Satyam approached for takeover

Satyam Computer said it has been approached for takeover by domestic and foreign companies.

Written by Agencies | New Delhi | Published: January 20, 2009 5:06 pm

Troubled software exporter Satyam said it has been approached for takeover by domestic and foreign companies,the IT company’s board member Tarun Das said on Tuesday.

The board will meet for two days starting January 22 in Hyderabad and would discuss issues such as search CEO and CFO,legal matters and immediate cash requirements to run the company,he told reporters in New Delhi.

The board would also discuss whether it needs to ask the government to stand as a guarantor for raising loans. Das said the company has been approached for buyouts by both international and Indian IT firms. There have been unconfirmed reports that the company might soon appoint investment bankers to advise on a merger or sale.

Earlier,another board member Deepak Parekh had said that option of merger was always open for the company. The board meeting would deliberate on class action lawsuits filed against the company in the US.

The six-member board,appointed by the government to run the firm after a shocking Rs 7,800 crore fraud disclosure by founder Ramalinga Raju on January 7,last met on January 17.

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