A week after saying that the Government could extend financial help to Satyam Computer Services, Commerce and Industry Minister Kamal Nath on Monday said, "There was never a bailout (plan)" for the troubled IT firm.
"There was never a bailout (plan). It is up to the company and its board to look at the strategy as to how to possibly salvage the company," Nath told reporters on the sidelines of the CII Partnership Summit in New Delhi.
Suggesting new strategic investors for the cash-starved company, reeling under the Rs 7,800 crore fraud confessed to be committed by its founder B Ramalinga Raju, Nath said Satyam's bankers can look at ways to save the firm.
"(The) company has very strong bankers to look at new investors, new equity partners. These are the areas where the company must look at," Nath said.
When Nath was asked on January 12 whether the government would consider extending financial support to Satyam, he had said, "Of course. There are many jobs at stake..."
The government-appointed director on the Satyam board, Deepak Parekh, said last week that the company can look at mortgaging assets for raising working capital.