New Delhi, Jan. 11: The Centre today picked three of India’s most respected names in finance, technology and corporate law to run Satyam Computer Services in an attempt to give back the fraud-scarred company some of the credibility robbed by B. Ramalinga Raju.

Sources hinted at the possibility of a “government-supported” bailout for the stricken infotech giant whose cash reserves are running low.

Deepak Parekh, the chairman of HDFC; Kiran Karnik, the former president of software federation Nasscom; and C. Achuthan, the former president of the apex securities court, have been nominated to the board of Satyam in a bid to instill confidence among key players without whose help the company could go belly up.

The three directors, who will meet in Hyderabad tomorrow, will pick other members of the board in consultation with the government.

Satyam welcomed the induction of the trio as “the best news we’ve received in the past four weeks”.

The three bring to the Satyam boardroom reputations and skills that are needed to achieve the government’s immediate objectives: restore the company’s credibility, customer confidence and employee morale.

Parekh, an accepted name in global financial circles, is expected to inspire confidence in banking circles whose support with funds is crucial to keep Satyam ticking. The contacts of Karnik will come in handy to reassure clients if the new board concludes that Satyam can meet its contractual obligations. Achuthan’s reputation as a tough regulator will help address misgivings among clients and investors.

“The first priority is to ensure continuity of business and to maintain the confidence of clients,” Karnik said. Parekh, too, addressed the key concerns. The board’s job will be “to see that employees don’t lose their jobs, Satyam doesn’t lose its clients... and to come out with actual accounting numbers,” he told a TV channel.

“The chairman of the board will be decided by the three members itself,” said Prem Chand Gupta, the minister for corporate affairs, referring to them as three “honourable men”.

The board will decide whether to seek the government’s help “in terms of financial assistance”, he added. Finance ministry sources said that while the government was not yet in favour of doling out money, it could ask state-run banks to help out with low-interest loans.

By choosing Parekh, Karnik and Achuthan, the government is sending a signal that it wants to rescue the tottering software giant and save some 52,000 jobs.

It has stepped in to save a company that was seen as one of a handful of Indian firms that had acquired a patina of respect in the software space. Inability to service existing contracts could not only place Satyam in jeopardy but also sully India’s image as a reliable outsourcing hub for the world.

The sources said the government had discreetly passed on word through Nasscom to other Indian IT giants not to cherry-pick Satyam’s clients or manpower.

The three directors, who will decide whom to induct into the board, will have to deal with competing claims for board seats from Lazard Asset Management, ICICI Prudential and Life Insurance Corporation — the three largest shareholders left in the company after Merrill Lynch, Fidelity and Aberdeen Asset Management dumped their holdings and the shares that the Rajus had pledged with them against loans.

Parekh had appeared reluctant to take on the task and had claimed that there could be a conflict of interest because he was a member of the board of WNS, a business process outsourcing outfit. It remains to be seen whether he will relinquish his position on the WNS board.

Sources said the ministry decided on the three names in consultation with Nasscom and the ministries of finance and IT. Once the Prime Minister’s Office gave the nod, the ministry announced the names without delay.

Analysts said the quick move to name the trio was a step in the right direction. “I think it’s a first good move towards restoring client confidence,” said Sudin Apte, country head of Forrester, a business research firm. “But we still have a long way to go.”