The government-appointed board of crisis-ridden Satyam Computer will meet again on Saturday to take stock of the situation, one of the board members Deepak Parekh said on Thursday.
Speaking to reporters here after a meeting with Corporate Affairs Minister Prem Chand Gupta, Parekh said that the company has receivables of Rs 1,700 crore but denied having asked the government for any bailout as yet.
"Until we know the real position, how can we speak of bailout... the company has receivables of Rs 1,700 crore (Rs 17 billion)," Parekh said.
Parekh also said that the new auditors KPMG and Deloitte, which were roped in yesterday to restate the
financial statements of Satyam, have begun their work.
Parekh, chairman of HDFC Bank, was named to the Satyam's board last Sunday along with former Nasscom president Kiran Karnik and Securities Appellate Tribunal's past presiding officer C Achuthan.
Strategic investment is one of the options before the board, Parekh said.
Corporate Affairs Minister Prem Chand Gupta said if Satyam wanted funds, the new board would approach the banks.
He was responding to a query if Satyam Computer had sought a bailout package from the government.
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Text: PTI
Image: HDFC Bank chairman Deepak Parekh. | Photograph: Punit Paranjpe/Reuters
Also read: Satyam scam: So who is to blame?
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