Satyam Sale: Work in Progress

by Arun Giri, UTVi    Apr 13, 2009

Kiran Karnik, chairman, Satyam Computer, said the sale of Satyam is a work in progress, and added that the board was happy that Satyam, in some sense, is being re-born.

"We have seen the culmination of the bid process overseen by Justice Bharucha ratifying the process… the next step is the board making the recommendation, and the Company Law Board (CLB) taking its decision after which the transfer of ownership will take place…"

He thanked the government for being very prompt, and letting the board function independently… "As the board took over, we had great support from advisors. Goldman Sachs has done a tremendous job. There are, of course, the customers, and a vast majority of them have stayed with Satyam. This is because of the staff who have done a phenomenal job… who have continue to work with them given the fact that the trauma they and their families went through.

"I do want to acknowledge the time put in by other board members. They have put in a lot of time for Satyam apart from their other work. This is just to show how corporate India has stepped in to help the government."

Board member Deepak Parekh said the work on re-stating the accounts is also still work in progress. Parekh said: "The two accounting firms are still at their job. They are re-stating accounts for the last five years. It will take a few more months."

Karnik added that the vast majority of Satyam customers stayed on with the company.

Satyam had 48,000 employees at the end of Q4.