Govt may announce new director of Satyam

deepak pace

The government is likely to announce the names of the new Satyam board members.

Sources say the nominations will most likely be influential members from the industry. Sources have also said a financial expert and prominent investors could be on the board.

On Friday, the government had disbanded the board of Satyam Computer for "failing to do what they were supposed to".

Meanwhile, Satyam's fallen promoters Ramalinga Raju and his brother Rama Raju will spend the next two weeks in judicial custody at the high security Chanchalguda prison in Hyderabad. They have been remanded to judicial custody till January 23.

They were interrogated for 18 hours on Saturday and their bail pleas have been rejected. V Srinivas, the chief financial officer of Satyam was also arrested late Saturday night.

While Raju's counsel is expected to apply for bail on Monday, police will push for custody.

The CID has raided various associate companies of Satyam. The stock market watchdog SEBI has also filed a petition to interrogate Ramalinga Raju.

Meanwhile, the CID has formed teams to arrest the other directors of Satyam Computer and auditors of PricewaterhouseCoopers who have been listed as the accused in the case.