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Satyam board circulates video clips asking for support
January 27, 2009 15:25 IST
The board of fraud-hit Satyam Computer Services [Get Quote] is circulating a video message asking for support from associates.
"There is a huge liquidity crunch in the company and till the accounts are restated, it is very difficult for banks to lend money. But we made arrangements and I hope the money comes in the next few days, so that, payments are made on time," Deepak Parekh, a member on the government-appointed board, said in the video clipping.
Sources said, though the board did not meet officially on Monday, the members were engaged with some of the prospective lenders to overcome the financial problems.
Another member of the board and audit committee Suryakant Balakrishna Mainak said, "The main problem today is liquidity. This is a temporary problem ... this comes and goes . . . The company has got sound free fixed assets. To obtain loans on fixed assets is not at all a problem or issue.
"We may work it out on some working capital loan from bankers and rupee term loan from financial institutions. And definitely a solution will come in that direction."
Board member Tarun Das said in a video clipping, "In the last 10 to 12 years, I have been engaged a great deal internationally and mostly in the US, Singapore and Japan. So I want to bring all my friendships and contacts around the world . . . so that customers stay with Satyam and I will now want to get new customers for Satyam."
Former president of Nasscom and Satyam Board member Kiran Karnik said, "I have spoken to a fairly large number of big and major customers (over the past two weeks) and I am very delighted at the response and feedback I have got from each and every one of them . . .
"[A]nd I say all without a single exception have confirmed that delivery continues to be of the highest quality and on time . . . And I think this is a great compliment to the kind of work each one of you are doing ... It really speaks of what Satyam and Satyamites are all about."
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