The Hindu Business Line : Our priority is to win back trust: Satyam founder

Hyderabad, Dec. 19 Satyam Computer Services has begun a fire-fighting exercise to undo the damage done to its image. It says calling off the deal is a message to investors that it listens to their views and concerns.

On December 29, it has convened a board meeting to discuss a share buyback and other options to assuage the hurt feelings of investors.

Mr B. Ramalinga Raju, Founder-Chairman of Satyam, responds to a few questions from Business Line on the aftermath of the crisis.

How has the response been to your decision to call off the deal and to the move to buy back shares?

The decision not to go ahead with the acquisition has been seen as a timely and responsive move by the investment community. The board will discuss buyback among other options on December 29.

The bourses, in general, have reflected the changed sentiment, as a result of these actions.

In particular, the foreign institutional investors have expressed satisfaction in being readily accessible and for listening to their view point. The ADR movement has also reflected this sentiment.

Apart from the buyback, what could be the other measures to restore investor and client confidence?

While we have written to our key customers already, we will also be meeting with many of them personally to clarify the situation.

We intend to have an open and enhanced communication with all stakeholders — so as to listen to their concerns and views and address the same — on an ongoing basis.

Our clients too are appreciating our efforts. For one, AMAT’s Group Vice-President and CIO, Mr Ron Kifer, wrote to us reiterating his company’s support by reposing faith in our services.

Have they written to you seeking an explanation from the management on the proposed deal?

We are in continuous communication with a few — through calls and mail — to understand and clarify matters on an ongoing basis.

Are you proposing a management rejig as part of the fire-fighting?

Our foremost priority at this point in time is to dispel perceptions and restore investor confidence.

We will collate views, review measures and evaluate multiple alternatives to arrive at a cohesive and carefully considered response.