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Meeting for the second time in a week, the board is still awaiting appointment of chairman by the Centre and till such time each of the six directors would take turns to chair the meeting that would be held on a weekly basis.
Outlining the priorities, the company said in a statement after the meeting that "addressing the issue of liquidity the board confirmed that it is engaged in discussions with banks and financial institutions.
"The last week had seen definite improvements on collection and this is expected to be a major priority for the business leaders and the board in the ensuing weeks. All efforts are being made to ensure that associates (employees) are paid their salaries on time."
Incidentally, representatives of a few lenders, including Citibank and ICICI Bank, visited the Satyam headquarters here, presumably for discussions with the new leadership of the IT company.
The board, which was expanded on Thursday by the Government with induction of three more members, also discussed scheduling of vendor payments.
The meeting also constituted an audit panel and appointed legal advisers - Amarchand & Mangaldas, Suresh A Shroff & Co -to the board, and internal auditors - Brahmayya & Co.
The board reposed its faith on employees and customers, saying it was confident of the employees and their ability to continue delivering high quality work and continued support from the customers, which it said "is a very encouraging sign."
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It is good and encouraging to hear about the business discussions and salary situation improving in Satyam. But, is something going to be done to the ones who vanished from India, selling thousands of shares and making crores out of the money of the hard working associates..(employees!!) Feels like rounding up all the culprits has gone into a cold track after Raju and his brother and the CFO are behind bars. Giving other culprits time to cool their heels and cover up their crime is a shame!
what is the stand on Satyam company and its employees,Do the new board which is taken incharge of satyam will bring new business and uphold the existing projects or not with this only they can and will be in a position to pay the salary's for employees. What about arrest or intorogation about all Board of Directors who wear there with Rajubefore the Scam.An experience CEO from IIM's or some organization who can bring the Grap of the Company from bottom to its steady stage...
It all depends on the Govt's decision on appointment of Chairman to Sathyam board to bring normality over functions of the company. This move will ensure confidence and repose faith in the minds of the employees and stakeholders. Govt can not allow the fourth largest indian software company to die like a lame dog.It may even think about converting the company into a PSU, totally free from the apprehension of creating a precedent.This will only improve the business opportunities of the enire software industry from the rest of the world. It is quite unfortunate that Govt fefuses to think constructively on this line.