Is the government readying a bailout package for Satyam?
NDTV has exclusive details of the government and the new board considering various options to raise funds immediately. A day after the new board said they were not sure about the amount of cash readily available to the company and how long it could pay salaries of the over 50,000 people it employs, the measures the government is mulling over include:
Loans offered by banks may be backed by government
Some money may be raised by selling Satyam's assets
Options include Satyam issuing fresh capital
Government may buy shares via institutions
Meanwhile, Prime Minister has called for a high-level meeting on the Satyam scam. The meeting will be held later on Tuesday.
Key Cabinet members -- Home Minister P Chidambaram, Foreign Minister Pranab Mukherjee, Commerce Minister Kamal Nath and Deputy Chairperson of the Planning Commission Montek Singh Ahluwalia will attend the meet chaired by the Prime Minister.
On the agenda is the impact of the Rs 7000 crore fraud on India Inc. External Affairs Minister Pranab Mukherfee on Tuesday assured that steps are being taken to deal with the Satyam fraud and that there was no need to panic.
Union Minister Kamal Nath has already said that the government would consider all aspects, including financial aid, in helping the crisis-ridden company.
Earlier, PM Manmohan Singh held discussion with Commerce Minister Kamal Nath and is believed to have reviewed the Satyam issue.
The sources say that the CID is searching the offices of PricewaterhouseCoopers in Hyderabad. According to sources, RBI is considering banning banks from using PricewaterhouseCoopers as auditors.
Apparently the RBI has informally cautioned banks against appointing PwC and is currently discussing this further with the Institute of Chartered Accountants of India. But RBI will take the final decision on this only after investigations.
The sources have also said that the investigating agency is all set to call former dean of Indian School of Business Rammohan Rao in for questioning. Rao was present when the Maytas acquisition took place.
All former Satyam directors are under scanner. Former interim CEO of Satyam Ram Mynampati, who is in the US meeting clients, is also likely to be quizzed by CID, the sources added.
On their part, the Registrar of Companies (RoC) is reported to have submitted its report to the Centre on the preliminary probe into the Satyam scam.
Sources said that RoC Hyderabad submitted its report on Monday night to Minister of Corporate Affairs Prem Chand Gupta and this report would be the basis for handing over the case to the Serious Fraud Investigation Office (SFIO).
The SFIO is already assisting the RoC in the probe, but is being formally handed over the investigations.
The Registrar of Companies in Hyderabad, where the head office of crisis-ridden Satyam is located, will be a part of the SFIO team to probe the case, sources added.
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