Satyam gets a CEO and Chairman
Well, well… so Satyam finally has a new Chairman as well as a new CEO.
The names did come somewhat as a surprise, though - Kiran Karnik has been appointed Chairman, and A.S Murty was named the company’s CEO. Incidentally, Karnik is one of the six member team that is investigating the fraud at the company. Murty has been with Satyam for 16 years. The board also mandated Goldman Sachs and Avendus to find a strategic bidder for the company.
There was a bit of concern, especially as Karnik is on the board of other companies, such as IDG and EXL, the latter causing some debate regarding a potential conflict of interest. Likewise, Murty sold 40,000 shares in two transactions on December 12 and 16 for Rs.90 lakh raising serious doubts about insider trading. Five other executives sold shares worth Rs.2.5 crore from October 1 to December 16.
However, Minister for Corporate Affairs PC Gupta said he found nothing wrong with that !
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