T R Prasad, V S Raju `not to desert' troubled Satyam

30 December 2008

The two remaining independent directors on the board of Satyam Computers, TR Prasad and V S Raju, today said they would continue on the company's board till investor confidence is restored.

Prasada is a former cabinet secretary while the other independent director V S Raju was formerly director of IIT-Delhi.

''I am of the view that resigning from the board now is like deserting a troubled ship,'' Prasad said.

Satyam is a major player in the global IT space, employing over 50,000 professionals, he pointed out.

``The company has vendor commitments to several global corporates and entities. Satyam today is almost entirely owned by the public at large, either directly or through FIIs. Restoring the confidence of all these stake holders is the task of utmost importance awaiting the consideration of the board for which we are also availing the services of D S P Merrill Lynch,'' he said.

He said measures are also under way to increase the size and change the composition of the board to strengthen Satyam's governance.