Satyam board to meet on 17 Jan, says Parekh

Satyam board to meet on 17 Jan, says Parekh
PTI
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First Published: Thu, Jan 15 2009. 05 05 PM IST
Updated: Thu, Jan 15 2009. 05 05 PM IST
New Delhi: The government-appointed board of crisis-ridden Satyam Computer will meet again on Saturday to take stock of the situation, one of the board members Deepak Parekh said on Thursday.
Speaking to reporters here after a meeting with corporate affairs minister Prem Chand Gupta, Parekh said that the company has receivables of Rs1,700 crore but denied having asked the government for any bailout as yet.
“Until we know the real position, how can we speak of bailout... the company has receivables of Rs1,700 crore,” Parekh said.
Also Read | The Satyam Fiasco (Full Coverage)
Parekh also said that the new auditors KPMG and Deloitte, which were roped in on Wednesday to restate the financial statements of Satyam, have begun their work.
Parekh, chairman of HDFC Ltd, was named to the Satyam’s board last Sunday along with former Nasscom president Kiran Karnik and Securities Appellate Tribunal’s past presiding officer C Achuthan.
Parekh further said that strategic investment is one of the options before the board.
Corporate affairs minister Prem Chand Gupta has said if Satyam wanted funds, the new board would approach the banks.
He was responding to a query if Satyam Computer had sought a bailout package from the government.
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First Published: Thu, Jan 15 2009. 05 05 PM IST
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