Government rules out bailout package for Satyam
January 15th, 2009 - 4:56 pm ICT by ANI
New Delhi, Jan 15 (ANI): The Government on Thursday ruled out any bailout package for troubled IT company Satyam Computer Services Ltd, but assured to do everything within the framework of its responsibilities to save of the companys employees.
Minister of State for Industry Ashwini Kumar told the reporters here on the sidelines of a Petro-Tech 2009 Conference that the Government is not in favour of a bailout package for Satyam as such, and added that the new board of directors are the ones entitled to take such decisions.
His statement contrasted with Union and Commerce Industry Minister Kamal Naths assurance on January 13 to get a revival package for the injured company to keep it afloat amidst severe financial crisis.
Earlier, there was speculation that the government is considering a package upto Rs 2,000 crore to bail out Satyam Computers.
But, Prime Minister Manmohan Singh in a review meeting with SEBI Chairman C.B. Bhave and other senior government officials created fresh media speculation about the government considering financial assistance.
Kamal Nath, who was present at the review meeting, said the Government is open to considering a financial package for Satyam.
Earlier, the government had ordered the Serious Fraud Investigation Office (SFIO) to probe the Satyam scandal. The SIFO will submit its report in three months.
The probe has been ordered after receiving a report from the Registrar of Companies (RoC) in Hyderabad, which inspected the books of accounts of Satyam Computer Services and eight other companies belonging to the kin of the former chairman B Ramalinga Raju. (ANI)
- Govt. orders Serious Fraud Investigation Office to probe Satyam scandal - Jan 13, 2009
- Satyam board to meet on January 17: Deepak Parekh - Jan 15, 2009
- Bail out package for Satyam soon: Kamal Nath - Jan 13, 2009
- Naidu blames Rajasekhara Reddy for Satyam scam - Jan 14, 2009
- Satyam has not sought any government financial help - Jan 15, 2009
- Satyam board to meet in Hyderabad today - Jan 17, 2009
- BJP urges Central Govt. to clarify Satyam scam - Jan 14, 2009
- Multiple agencies continue probe into Satyam fraud - Jan 14, 2009
- Ramalinga Raju admits to diverting Satyam money - Jan 21, 2009
- SEBI sets disclosure terms for life insurance companies - Oct 26, 2010
- Subhiksha may be probed for fraud - Jul 17, 2010
- Tarun Das among three new directors on Satyam board (Roundup) - Jan 15, 2009
- SEBI alerts investors about risky market - Jan 14, 2011
- Government moves to clean up Satyam mess (Roundup) - Jan 10, 2009
- PM reviews government response on Satyam scam - Jan 13, 2009
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