The Govt has acted rapidly few days after the Rs 7000 crore Satyam scam came to light.

It has selected a new board bringing together greatly appreciated persons from the fields of Finance, IT and Law. HDFC Chairman Deepak Parekh, former NASSCOM chief Kiran Karnik and former SEBI member C Achuthan represent the new board.

Making the declaration, Minister of Corporate Affairs PC Gupta said, the government agencies have began probe into the Satyam scam in a matched manner and have completed “commendable progress”.

Speaking to NDTV, Minister of Corporate Affairs PC Gupta said, “No actions are being ruled” on Satyam front. “We are keeping all the options open,” he said, when asked about whether the government is looking at bailing out the beleaguered IT company, which is facing a liquidity disaster.

The recently selected board will gather over the next 24 hours to make a decision on a future course of action and will also take a call on who else to take in the new board.

The board takes more than at a time when the fate of nearly 50,000 employees remains undecided with liquidity being a serious fear. Investor assurance is also rock-bottom.

“Will ensure there is business continuity. It’s important to maintain customer confidence. Will get the company back on track,” said Kiran Karnik.

On Friday, the government had disbanded the board of Satyam Computer for “failing to do what they were supposed to”.

In the meantime, Satyam’s fallen promoters Ramalinga Raju and his brother Rama Raju will spend the next two weeks in judicial supervision at the high security Chanchalguda prison in Hyderabad. They have been remanded to judicial custody till January 23.

They were interrogated for 18 hours on Saturday and their bail pleas have been discarded. V Srinivas, the chief financial officer of Satyam was also under arrest late Saturday night.

While Raju’s counsel is probable to apply for bail on Monday, police will try for custody.

The CID has raided different associate companies of Satyam. The stock market watchdog SEBI has also filed a request to question Ramalinga Raju.

For now, the CID has formed teams to catch the other directors of Satyam Computer and auditors of PricewaterhouseCoopers who have been listed as the accused in the case.