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Interim CEO: Satyam looking for an investment banker

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    • Tags : business, satyam interim ceo, business, fraud, raju hyderabad, mynampati, government inspection, satyam subsidaries Posted: Thursday , Jan 08, 2009 at 1844 hrs Reuters & PTI

    Hyderabad:

    Satyam computers
    Satyam interim CEO Ram Mynampati said that the company would help investigating agencies.
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    Embattled Satyam Computer Services is speaking to its top 100 clients individually, and has received expressions of support from key customers, its interim CEO Ram Mynampati said on Thursday.

    Ram Mynampati was appointed the interim CEO.

    "Our only aim at this time is to ensure that the business continues," Mynampati said at a news conference.

    He said the company would help investigating agencies and had launched a process to assess its financial position.

    Mynampati said that they are looking to "engage an investment banker".

    Govt orders inspection of 8 Satyam subsidiaries

    The government ordered probe into the books of accounts of eight subsidiaries of Satyam Computer Services, whose head B Ramalinga Raju admitted that the company was declaring forged accounts.

    The inspection would be conducted as per the provisions of section 209A of the Companies Act, Corporate Affairs Minister Prem Chand Gupta told reporters on Thursday.

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    The subsidiaries, whose accounts will be verified by the government, are Maytas Properties, Maytas Infrastructure, Satyam BPO, Nipuna Services, Knowledge Dynamics, Nitor Global Solutions, Ca Satyam ASP and Satyam Venture Engineering Services.

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    Bail our SatyamBy: shyam kishore | 09-Jan-2009 Reply | Forward Goverment should bail out Satyam and keep the Governence with a panel of emenent persolanities . This action will demonstrate the commitment from our goverment to support the outsourcing sector and the interests of the clients who trusted India and out sourced the work here
    Satayam CEOBy: seniorcitizen | 09-Jan-2009 Reply | Forward Satyam should select an eminent retired Civil servant with experience in investment, property and rehabilitation of corporates.
    SATYAM FRAUDBy: V P RAMNATH | 08-Jan-2009 Reply | Forward There was no need for Ramalinga Raju to cook up the figures to stay as one of the leading IT companies in India. There are several midcap IT companies who are doing well. The greed to be in prominence is the real reason for the mess in which he is in now. In the process he has destroyed the good name of India in the comity of nations. This man is a fraud and even after 36 hours the Government of Andhra Pradesh has not ordered his arrest and who knows he might be allowed to escape to even Pakistan where he can get shelter alike so many other criminals.
    Satyam scamBy: Adesh Kumar | 08-Jan-2009 Reply | Forward It appears from this incident that accounts of all the private inc are fictitious
    resurrect satyamBy: nagamoney sivathanupillai | 08-Jan-2009 Reply | Forward The best form of recovering is that the company has very good location in its establishment in much saught after Cities. As such, to save the business, it has to sell off some, which may bring in a good revenue, as the lay off is unavoidable and the infrastructer will become unnecessary.
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