All efforts to pay salaries on time: Satyam

Outlining the priorities,the company said in a statement after the meeting that “addressing the issue of liquidity the board confirmed that it is engaged in discussions with banks and financial institutions.

“The last week had seen definite improvements on collection and this is expected to be a major priority for the business leaders and the board in the ensuing weeks. All efforts are being made to ensure that associates (employees) are paid their salaries on time.”

Incidentally,representatives of a few lenders,including Citibank and ICICI Bank,visited the Satyam headquarters here,presumably for discussions with the new leadership of the IT company.

The board,which was expanded on Thursday by the Government with induction of three more members,also discussed scheduling of vendor payments.

The meeting also constituted an audit panel and appointed legal advisers – Amarchand & Mangaldas,Suresh A Shroff & Co -to the board,and internal auditors – Brahmayya & Co.

The board reposed its faith on employees and customers,saying it was confident of the employees and their ability to continue delivering high quality work and continued support from the customers,which it said “is a very encouraging sign.”