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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: New board of fraud-hit Satyam meets, shares jump AFP - Tuesday, January 13 HYDERABAD (AFP) - - The new board of India's scandal-hit IT giant Satyam Computers met for the first time on Monday, raising hopes for its future and offering a potential lifeline for beleaguered shareholders. The group was to discuss critical issues linked to Satyam's future, such as how to retain clients, assess the fraud and restate its financial accounts, according to media reports. The company's shares rebounded more than 50 percent by midday Monday. Dealers said investor confidence had been boosted by the new government-installed board. Stocks rose 12.4 rupees, or 51.99 percent, to 36.25 rupees on the same day the Mumbai stock exchange removed the company from the benchmark 30-share Sensex index in reaction to the billion-dollar accounting scandal. "Investors are hoping for a leap of faith... a new vision for the firm, but there are several issues which the new board will have to tackle," said R. Balakrishnan, executive director with Centrum Broking. The streamlined, three member board -- appointed by authorities in an effort to salvage the country's international business image -- began meeting at Satyam's headquarters in the IT-hub Hyderabad early Monday. They replaced Satyam's own interim board of directors who took charge after founder and chairman B. Ramalinga Raju admitted the company's accounts and assets had been falsified for several years. The new members are Deepak Parekh, the chairman of private sector housing firm HDFC; C.Achuthan, a former member of regulator Securities and Exchange Board of India; and Kiran Karnik, former president of an IT lobby group. "We have to let investigations continue, and ensure that operations continue and employee confidence is restored," Karnik, a former head of National Association of Software and Services companies, told media. The board is likely to brief the media Monday evening. Analysts said the board would have to safeguard existing business and new clients as well as look at potential new owners and auditors for the firm. Satyam shares were in freefall last week, closing at 23.85 rupees on Friday compared with a value of around 180 rupees before the scandal broke. "The stock had been battered... there is hope that the new board would help improve fortunes for the company," said Advait Date, a dealer with brokerage BHH Securities. 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: China's Economy CORRECTED - WRAPUP 1-Slowing China auto sales overshadow Detroit showReuters - 59 minutes ago World stocks down as markets fret over US earningsAP - 1 hour 6 minutes ago World markets fall after US unemployment risesAP - 2 hours 8 minutes ago Slovakia fears blackout after power plant fireReuters - 2 hours 16 minutes ago Related Articles: Business UBS shares drop on reports of looming 4Q lossAP - 26 minutes ago Hong Kong shares drop after dismal US jobs dataAP - 29 minutes ago China Southern Air appoints Si Xian Min new chairReuters - 33 minutes ago WRAPUP 4-Ukraine signs gas deal to resume Russian suppliesReuters - 34 minutes ago RPT-CES-Netbooks take center stage at trade showReuters - 35 minutes ago Enlarge Photo New board of fraud-hit Satyam meets, shares jump Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage 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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