The Hindu Business Line : Satyam board to meet tomorrow

Mumbai, Feb. 10 The Government-appointed board of directors of the beleaguered Satyam Computer Services will be meeting in Mumbai on Thursday to discuss operational issues such as raising funds and ways to instil confidence in clients, besides considering the half a dozen proposals from suitors.

Confirming the proposed meeting, sources said, “The board has already intimated that it will be holding the board meet at different cities. Mumbai was the obvious choice as most of the board members are based out of there.”

The company Chairman, Mr Kiran Karnik, will chair the meeting, which will be attended by the Chief Executive Officer, Mr A.S. Murty, and other board members including Mr Deepak Parekh, Mr C. Achuthan, Mr Homi R. Khusrokhan, Mr Tarun Das and Mr Partho S. Datta.

Recently appointed investment bankers Goldman Sachs and Avendus are also expected to brief the board on the future course of action.

The newly appointed CEO, Mr Murty, may also seek the board’s approval for meeting overseas clients as a confidence building measure.

The company recently tied up Rs 600 crore for the working capital loans from Bank of Baroda and IDBI. It was reliably learnt that IDBI Bank was willing to lend more, if required. It also plans to seek loans for more working capital from other State-owned banks.

The company has met the salary requirements for January and fortnightly salary of its US associates in February.

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More Stories on : Software | Announcements | Satyam Computer Services Ltd

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