The government-appointed six-member board of directors of Satyam Computer Services is reported to have almost finalised the names of the chief executive officer (CEO) and chief financial officer (CFO) of the company.
Former managing director of Tata Chemicals Homi Khusrokhan and ex-group finance director of the Murugappa group Partho S Datta are the names that are likely to be announced shortly. The two top executives were invited to attend the company’s board meeting on Tuesday.
While Khusrokhan and Datta will perform the functions of CEO and CFO, respectively, it is unlikely that they will be designated as such to provide them immunity against any possible future legal action. They will be appointed either as directors or advisors of the company.
Meanwhile, Fidelity and its India-focused fund FID Mauritius on Wednesday acquired a 2.5% stake in Satyam from the market. The two entities picked up a total of 1.71 crore shares of Satyam. According to data available with NSE, FID Funds purchased around 92.43 lakh shares and Fidelity bought 78.86 lakh shares at an average price of Rs 54 and Rs 52, respectively.
There is a legal requirement for a CEO and CFO with executive powers for the company to function.