Business

Mynampati bets on receivables, fixed assets

HYDERABAD: Healthy receivable position from its customers, fixed assets and customer support have propelled the confidence level in the embattled Satyam Computer Services, according to interim CEO Ram Mynampati.

Addressing a press conference, Mr. Mynampati said that the receipt of payments was being accelerated. Several customers contacted the company and promised support at this hour of crisis. He said that there was a process to enhance liquidity, taking into account the receivables, valuation of fixed assets and near-term and long-term business commitments.

An investment banker would be appointed to explore the various possibilities such as identification of potential persons to become new directors, evaluate the equity, and strategic alternatives arising out of the transition of leadership. “We all also discuss with the stakeholders on finalising the right terms on the next steps,” he said. Independent auditors would verify Mr. Raju’s statement.

“If found guilty, we will not hesitate to recommend appropriate legal actions against Mr. Raju. The law must take its course,” he said.

On whether the funds really never existed, the interim CEO said: “We are confronted with this situation just 30 hours ago. None of us here have knowledge about the financials. We are ascertaining the facts and the process is not complete.”

Allaying the fears of associates, he said “We will take care of the 53,000-odd employees’ interests and careers.”

The company would also fulfil its statutory obligation of publishing the results for the third quarter of the current fiscal before January-end.

© Copyright 2000 - 2009 The Hindu