Hyderabad: Satyam's government-appointed Board on Thursday named A S Murty, one of the company's own, as Chief Executive and announced tying up Rs 600 crore loans to meet working capital needs.
The board, at the end of a two-day meet, also roped in Homi Khusrokhan, a Tata group veteran, and chartered accountant Partho Datta, as special advisers to help the company in management and finance areas, respectively.
Murty, who has been with Satyam for 15 years and was currently heading the company's global delivery unit, would assume charge as CEO with immediate effect.
The company's former CEO Rama Raju, along with Satyam founder Ramalinga Raju, is in judicial custody pending trial in a case relating to a Rs 7,800 crore accounting fraud in the IT firm.
The company's accounts are at present being restated by KPMG and Deloitte.
Datta, who would be overseeing the financial operations of Satyam, has served as director finance of Chennai-based Murugappa Group.
He said that completing the restatement exercise, Q3 results announcement and ensuring prudent financial operation would be the primary focus in the next few weeks.
Satyam said Rs 600 crore fresh funds sanctioned by banks, along with healthy collections, is expected to help tide over the company's financial challenges.
The company said that the special advisers, along withBoston Consulting Group, would assist the new CEO and the board in defining priorities and their execution.
The board termed the decisions as aimed at "quickly stabilising" Satyam, which is smarting from a massive accounting fraud disclosed by Raju last month.
A team of market regulator SEBI is questioning the Raju brothers, with emphasis on insider trading as Satyam's stock prices could have been influenced by falsified profits.
Satyam also appointed Wachtell, Lipton, Rozen and Katz as its lawyers to address class-action lawsuits in the US and also said that its existing lawyers Latham & Watkins would continue to support it in its dialogue with the US market
regulator SEC.
The company also reaffirmed that January worldwide salaries and the fortnightly salary in February (for its US-based associates) have been met from internal accruals.
The board also reiterated its focus on retaining customers and associates, evaluating long-term strategic options, assessing legal liabilities, undertaking cost rationalisation measures and resuming investment in identified areas.
A S Murty in a press release said, "This is a unique opportunity to provide direction and guidance and I accept it with all humility. I have no misgivings about the enormity of the task in front of us, but together with my colleagues. I am confident we can accomplish the impossible. I look forward to working very closely with the Board, our Advisors and all Satyamites - to restore Satyam to its well-deserved glory. We will chart a precise and practical 30-60-90 day plan that will encompass and address the interests of all stakeholders".
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