Satyam seeks Rs 1,000-cr Central bailout package

HYDERABAD: Satyam Computer Services Ltd, which is virtually decapitated with the Centre disbanding its board of directors, is desperately looking for a bailout package from the government.Sources said the company literally has no cash balance. It requires approximately Rs 900-1,000 crore for this month alone to continue operations.The interim management had set up a task force to assess the liquidity equation to apprise the board members of the exact situation at their meeting on Saturday.However, with the Ministry of Corporate Affairs superceding the board or whatever that remained of it, on Friday, company sources told Express that they were restrained from taking any business decisions. The company is awaiting the formation of the new board which can then deliberate on ways of raising liquidity.“We desperately need support from the government. We cannot take any business related decisions and with so much confusion, we do not know how to go about raising money and continue operations,” said a company official. “We were asked not to talk to customers about corporate issues until the new board is in place,” the source added.Terming the ministry’s decision to put together a new board as a step in the right direction, Ganesh Natrajan, Chairman, Nascom, said, “the management can continue doing business with existing customers. However, they have to wait for the new board to come in before taking decisions on corporate issues as such.” Of the estimated Rs 1,000 crore required, salary bill for the 50,000-odd employees would itself come to about Rs 500 crore.“We also need to pay insurance premiums and make outstanding payments to some vendors,” explained the source.