News for 'SAY' - (Satyam board likely to make major announcements tomorrow)
Hyderabad, Feb 04, 2009 (Asia Pulse Data Source via COMTEX) -- The board of
Satyam Computer Services, which commenced its crucial two-day meeting here
today, is learnt to have considered buyout offers made by the suitors for the IT
firm and deliberated on the selection of the CEO and CFO for the company.
Although there was no official confirmation of the names of the interested
companies, which have submitted their expressions of interest (EoIs), it is
believed that the suiters include engineering major Larsen & Toubro, Mahindra
Group, Hindujas, Spice and i-Gate, among others.
The government-appointed board is also expected to name the CEO and CFO tomorrow
to carry out the daily operations of the trouble-torn company, besides looking
at options for raising funds for paying staff wages.
Meanwhile, it was reliably learnt that three PSBs have given in-principle nod to
Satyam to provide short-term loans for meeting salary, working capital, payment
of arrears to vendors, provident fund dues, TDS and rentals charges.
"Satyam has reached an in-principle agreement with three leading state-owned
banks to get short-term loans. The company can mortgage its land bank to avail
this funding," said a source.
The Satyam board is expected to make a statement on these issues on Thursday
after the extended board meeting ends, a spokesperson said. In a note to the
company's employees on Monday, the board had said an announcement relating to
"critical leadership appointments" was expected to be made at the board meeting.
Analysts said Satyam's new head would work closely with the board to try to
revive the company and to restore the confidence of its more than 600 clients
and about 50,000 employees.
Meanwhile, the market regulator SEBI today started questioning the jailed
founder of the company B Ramalingaraju and his brother B Ramaraju in connection
with the Rs 7,800-crore scam.
Copyright 2009 APU Newswire. All rights reserved.
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