B D NarayankarHyderabad: Homi R Khusrokhan, a former managing director of Tata Chemicals, is said to be the front runner to head the tainted Satyam Computers.
However, Corporate Affairs Minister P C Gupta declined to name the identified candidate. "This gentleman has a vast experience of running large multinational and national companies in India," he said.
Satyam''s new board, which last week said it had narrowed the shortlist for CEO and chief financial officer to three, has said it would outline the proposed management structure this week.
Satyam, India's No. 4 software exporter, has been battling for survival since founder Ramalinga Raju resigned as chairman earlier this month, saying profits had been falsified for years and $1 billion of cash on the books did not exist.
Since then the government has stepped in and appointed a new board to try to resolve India's biggest corporate fraud.
On Tuesday, the board named Boston Consulting Group as management advisor to help revive the firm, with Goldman Sachs and Indian firm Avendus appointed as investment bankers to identify strategic investors and obtain expressions of interest.
U.S. based outsourcer iGate said last week it would be interested in buying Satyam with help from private equity funds.
On Wednesday, a Hyderabad court dismissed bail petitions of Raju, his brother and former managing director Rama Raju, and former CFO Valdamani Srinivas. They are currently being held in a Hyderabad jail.
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