A S Murty Satyam's New CEO | Satyam's New CEO

The board of fraud-hit Satyam Computer Services on Thursday appointed A S Murty as new CEO of the IT firm. Murty was Satyam's global business head and has been working for the IT company for the last 15 years.

Homi Khusrokhan and Partho Datta were appointed as Special Advisors to the board, to assist in management and finance areas, respectively.

"A S Murty has been appointed as Satyam's Chief Executive Officer with immediate effect," Deepak Parekh said in a statement after a two-day board meeting in Hyderabad.

Satyam has also received bank sanctions for 6 billion rupees towards working capital requirements.

The IT firm also reaffirmed that January 9 salaries (globally) and the fortnightly salary in February 9 (for its US-based associates) have been met from its internal accruals.

"US payroll is run fortnightly for US based associates and has been so since company's inception," Parekh said.

Earlier in the day, PTI reported that the Andhra Pradesh police are likely to make more arrests in the Rs 7,800 crore fraud involving the IT major.

CID officials investigating the case have not ruled out more arrests in about a fortnight.

"We are constantly scrutinising the seized documents and trying to retrieve data from the hard-disks and laptops recovered during the raids of residences and offices of Satyam officials including its former chairman B Ramalinga Raju," a senior CID official probing the Satyam fraud said on Thursday.

There are over 25 trunks loaded with seized documents and "we are putting all our efforts to scrutinise (them) with the help of financial experts," the CID official said.

To retrieve the data from the seized computers, the CID has been taking the services of experts of the National Informatics Centre (NIC) and Forensic Science Laboratory, besides IT experts within the department, he said.

He said the probe agency has been ordered by the court to share the information it has unearthed from the seized material with other Central investigating agencies like SEBI, the SFIO and the Income-Tax department.

"We are in the process of completing the scrutiny of the seized documents and retrieving data from the computers," he said.

Once the investigating agency completes its work of scrutinising the documents, more arrests will follow, the official indicated.

He said the CID was also taking help from auditors and chartered accountants to check balance sheets and other accounting statements of the fraud-hit IT company.


Article Source:http://timesofindia.indiatimes.com/A_S_Murty_appointed_new_Satyam_CEO/articleshow/4080003.cms