18 Jan 2009
HYDERABAD: The new board tasked with saving a tottering Satyam Computer Services from collapse on Saturday named legal firms to defend it from The crux of the scam in Satyam lawsuits, appointed an internal auditor and set up an audit panel but reported little progress on tying up the cash it desperately needs to keep the company running.
The six-member government-appointed board, which is continuing with its search for a new chief executive and a chief financial officer (CFO), will meet every week until the key posts are filled, a Satyam statement said.
The board is in talks with banks and financial institutions to secure the cash it needs to pay salaries to over 50,000 employees by the end of this month and meet other operational expenses.
“We talked to the existing bankers — Citibank and BNP Paribas — and requested them to understand the situation, provide additional funding and give them (Satyam) more time to repay loans,” Deepak Parekh, HDFC Chairman and a member of the Satyam board, told ET.
The board, whose nearly seven-hour meeting on Saturday was chaired by Mr Parekh, also set up a three-member audit panel to provide updates on the financials of Satyam.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment