New Delhi: There is a new lifeline for the beleaguered Satyam Computer Services Ltd. Highly placed sources in the State Bank of India have revealed the bank is not averse to giving a loan to Satyam as it believes the company's fundamentals are good.
In more good news for the IT giant, HDFC Chairman Deepak Parekh, one of the government nominees on the Satyam board, says the company has pending payments worth Rs 1,700 crore and if that sum comes through the IT giant won't need any bailout.
Parekh met Union Minister of Corporate Affairs Prem Chand Gupta on Thursday in New Delhi and said that the company has IOUs worth Rs 1700 crore.
Parekh also said that Satyam employees in the US have received their salaries.
"Large number of receivables and if the receivables come on time then financial assistance is not necessary. The restatement, accountants are saying, will take eight weeks. Collections are coming every day. It is a running company, it is a going concern. It is an ongoing running company. We have received some collections with which we have paid the salaries in the US today," said Parekh.
Meanwhile, the new board of Satyam is meeting on Saturday to chart a future plan.
The Union Government has nominated three more members to the Satyam board raising its strength from three to six.
CII's chief mentor Tarun Das, noted chartered accountant and a former president of ICAI TN Manoharan and S Balakrishna Mainak of LIC, a major investor in Satyam, would join Parekh, Kiran Karnik and C Achuthan at the board.
The government can appoint up to 10 members as per the order of the Company Law Board.
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