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India Names Three to Satyam Board
By Sam Dolnick
NEW DELHI -- Indian authorities on Sunday named three business leaders to help rescue embattled outsourcing giant Satyam Computers(SAY Quote) in the wake of a massive fraud scandal that threatens to sink the company.
Corporate Affairs Minister Prem Chand Gupta tapped experts in technology, finance and law to form the core of a new board for the company, which in the past week has seen its leadership arrested and its board dissolved.
Satyam is fighting for its life after founder and Chairman B. Ramalinga Raju confessed to doctoring the company's accounts by $1 billion and filling the company's balance sheets with "fictitious" assets and "nonexistent" cash. ...
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