Vineet Nayyar, who had played a key role in Tech Mahindra’s efforts to acquire the fraud-hit Satyam Computer Services, has now been appointed as chairman of the company, currently operating with a new brand identity — Mahindra Satyam.
The company has also inducted former Sebi chief M Damodaran and former top official of the World Bank Gautam S Kaji as additional directors on the board. The company now has eight directors, including four independent directors, two non-executive directors and two whole time directors. Nayyar would continue to operate as a whole time director, too. The company’s board has also appointed Damodaran and Gautam S Kaji as members of the audit committee.
Caught in the accounting fraud, the company was also working on a replacement for its auditor Price Waterhouse. Notably, two officials Price Waterhouse officials — S Gopalakrishnan and Srinivas Talluri — were found to be hand-in-glove with the key accused, including the company’s founder B Ramalinga Raju, in fudging the account books of the company. The company has found a replacement in Deloitte Haskins & Sells (DHS), which has now been formally appointed as statutory auditors.
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