Satyam has not sought any government financial help

January 15th, 2009 - 5:36 pm ICT by ANI  

New Delhi, Jan 15 (ANI): Corporate Affairs Minister Prem Chand Gupta today said the fraud-hit Satyam Computer Services has not sought any financial help from the government as the new board is working on reviving the company.
Talking to reporters after a meeting of the Cabinet here, Gupta said all clients of Satyam are AAA rated and have sufficient receivables.
“The company has not asked for any package or anything so far. They are on the job. The board has taken over only a few days ago. The board comprises of people of eminence so why are you so impatient about the finance of the company? The company may not need that. They have sufficient receivables. Now, it is for the new board to take a view,” said Gupta.
He also added that if the company required funds, it would raise them from the banks.
Shares of Satyam tumbled as much as 30 per cent on Thursday after one of its newly appointed directors dashed investor hopes for any government bailout.
Earlier, the Government ruled out any bailout package for Satyam Computer Services Ltd, but assured to do everything within the framework of its responsibilities to save of the company’’s 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 Nath’’s assurance on January 13 to get a revival package for the injured company to keep it afloat amidst severe financial crisis. (ANI)

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