Satyam gets a new CEO, Rs 600-cr bank sanctions
Taking two important decisions towards a revival path, scam-hit Satyam Computer Services appointed A S Murthy as the CEO and said it has received bank sanction for Rs 600 crore for meeting working capital requirements.business Updated: Feb 06, 2009 11:49 IST
Taking two important decisions towards a revival path, scam-hit Satyam Computer Services on Thursday appointed A S Murthy as the CEO and said it has received bank sanction for Rs 600 crore for meeting working capital requirements.
"A S Murty has been appointed as Satyam's chief executive officer with immediate effect," Member of the Board Deepak Parekh said in a statement.
Besides, the board on Thursday confirmed receiving bank sanctions for a total sum of Rs 600 crore ($130 million) as a planned fund infusion towards working capital requirements.
This funding, along with healthy collections, is expected to help the company tide over its financial challenges.
Satyam also reaffirmed that January 9 salaries (globally) and the fortnightly salary in February 9 (for its US-based associates) have been met from its internal accruals.
"US payroll is run fortnightly for US based associates and has been so since company's inception," he said.
The Board also announced the appointment of Homi Khusrokhan and Partho Datta as Special Advisors to the Board, to assist in management and finance areas, respectively. The Special Advisors, along with Boston Consulting Group, will work pro bono and will assist the newly-named CEO and the Board, in defining priorities and executing them, effectively.