Satyam gets takeover offers; board meeting on Jan 22-23
Satyam's board member Tarun Das says the company has been approached for buyouts by both international and Indian IT firms. He also added that the board will meet soon to discuss issues such as search CEO and CFO and immediate cash requirements to run the company. AP Govt cancels land allotted to Satyam.business Updated: Jan 20, 2009 17:45 IST
Troubled software exporter Satyam on Tuesday said it has been approached for takeover by domestic and foreign companies, the IT company's board member Tarun Das said on Tuesday.
The board will meet for two days starting on January 22 in Hyderabad and would discuss issues such as search CEO and CFO, legal matters and immediate cash requirements to run the company, he told reporters in New Delhi.
The board would also discuss whether it needs to ask the Government to stand as a guarantor for raising loans.
Das said the company has been approached for buyouts by both international and Indian IT firms. There have been unconfirmed reports that the company might soon appoint investment bankers to advise on a merger or sale.
Earlier, another board member Deepak Parekh had said that option of merger was always open for the company.
The board meeting would deliberate on class action lawsuits filed against the company in the US.
The six-member board, appointed by the government to run the firm after a shocking Rs 7,800 crore fraud disclosure by founder Ramalinga Raju on January 7, last met on January 17.