Minister says Satyam Board has ability to raise funds

The government on Thursday ruled out a financial bailout of the scam-ridden Satyam as it was confident of the newly-appointed Board's ability to raise funds.

"The (Government)-appointed Board has all the ability to raise funds...there would be no financial bailout of the company," minister of state for industry, Ashwani Kumar, said here.

He also said that the government was committed to bringing to book all those involved in the financial fraud.

The government would ensure that "there would be no let-up in prosecuting those guilty of the fraud", he said.

The government's focus would be on two things, the first to make sure that all those involved in the Satyam scam were brought to justice and the second to ensure that jobs of those working with the company are safe, he said.

The process of appointing a full-time CEO and CFO is in progress and every effort would be made to ensure that the intellectual brand of company is not washed away, he said.

There seems to be a prima facie evidence against Satyam's auditors, PricewaterHouse Coopers, Kumar said, adding that the government would see to it that "such a misdemeanour does not occur again".

"The auditors are being hauled up. It seems there is a prima facie case against them," he said.