ibnlive » Business

Jan 22, 2009 at 11:36pm IST

Govt not foiling Satyam sell off: Minister

New Delhi: Corporate Affairs Minister P C Gupta said Satyam Computer Services Ltd will get a new chairman soon but quashed rumours of Satyam sell-off.

Asked by CNN-IBN whether it was true that the government does not want Satyam to be sold, P C Gupta replied, “Let us not presume anything. The priority today is to bring the company back to its footing. Only then can something be decided.”

Meanwhile, the six-member board of Satyam Computer Services Ltd met on Thursday and held deliberations, which remained inconclusive, on appointment of new Chief Executive Officer and Chief Financial Officer.

HARD TIMES: The company is battling a monetary crunch as its account books are being scrutinised.

The Board is also trying to arrange funds for the derailed Information Technology major hit by biggest corporate scandal of our times.

The company was hit by a over Rs 7,800 crore financial fraud as admitted to by its disgraced Founder B Ramalinga Raju who is now in police custody.