L&T mum on Satyam issue
Engineering major Larsen & Toubro kept its cards close to its chest on the issue of management control in beleaguered Satyam, saying it would go by the decision of the IT firm's board.business Updated: Jan 30, 2009 18:40 IST
Engineering major Larsen & Toubro (L&T) kept its cards close to its chest on the issue of management control in beleaguered Satyam, saying it would go by the decision of the IT firm's board.
"What is going to happen on Satyam will be decided by the Satyam board. Our action will depend on what the board decides. They will decide how they go forward," L&T Board Member J P Nayak said amid reports that the engineering major has approached the Government on taking management control.
Nayak, however, said that the company has not written to the Government on this, nor has it asked for any advance ruling from SEBI on the issue of open offer.
"L&T has so far invested Rs 650-670 crore in the company for acquiring a 12 per cent stake," L&T Executive Vice-President (Finance) R Shankar Raman said.
Raman said L&T had acquired a four per cent stake in Satyam in three to four days before December 31.
The company has increased its stake in the Satyam to 12 per cent through open market operations in January.
It has been reported that Spice Corp of BK Modi is also interested in acquiring Satyam.