The new board consists of Deepak S. Parekh, chairman of HDFC Bank, a large financial services company in India; C. Achuthan, director at the country's National Stock Exchange, and former member of the Securities and Exchange Board of India; and Kiran Karnik, former president of National Association of Software and Service Companies (Nasscom), a trade association that promotes India's outsourcing industry.

The government said that the three-person board will meet on Monday. Further appointments to the board will be made subsequently as required, the country's corporate affairs minister Prem Chand Gupta told reporters on Sunday in Delhi. The government said on Friday it would nominate a total of 10 members to the board.

Nasscom welcomed the appointment of the new board saying that it would help to ensure business continuity, build confidence and protect the interests of employees, customers and investors.