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| India appoints new Satyam bosses | India appoints new Satyam bosses |
| (about 18 hours later) | |
| The Indian government has appointed three leading businessmen to the board of scandal-hit software firm Satyam. | The Indian government has appointed three leading businessmen to the board of scandal-hit software firm Satyam. |
| This comes two days after Delhi sacked the entire board of Satyam, a private company, as its founder and former chairman was arrested. | This comes two days after Delhi sacked the entire board of Satyam, a private company, as its founder and former chairman was arrested. |
| Ramalinga Raju and his brother Rama, also a former Satyam director, were arrested on charges including criminal conspiracy and forgery. | Ramalinga Raju and his brother Rama, also a former Satyam director, were arrested on charges including criminal conspiracy and forgery. |
| Mr Raju admitted last week that the firm had been falsifying its accounts. | Mr Raju admitted last week that the firm had been falsifying its accounts. |
| He said the company had exaggerated its cash reserves by some $1bn (£661m). | He said the company had exaggerated its cash reserves by some $1bn (£661m). |
| The affair is India's biggest-ever corporate fraud. | The affair is India's biggest-ever corporate fraud. |
| 'Restore credibility' | 'Restore credibility' |
| The three new directors are Deepak Parekh, head of the Housing Development Finance Corporation; Kiran Karnik, the former boss of technology trade group Nasscom; and C Achuthan, a former member of the Securities and Exchange Board of India. | The three new directors are Deepak Parekh, head of the Housing Development Finance Corporation; Kiran Karnik, the former boss of technology trade group Nasscom; and C Achuthan, a former member of the Securities and Exchange Board of India. |
| I think it's a first good move towards restoring client confidence Analyst Sudin Apte | I think it's a first good move towards restoring client confidence Analyst Sudin Apte |
| "The board's first priority would clearly be to restore the company's credibility, customer confidence and employee morale," said Corporate Affairs Minister Prem Chand Gupta. | "The board's first priority would clearly be to restore the company's credibility, customer confidence and employee morale," said Corporate Affairs Minister Prem Chand Gupta. |
| "Such a board will provide the necessary vision, along with responsible and accountable leadership to the company in this hour of crisis." | "Such a board will provide the necessary vision, along with responsible and accountable leadership to the company in this hour of crisis." |
| Mr Gupta added that further appointments will now follow. | Mr Gupta added that further appointments will now follow. |
| "I think it's a first good move towards restoring client confidence," said analyst Sudin Apte of financial research group Forrester. | "I think it's a first good move towards restoring client confidence," said analyst Sudin Apte of financial research group Forrester. |
| "But we still have a long way to go. We still have to see how quickly the reality of this scandal comes out in the world." | "But we still have a long way to go. We still have to see how quickly the reality of this scandal comes out in the world." |
| Fighting for life | Fighting for life |
| The Raju brothers have also been charged with criminal breach of trust and falsifying documents. | The Raju brothers have also been charged with criminal breach of trust and falsifying documents. |
| They have been remanded in custody until 23 January, and could face life in prison. | They have been remanded in custody until 23 January, and could face life in prison. |
| Indian police have also now detained Vadlamani Srinivas, Satyam's chief financial officer, for questioning. | Indian police have also now detained Vadlamani Srinivas, Satyam's chief financial officer, for questioning. |
| The company, which employs 53,000 people and enjoyed a turnover of $40bn last year, is now fighting for its life. | The company, which employs 53,000 people and enjoyed a turnover of $40bn last year, is now fighting for its life. |
| Its clients include Nestle, General Electric and Ford. | Its clients include Nestle, General Electric and Ford. |
| Satyam's shares fell to 11.50 rupees on Friday, their lowest level since March 1998. | Satyam's shares fell to 11.50 rupees on Friday, their lowest level since March 1998. |
| Last year they hit a high of 544 rupees. | Last year they hit a high of 544 rupees. |