The Hindu Business Line : LIC, Lazard may get board seat in Satyam

NEW DELHI: Financial institutions, including LIC and the US-based Lazard Assets Management, which have stake in Satyam Computer, on Saturday said they expect representation in the new board of the IT firm which the government has decided to constitute in the next seven days.

“We have 4.34 per cent stake in Satyam Computer Services. We are concerned and will consider a decision according to how the situation develops. We are waiting for formal communication on the constitution of new board from the government,” LIC Managing D irector, Mr Thomas Mathew said.

Already, names of HDFC Chairman, Mr Deepak Parekh and IIM-Ahmedabad professor Mr J Varma are doing rounds for the probable nominees in the new board.

Commenting on the constitution of new board, Mr Parekh said it would be necessary to have representation from LIC. At the same time, Lazard Assets Management, the largest stakeholder in Satyam having over five per cent stake, said it would seek seat in t he 10-member board, which the Government has decided to appoint.

“I have seen letter from Lazard,” Corporate Affairs Minister, Mr P C Gupta said when asked whether the fund house has sought board seat. However, Lazard International lawyer, Mr Hitesh Jain said “now that the government has decided to appoint a new board then we would like the government to consult us for the appointment of the member to the board.”

Yesterday, the government disbanded the Board of scam-hit Satyam for “failing to do what they were supposed to” and would soon appoint 10 new directors, who would hold its first meeting within a week. - PTI

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