Govt has no plans to sell Satyam: Gupta | business | Hindustan Times
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Govt has no plans to sell Satyam: Gupta

business Updated: Jan 21, 2009 19:16 IST
Govt has no plans to sell Satyam: Gupta

Government today said it has no plans to sell Satyam and that it would rather see the beleaguered company stand on its feet than put it up for sale.

"Many corporate houses are interested in this (in buying Satyam), but the government has not taken any view on that. Now the board is in place. Now it is for the board to take a call on it.

"But as far as the government is concerned, there is no such thinking and no such move," Corporate Affairs Minister PC Gupta told reporters in New Delhi when asked whether L&T was in race for taking over Satyam.

"We sincerely wish that the company is brought back on its feet," he said.

Yesterday, Satyam's new director Tarun Das said the company has been approached by potential buyers. "All I can say, we have been approached by potential buyers," he said.

Another board member Deepak Parekh said today that the company has received nearly 40 applications for the post of CEO at Satyam and that the company was also concentrating on tying up funds to keep the company alive.

"We have a large set of receivables. So we are trying to request our clients to pay us the money. We have told the sales force to go on a massive move to recover the receivables earlier. So, we have resources to meet some payment for January," he told reporters in Mumbai.