Satyam computer to restate earnings

Satyam Computer Services Ltd will have to restate earnings and may be broken up after the company's founder was arrested in India's biggest corporate fraud investigation, executives said.

Three new directors led by Housing Development Finance Corp Chairman Deepak Parekh met in Hyderabad on Sunday to take over India's fourth-largest software exporter after the government replaced its board and detained chairman Ramalinga Raju.

"First we need to go and assess the magnitude of the issue," Parekh said in a telephone interview. "Then we have to work on the re-statement of accounts."