Satyam Computer Services can hope for revival as three new Directors have been announced by the Indian government. Deepak Parekh, Kiran Karnik and C. Achuthan have been appointed to Satyam Computer’s board. The members of board have a tough job ahead. In order to retain client confidence, offer security to employees and control the bad rumors about the company, lot has to be done in the days to come.

Deepak Parekh, Chairman, HDFC, said that the priority of the board will be to assess the magnitude of the scam and then to work on safeguard interest of employees, stakeholders and clients. Parekh will be the Chairman of Satyam’s board. Kiran Karnik, IT expert and Ex-President Nasscom said that the team will work to restore confidence of clients in the company and in Indian IT sector as well. The third director, C. Achuthan has been a member of Indian Securities watchdog SEBI.

The government is still in process of selecting 7 more directors for the board. Australian firm Lazard Asset Management has requested Indian government to inform the company about the latest developments. The Australian firm increased its stake to 5.3% and expects a position in the company board.

The current financial position of the company is still not clear and there are three Class action lawsuits against the company in United States.

The day Satyam’s Chairman Ramalinga Raju resigned and confessed the financial scam and inflated cash in the company books, the stock price dropped to Rs 42 on NSE. US markets suspended the trading in the company stock till the time the financial status was clear. This is considered as the biggest Corporate Scam in Indian history. Satyam’s Ex-Chairman and his brother have been sent to judicial custody till 23rd January, 2009. The CFO has also surrendered late in the evening on 10 January, 2009.