The interim managers of Satyam Computers said that they were talking to clients to continue serving them, even as the CFO Valdamani Srinivas quit abruptly.
The interim managers of tainted Satyam Computers said on Thursday that they were talking to clients to continue serving them, even as the chief financial officer Valdamani Srinivas quit abruptly.
Interim CEO Ram Mynampati declared that the liquidity and cash-in-hand were not encouraging, although the company managed to pay December '08 salaries to its 53,000 employees.
"Some outstanding payment to vendors is yet to be made... we are verifying the liquidity and balancesheet... we have to raise liquidity in near term and are confident of raising it," said Mynampati, while adding that his appointment was legal.
On the conduct of auditor PriceWaterhouseCoopers, he said: "We have not verified what process PwC took to certify financial statements. We are not yet in touch with them."
On the financial irregularities disclosed by former Satyam chairman Ramalinga Raju, Mynampati said the team was not yet in a position to answer these issues, as it is still ascertaining disclosures made by Ramalinga Raju and trying to correct financial irregularities.
He said the regulatory bodies have already started their inspection and a team of market regulator SEBI was in Satyam talking to associates.
CFO Srinivas, who Mynampati said was expected in office within a week, sent in his resignation during the course of the press conference -- dealing a blow to efforts to hold the top leadership team intact.
The Board will decide on accepting his resignation at a meeting on January 10.
Asked about the whereabouts of company founder Raju, Mynampati said he has no knowledge of where Raju is, but "assume that he's in Hyderabad. I have not made any contact with him."
He said the company has started to actively reach out to customers globally and has been heartened to receive strong expressions of confidence and support from them.
"Our top 100 clients account for 80 per cent of Satyam's revenues," he said, adding that the top priority would be to clear pending contracts and continue with the business as usual.
The company founded by Ramalinga Raju in 1987 received its worst shock on Wednesday when he disclosed what has now become the country's biggest corporate fraud involving about Rs 7,800 crore.
Satyam is in the process of finding a new investment banker as soon as possible to pursue strategic options left with the company and also expand the Board, which is now left with only three members including Mynampati.
Shareholders would be consulted on whatever options there are before the company, he said to a question on whether the company would explore merging or being taken over.
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