Click to play videoNew Delhi: Troubled IT company Satyam may have found some suitors, but the Government says it's not selling off the company just yet. Satyam has been approached by both Indian as well as foreign buyers but the Government has taken no view on the proposals to buy the fraud-hit IT firm.
Engineering major L&T and Essar's BPO unit, Aegis, are said to have expressed their interest in Satyam, which is fighting for funds to survive.
Corporate Affairs Minister Prem Chand Gupta has said that the Government has left buyout proposals for the consideration of the new board.
"There are many corporate houses, they are interested," Gupta told reporters on being asked if the Government was interested in hiving off the beleaguered firm to engineering and construction giant Larsen & Toubro.
"The Government has not taken any view on this. We feel it is for the board to take a call. As far as the Government is concerned, there is no such thinking, no such move," Gupta stated.
"If there is anything we will let you know. Let new board decide. We should not create any problems for them. I cannot confirm or deny whether the Government will supersede the board of Maytas Infra. The Government doesn't want to comment on a matter which can influence the investigation," PC Gupta further stated.
The minister said Satyam had several Fortune 500 companies as clients, besides doing work for several governments. "The Government would try to preserve the company so that it does not lose face in the international market."
Member of the Satyam board and Chief Mentor of the Confederation of Indian Industry (CII), Tarun Das, had also confirmed to reporters on Tuesday that several offers were received from Indian and foreign firms to acquire Satyam.
"Satyam has got enormous fixed, human resource and technology assets. It's a very strong company. The board hasn't yet discussed the issue of a buyer. But I have to truthfully say: We have been approached by potential buyers," he said.
Meanwhile, another board member, Deepak Parek has said that the company has enough funds to last through the month of January.
"We have a large set of receivables so we are trying to request our clients to give us that money. We have told the sales force to go on a massive move to recover the receivables at the earliest so we have resources to meet some payments for January," Parekh stated.
Satyam is facing a major financial mess and a serious threat in continuing its operations because of the Rs 7,000 crore fraud, admitted two weeks ago by its founder and former chairman B Ramalinga Raju.
Prime Minister Manmohan Singh has said the scam was a "blot" on India Inc's image and that the Government would unravel the plot and punish the guilty.
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