India’s Ministry of Corporate Affairs has announced the appointment of a new board at troubled Satyam, including the ex NASSCOM president, Kiran Karnik. The company said in a statement that it hopes to: “ensure the company's continued operations, maintain customer confidence, and restore investor trust.”

The new members are:

Deepak S. Parekh, Chairman of HDFC Bank

Kiran Karnik, former President of NASSCOM

C. Achuthan, Director at the National Stock Exchange, former Member

SEBI, and former Chairman of Securities Appellate Tribunal.

Commenting on the appointment the company said, "The new members are eminent and accomplished leaders, recognized in India and around the world for their expertise in finance, law, administration and the IT services industry. Satyam's leadership team has complete confidence in them, and pledges to work closely and in full cooperation with the new board.”

The board is expected to meet within the next 24 hours.

"This is a vital stabilizing development for Satyam, and it marks the beginning of a new chapter in the company's history. It is the best news we've received in the past four weeks," a company spokesperson added.