Hyderabad: The government-appointed board of the fraud-hit Satyam Computer Services is said to have finalised terms to accomodatea strategic investor. Though no details were revealed, Deepak Parekh, director, said in a statement, “The board on Saturday approved the process to be followed for inviting a Strategic Investor and decided to seek regulatory approvals early next week. Upon receiving these clearances, the Board would announce the process to be observed”.

However, sources said that discussions were focused more on the finer issues like imposing a lock-in for the stake that would be put up for sale. Meanwhile, the board has decided to get rid of Price Waterhouse as statutory auditors.

Accordingly, it has recommended to the ministry of corporate affairs the removal of Price Waterhouse and also notified the company. Satyam said it has won new purchase orders and work extensions totaling $250 million since January 7, 2009, the day the scam came to light.

“The Board has authorised its CEO AS Murty to finalise and implement a retention plan for its key associates (in consultation with Boston Consulting Group and Special Advisors) and endorsed actions now underway to fine tune the expenditure and profit optimization plan” board member Achuthan said.

Meanwhile, a city court has extended the judicial remand for Ramlinga Raju and other accused till March 7.

source: DnaIndia

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