A S Murthy appointed new Satyam CEO

[Guest srikanth51]

The new board of India's fraud-hit Satyam Computer Services said on Thursday it has appointed a senior company executive as chief executive as it battles to revive the outsourcing company.

A S Murty, a Satyam executive for 15 years, will be the chief executive of the company with immediate effect, Satyam said in a statement after a two-day board meeting in the southern city of Hyderabad.

Satyam said the company had also received bank sanctions for 6 billion rupees towards working capital requirements.

Satyam has been battling for survival since Ramalinga Raju resigned as chairman on Jan. 7, revealing profits had been overstated for years and that $1 billion of cash and bank balances on the company's books did not exist.

[Vikkas]

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