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"We will meet tomorrow at Hyderabad," HDFC Chairman Deepak Parekh told PTI.
Parekh along with Karnik, former Nasscom president, and Achutan was nominated to the board by the government in order to stabilise the fraud-devastated Satyam Computer Services.
Asked whether he would head the board, Parekh said, "Decision to this effect will be taken on Monday when the board meets for the first time."
The newly appointed board members would be reaching Hyderabad tonight, he added.
Earlier during the day, Corporate Affairs Minister Prem Chand Gupta said, "The board is expected to meet within 24 hours and decide (the) further course of action."
According to the order of the Company Law Board, the reconstituted board of the IT major can have a maximum of 10 members.
The Government on Friday disbanded the board of Satyam days after its founder B Ramalinga Raju admitted to a Rs 7,800-crore fraud in the books of the IT company.
Meanwhile, Satyam Computer Services today welcomed the reconstitution of the board, with the spokesperson saying, "This is a vital stabilising development for Satyam".
On demands from institutional investors like LIC and Lazard for representation on the Board, Gupta said, "All options are open in the interest of the company."
The board, he added, would have eminent personalities from finance, law, IT and administration, Gupta said. "Further appointments to the board may be made subsequently as required," he added.
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All Investors must know this point. American economy is still down. Then how could Indian IT company can show profit in their Business. They are all cheating shareholders. Wakeup.
Investors invest huge sum of money on those companies which project to be a big money spinner. This is basically an Advertisement and Publicity trick, that creates an impression. To impress the share holders, many companies distribute dividend befor actual production starts. This is again another trick adopted by fraudulent companies.In the case of Satyam, it could not manage due to it's overdoing the trick.Let us see if the investors wake up after this instance!
It is just the start. Indian investors will need to watch for frauds in all major Indian Telecommunications, Information Technology and Retail industries. Wait and watch when skeletons will fall out of cupboards of all Indians in top 100 richest list. All wealth is based on fraud and creative accounting. With financial crisis in world looming, roosters will come home to roost.
This is a good move by the Govt in India . This episode has tarnished India's image and something needs to be done to regain confidence of overseas investors like me .