Satyam to appoint new accounting firm

HYDERABAD, India (Reuters) - Satyam Computer Services will appoint a new accounting firm within the next 48 hours to work on restating the accounts and declare the December quarter earnings, a member of the new board said.

Working capital issues require immediate attention at the company, Deepak Parekh, a senior banker and one of the government appointees to Satyam's board, told reporters after the first meeting of the newly constituted board.

The government dissolved Satyam's board and installed a new three-man board as it rushed to contain the fallout from India's biggest corporate scandal, after its founder revealed massive accounting fraud and quit.