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PM, Kamal Nath discuss Satyam issue

January 13, 2009 14:20 IST

Prime Minister Manmohan Singh on Tuesday held discussions with Commerce and Industry Minister Kamal Nath and is believed to have reviewed the Satyam [Get Quote] issue, a day after the minister came out in support of extending financial help to the beleaguered IT firm.

"The Prime Minister is closely following the developments on Satyam," a PMO source said.

The Prime Minister on Monday held discussions with Securities and Exchange Board of India chairman C B Bhave and senior Finance Ministry officials. He also asked Cabinet Secretary K M Chandrasekhar to co-ordinate the government approach on the issue.

Nath said that the government was willing to consider "all aspects" of helping the crisis-ridden firm since it was a question of saving jobs and an international Indian brand.

When asked whether the government could extend even financial help to Satyam, Nath said, "Of course. There are many jobs at stake and institutional stakes."

Satyam, with about 53,000 employees, is facing a liquidity challenge, said Deepak Parekh, a member of the government-appointed board.

Nath said it was up to the board to come up with proposals and a "package", which the government would consider.

The Satyam fiasco: Complete coverage



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