Jan. 12 -- Satyam Computer Services Ltd., India's fourth-largest software exporter, will appoint an independent auditor to restate the company's accounts after its founder was arrested in the country's biggest fraud probe.
Satyam's working capital situation requires ``immediate attention,'' newly appointed director Deepak Parekh told reporters today in Hyderabad, where the company is based. The government will appoint more directors soon, Parekh said.
Satyam's shares surged 45 percent in Mumbai on speculation Parekh will draw up a rescue plan to avoid an exodus of clients including General Electric Co. and Telstra Corp. Trade Minister Kamal Nath said the government may provide aid to safeguard 53,000 jobs.
The government yesterday appointed Parekh, chairman of Housing Development Finance Corp., former regulator C. Achuthan and Kiran Karnik, ex-president of the nation's software industry lobby group, as directors after sacking the previous board and arresting founder Ramalinga Raju.
Raju, 54, and his younger brother Rama were detained on Jan. 9 on charges including forgery, breach of trust and criminal conspiracy. Officials have seized documents and the nation's accounting body is examining auditor PricewaterhouseCoopers LLC's local unit, Corporate Affairs Minister Prem Chand Gupta said on Jan. 9.
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