Government looking at all options to help Satyam: Kamal NathJanuary 12th, 2009 - 7:26 pm ICT by IANS
New Delhi, Jan 12 (IANS) Commerce Minister Kamal Nath Monday said the government was looking at all options to help fraud-hit Satyam Computer Services out of its current mess, perpetrated by its former chairman R. Ramalinga Raju.”The government is looking at all aspects,” Kamal Nath told reporters outside his office here. “Once the board comes up with its proposals, the government will consider,” the minister added.
He was referring to the measures that may be suggested by the newly-constituted three-member board for Satyam Computer Services and to restore the confidence of employees, investors and clients.
The board, comprising former chief of the National Association of Software and Service Companies (Nasscom) Kiran Karnik, chairman of the Housing Development Finance Corp (HDFC) Deepak Parikh and former SEBI member C. Achuthan, held its first meeting in Hyderabad Monday.
The commerce minister said that Satyam was an exceptional case where there may have been delinquencies by its erstwhile management, but there was not any systematic failure.
“There is no question of slur on India’s corporate governance,” Kamal Nath said.
The company’s founder and former chairman B. Ramalinga Raju stunned corporate India last week when he confessed to a Rs.70 billion ($1.4 billion) fraud by overstating Satyam’s liquid assets.
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