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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: India's embattled Satyam looks for new CEO By OMER FAROOQ,Associated Press Writer AP - 1 hour 19 minutes ago HYDERABAD, India - Embattled outsourcing giant Satyam Computers is looking for a new chief executive officer to replace the company's founder, who is in jail after confessing to doctoring accounts that contained a $1 billion hole, new board members said Monday after their first meeting. The company will also choose between two accounting firms to analyze its finances after the massive fraud scandal left the company struggling to survive, said Deepak Parekh, one of three business leaders tapped by the government to sit on Satyam's board. Shares in Satyam rebounded 44 percent Monday on the benchmark Sensex index after the new board took the helm. Satyam's founder and chairman, B. Ramalinga Raju, confessed last week to doctoring the company's accounts and filling the company's balance sheets with "fictitious" assets and "nonexistent" cash. Raju, along with his brother, a former managing director, and the former chief financial officer, have been arrested and charged with criminal conspiracy, forgery, criminal breach of trust and falsifying documents. Finding new management for Satyam is not going to be easy, said Parekh, head of the Housing Development Finance Corp. "Very few people want to leave a good job and come to a company where uncertainty is there," Parekh told reporters Monday. "We don't have any candidates in mind. ... We need a senior CEO who can bring normality to the company as soon as possible." Satyam, which is headquartered in the southern Andhra Pradesh state, employs 53,000 people _ among the 2 million Indians working in the country's booming high-tech industry, which last year brought in an estimated $40 billion. The company's clients include a slew of Fortune 500 companies including Nestle, General Electric and Ford Motors. Reflecting the deep uncertainty surrounding the company, Parekh said, "It's too early to say ... whether there is enough money to pay the salaries." A new accounting firm will be chosen by Wednesday because "no one has faith in the numbers that are being used so far," said Kiran Karnik, another new board member. London-based PricewaterhouseCoopers, which audited the company's accounts, said it had worked "in accordance with applicable auditing standards and were supported by appropriate audit evidence." It is up to Satyam's shareholders whether to take action against PricewaterhouseCoopers, said Parekh. Indian authorities disbanded Satyam's board Friday and appointed Parekh, Karnik, and C. Achuthan, a legal expert and a former member of the Securities and Exchange Board of India. Parekh said the government would name several more board members in the coming days. The board held its first meeting Monday and would continue to meet frequently, he added. "The top priority of the board is to restore the confidence of the customers, the employees, the suppliers and the investors," he said. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business US-BUSINESS SummaryReuters - 23 minutes ago Wall Street falls on profit worry, banks and AlcoaReuters - 23 minutes ago WRAPUP 1-Oman, Sudan to up output, India reluctant to buy moreReuters - 23 minutes ago Mongolia names new central bank governorReuters - 24 minutes ago Bush defends presidency in final news conferenceAP - 26 minutes ago Most Popular – Business Viewed Britain's Prince Harry apologises for racist language Israeli troops push deeper into Gaza's main city Is Tintin gay? Cartoon birthday boy dogged by rumours Swiss bank set to announce record loss: report Kate Winslet wins Golden Globe supporting actress View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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