Satyam adds Rs 2,000 cr in biz | business | Hindustan Times
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Satyam adds Rs 2,000 cr in biz

Satyam Computer has had receivables worth Rs 2,000 crore in the January-March period from new and existing clients, chairman Kiran Karnik said.

business Updated: Apr 12, 2009 21:40 IST

Satyam Computer has had receivables worth Rs 2,000 crore in the January-March period from new and existing clients, chairman Kiran Karnik said.

“We have had Rs 2,000 crore collections from new work and some of the existing clients over the three months (January-March). Some clients have left but we have got some new work as well,” Karnik said.

He said the rate of receivables per month was about $140-150 million. In January, when Satyam’s founder B Ramalinga Raju admitted to fraud, its cash balance was a bare minimum and the company was struggling to meet its HR commitment, which was an outflow of Rs 500 crore a month. The company had raised a loan Rs 685 crore to meet some of its working capital needs.

The company has met its working capital needs through this Rs 2,000 crore, officials said, adding that after liabilities towards loans and payments, the company has a closing cash balance of Rs 215 crore for the period ended March 31, 2009. Out of the Rs 685 crore loan, Rs 300 crore has been availed of so far.

Meanwhile, the CBI has recorded statements of officials of stock market regulator SEBI in the case pertaining to the multi-crore rupee accounting fraud in Satyam Computer.

A CBI team in Mumbai examined the documents available with the market regulator regarding the share transactions of the IT firm, official sources said.

The probe team also recorded statements of officials of leading financial management and advisory firm DSP Merrill Lynch in connection with the fudging of the account books in the scam. The firm was appointed by the board headed by former Satyam chairman B Ramalinga Raju following the aborted Satyam-Maytas deal, to look for a strategic partner along with a plan to increase shareholder value.