run
Wachtell, Lipton, Rosen & Katz have been appointed as Satyam's lawyers to address the Class Action suits in US. Latham & Watkins have been lawyers to Satyam for over eight years and they will continue to support Satyam in its continuing dialogue with US SEC.
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