Jul. 2, 2009 (The Hindu Business Line) --

In its application, the Government sought CLB’s nod to withdraw at least four out of six Government nominees on the board, and to withdraw remaining in due course. The CLB has reserved its order on the applications. Indications are that the CLB order will come on Friday.

Though the Government in its petition did not mention names of the directors it wants to withdraw, sources told Business Line, a broad decision had already been taken. Except Mr T. N. Manoharan, past president of the Institute of Chartered Accountants of India, and Mr Suryakant Balkrishna Mainak from Life Insurance Corp of India, the remaining are likely to be withdrawn.

The Government had appointed Mr Deepak Parekh, Mr Kiran Karnik, Mr C. Achuthan, Mr Tarun Das, Mr T.N. Manoharan and Mr Suryakant Balkrishna Mainak, to the board of Satyam (NYSE:SAY) to pull the company out of the Rs 7,800-crore financial mess left behind by its promoter Mr Ramalinga Raju.