Satyam will remain self-sufficient, says company newsletter

Embattled Satyam Computer, which has been under immense media scrutiny for more than a month now, has brought out an in-house newsletter which said the company has approached certain FIs for funds against its encumbered assets and it will remain self-sufficient.

Satyam Marketing and Communications chief Hari T in his note in the newsletter said Satyam has approached certain financial institutions for funds against its encumbered assets to cover short-term operational expenses.

The additional funding requirements were more to meet the outstanding dues accumulated over the last few months, he said.

"We are quite confident that once these accrued obligations are met, Satyam will continue to remain self-sufficient to meet regular operational expenses on the basis of healthy receivables," he added.

Stating that customers continued to display a show of faith in Satyam, Hari said that in the last two weeks the company bagged two new significantly large projects with customers in the insurance space, one of which is a global top 5 major.

Hari, however, did not specify either the financial institutions that have been approached for funds or the two companies that sourced the new projects to Satyam after its founder B Ramalinga Raju admitted to cooking the company's accounts for many years to the tune of Rs 7,800 crore.

Taking a potshot at the media, the newsletter, titled NewsToday, said, "The objective of NewsToday is to equip you with the facts to counter media rumours and provide you with correct and full clarifications of developments."