New Delhi, July 04: The government has moved an
application in the Company Law Board (CLB) to recall its
nominated directors from the board of Mahindra Satyam,
Corporate Affairs Minister Salman Khurshid said on Saturday.
"These (board members) are very distinguished people who
very graciously agreed to be on board at a very difficult
time. They can now decide when their job is done and then come
out. Whatever we are required to do before the CLB, we will do
because a formal request or an application would have to be
made and that has been done," he said at a CII function.
Asked if all the six members or some would be recalled,
he said, "that will be the decision of the board, not our
decision...because we only had to pinpoint who will be
useful at the time of the crisis...the road ahead is something
that will be collectively decided by the board."
Kiran Karnik, chairman of the board of Mahindra Satyam,
said, "The job is done but the investigation is on and if the
government feels that the investigation would be aided by
having a presence on the board, then may be one or two
directors can continue."
"But most of us can now withdraw. The job that we were
supposed to do as far as we are concerned is almost over," he
added.
Bureau Report
First Published: Saturday, July 04, 2009, 18:55