Financial stability achieved, says Satyam
Satyam Computer said it has ensured financial stability for the time being and would mortgage land if more funds were needed, but did not say if it has decided on putting itself up for sale.business Updated: Feb 12, 2009 18:07 IST
Scam-hit Satyam Computer on Thursday said it has ensured financial stability for the time being and would mortgage land if more funds were needed, but did not say if it has decided on putting itself up for sale.
"We have put out the fire and are now looking at financial stability," the IT company's Chairman Kiran Karnik told reporters in Mumbai, as the board began a meeting to discuss Satyam's future.
He said restatement of accounts was in the process but added no timeframe could be given for the exercise to be completed.
The government had appointed its nominees on the Satyam board after disbanding the earlier following disclosure of accounting fraud by the company founder Ramalinga Raju last month.
The new board roped in auditors KPMG and Deloitte to restate the company's books.
More land will be pledged if funds are needed, Karnik said, adding that customer retention and employee stability were also key issues for the board.
He said the company was also in touch with market regulator Sebi on various issues. Satyam had earlier written to Sebi seeking relaxation of takeover norms to enable suitors make an offer taking the average of more recent share prices instead of the 26-week average pricing rule.